1. Parties to the terms and agreeing to the terms
The parties to these terms are the holder of the Currency Card (“the Cardholder”), the issuer of the Currency Card (“the Issuer” or “Arion Bank”) and the buyer of the Currency Card (“the Buyer”). By buying the Currency Card the Buyer agrees to these terms. By using the Currency Card for the first time, the Cardholder agrees to these terms. The Bank's list of rates and charges,  https://www.arionbanki.is/english/individuals/information/rates/ specifies the costs associated with the Currency Card.

2. Definition of the card, use and costs 
The Currency Card is a prepaid international VISA payment card which entitles the Cardholder to pay for goods and services anywhere in the world at sales and service outlets which accept VISA payment cards without a PIN number. The Currency Card can also be used to make online payments. When you pay using the Currency Card you can get a discount on goods and services from the card’s partner Companies. More information on partner companies and discounts can be found here under “partne Companies.” Arion Bank will not notify the Cardholder specifically about any changes in partner companies or changes made to the terms of discounts. Arion Bank is not liable if a partner company ceases trading, ceases without notice to grant a discount/offer or if any other changes are made to promoted offers or discounts. If th Cardholder wishes to take advantage of a discount from a partner company, they must ask for the discount before paying with the Currency Card. Money can be added to the gift card on one occasion, i.e. when the card is bought. The maximum and minimum amount which can be added to the card is decided by Arion Bank at any given time and specified at www.currencycard.is. When the funds on the card have been used up, the card can no longer be used and it should be destroyed by the Cardholder. 

The price of the Currency Card and associated services are specified in Arion Bank’s list of rates and charges. The Cardholder can check the balance on the card at www.currencycard.is.

The Cardholder can ask for the card to be redeemed at any time.

The Cardholder can visit a branch of Arion Bank and ask to redeem some or all of the funds on the Currency Card. 

Before redeeming the funds on the Currency Card the Cardholder is required to pay a withdrawal fee as specified in the Bank's list of rates and charges at any given time. A withdrawal fee is only required when the Cardholder asks to redeem the funds before the expiry date of the Currency Card or more than one year after the expiry date. It is not possible to use the Currency Card in ATMs or other self-service machines. If the funds on the Currency Card have not been redeemed 12 months after the card has reached the expiry date and no transaction has taken place on the card, the Issuer shall collect an annual fee on the funds on the card, if any.

The Cardholder must sign the back of the card to reduce the likelihood of unauthorized use if the card is lost. The Cardholder shall also take all necessary measures to ensure that the Currency Card does not come into the possession of unauthorized users. The issue and use of the Currency Card is governed by Icelandic law. When using the card overseas the Cardholder must comply with the rules of the relevant country. Overseas payments are calculated in accordance with the list of fees and charges at any given time. Withdrawals by the Cardholder in foreign currencies are converted into Icelandic Króna at the exchange rate current when the transaction is cleared internationally. Because of exchange rate risk, withdrawals of foreign currency may not exceed 97% of the balance on the card.

3. Validity, renewal and expiry
The Currency Card has an expiry date specified on the card. It is not permitted to use the Currency Card after the expiry date. The Cardholder can ask to receive the remaining funds on the card in the form of a new Currency Card or ask that the card be redeemed at a branch of Arion Bank. The expiry of the funds on the Currency Card is governed by the Limitation Period of Claims Act No. 150/2007.

4. Misuse and liability
The Issuer is not responsible for, nor bears any liability for, any dispute or damage relating to the purchase of goods and services bought with the Currency Card.

The Cardholder is responsible for all payments/withdrawals made with the Currency Card unless the Issuer is responsible on the basis of the law on payment services in respect to the execution of an unauthorized payment.Any misuse of the card is punishable by law, cf. Article 249 of the Penal Code No. 19/1940.

The Cardholder is liable for any damage to the Bank which is caused by the Cardholder’s negligence when andling or using the Currency Card. The Issuer is not liable for any damage caused by legal statutes, government action, natural disasters, war, strikes, embargos or other such circumstances, disruptions to power supplies or power shortages or disruptions to telecommunications or other means of communication.

5. Lost cards
If a Currency Card is lost, stolen or if the Cardholder becomes aware that it is being misused, please contact Arion Bank's call center immediately so that the card can be closed. The Cardholder is responsible for the use of the Currency Card until it has been reported lost. Arion Bank’s call center can be contacted on +354 444 7000. Note that it is only possible to close the card by providing the card number. If the Currency Card is closed the person who bought the card can obtain a new Currency Card with the balance from the old card or can redeem the funds on the old card at a branch of Arion Bank. The charge for this is specified in Arion Bank's list of rates and charges.