These general terms and conditions (”the Terms”) govern the use of Betalo’s app (the “App” or “Betalo”), and other products and services provided by Betalo AB (publ), 559245-2931, (the ”Company”), Drottninggatan 33, 11 51 Stockholm. Read these terms carefully and contact us if you have any questions.
Betalo provides a service that allows payments to Swedish Plusgiro and Bankgiro accounts, to Swedish bank accounts (”Domestic payments”).
Domestic payments are referred to as ”Payments”. The description in this paragraph is hereinafter referred to as the ”Service”.
The terms apply to users (”User”) of the Service’s payment service. By signing up for the Service and accepting the Terms, the User and the Company conclude an agreement that entitles the User to use the Service in accordance with the Terms.
1.1. The Company has a license from the Swedish Financial Supervisory Authority (”FI”) to provide payment services as a payment institution. The Company is supervised by the FI and is covered by, among other things, the regulatory framework laid down in the Payment Services Act (2010:751) and the Swedish Financial Supervisory Authority’s regulations and general guidelines on payment institutions and registered payment service providers (FFFS 2010:3).
1.2. Users can access these terms and conditions and information regarding the Service via the App, Betalo’s website, or via its customer service department.
2. Communications and language
2.1. The Swedish language is used for the contractual relationship and for communication between the User and the Company.
2.2. Written communications from Betalo to the User are sent by e-mail to the e-mail address the user provided when registering and are deemed to have been received by the User on the following day at the latest. Alternatively, communications that are not considered urgent may appear in the User’s account after signing into the App.
3. 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 offered only to customers in Sweden with a Swedish social security personal number and that are registered residents of Sweden. The service is currently not offered to persons with protected identity. Betalo accepts Payments using the following bank cards, debit cards and credit cards – Visa, Mastercard and, in the case of Payments to PlusGiro/BankGiro, American Express (”the Cards”).
3.2 As a User you commit yourself to notify Betalo if you are or have been a politically exposed person * (”PEP”) and thus have or have had a high political or state position, or if you are related to and/or are a close associate of a PEP. Such a notification must be sent to Betalo by e-mail to firstname.lastname@example.org and include the personal identification number, address, function, title, and country of business or organisation regarding you or the PEP to which you are related and/or of whom you are a close associate. You further undertake to notify Betalo of any changes regarding the circumstances stated in paragraph 3.2.
3.3 Betalo offers Domestic payments to both Plusgiro and Bankgiro, thereby offering Domestic payments to all recipients approved as companies in Bankgiro Centre’s (BGC) bankgiro and Plusgiro’s number files (Nordea) of companies which have been approved and listed by Swedish banks and which have associated bankgiro accounts and bank accounts or plusgiro accounts linked to them. Betalo also offers Domestic payments to Swedish bank accounts as well as foreign payments to bank accounts in certain countries accepted by Betalo. Current information about countries which are accepted for foreign payments by Betalo is available on Betalo’s website.
3.4 Betalo does not offer Payments with Plusgiro or Bankgiro to debt collection companies or the Swedish Enforcement Agency. Furthermore, Betalo reserves itself a discretionary right to deny Payments to recipients including, but not limited to, such banks and credit institutions to which Betalo from time to time, through customized recipient lists for individual card issuers and at Betalo’s discretion, does not offer Payments 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 should contact Betalo’s customer service department before beginning to use the Service. 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. Nor may the service be used to dispose of, acquire, hold or use funds deriving from criminal activities.
4. Carrying out payment transactions
4.1. In order for a payment order to be executed correctly, the User is required to follow the instructions given at the time of payment in the App.
4.2. For Domestic payments, the User is responsible for ensuring that payment information, such as the recipient, the OCR number andthe amount, are correctly filled in.Betalo is not responsible for any errors due to the User having entered incorrect information.
4.3 Approval to make a Payment is given at the time of payment by the User.Users wishing to reverse a completed Payment must contact Betalo to make such requests. At the User’s request Betalo shall cancel the payment if it is possible to do so and refund/credit the User’s Card.
4.4 A payment order shall be considered to have been received when the User has approved Payment and received a confirmation.
4.5 A Payment is usually made within two (2) banking days with Visa/Mastercard cards and within four (4) banking days with American Express cards.
4.6 Repayment pursuant to chapter 5, §§ 6-8 of the Payment Services Act (chapter 4, § 10, p 22) is not possible as the exact amount and fees are always stated when a Payment is approved.
4.7 The User can cancel a Payment until such time as the payment funds have been sent in accordance with the User’s instructions. Please note that differences in the buying and selling rates of currencies may mean that Betalo cannot guarantee that the entire amount will be refunded. Users who wish to cancel a Payment should contact Betalo’s customer support by email.
5. Betalo’s responsibility for the implementation of Payments
5.1 Betalo’s responsibility is to correctly execute a valid payment order initiated by the User.If the payment order has been executed correctly, the payee is responsible in respect of the User for the correct execution of a transaction/purchase.
5.2 Registered Payments can be denied if the information is incorrect and is thus not accepted by the banking system. For denied Payments, Betalo will notify the User and credit the User’s payment source. If the exchange rate changes between the User registering such Payments and denial of the Payment, Betalo cannot guarantee that the entire amount will be refunded.
6. User’s responsibility
6.1 The User is responsible for ensuring coverage for payment orders, that there is adequate information in the payment order and that it is correct.
6.2 Users undertake to act on their own behalf when using the Service. Users may only use Cards issued in their own name. Users may not use the Service to perform Payments for bills for the Card used to make the Payment.
6.3 Users are responsible for ensuring that private information, such as login information, passwords and the like, is used and dealt with safely and that it is kept secret and inaccessible to unauthorised persons.
6.4 Users are required to inform Betalo via email as soon as possible if there is reason to believe that an unauthorised person has gained access to or knowledge of passwords and/or equivalent information. If the User fails to comply with the security instructions described above (paragraph 6.3), the User shall he held responsible for any damage caused to Betalo and for any debit arising from the use of the Service by an unauthorised person. Any cases of the unauthorised debiting of a debit card/account must be notified directly to the relevant bank to block the card/account and to reclaim the relevant payment..
6.5 Users should immediately review and examine information about completed Payments, which is made available to the Betalo user in the App. Users who become aware of unauthorised or mistaken Payments shall without unnecessary delay, and no later than 13 months after the date of debit, notify Betalo of that fact and request a correction by making a claim.
7.1 Domestic payments
Betalo offers a simple price model with no fixed fees. Betalo will charge a service fee for Domestic payments, based on the transaction amount. Listed partner cards (which you can read more about here) have no or reduced service fees. The service charge for each Card is given at www.betalo.com.
8. Processing of personal data
8.1. Betalo is the controller of personal data processed in Betalo’s business and responsible for processing personal data in accordance with the General Data Protection Regulation (EU) 2016/679 (”GDPR”).
8.2. By agreeing to the Terms, the User agrees that Betalo processes such personal data as necessary to fulfil the agreement with the User, including; Name, Address, Personal Identity Number, Email Address, IP Address, Browser, Device Information, Phone Number, information about the users Payments and Transactions, and Card Details.
8.3. Betalo process personal data in order to fulfil agreements entered into by and between Betalo and the User, identify Users, develop of Betalo’s Services, administer the customer relationship, collect internal statistics and for analytical purposes. Where it is necessary, for example, to investigate fraud and abuse of Betalo’s services, Betalo may also use personal data internally for identification purposes. Betalo also manages personal data to comply with legal obligations, for example for accounting purposes and to comply with consumer law and regulations on measures against money laundering and terrorism financing.
8.4. Personal data may also be used for marketing purposes if the User agrees to such use or based on a balance of interests.
8.5. Betalo only process personal data for the purposes for which they have been collected and, where appropriate, for other compatible purposes. Processing of personal data continues as long as necessary in regard to the purposes of processing and the data is then deleted without unnecessary delay. Data is also stored to the extent necessary to fulfil legal obligations or to determine, enforce or defend legal claims.
9. Limitation of Betalo’s responsibility
9.1. Betalo is not responsible for any damage caused to the User due to failures in power supply, telecommunications or Internet connections, or other technical equipment not belonging to Betalo.
9.2. Betalo is not responsible for any damage caused by law-enforcement actions, government action, war-related events, lockouts, strikes, boycotts and blockades or other unusual or unpredictable circumstance in Sweden or abroad over which Betalo has no influence and whose consequences Betalo could not have prevented.The reservation regarding strikes, lockouts, boycotts and blockades applies even if Betalo itself is subject to such conflict measures. If there is a hindrance to Betalo effecting Payments or to taking any other action due to circumstances under this paragraph, the action may be suspended until the hindrance has ended. Betalo shall not provide compensation for any damage that occurs in other cases if Betalo has exercised all ordinary care. Betalo is not responsible for any indirect damage.
9.3 Betalo is only responsible for transmitting Payments and is not responsible for non-delivery of or defects in goods or services purchased from third parties through the use of the Service. Any complaints and other claims by a User in such cases shall be made directly to the third parties.
9.4. If a customer breaches the Terms, Betalo has an obligation to the regulatory authorities to examine whether the business relationship must be terminated. In such cases, Betalo is entitled to inform the User of the infringement and terminate the business relationship and the User’s account with Betalo. When Betalo receives funds with a reporting obligation, those funds are placed with a Swedish bank. The bank is appointed at Betalo’s own choice. Placement at the bank usually takes place in Betalo’s name on behalf of the User. The User’s funds are thus placed with other Users’ funds. The User is thus aware that his funds may be kept in a collective bank account. The extent to which the User has a proprietary right of separation in the event that Betalo or the bank goes bankrupt or is affected by another measure with the corresponding legal effects can vary and depends on the applicable law. In Sweden, the right of separation is generally provided for on condition that the funds are kept separate from Betalo’s own funds.
10. Additions and changes
10.1. In addition to the provisions of the Terms, Betalo has the right to add and/or change the Terms by notifying the User of such additions. Information about terms and conditions will be provided via Betalo’s app and terms and conditions will also be kept available on Betalo’s website.
10.2 The user is considered to have accepted the current Terms, changes and additions included, when the user logs in via the app. If the User does not accept the terms, the User may request to close his account as of the day the changes take effect.
10.3. Betalo always has the right, with immediate effect, to make such changes to the Terms (including price changes) that are caused by laws, regulations or decisions by the authorities.
11. Disputes and applicable law
Swedish law shall apply under these Terms and in the contractual relationship between Users and Betalo. Where disputes arise, Betalo follows the recommendations of the National Board for Consumer Disputes. Disputes arising from the Terms between Betalo and a User shall be reviewed by the Stockholm District Court as the first and only instance.
12. Term of agreement and termination
12.1 The terms are valid until further notice.
12.2 The User is entitled to terminate the Agreement in respect of the Service at any time with immediate effect. Such termination must be notified in writing to Betalo by e-mail.
12.3 Betalo has the right to give written notice of the termination of the agreement in respect of the Service with two-months’ notice.
In the event of a complaint by a User regarding the Service, the User should contact Betalo’s complaints manager by e-mail to email@example.com.
* Politically exposed persons
The Act (2017:630) on Measures against Money Laundering and Terrorist Financing (”the PTL”) contains certain provisions for the establishment of business relations with politically exposed persons (PEP), including requirements for stricter measures to achieve knowledge about customers. The PTL defines a PEP as ”a) physical person who has or has had an important public function in a state; and b) a physical person who has or has had a role in the management of an international organisation.” Furthermore, the kind of provisions mentioned above shall also apply to a PEP’s family members and close associates. The Swedish Financial Supervisory Authority has issued supplementary regulations in this area (FFFS 2017:11). The notion of important public function refers to functions held by:
Family members mean:
Close associate means:
The notion of close links in paragraph 1 refers to close business relationships and other relationships that may cause the close associate to be linked to an increased risk of money laundering or terrorist financing.
Family members include:
Close associates include: