Q.1) Why do I need to verify my identity?
Q.2) How do I verify my Identity?
In order to verify your identity, go to the Home screen and tap on the Profile icon in the top left corner. There, select 'Personal details', and verify your identity. You will need to take a picture of a valid government-issued photo ID and proof of address as well as face recognition. Some tips to ensure the identity verification goes smoothly:
Take a clear picture of your identity document, where every single detail is readable without any blur.
Make sure your picture is showing the full document.
Take the photos somewhere brightly lit
Turn flash off to avoid glare on your documents
Do not take a picture of a picture
Address document cannot be older the 6 months old
Acceptable proof of address documents:
Q.3) Which countries are supported by your organization?
We are primarily supporting legal residents of the European Economic Area (EEA), and Indonesia.
Q.4) What is the minimum age to open an account in Novatum?
In order to open a Novatum account you need to be at least 18 years old.
Q.5) Can I open an account for my son/daughter?
No, All our client above 18 years old must apply for Novatum account themselves and do the account verification process to open Novatum Account.
Q.6) I am having issues with verification of my identity
Please Make sure your picture is showing the full document.
Make sure that the picture taken is not blurry.
Make sure your identity document is not expired.
Make sure your Identity document is not issued in Sancioned country.
Take the photos somewhere brightly lit
Turn flash off to avoid glare on your documents
Do not take a picture of a picture
Q.7) I am unable to get confirmation that my identity is verified
If you're waiting for the verification result, please note that it can take anywhere between 10 minutes and 24 hours or more for you to hear back from us. If your verification has failed, please try again and double-check that your images are clear and all document photos are readable without any blur or glare.
Make sure that you:
Are over 18 years old
Are residing within the European Economic Area and not from Sanction Countries.
Are using a document that isn't expired, damaged or unreadable
Take pictures that are clear, with the details of the document readable
The account cannot be verified with pictures of screens/copies/scans of the real document.
If you're experiencing issues with ID reverification, here are a few things to keep in mind:
Make sure you have the latest version of the app
If your camera isn't working and you can't take photos, please use a different device. The documents have to be submitted in the app.
If you still have a problem with verifying or uploading our documents please contact customer support team.
Q.8) It’s been too long since I submitted my documents
Please contact [email protected] and we will try to reply you quickly
Q.9) I can’t use my camera on my phone or computer
If you still have a problem with verifying or uploading our documents please contact customer support team.
Q.10) which documents I need to supply for account opening
For Personal Account :
All documents must be valid and unexpired.
One of each of the documents listed below must be provided.
Proof of Identity:
Proof of residential Address:
All documents must have been issued within the last six months
For business Account:
For Merchant:
Please note that our Compliance department can request additional information’s and documentation on any stage.
Q.11) Why do I need to reverify my identity again?
Sometimes regulations change, processing methods are no longer supported and documents expire. The result is that the ID you provided before is no longer valid.
We understand how annoying this can be, which is why we make it as easy as possible to re validate your identification. All you need to do is open the app, then upload a new piece of identification, ideally in the form of a valid passport or national identity card.
We may send you an occasional email or notification about this.
Q.1) Why do I need to verify my source of funds/source of wealth?
Novatum takes your security seriously, which is why at some point we may need you to take a moment to verify your source of funds. When we may ask you to verify information varies from account to account. Check below what documents you need to upload depending on your source of wealth (please make sure that your name, dates, and all document information are clearly visible):
Q.4) What kind of documents would you need to complete my transaction?
It depends on the particular transaction and can vary from case to case. If we will need any documents to complete your transaction we will send you email or notification in the app
Q.6) Can I close my account without source of funds verification?
You have a right to refuse to provide us with the documentation or information regarding your account or transfers. In such a case we may need to either close the account, cancel the transfer, or submit the account for further checks. We are not able to state with certainty which course of action will be taken.
Q.7) Is my money safe?
Q.8) I see a transaction I didn’t do. What to do?
Please contact the support team by email [email protected] or within the app.
Q.10) Is my data safe?
Q.11) Is my data safe with you? I’ve been getting some strange calls and wondering if they got my personal information from you.
Q.13) I have been hacked. What should I do?
Q.14) I am getting very strange messages from you – have I been hacked?
Q.15) I am unable to access my account
Q.17) What personal data do I need to submit?
Q.18) Can I use Novatum services without providing the whole list of documents?
Q.20) What if I want Novatum to delete all my data?
Q.21) How quickly can you delete all my data?
Q.22) Can I change the information that you hold on me?
Q.23) I want to change my personal information
Q.24) I don’t want to be contacted by Novatum any more
Q.25) Where can I make a formal complaint
Q.26) I need help with my gambling issues.
Q.27) What happens if my balance goes negative?
Q.28) Where can I view my statements?
Q.30) I think I have a duplicate account.
Q.31) What is Terrorism Financing?
Q.32) My account is locked.
Q.34) My account was closed without my consent.
Q.35) Can I reopen my account?
Q.38) I run a legitimate business that generates good amounts monthly. I want to deposit that into my account and then withdraw cash. Can I do that? What are the limits on cash withdrawals? What are the fees?
Q.39) Will my credit score affect my account opening?
Q.1) Welcome to our Novatum application
Q.2) How to download and register the app
Q.3) I forgot my passcode
Q.4) My passcode is compromised
Q.5) Downgrading my plan
Q.6) I need to edit my personal details
Q.7) How do I verify my email
Q.8) My phone has been lost or stolen
Q.9) Closing account
Q.10) How do I change my country or residence?
Q.11) My friend or relative is having an issue with their account
Q.1) How can I find out about fees that are applied to my account?
Q.2) What card fees do you charge for a card order?
Q.3) How are international payment fees determined?
Q.4) How will I find out if you change your fees?
Q.1) What is a statement of Fees
Q.2) Where can I find my Statement of Fees?
Q.1) Our Mobile Banking Guarantee
Q.2) Getting started
Q.3) The Home screen
Q.4) How will can I add beneficiaries in the mobile application
Q.5) Money Request
Q.6) Linked Accounts
Q.1) How do I transfer funds to my Novatum account from another bank account?
Q.2) Can I get my salary paid into my Novatum account?
Q.3) What are the charges for incoming payments?
Q.4) How long will it take for funds to reach my account?
Q.5) Which currencies are supported for inbound transfer?
Q.6) Which countries are not supported for inbound transfer?
Q.7) Funds never arrived to my Novatum account
Q.8) What should I do if a transfer does not arrive to my Novatum account?
Q.9) Why has the transfer to my account been reverted
Q.1) How do I add money to my Novatum account with another card?
TBC
Q.2) What cards and currencies are supported?
TBC
Q.3) Will I be charged for adding money with a card?
Q.4) Are there any card deposit limits?
Q.1) Can I deposit cash into my Account?
Q.3) Can I deposit cheque into my Account?
Q.1) How can I add or remove my external linked accounts?
Q.2) How can I check the status of my transfer?
Q.3) Why didn't my invite link work?
Q.4) How can I check that I got my fee-free transfer?
Q.5) Fees for SWIFT payments
Q.6) Transfer times for SWIFT payments
Q.7) What currencies can I send to and from?
Q.8) Where can I use my Novatum card?
Q.9) Why was my online payment declined?
Q.1) How much can I send?
Q.2) How long does it take for the money to arrive?
Q.3) What if I can't add my Novatum card to my mobile wallet?
Q.4) If you haven’t received the SMS code
If you don’t get the SMS code, you won’t be able to finish adding your card to your mobile wallet. Try sending the code again, and if that doesn’t work, try sending it by email.
Q.5) If you have an international phone number in your Novatum account
Q.6) Do I have an individual cryptocurrency wallet?
We aren't issuing individual wallets at the moment. Once purchased, your cryptocurrencies are securely stored in a 'pooled' virtual currency account, which combines both 'hot' and 'cold' wallets. This is a repository of virtual currency private keys. We maintain our own internal ledger, which records your exposure that is reflected in the cryptocurrency account in your Novatum app.
Q.1) What is the difference between a debit and credit card
Debit cards allow you to spend your own money by drawing on funds you have deposited in your bank account and you won’t be charged interest to use it. Credit cards allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash and repay the amount later. If you don’t clear your balance each month, you may then be charged interest on the amount you owe.
Q.2) What's the difference between prepaid and debit cards?
Prepaid cards are pay -as you go cards where you add money to the card and you can only spend the money that you have loaded. Pre-paid cards are not linked to your bank account.Debit cards are linked to your bank account and you can spend funds that are available in your account
Q.3) What cards does Novatum offer?
TBC
Q.4) What is representative APR and EAR
1 EAR (Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. It doesn’t include any other fees or charges. It is a representative rate.
2 APR (Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount
Q.5) What are the terms and conditions of a card?
Terms and conditions is a statement of rules and guidelines of the agreement between a card issuer and a cardholder. It includes fees, APR, interest calculation, repayments and other information.
Q.6) Where can I view terms and conditions of the card
TBC
Q.7) What is a credit/debit card agreement? Why do I need to sign it
Cardholder Agreement contains the terms which govern the use of debit and credit card and outlines your responsibilities and ours. Once you have accepted, signed or used the Card, the Agreement will be in force.
Q.8) Can I make changes in the card agreement before signing.
No, you cannot make changes in the cardholder agreement or terms and conditions.
Q.9) What is a credit card statement?
A credit card statement outlines how you have used your card in the last 30 days. It will be emailed to you every month. A statement contains purchases, previous repayments, total amount due, repayment due date, credit limit, available credit limit, fees and charges,
Q.10) I don’t understand my card. Whom should I contact?
TBC
Q.11)How can I download my yearly card statement
TBC
Q.12)What is an OTP/Online code?
OTP- One Time Password is a four to six digit code that is sent via SMS as a type of authentication for your online purchase.
Online payment code is a security code and is similar to OTP where you have to login to your app to view the online payment code and enter the code on the retailer’s website to authenticate your purchase
Q.13) Can I use my card if it’s expired?
No, you cannot use a expired card
We will auto-replace you card 1 month before your card is due to expire.
Q.14) What’s the difference between physical vs virtual cards
Physical credit or debit cards are chip and pin plastic or metal cards issued to you or your employees.. The cardholder's name, card number and other information are printed or etched upon the card along with a magnetic strip. It can be used for both online and POS transactions. Physical cards are delivered to registered address via a courier
On the other hand, virtual cards are nonphysical cards available only on your mobile app. Virtual cards have the same format as the physical card and are mostly used for online purchasing.
Q.15) How do a Close and dispose the card
Close a Card – TBC
Once you have closed your card or your card has expired, cut you card diagonally in several pieces and dispose the cards in separate bins
Q.16) Do I have any cashback rewards linked to my card?
TBC
Q.17) Can I have an overdraft facility linked to my card?
TBC
Q.18) How do I transfer funds into my Novatum account from another issuer’s card?
Mobile application
Internet/Web page
TBC
Q.19) What cards and currencies are accepted by Novatum?
Cards- Visa, MasterCard, American Express, Maestro, Mir
Currencies- GBP and Euro
TBC
Q.20) What are the charges for adding money by card?
TBC
Q.20.1) Why I need to pay charges for adding money
Q.21) Can I request a waiver of charges as a one time service gesture?
Waiver of charges are at the discretion of Novatum.
Q.22) Can I use Apple Pay or Google Pay or Samsung Pay
Yes. Link/add your card to your Google/Apple/Samsung Pay account
Q.23) How do I link/set-up my card to my Google/Apple/Samsung Pay account?
TBC
Q.24) How can I remove my card from Google/Apple/Samsung pay
TBC
Q.25) How do I successfully verify my card?
Virtual card – Card appearing on your mobile app is verified and ready to use after successful registration on mobile application
Once you have received your physical card, the last 4 digits of the card should match with the last 4 digits of the card reflecting in your mobile that you are activating. To activate a new card, enter 3 digits from the signature strip and you card will be activated. You can only activate the most recent card. If the last 4 digits of the card is not matching, please wait for the new card to arrive.
Q.26) Why has my verification failed?
Check if you have entered the correct digits from the signature strip and the last 4 digits of the card are matching with the last 4 digits of the card reflecting in your mobile app. If you are still facing the issue, please contact our support team.
Q.27) What are the transactional limits
TBC
Q.28) How can I check my card details (PIN/CVC/expiry date)?
You can view your card details in card section of your mobile application.
Q.29) How are transactional limits calculated
TBC
Q.30) How do I know my transaction limits
TBC
Q.31) Where can I check my available limits before a transaction.
You can view your available limit in the card section of your mobile application.
Q.32) Can I manage my transactional limits and daily usage limits
TBC
Yes, you can manage the transaction and daily limits in the card section of you
Q.33) Can I spend over and above my transaction limits
Debit card – No, you can not spend over and above the available funds that you have in your account
Credit card – No, you can not spend over the and above the credit limit assigned to you.
Q.34) How can I increase my transaction limits
TBC
Q.35) Are there any card deposit limits
TBC
Q.36) How does regulatory limits affect my card usage
TBC
Q.37) Does Novatum charge for card payments
Novatum will not charge you for any transaction on debit or credit card.
Q.38) What is dynamic currency conversion
TBC
Q.39) What is a 3D secure transaction
3D Secure is a fraud protection tool that can help keep you safe when making online purchases using your card. It is a tool for online transactions that requires the account holder to complete an authentication process for purchases. It forms part of the security of your account. You can see the 3D Secure screen when you buy something online.
Q.1) Why do I need to order a physical card?
You can choose to order a physical card for your offline/in-store purchases
Q.2) How do I order a physical card?
You can order a physical card from your Novatum mobile app by entering your name and shipping address.
Q.3) How do I order a virtual card?
A virtual debit card will be issued to you instantly after you successfully create a business or individual account with us
Q.4) What fees do you charge for a card order?
TBC
Q.5) When will I receive my card ?
TBC
Q.6) How secure is it to have a card delivered by mail?
Card delivered to you by mail/courier will be inactive/blocked.
Q.7) How do I activate my card?
Once you have received your physical card, the last 4 digits of the card should match with the last 4 digits of the card reflecting in your mobile that you are activating. To activate a new card, enter 3 digits from the signature strip and you card will be activated. You can only activate the most recent card. If the last 4 digits of the card is not matching, please wait for the new card to arrive.
Q.8) Why do I need to activate my card ?
Cards delivered to you by mail/courier will be inactive/blocked to avoid any misuse during the transit. You can use the card only when it’s activated by you via your Novatum mobile app.
Q.9) Can I deliver my card to a different address to the one I have on your system?
In order to protect your card from fraudulent transactions/misuse, we recommend you to get your card delivered to the address which is registered address us in our system
Q.10) Can I have my image on the card at the time of ordering
TBC
Q.11) I have ordered a card but now I want to cancel my request
TBC
Q.12) Can I order an eco-friendly card
TBC
Q.13) Can I order supplementary cards for my family members
Yes, you can order supplementary card for your family members
Q.14) How many cards can I have?
TBC
Q.15) Can I order spare cards?
Yes. TBC
Q.16) I have applied for a card. How do I cancel my request
TBC
Q.17) Can I choose between Mastercard and Visa?
No. We offer only Mastercard debit and credit cards.
Q.18) Can I label/name my cards
Yes. You can label your cards in the mobile app.
Q.19) Can I replace my card/order a new card before the expiry date?
Yes, you can replace and order a new card before the expiry if your card is damaged or the card is lost.
Q.1) How do I withdraw cash?
You can withdraw cash from any cash machine in your home country or overseas that supports Visa or Mastercard. Look out for any fees that are applied by some ATM operators. ATM may asked you to choose between a 'credit', 'checking' or 'savings account.
Q.2) Where can I find ATMs?
TBC
Q.3) Why was my cash withdrawal request declined?
Some of the most common reasons for withdrawals are:
• Insufficient funds
• Incorrect PIN entry
• Monthly spending limit exceeded
• Card accidentally frozen
Please check the 'Cards' tab of the app to view PIN, unblock it when 3 incorrect PIN attempts have been made, and make sure your card has not been frozen, expired, or reported lost or stolen.
Q.4) What are the cash withdrawal fees?
TBC
Q.5) I was charged too much for a small emergency withdrawal. Can I have that reimbursed?
Yes, Waiver of charges are at the discretion of Novatum.
Q.6) Can I withdraw cash, without a card, from the ATM.
TBC
Q.7) How many times can I withdraw in a day?
You are allowed to make 5 ATM withdrawals in a day
Q.8) I didn’t receive the correct amount of cash from the ATM.
TBC
Sometimes ATMs can have problems dispensing the correct amount of cash, but still end up charging your card.
If the incorrect charge is pending then it will be reverted automatically after X days, and you don't need to do anything.
If it shows as completed, then you should first try to contact the bank responsible for the ATM (if possible) and explain your situation
Q.9) Can I withdraw cash from ATMs outside EEA in the local currency
TBC
Yes
Q.10) I don’t recognize a cash withdrawal
If you don’t recognize a cash withdrawal, please freeze your card immediately via Novatum app or website to prevent further fraudulent withdrawal.
Q.11) Why is my ATM cash withdrawal pending?
An ATM withdrawal is completed in two parts:
• At the time of withdrawing cash, we deduct the money from your available balance and hold onto it for the merchant to collect, creating a "pending" transaction.
• A few days later, the ATM owner collects the money and "completes" the withdrawal.
We need to allow some time for ATM owners to "complete" a withdrawal, but if they don't collect the money within their timeframe, (generally up to 7 days), we release the money back to your balance.
Q.12) I cannot pull my card out of the ATM
You should block the card immediately via your mobile app and order a replacement card. Even if the ATM provider returns the card to you, we cannot reactivate it since it may have been compromised while it was not in your possession.
Q.1) Can I make contactless payment by my card?
Yes, your card comes with a contactless payment feature.
Q.2) What is the maximum limit of contactless payment ?
45 GBP
Q.3) Why is my contactless payment not working ?
1. Card was not activated with chip and PIN prior to making a contactless payment
2. Contactless option is disabled in card's security settings
3. Contactless limit is exceeded
4. Terminal does not support Contactless payments
Q.4) Does my card support recurring payments – Weekly/Monthly/Yearly
Yes, recurring payments are supported by your card.
Q.5) Can I transact/make payment via call
No
Q.6) What billing address should I use for card payments?
We suggest you use the address you have registered with us as a billing address.
Q.1) I have not received my Physical card
1.Address has changed.
2.Wrong address captured in the system
3.Incomplete address captured
4.Address is out of delivery area
Q.2) How to change delivery address of my card
TBC
Q.3) I didn’t not receive tracking number of my delivery
We do not provide real time tracking for cards sent by standard delivery. However, an estimated delivery date is provided.
Q.4) Where can I get my card delivered to?
You can get your card delivered to the address registered with us in our systems
Q.5) I damaged my physical card. How can I apply for new card
You can apply for a replacement card from Novatum mobile app.
Q.6) My card is expiring. Where can I apply for a new card
We will send you a replacement card one month prior to the expiry of your old card.
Q.7) What would I do if my card was lost or stolen?
If your card is lost or stolen, please follow the below steps to freeze your card and protect your money.
Go to the 'Cards' tab in the app or our website
Find your card and select 'Freeze card'
Select 'Report lost or stolen'
You will be able to order a replacement card right away.
Q.8) I have lost my physical card. How can I block the card
If your card is lost or stolen, please follow the below steps to freeze your card and protect your money.
Go to the 'Cards' tab in the app or our website
Find your card and select 'Freeze card'
Select 'Report lost or stolen'
You will be able to order a replacement card right away.
Q.9) I have found my lost card. How can I start using it ?
To protect you from fraud, you should not use the same card if your card could have been in another person's possession at any point in time.
Q.10) I have an Unauthorized transaction on my card.Whom should I contact
Please contact our support team immediately. Also, we suggest you block/freeze your card immediately.
Q.11) I am not receiving real time transaction alerts on my card
You should receive real time transaction alert notification in your mobile app. Please check if your phone has an internet connection.
Q.12) I am not able to see my virtual card on my mobile application
Your virtual card is displayed under the cards section in your mobile app. Check under card settings, if your card is hidden from the dashboard
Q.13) How can I temporarily block my card?
TBC
Q.14) I have temporarily blocked my card. Why I am not able to unblock it
TBC
Q.15) I don’t remember my PIN. How can I reset it?
You can reset your PIN under Card settings in Novatum Mobile App.
Q.16) Why was the card transfer to my account reversed?
1) My internet connection was thin, could this be the reason
2) Wrong card number/PIN/Expiry date entered.
3) Card doesn’t have enough balance for money transfer
4) Card is blocked due to dues not paid/suspicious transactions/temporary self block.
5) Self defined, card control restrictions for card to account transfer.
Q.17) I have exceeded all my PIN attempts? What should I do?
If you don’t remember your current pin, We recommend you to reset your PIN under Card settings in Novatum Mobile App.
Q.18) Why has my card deposit been reverted?
The most common reason for a card deposit to be reverted is a temporary connection issue with your bank. It is worth checking with your bank to see if they are currently experiencing any issues with their user authentication systems (3DS). In this case, you will not have been charged, and your bank balance will remain unchanged.
Please allow some time before attempting to top-up again. If you are still unsuccessful, try to add money via Apple/Google Pay, another bank card or a bank transfer.
Q.19)Why is my card deposit pending?
If a card deposit is pending, it means that something didn't go as expected when it was authorized, so we're waiting for your bank to respond to the card deposit request.
A pending card deposit will eventually get marked as either completed or failed. It shouldn't take longer than 30 mins for a pending transaction to leave this state.
In most cases, the funds are credited to your Revolut account if the transaction was completed. However, if the transaction failed, the funds should have stayed in your bank account.
Q.20) Why was I charged a fee for my card deposit?
TBC
Q.1) Fees for sending money
Q.2) I want to cancel a transfer that's completed
Q.3) Where will you refund my money?
Q.4) Why is Novatum asking me for refund account details?
Q.5) How do I confirm the exchange rate? What we’ll need beforehand? Setting up your transfer
Q.6) What if I don't know my recipient's bank details?
Q.7) How do I add or delete recipients?
Q.8) I spelt my recipient's name wrong
Q.9) I entered my recipient's email incorrectly
Q.10) I got my recipient's bank details wrong
Q.11) How do I add money to my Revolut account with another card?
Q.12) How do I send money to a bank account?
Q.1) My recipient has not received the money I sent
Q.2) Will I be charged for transferring money?
Q.3) Is my money safe?
Q.4) What if my IBAN for SEPA transfer is not accepted?
Q.5) When will my money arrive?
Q.6) Transfers on weekends and holidays.
Q.7) My recipient’s details may be wrong.
Q.8) Can I receive large amounts into my Wise account?
Q.9) I'm expecting money, but it hasn't arrived yet
Q.10) What if Novatum already sent out the money?
Q.11) I want to cancel a transfer that's completed
You can’t cancel a completed transfer. All transfers completed by Wise are final, and Wise can’t reverse or recall payments. Once your transfer is marked as completed on our website, we can’t cancel it.
Wise does not have the ability to be involved in disputes between senders and recipients, so we strongly recommend that you know and trust the person or business that you are sending to before setting up a transfer or sending any money.
While we can’t get involved in disputes, we try to do everything we can to keep our customers safe. We’ll investigate any claims of fraud, and, if we find that someone has used Wise to receive money fraudulently, we’ll block them from receiving money through us.
Q.12) What are SEPA transfers?
SEPA (or the Single Euro Payments Area) is the new format for cross-border euro (EUR) bank transfers.
SEPA aims to make cross-border EUR transfers within this area equivalent to a domestic transfer within your own country.
SEPA is made up of the Eurozone, countries within the EU and a few other countries which also support EUR bank transfers.
Q.13) How do I add or delete recipients?
Q.1) Can I request a refund for my Direct Debit?
Q.2) What is a Direct Debit?
A Direct Debit is an automated payment method where you give someone else authority to withdraw money from your bank account at regular intervals. That someone else is called a “merchant”. Direct debits are often for things that require regular payments, like gym memberships, bills, or mortgages. This feature is supported in both British Pounds and Euros
Q.3) What is the maximum amount payable in a single direct debit transaction?
Q.4) Setting up a Direct Debit
Direct Debit needs to be set up directly with the company that you will be paying to (for example a gym or gas company). This way, you give them authorization to take money from your account. There is no need to inform Revolut when setting up a Direct Debit.
Please note that Direct Debits are currently supported in Euro and Pound Sterling only.
All you need to do is to provide the company with your EUR or GBP account details that can be found in the Novatum app.
Q.5) Cancelling Direct Debits
To deactivate any future Direct Debit transactions, go to 'Recurring & Scheduled' under the ‘Payments’ section of the app, select the direct debit you wish to cancel, and follow the instructions. Once a Direct Debit is cancelled, it cannot be restored.
Q.6) Is Novatum charging me a fee for processing a direct debit?
Q.7) Can I set up as many direct debits as I want?
Q.8) Why did my Direct Debit fail?
There can be a few reasons. Usually, it’s because you don’t have enough money in your account. If you have enough money in your account and your Direct Debit is still failing, contact our support team, and we’ll be happy to help.
Q.9) What do I do if a direct debit on my account is incorrect?
Please chat to us and let our support agents know what happened. We may be able to refund you if the guarantee of the direct debit scheme allows us to. Make sure you contact us as soon as possible to have the best chance of getting a refund (and check our Personal Terms for up to date deadlines).
Q.10) Can a merchant debit my account if I don’t have sufficient balance?
If your Novatum account has insufficient funds, the debit will be returned by Revolut. Revolut doesn’t support overdraft for Direct Debits. To pay the bills, your balance amount should support the debit.
Q.1) Sending money to friends from my contact list
Q.2) Paying people near me
Q.3) Username payments
Q.4) How can I send money by username?
Q.5) Requesting money by username
Q.6) Can I change/hide my username?
Q.7) Why can’t I pay someone by username?
Q.1) Acquirer (also known as Merchant Banks)
An acquiring bank (or acquirer) is a bank/organization that accepts and processes card payments across networks including MasterCard and Visa on a merchant’s behalf. The card network then connects to the issuing bank (the merchant’s own bank) via a payment gateway to verify pending transactions. The acquiring bank assumes full responsibility for any risk involved with processes transactions.
E-Commerce
E-commerce is short for ‘electronic commerce’, a term used to describe any commercial transactions conducted across the Internet.
Payment Gateway
A payment gateway is the software that transmits financial information between the acquiring bank and the issuing bank in order to authorise payments. Security plays an integral part of payment gateways as credit and debit card data needs to be protected during this process to prevent fraud.
Interchange
Interchange fees describe the fees that the merchant’s bank account pays each time a customer makes a card based transactions. The fees are paid to the acquiring bank to cover the potential cost associated with approving payments.
Issuer
A issuer is a bank/organization that issues the credit or debit card.
Point Of Sale (POS)
A point of sale is the physical location a payment for goods or services are carried out — and cover everything from cash payments to card transactions. A payment terminal, also known as a point of sale terminal, card terminal or simply a terminal is a device which interfaces with debit or credit cards to make electronic funds transfers. It can also be used to refer to POS and EPOS systems.
Contactless
In relation to merchant services, contactless refers to technologies that allow certain types of debit or credit cards to contact wirelessly to an electronic card reader in order to make a card payment or issue a refund. Contactless payments can now also be made using mobile phones using apps such as Apple Pay and Paypal
Q.1) Is it within my legal rights to refuse to give you any more information about myself?
Q.1) What is Novatum
NOVATUM is a FinTech platform that unites the most modern and popular in-demand payment services worldwide. We use our own core banking system, called N-System. We are developing new payment methods, technical advancements and financial services. We cooperate with leading European and world financial institutions and banks.
Q.2) Is my money safe
Yes
Q.3) Are you registered with the Bank of England?
Yes
Q.4) What’s your license number
12170240
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