# Individual Account

Fiat24 is your all-in-one solution for seamless daily payments and spending.

<figure><img src="https://64453607-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FPDO9oyL1T7Ax0XuRzWO4%2Fuploads%2Fsf9eEDOSAVo6sksiOxeN%2FindividualSplash.jpg?alt=media&#x26;token=6e2cdc05-6df8-45a3-b40d-1043432db339" alt=""><figcaption></figcaption></figure>

### **Eligibility** <a href="#can-i-register-twice-and-have-two-accounts" id="can-i-register-twice-and-have-two-accounts"></a>

Individuals&#x20;

* live in the [eligible countries](https://info.fiat24.com/overview)&#x20;
* have a biometric identity (Passport or ID)
* without the nationality in Iran, North Korea or Russia
* not a US Person
* more than 18 years old
* not sanctioned by OFAC or EU
* not a political exposed person (PEP)
* has no account with Fiat24 before

{% hint style="info" %}
**One Account Policy**

We don't accept duplicated registration. This applies even if the previous account has been closed, so you cannot open a new account even if you have closed the previous one.
{% endhint %}

### Monthly Limit

Each individual account has a monthly transaction limit. If a user exceeds this limit within 30 days, they will not be able to perform any further transactions until the limit is reset.

The transaction limit varies depending on the length of the NFT.

| 5 - 8 digits NFT | 4 digits NFT  | 3 digits NFT   | 1 - 2 digits NFT |
| ---------------- | ------------- | -------------- | ---------------- |
| 100,000 USD \*   | 1,000,000 USD | 10,000,000 USD | Upon Request     |

{% hint style="warning" %}
Due to our internal policy, some [emerging countries](https://info.fiat24.com/overview) have a limit of 1,000 CHF every 30 days.&#x20;
{% endhint %}

### Registration Steps

Individual clients can open account fully online.

{% stepper %}
{% step %}

#### Mint a NFT as your account number

{% hint style="info" %}
<https://app.fiat24.com>
{% endhint %}

Open your favourite wallet and visit the URL above, following the instruction to mint a favourite NFT number.
{% endstep %}

{% step %}

#### Get your GPS location

In order to fulfil the legal requirements of the Swiss Banking regulator FINMA, your GPS location needs to be captured during the account opening process.
{% endstep %}

{% step %}

#### Risk Questions&#x20;

As a licensed financial institution, we accept our clients in very prudential way. If we believe your domicile, risk profile, or background doesn’t match our business focus, we may not accept the business relationship with you.
{% endstep %}

{% step %}

#### Verify your biometric passport

You must have a **Biometric ID or Passport (aka ePassport)**.

If you register in China Mainland, you could register with [Chinese National ID](https://docs.fiat24.com/user/misc/china-national-id)
{% endstep %}

{% step %}

#### Done

After successful registration, you will receive an email, and can use our services up to a limit of 100'000 USD / 30 days on a rolling basis.
{% endstep %}
{% endstepper %}

### Upgrade Account <a href="#how-can-i-upgrade-my-account" id="how-can-i-upgrade-my-account"></a>

Users must upgrade their accounts in person, inside Fiat24 dApp.&#x20;

{% stepper %}
{% step %}

#### Access your Profile

Go to <https://id.fiat24.com> module and connect your wallet, select <mark style="color:purple;">Upgrade</mark> menu.
{% endstep %}

{% step %}

#### Choose a Premium NFT

Purchase your favourite NFT number with Ether or F24 token. Refer to [Pricing page](https://docs.fiat24.com/products/pricing-for-individuals).
{% endstep %}

{% step %}

#### Done

Account will be upgraded within 1 business day.
{% endstep %}
{% endstepper %}

### Close Account <a href="#how-can-i-close-my-account" id="how-can-i-close-my-account"></a>

Users must close their accounts in person, inside Fiat24 dApp.&#x20;

{% stepper %}
{% step %}

#### Clean your balances

Before you close your account, all balances need to be zero.
{% endstep %}

{% step %}

#### Access your Profile

Go to <https://id.fiat24.com> module and connect your wallet, select <mark style="color:purple;">Profile</mark> menu.
{% endstep %}

{% step %}

#### Close your account

Click the button <mark style="color:purple;">Close Account</mark>, after confirming with your digital signature, your account will be closed.

{% hint style="danger" %}
Once the account is closed, you will **NOT** be able to open any other Fiat24 account in the future.
{% endhint %}
{% endstep %}
{% endstepper %}

### <mark style="color:red;">Forced Exit</mark>

If **any of the following conditions are met**, though not limited to these, we reserve the right to enforce a mandatory payout of the client's assets and close the account. We consider these conditions to be inconsistent with Fiat24's operational standards and risk preferences. All Fiat24 users, including premium users, must accept these terms.

* Listed on the sanctions lists of OFAC, the European Union, Switzerland, or equivalent jurisdictions&#x20;
* PEP (Political exposed person) status
* Clients previously identified as criminals or suspects in <mark style="color:red;">**financial fraud**</mark> cases by law enforcement authorities in Switzerland, the European Union, or other equivalent jurisdictions
* Third-party bank transfers that are <mark style="color:red;">**recalled due to fraud**</mark>
* Third-party bank transfers that are <mark style="color:red;">**recalled by counterparty**</mark> due to a reason other than fraud, involving an amount exceeding CHF 10'000 or EUR 10'000, or more than 3 times within a three-month period
* Clients who exhibit extreme non-cooperation or wilful disregard in special reviews related to transactions or client profile EDD (Enhanced Due Diligence) requested by Fiat24 Compliance
* Clients who maliciously misuse Fiat24 services, such as generating <mark style="color:red;">**a large number of micro-transactions**</mark>, <mark style="color:red;">**abusing customer service**</mark>, or verbally abusing our staff.

***

{% hint style="success" %}
User Terms and Conditions are available [here](https://docs.fiat24.com/legal).
{% endhint %}

### FAQ <a href="#how-can-i-close-my-account" id="how-can-i-close-my-account"></a>

#### Can I have a Account Statement? <a href="#how-can-i-close-my-account" id="how-can-i-close-my-account"></a>

No, Fiat24 does **NOT** offer (1) Account Statement or Monthly Statement, or (2) Tax document. If you have doubts about how to proceed with regard to your taxes, please contact a tax advisor.

#### **My application has been rejected, why?** <a href="#my-application-has-been-rejected-why" id="my-application-has-been-rejected-why"></a>

As a licensed financial institution, we accept our clients in very prudential way. If we believe your domicile, risk profile, or background doesn’t match our business focus, we may not accept the business relationship with you.

#### **How long will it take to open an account?** <a href="#how-long-will-it-take-to-open-an-account" id="how-long-will-it-take-to-open-an-account"></a>

Less than one business day. Please note that our working hours are aligned with Central European Time (CET).

#### **Why is my GPS location collected during registration?** <a href="#why-is-my-gps-location-collected-during-registration" id="why-is-my-gps-location-collected-during-registration"></a>

In order to fulfil the legal requirements of the Swiss Banking regulator FINMA, your GPS location needs to be captured during the account opening process.

#### Why is my tax information collected during registration? <a href="#why-is-my-tax-information-collected-during-registration" id="why-is-my-tax-information-collected-during-registration"></a>

In order to fulfil the legal and regulatory tax requirements, we collect your Taxpayer Identification Number (TIN), which is an identifying number used for tax reporting purposes.

#### **Can I register twice and have two accounts?** <a href="#can-i-register-twice-and-have-two-accounts" id="can-i-register-twice-and-have-two-accounts"></a>

No, each individual should have only one account in Fiat24. If you apply for a second time with a new NFT account number, your second registration will be **rejected**.

This applies even if the previous account has been closed, so you cannot open a new account even if you have closed the previous one.