Betalo

Frequently Asked Questions

Below you can find the answers to our most frequent questions. If you can't find the answer to your question please e-mail us at info@betalo.com.

General questions

 

Is Betalo secure?

Betalo is a licensed Payment Institution in Sweden according to Payment Services Act (2010: 751) and is under the supervision of the country’s Financial Supervisory Authority.

All traffic between customers and Betalo, as well as between Betalo’s systems, is done using strong encryption algorithms, and protected via signed 128-bit SSL certificates. Betalo does not store payment card data. All card data is securely managed by a leading European payment processor. We actively monitor all transactions to prevent illegal activity and to protect against fraud.

Betalo uses Mobile BankID and BankID for secure identification and log in. BankID is the leading electronic identification in Sweden with 7.5 million active users, where the customer’s identification is guaranteed by the bank issuing this electronic identification.

Betalo's data centers are hosted at some of the most secure facilities in the world, with PCI level 1 certification, limited access and 24/7 surveillance. Betalo uses OWASP:s recommendations when selecting products and platforms to use.

 

How do I start using Betalo?

Download our iPhone or Android app and sign up. You must be 18 years of age or older to create an account and use Betalo. Betalo is currently only available to residents of Sweden who have a Swedish personal number, and don't have a protected identity.

You must have a valid Mobile BankID or BankID and approve Betalo's terms and conditions.

 

What payment sources does Betalo accept?

Betalo accepts Visa, Mastercard and American Express debit, credit and charge cards issued from Sweden, Norway, Denmark and Finland.

We also partner with several card issuers:

  • Coop Betala Efter
  • Coop Mer
  • Ecster-kortet
  • Ikano Kort Visa
  • Lån & Spar Mastercard
  • All cards from Nordea
  • Preem Mastercard
  • Santander Mitt kort
  • Santander Mitt kort+
  • Shell Mastercard
  • Villaägarnas Mastercard
  • Wasa Kredit Agriakortet
  • Wasa Kredit Gustav
 

What is a partner card?

A partner card is a card issued by a company or organization that Betalo is in partnership with. These card issuers allow their customers to use Betalo at a lower fee or no fee at all.

When adding a partner card, the system recognizes it automatically, and sets the correct fee for using Betalo.

 

On what technical platforms can I use Betalo?

For the best user experience, we recommend our mobile app, available for iPhone and Android. International transfers can only be made in the mobile app, and not on the web site.

You can also use Betalo on the web www.betalo.com. Our web site is designed to be used on a mobile phone.

 

How much does Betalo cost?

Betalo offers a simple pricing model without fixed fees. We accept all Mastercard, Visa and American Express cards. The service fees of our partner cards varies from 0% fee up to 1% fee. The fee for other Visa and Mastercard cards is 1.9% * and for American Express cards the fee is 2.5% *.

Read more about our pricing.

 

How do I add a card on Betalo?

If you use Betalo’s web site, you add your card in step 1 of the payment process, or under My pages and then clicking My cards.

If you use the mobile app, you click the icon for cards where you can add a card.

After the card is added you don’t need fill in your card details in future use of Betalo.

The card details are securely stored with Dibs, Betalo never stores any card details.

 

Is there a maximum amount that can be paid using Betalo?

When paying bills or transferring money to Swedish bank accounts, there is no maximum amount you can pay using Betalo. However, your card issuer may place limits on your transaction size.

When doing an international money transfer the maximum amount is SEK 150,000.

If you intend to pay more than SEK 500,000 per year using Betalo, we ask that you inform us.

 

Why has my card been denied?

Betalo is normally not the reason if your card has been denied. Please contact your card issuer for questions around this. Please, also investigate your card issuer’s terms regarding payments on the Internet.

 

Where can I see my payments history?

All payments made can be seen in the app, i.e. both payments made on the web site and in the app. Payments made in the app can only be seen in the app, i.e. you can not see them on the web site.

 

Will I earn rewards when using my card with Betalo?

Using Betalo normally generates rewards at card programs with reward program. There are however exceptions, and we recommend you to get in touch with your card provider to make sure.

 

Are transfers made with Betalo considered as card transactions?

Transfers made with Betalo are normally considered as card transactions. There are however exceptions, and we recommend you to get in touch with your card provider to make sure.

International payment questions

 

How do I make an international money transfer using Betalo?

  • Download the app and log in using mobile BankID
  • Add a card as payment source
  • Add details about the recipient - IBAN, name and address.
  • Complete payment
 

What countries can I send money to?

You can see all the countries we support at Countries you can send money to.

 

What information do I need to make an international transfer?

When making a payment within SEPA (EU countries and Norway, Liechtenstein, Iceland, Switzerland, Monaco and San Marino), you need the IBAN of the recipient’s account. You also need the recipient’s name.

When making a payment outside SEPA, you need the account number and BIC/SWIFT code of the recipient’s account. You also need the recipient’s name and address.

 

What is an IBAN?

The International Bank Account Number (IBAN) is used to identify a bank account when making an international Euro transaction.

 

What is a BIC/SWIFT code?

BIC/SWIFT code is an international standard used to identify the recipient’s bank for international transfers.

A BIC/SWIFT code always consists of eight or eleven characters, the first six being upper case, while the rest of the characters can be either letters or digits. BIC/SWIFT code indicates bank, country and city that the money should be transferred to. If the BIC/SWIFT code has eleven characters the last three indicate the specific bank branch office. BIC/SWIFT code and IBAN should always be written without spaces, hyphens or dots.

This is an example of how Nordea's BIC/SWIFT code with eight characters look: NDEASESS

 

What is SEPA?

The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in Euro.

 

How long will it take for the recipient to receive the money?

Betalo will charge your card immediately, and the money will be sent to recipient’s bank in 2 days for Visa and Mastercard. After the bank receives the money, the bank will typically to move the money into the recipient’s account within 1 to 2 days.

 

How much does an international transfer cost?

The transfer fee is 0.5% on all international transfers.

With Betalo you always get the exchange rate that we’ve negotiated, without any markups. This means we don’t add any costs to the price we buy the currency for. This price is fair and transparent - just as it should be. The exchange rate is guaranteed during the entire transfer.

The service fee for international transfers is 0% for Visa and Mastercard. These prices are the same for partner cards.

 

How can I cancel an international money transfer?

If you want to cancel an international transfer, please contact our customer service by email or phone. If the funds have not already been processed we may be able to stop the transaction. Please note that the exchange rate may have changed since your transaction was registered and we can therefore not guarantee that you will be refunded the full amount.

 

Can I make an international money transfer to a business?

You can make a transfer to all bank accounts that have an IBAN number, including bank accounts held by a business.

 

Can I make an international money transfer on Betalo’s website?

No, you can only make an international transfer in the mobile app, please download it on the App Store or Google Play.

 

Is there a maximum amount that can be transferred internationally using Betalo?

At the moment a foreign transfer is limited to SEK 150,000, or the equivalent amount in the receiving currency. In the future we hope to support larger transfers.

 

Does the receiving bank charge a fee?

We unfortunately have no possibility of knowing if the receiving bank charges a fee. If the receiving bank would charge a fee it will be charged to the recipient.

Recipient's fees are common in Thailand, USA, South Africa, Turkey and United Arab Emirates. The fees vary depending on what country and bank you transfer to, but fees corresponding to up to SEK 200 are common.

 

Does the recipient of a foreign payment need to have Betalo?

The recipient of a foreign payment does not need to be registered with Betalo, or have downloaded the Betalo app, to be able to receive a payment made with Betalo.

Bill payment questions

 

How to make a bill payment?

  • Log in using Mobile BankID or BankID.

  • Choose the card you will use as payment source. Betalo accepts any Visa, Mastercard or American Express card.

  • Enter details about the recipient. You can make payments to Bankgiro and PlusGiro numbers. Betalo does not allow payments to the Swedish Enforcement Authority, debt collectors, banks and credit institutions. See our terms and conditions for full details.*

  • Check your details and complete your payment.

* If you use Betalo’s web site to make a payment, you can select your day of payment. In the mobile app, the first possible day of payment is automatically chosen. On the web site, you can also register up to ten payments in the same order. In the mobile app, payments are registered one by one.

 

What invoices can I pay with Betalo?

You can pay invoices to Bankgiro and Plusgiro numbers. Betalo does not allow payments to the Swedish Enforcement Authority, debt collectors, banks and credit institutions. See our terms and conditions for full details. You can for example not use Betalo to pay your credit card bill.

 

When will the money reach the recipient when paying a bill?

The money will reach the recipient’s account on the day set as payment date.

 

What is the earliest 'Payment date' I can choose when paying a bill?

Below applies when using the app:

You can’t choose payment date, the earliest possible payment date is chosen automatically. If the transfer is below SEK 3000, the payment date is in 1 business day for all cards.

If the payment exceeds SEK 3000, the payment date is: 
-    in 2 business days when using Visa and Mastercard
-    in 4 business days when using American Express

Below applies when using the web site:

You can choose a payment date and the earliest date you can choose is:
-    in 2 business days when using Visa and Mastercard
-    in 4 business days when using American Express

 

When will my card be charged when paying a bill?

If you use the mobile app, you can only make a direct payment, i.e. you can’t schedule the payment to be executed for a later date. In this case your card will be charged immediately when registering the payment.

If you use Betalo’s web site to make a payment, you can schedule the payment to be executed at a later date. Your card will be charged two business days before the due date.

For payments due later than 7 days, your card will not be charged immediately. If you have a saved card on Betalo, your card will be charged automatically for the selected payment, 2 business days before the due date for Visa and Mastercard and 4 business days for American Express.

If you do not have a saved card, you will receive an email when it is time to complete the payment.

 

How does future payments work when paying a bill?

If you register a payment with a payment date more than 7 days away, the payment is treated as a future payment. This payment is added to your Betalo account, without charging your card.

If you have registered a payment with a saved card on Betalo, your card will be charged automatically for the selected payment, 2 business days before for Visa and Mastercard and 4 business days for American Express. If for some reason your card is denied, you will need to log in and execute this payment manually. Should this happen, you will receive an email with information on how to complete the payment.

If you do not have a saved card, you will receive a reminder email seven days before the payment date.

 

How do I know my bill payments reached the recipient?

Your payment is always recorded on the recipient account on the day you have chosen as the payment date.

In your payment history of your Betalo account, the payment status will change from "In progress" to "paid" at 10:00 am the day after the payment date. If you registered your payment on Betalo’s web site you will also receive an email confirmation that your payment has been executed.

 

How do I cancel a bill payment?

If you have set a payment date within 7 days, your card will be charged at the time you make the payment. In such cases, if you would like to cancel a payment, please contact our Customer Service at +46 8 662 90 77. You must contact us no later than the banking day before the payment date you have chosen, within the opening hours of our customer service.

If you have scheduled a payment date that is more than 7 days in the future, the payment is shown on the 'Payment history' page, where you can cancel the payment.

 

Can I pay e-invoices with Betalo?

You can pay e-invoices with Betalo. You must take the information from the electronic invoice and register it on Betalo. You should then remove the e-invoice from your bank.

Currently, you can not send the e-invoice directly to Betalo.

 

Does Betalo provide Autogiro?

Betalo does not provide Autogiro, since it is a bank-only product.

Domestic bank transfer questions

 

How do I make a domestic bank transfer?

  • Log in using Mobile BankID or BankID.

  • Add a card as payment source. If you already added one or more cards, choose one of these. Betalo accepts any Visa or Mastercard.

  • Enter details about the payment - account number and message. You can make payments to Swedish bank accounts.*

  • Check your details and complete your payment.

* If you use Betalo’s web site to make a transfer, you can select your day of payment. In the mobile app, the first possible payment date is automatically chosen. On the web site, you can also register up to ten transfers in the same order. In the mobile app, transfers are registered one by one.

 

When will my card be charged when making a domestic bank transfer?

If you use the mobile app, you can only make a direct transfers, i.e. you can’t schedule the transfer to be executed for a later date. In this case your card will be charged immediately when registering the payment.

If you use Betalo’s web site to make a transfer, you can schedule the transfer to be executed at a later date. Your card will be charged two business days before the due date.

För överföringar med betalningsdag inom 7 dagar debiteras kortet direkt när du registrerar överföringen. Betalo utför sedan din betalning på den dag som du valt.

For transfer due later than 7 days, your card will not be charged immediately. If you have a saved card on Betalo, your card will be charged automatically for the selected transfer, 2 business days before the due date for Visa and Mastercard.

 

Which account number format should I use?

Swedbank

If you are making a transfer to Swedbank account with a 5 digit clearing number starting with an 8, you need to provide 15 digits in total. If you have an account number shorter than 15 digits, you need to add zeros between the clearing number and the account number.

Example: the account number you are sending to is: 8xxxxxxxxxxxx (i.e. 13 digits long with a clearing number starting with an8). For this to work with Betalo you need to write it like this: 8xxxx00xxxxxxxx (i.e. you now added two zeros after the clearing number so the total amount of digits add up to 15).

Nordea

If you are making a transfer to a Nordea account consisting of a Swedish personal number, it is necessary to add a clearing number before the account number.

 

When will the money reach the recipient when making a domestic bank transfer?

The money will reach the recipient’s account on the day set as payment date.

 

What is the earliest 'Payment date' I can choose when making a domestic bank transfer?

Below applies when using the app:

You can’t choose payment date, the earliest possible payment date is chosen automatically. If the transfer is below SEK 3000, the payment date is in 1 business day. If the transfer exceeds SEK 3000, the payment date is in 2 business days.

Below applies when using the web site:

You can choose a payment date, but the earliest date you can choose is in 2 business days.

 

How do future payments work when making a domestic bank transfer?

If you register a transfer with a payment date more than 7 days away, the transfer is treated as a future payment. This transfer is added to your Betalo account, without charging your card.

If you have registered a transfer with a saved card on Betalo, your card will be charged automatically for the selected transfer, 2 business days before for Visa and Mastercard. If for some reason your card is denied, you will need to log in and execute this transfer manually. Should this happen, you will receive an email with information on how to complete the transfer.

If you do not have a saved card, you will receive a reminder email seven days before the payment date.

 

How do I know my domestic bank transfer reached the recipient?

Your transfer is always recorded on the recipient account on the day you have chosen as the payment date.

In your payment history of your Betalo account, the payment status will change from "In progress" to "Paid" at 10:00 am the day after the payment date. If you registered your transfer on Betalo’s web site you will also receive an email confirmation that your transfer has been executed.

 

How do I cancel a domestic bank transfer?

If you have set a payment date within 7 days, your card will be charged at the time you make register the transfer. In such cases, if you would like to cancel a transfer, please contact our Customer Service at +46 8 662 90 77. You must contact us no later than the banking day before the payment date you have chosen, within the opening hours of our customer service.

If you have scheduled a transfer date that is more than 7 days in the future, the payment is shown on the 'Payment history' page, where you can cancel the transfer.