1. Why this matters
Vav is the trading name of Sterick Limited, a company incorporated in Hong Kong (Company Registration No. 80436340). References to “Vav”, “we” and “us” in this policy mean Sterick Limited.
Moving money across borders, holding foreign currencies and converting between them all carry risk. This Risk Disclosure explains the main risks in plain language so that you can decide whether Vav is right for you. It is not a complete list of every possible risk, and it is not financial, investment, legal or tax advice. If you are unsure, please get independent advice.
2. Vav’s role and where your funds are held
Vav is a technology layer. The financial services you access through Vav, including currency accounts, payments, card issuing, conversion and payouts, are provided by independent, appropriately authorised partners (“Partners”). Customer funds are held by Fin, our banking partner, not by Vav. Funds you load onto a virtual card are held by the card issuing Partner.
- Vav is not a bank. Balances you hold through Vav are not bank deposits held by Vav.
- Protection depends on the Partner. Whether your funds benefit from safeguarding, segregation or any deposit or investor protection scheme depends on Fin and the rules that apply to it. These are explained in the Partner terms shown in the app.
- Partner failure. If a Partner becomes insolvent, suffers an outage or stops providing a service, you could experience delays in accessing your funds or, in some cases, loss.
3. Currency conversion risk
When you convert between supported currencies, the value of what you hold can go down as well as up. Exchange rates move constantly and may move sharply. A rate shown to you is valid only for the time indicated, and fees or spreads may be included in it. If you hold funds in a currency other than the one you spend in, changes in exchange rates will affect what your money is worth to you.
4. Payment, account and card risks
- Delays. Bank transfers, withdrawals and card settlements depend on banks, payment systems and card networks and may be delayed by cut-off times, holidays, intermediary banks or compliance checks.
- Intermediary charges. Banks in the payment chain may deduct their own fees.
- Card disputes. Card refunds and chargebacks are decided under card network rules by the card issuing Partner and are not guaranteed.
- Unauthorised use. If the login details, devices or card details of your business or its authorised users are compromised, money could be taken. Your protection depends on the Partner terms and on whether you kept your account secure.
5. Account restrictions
We or our Partners may delay, block or reverse transactions, or restrict or close accounts, to comply with law, prevent fraud or financial crime, or because a Partner stops providing a service. While this happens you may not be able to access some or all of your funds. Where the law allows, we will tell you what is happening and what you need to do.
6. Availability and regulatory change
Services, currencies and features differ by country and may change or be withdrawn, including because of new laws, regulatory decisions or changes to our Partners. This could mean you need to move your funds or stop using a feature, sometimes at short notice.
7. Technology and security
Like any online service, the Platform can suffer outages, errors, cyber attacks or data breaches, and depends on third-party systems we do not control. We use strong security measures, but no system is completely secure. Keep your devices updated, use the security features in the app and never share your login details or one-time codes.
8. Tax
Holding, converting or spending foreign currencies may have tax consequences, including on gains made from exchange-rate movements. Your business is responsible for understanding and meeting its own tax obligations. Vav does not give tax advice.
9. No investment advice
Vav is a payments and accounts platform, not an investment service. Nothing we say or show is a recommendation to buy, sell or hold any currency. Your balances should not be treated as investments. Vav pays no interest or yield.
10. Questions
If anything in this disclosure is unclear, contact us at hello@vav.global before using the services concerned.