Betalo

Frequently Asked Questions

Below you can find 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 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 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.

 

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?

Betalo is a mobile app, available for iPhone and Android. Your full payments history is available in the app.

You can access your payment history at web www.betalo.com, where you can see payments completed on the website before February 18, 2019. 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?

In the Betalo app, click the icon for cards and 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 website before 18 February 2019 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 website.

 

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. American Express cannot be used to make an international transfer.

 

How can I cancel an international money transfer?

If you want to cancel an international transfer, please contact our customer service by email. 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.

 

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. The fees vary depending on what 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.

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.

* The first possible day of payment is automatically chosen and payments can be 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?

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

 

When will my card be charged when paying a bill?

Your payment is a direct payment and your card will be charged immediately when registering the payment.

 

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.

 

How do I cancel a bill payment?

Your card will be charged at the time you make the payment. If you would like to cancel a payment, please contact our Customer Service. You must contact us no later than 5pm the banking day before the payment date you have chosen.

 

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.

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.

* The first possible payment date is automatically chosen and transfers can be registered one by one.

 

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

Your transfer is a direct transfer, i.e. you can’t schedule the transfer to be executed for a later date. Your card will be charged immediately when registering the payment.

 

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?

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.

 

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

Your transfer is always recorded on the recipient account on 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.

 

How do I cancel a domestic bank transfer?

Your card will be charged at the time you register the transfer. If you would like to cancel a transfer, please contact our Customer Service. You must contact us no later than 5pm the banking day before the payment date.