These general terms and conditions (the ”Terms”) regulate the use of the Betalo app (the ”App” or ”Betalo”) and other services provided through the app and web by Betalo AB (publ) 559245-2931, (the ”Company”). Read these terms carefully and contact us if you have any questions.

Betalo is a service that makes it possible to make payments to Swedish Plusgiron and Bankgiron and to Swedish bank accounts (”Domestic payments”). Domestic payments are commonly referred to as ”Payments”. The description in this paragraph is hereinafter referred to as ”the Service”.

The terms apply to the payment service user (the ”User”) of the Service. By registering for the Service and accepting the Terms, the User and the Company enter into an agreement that entitles the User to use the Service in accordance with the Terms.

1.1. The company holds a permit from Finansinspektionen (“FI”) to provide payment services in its capacity as a payment institution. The company is under FI’s supervision and is covered, among other things, by the regulations laid down in the Payment Services Act (2010: 751) and the Swedish Financial Supervisory Authority’s regulations and general advice on payment institutions and registered payment service providers (FFFS 2010: 3).

1.2. Users can access these Terms and information regarding the Service via the App, Betalo’s website, or via Betalo’s customer service.

Messages and languages

The Swedish language is used for the contractual relationship and communication between the User and the Company.

Written messages from Betalo to the User are sent by e-mail to the e-mail address specified by the User at registration and shall be deemed to have reached the User no later than the following day. Messages that are not considered urgent can alternatively be displayed on the User’s account by logging in to the app.

Prerequisites for the Service

3.1. You must be at least 18 years old to create an account with Betalo and use the Service. The service is currently only offered to customers who are registered in Sweden and who have a Swedish social security number. The service is currently not offered to people with protected personal data. Betalo accepts Payments with the following bank cards, debit cards and credit cards – Visa, Mastercard and, in the case of Payments to PlusGiro / BankGiro, also American Express (”Card”).

3.2 You as a User undertake to notify Betalo in the event that you are or have been a person in a politically exposed position * (”PEP”) and thus have or have had a high political or government position, or in the event that you are related and / or known employee of a PEP. Such message must be sent to Betalo by e-mail to info@betalo.se and contain information about personal identity number, address, function, title and country of business or organization regarding you or the PEP to which you are a related and / or known employee. You further agree to notify Betalo of any changes regarding the conditions set out in this section 3.2.

3.3 Betalo offers Domestika payments to both Plusgiro and Bankgiro and thereby offers Domestika payments to all recipients approved as companies in Bankgirocentralen’s (BGC) bankgiro number file and Plusgirot’s number file (Nordea) of companies approved and listed by Swedish banks with associated bankgiro and linked bank account and plusgiro account. Betalo also offers Domestika payments to Swedish bank accounts and International payments to bank accounts in certain countries accepted by Betalo at any time. Current information about countries to which Betalo accepts International Payments is available on Betalo’s website.

3.4 Betalo does not offer Payments by Plusgiro or Bankgiro to debt collection companies or the Swedish Enforcement Agency. Furthermore, Betalo reserves a discretionary right to refuse Payments to recipients including, but not limited to, banks and credit institutions, which Betalo from time to time, through customized recipient lists for individual card issuers and through Betalo’s discretion, does not offer Payments to when using the Service .

3.5. Users who intend to use the Service to make Payments that may exceed SEK 500,000 on an annual basis must contact Betalo’s customer service before the Service is started to be used. By accepting the Terms, the User confirms that the Service will not be used for illegal purposes, such as money laundering, terrorist financing or fraud. The service may also not be used to dispose of, acquire, possess or use funds arising from criminal activities.

Execution of payment transactions

4.1 In order for a payment order to be executed correctly, the User must follow the instructions given at the time of payment in the App.

4.2 In the case of Domestika payments, the User is responsible for ensuring that payment information such as recipient, OCR number and amount are filled in correctly. Betalo is not responsible for any incorrect payments due to the User having filled in incorrect information

4.3 Approval to make a Payment given at the time of payment by the User. Users who want a refund of completed Payment must contact Betalo and make such a request. If it is possible to cancel the Payment, Betalo shall carry this out at the User’s request and refund / credit the User’s Card.

4.4 A payment order shall be deemed to have been received when the User has accepted the Payment and received a confirmation of this.

4.5 A Payment is normally made within three (3) banking days.

4.6 Repayment in accordance with Chapter 5, Sections 6-8 of the LBT (Chapter 4, Section 10, section 22 p) is not possible as the exact amount and fees are always stated in connection with a Payment being approved.

4.7 The User may cancel Payments until the means of payment have been sent away in accordance with the User’s instructions. Please note that differences in buying and selling rates on currencies may mean that Betalo cannot guarantee that the entire amount will be repaid. Users who wish to cancel a Payment must contact Betalo’s customer service by e-mail.

5. Paid liability for the implementation of Payments

5.1 Betalo is responsible to the User for ensuring that an approved payment order initiated by the User is executed correctly. If the payment order has been executed correctly, the payee is responsible to the User for the transaction / purchase being carried out correctly.

5.2 Registered Payments may be denied if the information provided is incorrect and thus not accepted by the banking system. In the event of denied Payments, Betalo will notify the User and credit the amount to the User’s source of payment. In the event that the exchange rate has changed from the User registering such Payments until Payment was refused, Betalo cannot guarantee that the entire amount will be refunded.

6. User responsibility

6.1 The user is responsible for ensuring that there is coverage for the payment order submitted and that the information provided in the payment order is sufficient and correct.

6.2 The User undertakes to act on his own behalf when using the Service. The user may only use Cards issued in his own name. The User may not use the Service to make Payments of bills originating from the Card used to make the Payment.

6.3 The user is responsible for ensuring that sensitive information such as login information, passwords and the like are used and handled in a secure manner and kept secret so that they remain inaccessible to unauthorized persons.

6.4 The user must immediately notify Betalo via e-mail if there is reason to believe that an unauthorized person has gained access to or knowledge of passwords and / or equivalent information. If the User fails to follow the safety instructions as above (section 6.3), the User is always responsible for damage caused to Betalo and debiting that arises as a result of another unauthorized use of the Service. In the event of unauthorized debiting of card / account, this must be notified directly to the relevant bank in order to block the card / account and complain about the current payment.

6.5 The User shall immediately take note of and review the information on completed Payments that is made available to the User of Betalo in the mobile application. The User shall, without undue delay from the User becoming aware of unapproved or incorrectly making Payments, and no later than 13 months after the debit date, notify Betalo thereof and request correction by making a complaint.

7. Exchange rate

7.1 Betalo is not a platform for currency trading and you as a User undertake not to use the Service for such purposes. In the event that Betalo discovers that Users use the Service for such purposes, Betalo may, in its sole discretion, cancel User’s Payments and / or terminate User’s account.

8. Fees

8.1 Domestic payments

Betalo offers a simple pricing model without fixed fees. For Domestika payments, Betalo charges a service fee based on the transaction amount. Listed partner cards (which you can read more about here) have no or reduced service fee. The service fee for each Card is stated on www.betalo.com.

9. Processing of personal data

9.1. Betalo is responsible for personal data and processes personal data in accordance with the General Data Protection Regulation (EU) 2016/679 (“GDPR”).

9.2. By accepting the Terms, the User agrees that Betalo processes such personal data that is necessary to fulfill agreements with the User, including; name, address, social security number, e-mail address, IP address, browser, device information, telephone number, information about the User’s Payments and transactions and card details.

9.3. Betalo handles personal data in order to fulfill agreements entered into with Users, for the identification of Users, the development of Betalo’s services, to utilize the customer relationship and for internal statistics and for analysis purposes. Where necessary, for example to investigate fraud and misuse of Betalo’s services, Betalo may also use personal data internally for identification purposes. Betalo also handles personal data to fulfill obligations under law, including for accounting purposes and to comply with consumer law and money laundering regulations.

9.4. Personal data may also be used for marketing purposes if the User has consented to such processing or based on a balance of interests.

9.5. Betalo only processes personal data for the purposes for which they have been collected and, where applicable, for other compatible purposes. The processing of personal data only takes place for as long as is justified with regard to the purposes of the processing, and the data is then deleted without undue delay. Data is also retained to the extent necessary to fulfill legal obligations or to establish, assert or defend legal claims.

9.6. For more detailed information about Betalo’s processing of personal data, such as the purpose, exercise of the User’s rights, disclosure and transfer of personal data, see Betalo’s privacy policy.

10. Limitation of Betalo’s liability

10.1. Betalo is not responsible for damage that may be caused to the User due to faults in the power supply or telecommunications or Internet connections or other technical equipment that does not belong to Betalo.

10.2. Betalo is not liable for damages due to law enforcement, government action, war, lockout, strike, boycott and blockade or other unusual or unpredictable circumstance in Sweden or abroad over which Betalo has no influence and whose consequences would have been impossible for Betalo to avert. The proviso regarding strikes, lockouts, boycotts and blockades applies even if Betalo himself is the subject of such a conflict measure. If there is an obstacle for Betalo to make Payments or to take another action due to a circumstance pursuant to this section, the action may be postponed until the obstacle has ceased. Damage that may arise in other cases shall not be compensated by Betalo if Betalo has acted with normal care. Betalo is not liable in any case for indirect damage.

10.3 Betalo is only responsible for mediating Payments and is not responsible for missed deliveries of or errors in goods or services purchased by third parties through the use of the Service. Complaints and other claims that the User wants to make in such cases must be directed directly to third parties.

10.4. If a customer violates the Terms, Betalo has an obligation to supervisory authorities to examine whether the business relationship must be terminated. In such cases, Betalo has the right to inform the User of the violation and terminate the business relationship and the User’s account with Betalo. When Betalo receives funds with an accounting obligation, these funds are placed with a Swedish bank. Such a bank is appointed by Betalo of its choice. Placement with a bank normally takes place in Betalo’s name on behalf of the User. In this case, the User’s funds are placed together with other Users’ funds. The user thus understands that his funds may be stored in a collection account with a bank. Whether the User has a legally protected separation right in the event that Betalo or the bank should be declared bankrupt or suffer from another measure with corresponding legal effects may vary and is dependent on applicable law. In Sweden, there is a right of separation as a main rule, provided that the funds are kept separate from Betalo’s own funds.

11. Additions and amendments

11.1. In addition to what is otherwise stated in the Terms, Betalo has the right to make additions to and / or change the Terms by notifying the User of such additions and / or changes. Information about terms changes will be provided via Betalo’s app and / or e-mail to the User and updated Terms will be kept available on Betalo’s website. Betalo always has the right to immediately make minor changes to these terms, such as clarifications and changes that do not affect the User negatively.

11.2 The user is considered to have accepted the current Terms when the user logs in via the app. If the User does not accept the changed terms, the User may request to close his account as of the day the changes take effect.

11.3. Betalo always has the right to make immediate changes to the Terms (including price changes) that are caused by law, regulation or government decision.

12. Disputes and choice of law

Swedish law shall apply to these Terms and in the contractual relationship between User and Betalo. In the event of a dispute, Betalo follows the General Complaints Board’s recommendations. Disputes due to the Terms between Betalo and a User shall be tried at Stockholm District Court as the first and only instance.

13. Contract period and termination

13.1 The terms apply until further notice.

13.2 The User has the right to terminate the agreement regarding the Service at any time with immediate effect. The termination must be made in writing to Betalo by e-mail.

13.3 Betalo has the right to terminate the agreement regarding the Service in writing with a notice period of two months.

14. Complaints

In the event that the User wishes to make any complaints regarding the Service, the User must contact Betalo’s complaint manager via e-mail to klagomal@betalo.se and state ”Complaints” in the subject line.

* Persons in a politically vulnerable position

The Act (2017: 630) on Measures against Money Laundering and Terrorist Financing (“PTL”) contains certain provisions for establishing business relationships with persons in a politically vulnerable position (“PEP”), including requirements for stricter measures to achieve customer awareness. . PTL defines PEP as ”a) natural person who has or has had an important public function in a state, and b) natural person who has or has had a function in the management of an international organization”. Furthermore, the measures listed above must also be applied to family members and known employees of a PEP. Finansinspektionen has issued supplementary regulations in this area (FFFS 2017: 11).

By important public function is meant a function held by:

1. Heads of State or Government, Ministers and Deputy Ministers and Deputy Ministers;
2. Members of Parliament;
3. members of the board of political parties;
4. judges of the Supreme Court, constitutional courts or other high-level judicial bodies whose decisions can only exceptionally be appealed;
5. senior officials of audit authorities and members of central bank governing bodies;
6. ambassadors, commanders and senior officers of the Armed Forces;
7. persons included in the administrative, management or control bodies of state-owned enterprises; and
8. people in the management of international organizations.

By family members is meant:

1. spouse;
2. registered partner;
3. partner;
4. children;
5. children’s spouses, registered partners or cohabitants; and
6. parents.

By known employee is meant:

1. a natural person who, according to what is known or there is reason to believe, jointly with a PEP is the real principal of a legal person or legal structure or who otherwise has or has had close connections with a PEP; and
2. natural person who is the sole real principal of a legal person or legal structure which, as far as is known or there is reason to believe, has actually been established in favor of a PEP.

Close relationships in paragraph 1 refer to close business relationships and other relationships that may mean that the known employee may be associated with an increased risk of money laundering or terrorist financing.