Payment services in the EEA are provided through Belmoney S.A.
Terms and Conditions
2. OUR SERVICES
2.1 Money Transfers
The Services enable customers resident in the EEA (and other supported
locations listed on our website) to send funds to a Beneficiary via supported
payout methods (e.g., account deposit, wallet, cash payout) in designated
corridors. A “Transaction Amount” is the amount you fund; the “Payout
Amount” is what the Beneficiary receives, net of applicable fees and FX.
2.2 Intended Use
The Services are intended for personal, consumer use (peer-to-peer and family
support). Use for commercial payments or for persons you do not know, or trust
is not permitted unless explicitly allowed by Belmoney.
2.3 Third-Party Agreements
The Services may rely on third-party Service Providers (banks, processors, pay-
out agents, telecom providers). Your use of such services may be subject to
additional terms imposed by those providers.
3. GETTING STARTED AND USING OUR SERVICES
3.1 Profile Creation
You must create a Profile to use the Services. A Profile is not a bank or
payment account and does not hold funds.
3.2 Registration
You must provide accurate information and complete KYC as required (see
Section 8). You may need to create security credentials and install our app.
3.3 Individual Use
You must act on your own behalf and not on behalf of others.
3.4 Keep information up to date
You must keep your details (including residency address) accurate and up to
date and promptly notify changes. Changes in residency may affect eligibility
and applicable terms.
3.5 Eligibility
To use the Services, you must: (a) accept this Agreement; (b) be 18+; (c) be
resident in a supported country (as listed on our website); and (d) complete
identity verification and other checks.
3.6 Restricted Persons and Territories
You may not use the Services if you are subject to sanctions or in jurisdictions
we do not support. We may apply enhanced due diligence or decline
transactions involving high-risk jurisdictions consistent with AML/CFT laws (see
Section 7.2).
3.7 Single Profile
You may hold one Profile. We may limit multiple emails or instruments linked
to a single individual.
4. SENDING MONEY
4.1 Funding instruments
You may fund a transfer by card (credit/debit) or bank transfer (e.g., SEPA), as
made available. By selecting a card, you: (a) authorize charges for the
Transaction Amount and fees; (b) confirm the card is valid and lawfully yours;
and (c) authorize us to verify with the issuer.
4.2 Bank funded payments
Pay from a bank account in your own name using the reference/instructions we
provide, within the specified timeframe. You are responsible for providing
correct amounts and references.
4.3 If funding is incorrect
If payment is late, from an ineligible account, for an incorrect amount, or with
wrong references, we may: (a) delay or cancel the Transaction; (b) refund
subject to checks; (c) suspend/terminate the Services; or (d) comply with any
legal/regulatory process impacting refunds.
4.4 Processing
Submitting a transfer is an offer to us. We may accept or decline in our
discretion (consistent with law and this Agreement). The Services are for
consumer use only.
4.5 Transaction execution time (indicative)
Execution depends on corridor, payout method, bank cut-offs, controls, and
time zones. Estimated times will be shown before you confirm. Times are
indicative and not guaranteed. For example:
1) Brazil Account Deposit - Immediately
2) Brazil PIX - Immediately
3) International Account Deposit - Same day if made during the day. The
operations made after 16:00 PM (CET) will be paid on the following day.
4) e-Wallet Deposits - 3 hours
5) Cash pick-ups - Available immediately for withdrawal in the corresponding
agency
6) Home delivery - 24h
4.6 Information we need
We require: (a) accurate Sender/Beneficiary details; (b) cleared funds; (c) your
consent; and (d) completion of any identity/limit/AML checks. If checks are
pending, processing may be delayed.
4.7 Card authorization
You authorize charges to your selected card. If a payment attempt fails, we
may retry using the same instrument, in accordance with network rules and
your issuer agreement.
4.8 Transaction Information
Please check all details before confirming; changes may not be possible
afterwards. Refunds/cancellations are handled under Section 9.
4.9 Accuracy
Ensure all Transaction details are accurate as changes might not be possible
after submission. Refunds or cancellations may be possible under specific
circumstances.
4.10 Other protections
Your card or bank provider’s agreement may give you additional protections
(e.g., chargeback rules). Refer to that agreement.
5. PAYING FOR OUR SERVICES AND CURRENCY EXCHANGE
5.1 Service fee
You agree to pay the Service Fee displayed before you confirm. Fees may be
deducted from the Transaction Amount or charged separately.
5.2 Payment methods
Pay only via the methods we disclose (e.g., supported cards or bank transfers).
We are not obliged to accept other payment methods.
5.3 Additional charges
If our costs arise due to your funding instrument (e.g., insufficient funds,
chargebacks), you agree to reimburse us on demand.
5.4 Currency conversion & exchange rates (IFRS 15 disclosure)
Where currency conversion applies, we will display the exchange rate and the
resulting Payout Amount before you confirm. The rate disclosed must equal the
rate applied. Belmoney, acting as Merchant of Record and principal under IFRS
15, records gross revenue and may earn a spread on FX.
If there is any discrepancy between the disclosed and applied rate, we will
correct it and arrange reimbursement of the difference. Repeated
manipulation or mis-disclosure by any partner may lead to suspension or
termination under Section 7.4.
5.5 Third-party fees
Your bank, card issuer, telecom or internet provider may charge fees (e.g.,
cash-advance or international fees). You are responsible for these.
5.6 Taxes
You are responsible for any taxes arising from your use of the Services, in
accordance with applicable law.
6. RECEIVING MONEY
6.1 Service providers
Funds are made available to Beneficiaries through Belmoney’s network of local
banks, financial institutions, and authorized agents (“Service Providers”).
Service Provider locations, hours, and availability may vary. Funds not
collected within 60 calendar days are cancelled and refunded to the Sender
(less applicable fees).
6.2 Verification
Beneficiaries must present valid government identification and any reference
number provided by Belmoney or its Service Providers. Service Providers may
impose additional verification requirements in compliance with local
regulations.
8. DATA PROTECTION AND PRIVACY
8.1 Privacy and Cookie Policies
Processing of personal data is governed by Belmoney’s Privacy and Cookie
Policies, available on our website.
8.2 Cross-border transfers
Personal data may be transferred outside the EEA. Adequate safeguards (e.g.,
EU Standard Contractual Clauses) will apply.
8.3 Customer identification
In compliance with AMLD, Belmoney collects and verifies personal data,
including identity documents, proof of address, and information about the
source of funds.
8.4 Disclosure to authorities
Belmoney may disclose data to regulators, law enforcement, or judicial
authorities as required by law.
11. INTELLECTUAL PROPERTY
Belmoney owns all intellectual property rights related to its Services,
trademarks, and software. Customers are granted a limited, non-exclusive,
revocable license to use Belmoney’s app and website for personal, non-
commercial use.
14. BELMONEY’S LIABILITY
14.1 General Responsibility
We are liable for foreseeable loss and damage caused by our failure to
comply with this Agreement or to use reasonable care and skill. We aren't
responsible for unforeseeable loss or damage, or loss caused by your breach
or fraudulent actions.
14.2 Defective Digital Content
Paid Digital Content: If supplied for a fee, we're liable for ensuring it's of
satisfactory quality, fit for purpose, matches description, and without a
general claim that we lack the right to supply it. Remedies may include repair,
replacement, or compensation, subject to Agreement terms. Damage to
Device: We will repair damage or compensate if defective digital content
damages your device due to our failure to use reasonable care and skill.
Exceptions exist if damage could be avoided by applying a free update, not
following instructions, or not meeting system requirements.
14.3 Exceptions to Liability Limits
Our liability is limited except in cases involving death, personal injury, fraud,
or fraudulent misrepresentation. In these instances, we acknowledge our
legal responsibilities as required by applicable law.
14.4 Exclusion of Certain Losses
We aren't liable for business-related losses or losses from our disbursement
partners. Our services are for domestic and private use.
14.5 Compliance, Act of God and Force Majeure
We shall not be held liable for any losses or damages arising from our
compliance with legal and regulatory obligations or due to 'Events Outside
Our Control.' These events are unforeseeable and beyond our reasonable
control, and may include occurrences such as strikes, natural disasters, and
significant network disruptions.
14.6 Definition of Act of God and Force Majeure
Events Outside Our Control' are defined as extraordinary events or
circumstances beyond our reasonable control. These may encompass, but
are not limited to, severe weather conditions, epidemics, pandemics,
unavoidable technical failures, and essential system maintenance.
16. CUSTOMER SECURITY OBLIGATIONS
16.1 Importance of security
Security Measures: Belmoney prioritizes user security, employing various
measures to ensure information safety. Caution in Transactions: Users are
advised to exercise caution when sending money, especially to unfamiliar
entities. Deals or offers that seem too good to be true should be approached
with caution.
16.2 User obligations for safe usage
Safekeeping Funding Instruments and Credentials: Users are responsible for
safeguarding Funding Instruments and Security Credentials (e.g.,
password).
Non-Disclosure: Users must not share Funding Instruments or Security
Credentials, except during the use of Belmoney's Services.
Secure Password Practices: Users should avoid writing passwords in easily
understandable ways and choose strong, non-guessable passwords.
Device Security: Devices used for Belmoney's Services should have virus
checks and firewall protection.
Prompt Notification: Users must promptly notify Belmoney of any service
failures, delays, malfunctions, viruses, or errors.
Contingency Planning: Users should have contingency plans to address
service unavailability or system failures.
Compliance with Instructions: Users are required to follow Belmoney's
instructions for keeping Funding Instruments and Service usage secure.
16.3 Biometric access
Fingerprint Access: Belmoney may offer the functionality to use biometric
information, like fingerprint scanning, for Service access.
Device Requirements: Users need a compatible device with the Belmoney
app and enabled applications for biometric scanning.
Responsibility for Security: Users are responsible for ensuring that only their
biometric information is registered on the device.
16.4 Compromised service notification
Immediate Contact: Users should contact Belmoney immediately if they
suspect fraud, unauthorized use, or compromised Services usage. Reporting
Inappropriate Use: Users are encouraged to report any inappropriate use of
the Service by contacting compliance@bel.money. Phishing Emails: Users
should forward any fake (phishing) emails purportedly from Belmoney to
compliance@bel.money.
17. CHANGES TO SERVICES AND AGREEMENT
17.1 Changes to the services
Service Adjustments: Belmoney may introduce additional service
functionalities or adjust for reasons such as software maintenance, bug fixes,
or security threats. Subject to Agreement Terms: Additional services are
subject to the terms of this Agreement or other terms and conditions provided
during their availability.
17.2 Changes to this agreement
Modification Authority: Belmoney reserves the right to make changes to this
Agreement. User's Termination Right: Users have the right to terminate the
Agreement without charge in response to changes.
17.3 Reasons for changes
Various Reasons: Changes may be made for reasons such as correcting errors,
reflecting new products or services, responding to legal requirements, and
adapting to industry standards.
17.4 Notification of changes
Communication Method: Changes are communicated by posting the revised
Agreement on Belmoney's website and/or app.
17.5 Unilateral changes by Belmoney
Material Change Definition: Users are given at least 2 months' notice of a
Material Change, and they can terminate the Agreement without charge
within this notice period.
18. OTHER TERMS
18.1 Enforcement flexibility
Delayed Enforcement: The fact that we may not immediately enforce certain
provisions or take immediate action against a breach of this Agreement does
not waive our right to enforce those provisions or act later. For instance, if
we provide Services despite a delayed payment, we can still request payment
later.
18.2 Severability clause
Legal Findings: If any court or relevant authority deems any part of this
Agreement unlawful, the remaining sections will remain valid and
enforceable. Each section operates independently.
18.3 Transfer of agreement
Rights and Obligations Transfer: We reserve the right to transfer our rights
and obligations under this Agreement to another organization. Users will be
notified of such a transfer, and they can terminate the Agreement if
dissatisfied with the transfer.
18.4 User's transfer of rights
Consent Requirement: Users can only transfer their rights or obligations
under this Agreement to another person with our express written consent.
Our consent may be restricted by legal and regulatory obligations,
including anti-money laundering laws.
18.5 Rights enforcement
Third-Party Rights: This Agreement is a binding contract between the user
and Belmoney. No other person, except as explained in section 13
(Compensation you may owe us), has the right to enforce its terms.
18.6 Compensation Scheme Clarification
No Compensation under Scheme: As Belmoney is not obligated to be part of
any government compensation scheme, no compensation would be available
under such a scheme in the unlikely event that Belmoney cannot meet its
liabilities.