Terms and Conditions

This User Agreement (“Agreement”) is a contract between you and Toast Me Pte Ltd., a company established in the Republic of Singapore, and Sigma X Pte Limited, a company incorporated in Hong Kong, both trading as ‘Toast’ (which has been previously traded as ‘Toast’) and applies to your use of the Toast services (Services). You must agree with all of the terms and conditions contained in this Agreement and any applicable agreements and policies published on the company’s website.

We may amend this Agreement at any time by posting a revised version on our website. The revised version will be effective at the time we post it. If the revised version includes a substantial change, we will provide you with 30 natural days’ prior notice of any substantial change by posting a notice on the “Policy Updates” page of our website. All future changes set out in the Policy Update already published at the time you register for the Services are incorporated by reference into this Agreement and will take effect as specified in that Policy Update.

Toast conducts its business in conformity with high ethical standards and in compliance with all laws and regulations from the Hong Kong Customs and Excise Department and/or any other international regulations applicable to the business. Toast guards against undertaking any transaction that is or may be connected with or may facilitate money laundering or terrorist financing.

Consumers are advised to read these terms and conditions carefully.

This is an important document which Consumers must consider carefully when choosing whether to use the Services.

You are solely responsible for understanding and complying with any and all the laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Services, including but not limited to, those related to taxes or foreign currency transactions.

1 Toast Services

1.1 Services

You will be provided with a Debit Card, which will give you access to physical cash globally.

1.2 Fees

1.2.1 Toast Fees

The following fees will be applicable depending on the type of transaction:

Concept Fees
Transfer of Funds to Toast e-wallet/account Free
Each Money Remittance Transaction or withdrawal to a bank account $6

1.2.2 Toast Debit Card Fees

Concept Fees
Debit Card Maintenance Free
Top up your card 25 ₱
ATM Withdrawals at Security bank Free
ATM withdrawals at other ATM's 10-15 ₱

[1] Should the Toast e-wallet keep no funds, no maintenance fees will be applicable

1.3 Account Balance

Once your Toast e-wallet is opened, you will be able to make transfers of money from your bank account to your Toast e-wallet. The transfer will be made to a Toast Me Pte Ltd and/ or Sigma X Pte Limited bank account. The details of the Toast Me Pte Ltd and/ or Sigma X Pte Limited bank account will be provided together with a reference number for each of the money transfers. Please note that without the reference number on the subject of your bank transfer, we will be unable to identify the Toast e-wallet to which such money is to be transferred.

Toast will hold your funds in ringfenced client accounts, separate from its corporate funds, and the company will not use your funds for its operating expenses or for any other corporate purposes. Toast will not voluntarily make your funds available to its creditors in the event of bankruptcy. You will not receive interest or other earnings on the amounts in your balance. Toast may receive interest on amounts that Toast holds on your behalf. You agree to assign your rights to Toast for any interest derived from your funds.

1.4 Eligibility

To be eligible to use the Toast Services, you must be at least 18 years old or higher, based on the age of your jurisdiction, and a citizen and/or resident of one of the countries listed on the Toast Country List page. Please note that American and American Green Card holders are not eligible regardless of their nationality or place of residence.

You must list your current country of residence in your Toast e-wallet and provide a proof of address. This Agreement applies only to Users who are residents of one of the countries listed on the Toast Country List.

1.5 Information and Record Keeping

In order to open and maintain a Toast e-wallet, you must provide Toast with correct and updated information.

  1. Your contact details. It is your responsibility to keep your email address up to date so that Toast can communicate with you electronically. You understand and agree that if Toast sends you an electronic communication but you do not receive it because your email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic communications, Toast will be deemed to have provided the communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add Toast to your email address book so that you will be able to receive the communications we send to you.

    If your email address becomes invalid such that electronic communications sent to you by Toast are returned, Toast may deem your account to be inactive, and you will not be able to transact any activity using your Toast e-wallet until we receive a valid, active email address from you.

    You will be able to update your contact details at any time by logging into the Toast website.

  2. Identity Verification. You authorize Toast, directly or through third parties, to make any enquiries we consider necessary to validate your identity as part of our “Know Your Customer” (KYC) processes. This may include asking you for further information or documentation, requiring you to provide a taxpayer or national identification number or supporting documentation as a proof of your current address, requiring you to take steps to confirm ownership of your email address or financial instruments or verifying your information against third party database or through other sources.

  3. Further Details. You authorize Toast, directly or through third parties, to make any additional enquiries we consider appropriate to exercise Customer Due Diligence (CDD) or Enhanced Due Diligence (EDD), if necessary, or Toast has reasonable doubts about the veracity or adequacy of any information previously obtained.

You authorise Toast to obtain and record information relating to you, including but not limited to the following:

  1. Full name, including any aliases;

  2. Unique identification number (such as an identity card number, birth certificate or passport number, or where you are not a natural person, the incorporation number of business registration number.

  3. Existing residential address, registered or business address (as may be appropriate) and contact telephone number(s);

  4. Date of birth, incorporation or registration (as may be appropriate);

  5. Nationality or place of incorporation or registration (as may be appropriate);

  6. Contact details, including but not limited to, email address(es) and telephone number(s).

Where the customer is a company or a partnership, Toast is authorized to request and record details of the directors of the company and details of the partners, respectively, to understand the ownership and control structure of the customer. Should the user be any other body corporate or unincorporated, Toast is authorized to request and record details of the persons having executive authority in that body corporate or unincorporated.

Toast will retain the above information as follows:

  1. For a period of five years following the termination of business relations with you for customer identification information and other documents relating to the establishment of business relations, including account files;

  2. For a period of five years following the completion of the transaction for records relating to a transaction, including any information needed to explain and reconstruct the transaction.

1.6 Beneficial Owner

You must be the beneficial owner of the Toast e-wallet and conduct business only on behalf of yourself. Please note that a beneficial owner in relation to a Toast e-wallet means the natural person who ultimately owns or controls a customer or the person on whose behalf a transaction is being conducted.

2 Money Transfer and Payments

2.1 Currency

When you make a transaction through the Toast e-wallet you must select the currency you would like to use for each of your transactions.

2.2 Cards as a Payment Method

By using the debit card issued under your name as a payment method, you are providing Toast with continuous authority to automatically charge that card to obtain the relevant funds when the card is used as a payment method pursuant to this Agreement.

3 Money Withdrawal

You may withdraw funds from your Toast e-wallet by electronically transferring them to your local bank account or at any automated teller machine (ATM) globally. Depending on the country of residence or in which your local bank account is opened, the currencies in which you may withdraw your funds to your local bank account may be limited. The applicable fees are shown above in Section 1.2

4 Closing your Toast Account

You may close your Toast Account at any time by following the instructions on your profile. You must withdraw your balance prior to closing your Toast Account. We will require a formal request to close your Toast Account sent to and a letter of authorisation bearing your name and signature. Your Toast Account will be closed within three working days upon receipt of the requested documents.

You may not evade an investigation by closing your Toast Account. If you close your Toast Account while we are conducting an investigation, we may hold your funds to protect Toast or a third party against the risk of claims, fees, fines, penalties or any other liabilities. You will remain liable for all obligations related to your Toast Account even after the account is closed.

5 Unauthorised Transactions and Errors

5.1 Notification Requirements

You should immediately notify Toast if you believe:

When you notify us, please provide us with all of the following information:

5.2 Toast’s Actions

Once you notify us of any suspected unauthorized transaction or error, we will do the following:

Should you have received less than the correct amount to which you are entitled, Toast will credit your Toast e-wallet for the difference. If the error results in your receipt of more than the correct amount to which you are entitled, Toast will debit the extra funds from your Toast e-wallet.

If you erroneously send a payment to the wrong party, or send a payment for the wrong amount (based on a typographical error, for example), your only recourse will be to contact the party to whom you sent the payment and ask them to refund the payment. Toast will not reimburse you or reverse a payment that you have made in error.

6 Restricted Activities

In connection with your use of our website, your Toast e-wallet, the Services, or in the course of your interactions with Toast, other users or third parties, you will not

7 Toast’s Actions

If Toast, in its sole discretion, believes that you may have engaged in any Restricted Activities as in Section 6, we may take various actions to protect Toast and/or its subsidiaries, if any, others users, other third parties or you, from claims, fees, fines, penalties and any other liability. The actions we may take include but are not limited to the following:

  1. We may close, suspend or limit your access to your Toast e-wallet or the Services;

  2. We may refuse to provide the Services to you now and in the future;

  3. We may hold your funds for a period of time reasonably needed to protect against the risk of liability to Toast or a third party, or if we believe that you may be engaging in potentially fraudulent or suspicious activity and/or transactions;

  4. Report to the competent authorities of transactions suspected of being connected with money laundering or terrorism financing.

  5. Terminate this Agreement and/or access to the Toast e-wallet for any reason and at any time upon notice and payment to you of any unrestricted funds held in your balance to the bank account provided by you upon notification of termination of this Agreement.

You acknowledge that Toast’s decision to take certain actions, including limiting access to your Toast e-wallet or placing holds, may be based on confidential criteria that is essential to our risk management and security policies. You agree that Toast is under no obligation to disclose to you the details of its risk management and security policies.

8 Indemnity

You hereby agree to indemnify and save Toast harmless against all damages, losses, expenses and costs (including legal costs) suffered or incurred by Toast in connection with or arising from:

  1. your access of this website and/or the use of Services;

  2. any other party’s access of this website and/or use of the online services using your user id and/or multi-sigma password;

  3. your breach of this Agreement;

  4. any other party’s breach of any of this Agreement where such party was able to access this website and/or use the Services by using your user id and/or multi-sigma password.

9 Copyright and Trademark Notices

Except as otherwise expressly stated herein, the copyright and all other intellectual property in the contents of this website (including, but not limited to, all design, text, sound recordings, images or links) are the property of Sigma X and/or its subsidiaries, if any. As such, they may not be reproduced, transmitted, published, performed, broadcast, stored, adapted, distributed, displayed, licensed, altered, hyperlinked or otherwise used in whole or in part in any manner without the prior written consent of Sigma X. Save and except with Sigma X’s prior written consent, you may not insert a hyperlink to this website or any part thereof on any other website or “mirror” or frame this website, any part thereof, or any information or materials contained on this website or any other server, website or webpage.

All trademarks, service marks and logos used on this website are the property of Sigma X, its subsidiaries and/or the respective third party proprietors identified on this website. No license or right is granted and your access to this website and/or use of the Services does not grant any license or right to use any trademarks, service marks or logos appearing on the website without the prior written consent of Sigma X. No such trademark, service mark or logo may be used as a hyperlink or to mark any hyperlink to any Toast’s site or any other site, without the prior written consent from Sigma X.

10 Governing Law and Jurisdiction

By accessing this website and/or using the Services, you agree that such access and/or use, as well as these Agreement, shall be governed by, and construed in accordance with, the laws of Singapore. Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (“SAIC Rules”). The arbitration will be in English.