1. These terms and conditions (“Terms and Conditions”) form part of the legal agreement between you and Steven AB, operating under the trading name Xoala, a limited liability company registered in Sweden with company registration number 559026-5673 whose registered office is Sturegatan 4, 3 tr, 114 35 Stockholm, Sweden (“we” or “us”).

2. Xoala is licensed and registered as an electronic money institution (Sw. E-pengainstitut) with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) to issue electronic money and to provide payment services. Steven’s registered institution number with the Swedish Financial Supervisory Authority is 48004.

3. By registering an Account (as defined below) with Xoala, you agree to comply by the following Terms and Conditions, as amended from time to time. These Terms and Conditions set out important information concerning your rights and obligations in connection with the Services (as defined below).

4. The Terms and Conditions, together with our Privacy Policy, and any other terms and conditions referred to therein, form the legal relationship between you and us (the “Agreement”). You are advised to print or download and keep a copy of these Terms and Conditions for future reference.

In this agreement, unless otherwise indicated, the following terms have the meanings given below. In the event of discrepancy between a definition in this section and the text of the following sections, the latter definition shall take precedence.

1. “Account” means a virtual multi-currency non-interest-bearing payment account provided by us to you, and which allows you to:

   1. make outbound transactions;
   2. receive funds under inbound transactions;
   3. see a record of transactions; and
   4. convert the funds between different currencies we make available from time to time.

2. “Account Balance” means the value of funds currently held in your Account and available for use;

3. “Applicable Laws” means the applicable laws and regulations of Sweden;

4. “Business Day” means 08.00-17.00 within a day when commercial banks are open for general banking business (other than internet banking) in Sweden;

5. “Customer” or “you” or “your” means a natural person, who, as an Account holder or payer enters into an Agreement with Xoala for an Account or other service covered by these Terms and Conditions;

6. “Fees Schedule” is available online at xoala.com/legal/global/fees which set out the fees, charges and other relevant information associated with the Account;

7. “Force Majeure Event” means such an event as referred to in section 20.4;

8. “Inbound Transaction” means using the Services to receive funds from a Sender, from another account or another type of account held with a third party, into your Account;

9. “Introducer” means any third party which introduces you to Xoala to purchase services from us in return for commission;

10. “Outbound Transaction” means using the Services to transfer funds from your Account to a Recipient, to another personal account or another type of account held with a third party;

11. “Payment Instruction” means a specific instruction from you using the Platform to make an Outbound Transaction;

12. “Payment Instrument” means any payment devices accepted on the Platform such as a debit card or Account;

13. “Platform” shall have the meaning set out in section 7.1.1;

14. “Recipient” means the person (which could be you or another person) who receives (or intends to receive) the money transfer through the Services;

15. “Sender” means the person who initiates the transfer of funds to the Account;

16. “Services” means Xoala’s:

    1. Accounts;
    2. individual payment services; and
    3. internet and phone services, or any other customer service which can be performed in relation to the services in a.-b.

17. “Strong Customer Authentication” means an authentication based on the use of two or more elements, categorised as knowledge (something only the user knows), possession (something only the user has), and inherence (something the user is), which are independent of each other so that the compromise of one element does not jeopardise the reliability of the others, and which is designed to protect the authentication credentials from unauthorised access;

18. “Transaction” means both Inbound Transactions and Outbound Transactions;

19. “Transaction Amount” means, as appropriate:

    1. the amount of funds received from the Sender as part of an Inbound Transaction; or
    2. the amount of funds you specified you want to transfer to a Recipient as part of an Outbound Transaction.

    In each case, the Transaction Amount excludes any applicable Transaction Fee and is the amount displayed by us on the Platform prior to any foreign exchange conversion;

20. “Transaction Fee” are available online at xoala.com/legal/global/fees;

21. “Xoala Card” shall have the meaning of a Mastercard issued by Xoala for Customers in accordance with Xoala’s Card Terms and Conditions available at https://xoala.com/card-terms.html; and

22. “Xoala Group” in relation to Xoala, means that company, any subsidiary or any holding company from time to time of that company, and any subsidiary from time to time of a holding company of that company.

1. These Terms and Conditions apply, unless otherwise agreed in writing, to the Services.

2. Through the Services you will be able to:

   1. make Outbound Transactions;
   2. make Inbound Transactions;
   3. make foreign currency Transactions;
   4. manage your Account Balance;
   5. order a Xoala Card;
   6. make purchases and withdraw cash with your Xoala Card; and
   7. communicate with Xoala regarding the Services.

   If a term of the Terms and Conditions deviates from a provision of the Payment Services Act (2010:751) (Sw. Lag (2010:751) om betaltjänster) or any statute, official regulation or EU legal act, the term applies to the extent that the provision allows the parties to agree that the provision shall not apply.

3. Xoala will not pay interest to you and your Account is not covered by any deposit guarantee according to Applicable Laws.

4. These Terms and Conditions are effective upon you accepting these Terms and Conditions while signing up and completing the onboarding as described in section 4.

1. These Terms and Conditions regulate how you may use the Account. You acknowledge that you have full responsibility for the acts and omissions of your Account.

2. To open an Account with us and use the Service, you need to apply for an account at xoala.com/get-started. As part of the signup process you will need to accept these Terms and Conditions and our Privacy Policy.

3. We reserve us the right to refuse to open an Account if you do not fulfil the obligations provided in section 5 or we have reason to believe that you are involved in activities which are in breach of what is stated in these Terms and Conditions. If and when we communicate such a decision to you, the Agreement is deemed terminated with immediate effect.

1. Customer warrants that he/she is at least eighteen (18) years of age.

2. You may only act on behalf of yourself. Customer is not allowed to register or use a Xoala Account on behalf of anyone else.

3. Customer must notify Xoala if any information regarding you or the Account should change.

4. Customer may only open one (1) Account.

5. Customer may only open an Account if it is legal to do so in your country of residence. By opening an Account you represent and warrant to us that it does not violate any laws or regulations applicable to you.

6. All information Customer provides during the signup process, or any time thereafter, must be accurate and truthful.

7. Customer is allowed to use the Account for personal purposes only.

8. Customers cannot be located in or in any way pertain to any of the countries mentioned on our prohibited countries list available at xoala.com/legal/global/countries/.

1. Financial institutions are required to assist in the fight against money laundering activities and the funding of terrorism by obtaining, verifying, and recording identifying information about all customers. We may therefore ask you to supply us with personal identifying information relating to you, and we may also legally consult other sources to obtain information about you.

2. We will verify your personal information in order to confirm your identity. We may also pass the aforementioned personal data to a credit reference agency, which may keep a record of that information. This is done only to confirm your identity; we do not perform credit checks and therefore your credit rating will be unaffected. We may also need to verify the identity of a recipient in the same way. All information provided by the Customer is treated securely and strictly in accordance with all Applicable Laws. We may gain information directly, for example by asking you for additional information, or asking you to take steps to confirm ownership of your accounts or email address; or indirectly, for example by verifying your information against third party databases or through other sources.

3. The Customer consents that any Introducer may be granted authorization to access and monitor technical data associated with you, including data related to both Inbound and Outbound Transactions. The Introducer’s monitoring of technical data is limited for the purpose of verifying any commission paid by Xoala for such introduction.

4. If a Customer does not provide the documents Xoala has requested in order to carry out our verification and checks, Xoala has the right to suspend your Account registration process.

1. Operating your Account

   1. Customer can access, check the available balance and operate the Account via our website, or via the Xoala mobile application, or the Xoala API (the “Platform”).To access the Account, you need an internet connection (we recommend it to be a secure network) and a computer, a smartphone or a tablet with a web browser (we recommend it to be secure and up-to date). To use the mobile app, you need to download and install it on your smartphone or tablet and accept the app user agreement.
   2. Customer must ensure that the information recorded on your Account is always accurate and up to date and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.
   3. We may contact you by phone or via email with information or notices regarding your Account. It is your responsibility to regularly check the proper functioning of your email account or other methods of communication that you have registered to retrieve and read messages promptly. We shall not be liable for any loss arising out of your failure to do so.

2. Managing your Balance

   1. It is your responsibility to ensure that you manage the Account Balance on your Xoala Account within the limits set for your Account.
   2. It is your responsibility to ensure there are sufficient funds in your Account to cover any payments that you make.
   3. Your Account is designed so that it cannot be overdrawn.

1. Outbound Transactions

   1. Our Services allow a Customer to make Outbound Transactions to any of the countries in which we operate.

   2. To create an Outbound Transaction you need to provide the following information (Outbound Transactions using international or local payment networks may require additional information):

      1. full name of the Recipient;
      2. Recipient’s account details;
      3. bank identifier code;
      4. amount;
      5. currency; and
      6. payment purpose.

   3. It is solely your responsibility to make sure all the Payment Instruction details are accurate before submission of the Payment Instruction.

   4. Xoala will consider that you, by submitting the Outbound Transaction using the Platform, have given us your consent and authorised us to execute the Outbound Transaction in accordance with the Payment Instruction you have created.

   5. You are aware of and accept that an Outbound Transaction cannot be cancelled or reversed once we have received a Payment Instruction, unless it is approved for a future date.

   6. Before you can submit a Payment Instruction, we will confirm and communicate the amount of any associated fees or foreign exchange conversion rates that we will charge for the Outbound Transaction, in accordance with section 9 below.

   7. If a Payment Instruction is submitted on a Business Day before 4pm CET, we will process the Payment Instruction on that day. If the request is made on a non-Business Day or after 4 pm CET, we will process the Payment Instruction on the next Business Day.

   8. If we have agreed to make the Outbound Transaction on a future date, we will:

      1. Process the Payment Instruction on that future date if it is a Business Day; or
      2. The next Business Day after the future date agreed with us.

2. Inbound Transactions

   1. Xoala will make the Transaction Amounts received through an Inbound Transactions available to you directly after we receive the Transaction Amounts from the Sender’s payment service provider.

   2. It is your responsibility to ensure that the Sender provides the correct details to make the Inbound Transaction possible.

   3. If a Sender’s bank makes a recall request concerning a Transaction, Xoala has the authorization to revoke the Transaction when such funds have not yet been credited to your Account.

   4. Funds moved between your own different Accounts are credited and will be available immediately.

3. Card Transactions

   1. You shall make Transactions with your Xoala Card in line with our Card Terms and Conditions available at https://xoala.com/card-terms.html.
   2. In respect of Xoala Cards, information about frequency, limits, charges and fees, see the Fees Schedule.

4. Foreign Currency Transactions

   1. Your Account is denominated in a supported currency of your choice, as selected by you.

   2. The Account can be used for making Transactions which are not in the currency of your choice.

   3. If you make a Transaction in a currency other than the currency of your choice, we will change the amount into the currency at the wholesale market rate or any rate that a government and / or applicable regulatory authority may set from time to time. We charge a fee for such a transaction, detailed in the Fees Schedule at xoala.com/legal/global/fees.

5. Rejection of Transactions

   1. We may, in our sole discretion, withhold and/or reject a Transaction if we believe or have reason to believe that:
      1. there are insufficient funds in your Account to cover the Transaction Amount (either before or after the foreign currency exchange) and the Transaction Fee; if the funds in your Account are insufficient in one (1) currency, but there are sufficient funds in another currency, the Transaction will not be executed until you convert the necessary funds to the currency of the Transaction (except for cases where you have ordered an automatic currency exchange feature);
   2. we are unable to obtain satisfactory evidence of your identity;
   3. you provide us with false, incorrect or incomplete information;
   4. we are unable to reach you via contact details provided by you;
   5. your Payment Instruction, information or documentation is not provided sufficiently in advance to allow us to process it in accordance with your request;
   6. we have reason to believe that processing this Payment Instruction would violate anti-money laundering or counter-terrorism financing laws, rules or regulations;
   7. we reasonably believe there may be fraudulent activity or other financial crime affecting you, any Sender or Recipient, any funds on your Account, or any payment;
   8. you, or the Payment Instructions, are in breach of any Applicable Laws;
   9. processing the Transaction in accordance with your Payment Instruction may expose us to liability;
   10. we are unable to process the Transaction due to variations in business hours, currency exchange or currency availability issues or due to any Force Majeure Event;
   11. we are obliged to do so by any Applicable Laws, court order or instruction from an ombudsman, regulator or governmental body; or
   12. there is a dispute (which we reasonably believe is genuine) about who owns, or is entitled to, any funds on your Account. This includes (but is not limited to) a situation where a Sender makes a request for a refund of funds the Sender has sent to us for your Account, or we are made aware that the Sender has made a claim against you for return of those funds;
   13. you are in material breach of this Agreement;
   14. you attempt to make an Outbound Transaction to an account that cannot accept payments through the payment system we normally use; in this case, we will tell you if there is any other way to make the Outbound Transaction but there may be a further charge for other methods; or
   15. you operate your Account while being physically located in certain countries in which we cannot operate, we may not be able to offer you other products, or may decline Transactions, or may later withdraw your Account.

6. We reserve us the right to withhold a Transaction for up to 48 hours before contacting you with further information. After 48 hours from withholding and / or rejecting the Transaction to your Account we will inform you regarding the reason hereof, unless it is unlawful to do so. Xoala shall not be held responsible for any loss that may result from this withholding and/or rejecting an erroneous or unauthorized Transactions.

   1. If you experience any errors or incorrect Transactions you shall contact Xoala as soon as possible, and within ten (10) Business Days. Xoala will provide assistance in resolving any issues concerning erroneous Transactions, if the issue falls within Xoala’s control, e.g. refund overpayments or reverse Transactions. Such assistance may be accompanied by additional fees, communicated by Xoala beforehand.

   2. Xoala will, if possible, refund or reverse a Transaction within thirty (30) Business Days from such a request, but may, due to the complexity of the issue, take further time to refund or reverse the Transaction after providing notice hereof.

   3. Customer must contact Xoala through the Platform and/or customer support as soon as you become aware or suspect that someone has unauthorisedly used the Account, and in no event later than three (3) months following an unauthorised Transaction.

   4. Upon your notification Xoala will investigate any unauthorised Transaction. We will refund the funds up your Account, unless the unauthorised Transaction could take place due to your:

      1. unauthorised or improper use of, or failure to protect user identities, passwords, PINs, Payment Instruments and other personal authorization features;
      2. fraudulent actions;
      3. have breached the Agreement intentionally or acted with gross negligence.

1. Fees related to an Account, Services or Payment Instrument are charged on the conditions applied by Xoala from time to time.

2. You acknowledge and agree that all Services provided by Xoala are subject to fees as outlined in the applicable Fees Schedule available on the Platform at xoala.com/legal/global/fees. Information about changes to the Fees Schedule, which forms part of the terms of this Agreement, is provided on Xoala’s Platform and/or in Account statements and/or in any other way communicated by Xoala.

3. Xoala is entitled to collect fees by debiting the Account, or any other another account or Payment Instrument that the Customer has with Xoala.

4. Xoala’s determination of the Fees Schedule shall be binding.

5. Fees are debited when the order is executed or on another due date specified in advance. The due date specified by Xoala shall apply even if it falls on a day that is not a Business Day. The Customer shall ensure that sufficient funds are available in the Account on the due date.

6. Xoala reserves the right to engage the services of a third-party debt collection agency to assist in the collection of any negative balance(s) on your Account and we may take legal action to recover any outstanding amounts. This may impact your credit rating.

7. Xoala is not responsible for any charges applied by the Recipient’s payment service provider or any intermediary payment service providers resulting from the transfer of funds into the Recipient’s account. You should contact the Recipient’s payment service provider directly for details about any charges that may be applicable to the transaction.

8. You further acknowledge that it is your responsibility to ensure acknowledgment and agreement to the applicable Fees Schedule prior to entry into this Agreement and commencement of the Services under these Terms and Conditions.

9. Xoala will have no responsibility for any fees or charges you may incur by the use of a particular Payment Instrument on the Platform.

10. Xoala will not be responsible for any third-party fees and charges incurred by us due to the use of the Account.

1. Safety of your Account

   1. As an electronic money institution, Xoala is obliged to protect the funds received in exchange for issued electronic money in accordance with Applicable Laws. Such funds will be kept separate from Xoala’s own assets and funds held on behalf of a person other than the holder of the electronic money.

   2. Funds referred to in 10.1.1 that are still held by Xoala at the end of the Business Day following the day on which the funds were received are separated to a dedicated account with a partner bank.

   3. Xoala will not pay any interest to you and your Account is not covered by any deposit guarantee in accordance with Applicable Laws.

2. Your Responsibility

   1. You must take all reasonable steps to keep your Account safe at all times and never disclose passwords or passcodes to anyone. Our personnel will never ask you to provide your password or passcode to us or to a third party. It is advisable to change your password and/or passcode regularly (every six (6) months) in order to reduce the risk of a security breach. You must never allow anyone to access your Account or watch you accessing your account.

   2. If you have any indication or suspicion of your Account, login details, password or other security feature being lost, stolen, used without authorization or otherwise compromised, you are advised to change them. You must contact customer service without undue delay on becoming aware of any loss, theft or unauthorized use of your Account, login details, password or other security features.

   3. We may suspend your Account or otherwise restrict its functionality on reasonable grounds relating to the security of the account or any of its security features or if we reasonably suspect that an unauthorized or fraudulent use of your Account has occurred or that any of its security features have been compromised. We will notify you of any suspension or restriction and of the reasons for such suspension or restriction in advance or, where we are unable to do so, immediately after the suspension or restriction has been imposed, unless notifying you would be unlawful or compromise our reasonable security interests. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

   4. You must take all reasonable care to ensure that your e-mail account(s) are secure and only accessed by you, as your e-mail address may be used to reset passwords or to communicate with you about the security of your account.

   5. In case any of the e-mail addresses registered with your Accounts are compromised, you should without undue delay after becoming aware of this contact customer service and contact your e-mail service provider. Irrespective of whether you are using a shared or your own device to access your Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded.

   6. Additional products or services you use may have additional security requirements and you must familiarize yourself with those as notified to you.

   7. Xoala shall not be liable for any loss and / or damage that may arise from the unauthorised or improper use of user identities, passwords, PINs, Payment Instruments and other personal authorization features.

1. A Customer is entitled to a refund of a completed Transaction that was initiated by or through a payee if both of the following conditions are met:

   1. the amount of the Transaction was not specified when the Transaction was authorised by the Customer; and
   2. the amount of the Transaction exceeded the amount the Customer could reasonably have expected taking into account the previous spending pattern, the Terms and Conditions, and relevant circumstances of the case,
      upon request by Xoala, the Customer shall bear the burden of proving such conditions are met.

2. However, the Customer has no right to a refund where:

   1. the Customer has given consent to execute the Transaction directly to Xoala;
   2. where applicable, information on the future Transaction was provided or made available in an agreed manner to the Customer at least four (4) weeks before the due date by Xoala or the payee.

3. Xoala is not obligated to refund the amount to the Customer if the Customer did not request a refund within eight (8) weeks from the date the funds were debited from the Customer’s Account. Within ten (10) Business Days of receiving the request for refund, Xoala shall either refund the relevant amount or provide the reasons for refusing the refund, including information on where the Customer can refer the matter for review.

4. Xoala shall not be liable for any disruption or impairment of our Service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, if such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.

5. Xoala shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.

6. Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

1. If an Outbound Transaction is carried out without the consent of the Customer, or any other party authorized to use the Account, the Customer shall file a claim pursuant to section 13 below. Xoala shall reinstate to the debited Account the balance which would have applied if the unauthorized Outbound Transaction had not taken place.

2. The Customer shall not be liable as set forth above for any sum which has been debited from the Account where Strong Customer Authentication was not used when the unauthorized Outbound Transaction was executed. The aforementioned shall not apply where the Customer fraudulently caused, or contributed to, the unauthorized Outbound Transaction.

3. If Xoala has a reasonable cause to suspect that the transaction is authorized, Xoala is entitled to a prolonged time for investigating the transaction before possible repayment is done. If Xoala has repaid a sum to the Customer and Xoala subsequently assesses that the Payment Transaction was not unauthorized, or that the Customer was not entitled to a refund of the entire amount, the Customer shall be liable to make a repayment. In such cases, Xoala shall be entitled to debit the Customer’s Account with the relevant amount.

1. Upon becoming aware of the erroneously executed or unauthorized Outbound Transaction, the Customer shall notify Xoala without unreasonable delay and request rectification. However, under no circumstances may a notice to Xoala be given later than thirteen (13) months after the Account has been debited for the amount. Where the Customer fails to present a claim within the prescribed period, the Customer may not bring a claim against Xoala based on the relevant erroneously executed or unauthorized Outbound Transaction.

2. If the Customer denies having provided their consent to an executed Outbound Transaction or claims that the Outbound Transaction was not executed correctly, the Customer shall, at the request of Xoala, assist Xoala so that Xoala can identify the relevant Outbound Transaction and conduct any necessary investigation of the unapproved and executed Outbound Transaction.

1. The processing of your data is governed by our Privacy Policy. By accepting these Terms and Conditions, you also agree to the terms of our Privacy Policy for the purpose of performance of the Services. You should print and keep a copy of the Privacy Policy together with these Terms and Conditions. Our Privacy Policy is available at xoala.com/legal/global/privacy.

2. In accordance with our Privacy Policy, Xoala may share your personal data within the Xoala Group in order to provide you with the best service.

3. Customer acknowledges that Xoala will access, process and retain their personal data for the purposes of providing the payment services described in these Terms and Conditions.

4. In order to provide the Services to you, Xoala works with suppliers and correspondent banking service providers. We normally share your personal data with:

   1. Suppliers who provide us with IT, payment and card delivery services. For a complete list of our suppliers, please contact our customer service; and
   2. Our banking and financial services partners, including banking and lending partners, banking intermediaries and international payment service providers.

5. As a default, we will send you communications via email that will inform you about new product features, events, promotions, special deals etc. By accepting these Terms and Conditions, you agree to receive such direct marketing notifications on a regular basis. If you do not wish to receive any notification from us, you can opt out at any time by contacting our customer service.

1. Customer may terminate the agreement and close the Account at any time, with the exception of an ongoing investigation concerning the Account and if we consider that termination may obstruct the investigation. Under such circumstances Xoala may freeze the Account in accordance with subsections 15.3–15.4 for the time necessary to complete such an investigation.

2. We may at any time terminate the Agreement and your Account and any payment service associated with it by giving you two (2) months’ prior notice.

3. We may at any time suspend or terminate your Account and the Agreement without notice in case:

   1. you breach any condition of these Terms and Conditions or any other conditions applicable to specific services covered by separate terms and conditions;
   2. you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services;
   3. we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism, financing of terrorism or other criminal activity;
   4. we are required to do so under any law, regulation, court order or request from a competent authority;
   5. there are reasonable grounds to believe that the Customer will not fulfil its payment obligations towards Xoala;
   6. we have reason to believe that you are involved in an activity which may cause Xoala other harm or damage.

4. We may suspend your Account at any time if:

   1. we reasonably believe that your Account has been compromised or for other security reasons; or
   2. we reasonably suspect your Account to have been used or is being used without your authorization or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.

5. Customer may contact Xoala within one (1) calendar year from the closure of the Account and request a transfer of unclaimed funds, subject to a deduction for all associated fees. If Customer does not claim such funds within one (1) calendar year from closure of the Account, Xoala may deposit such funds on Customer’s behalf and expense at the County Administration in Stockholm, Sweden (Sw. Länsstyrelsen Stockholm). Once any unclaimed funds are deposited at the County Administration in Stockholm, the responsibility of Xoala in respect of such funds shall cease and fees and taxes will apply according to the regulations of the County Administration.

1. Customer agrees that any tax obligations in your country or any other country is your responsibility. Xoala is not responsible or liable for the payment or administration of any taxes applicable to Customer.

2. Should the Services become subject to VAT or similar taxes, Customer will be liable for such payments.

1. These Terms and Conditions and any additional terms and conditions that may apply are subject to change. Changes will be implemented with prior notice from us under the procedure set forth in this section.

2. We shall give notice to you of any proposed change by contacting you via phone or email.

3. The proposed change shall come into effect one (1) month after the date of the change notice, unless you have given us notice that you object to the proposed changes before the changes come into effect. Changes that make these Terms and Conditions more favourable to you shall come into effect immediately if so stated in the change notice. Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.

4. If you object to the changes, they will not apply to you, however, any such objection shall constitute a notice by you to terminate and close your account.

5. In rare circumstances Xoala may also, due to operational reasons, need to make changes to your Account details, e.g. your account numbers. We will notify you in advance, to allow you to notify your suppliers or customers of such change.

6. Following a change of Account details, you need to refrain from using the old Account details, as transactions may not reach the Account otherwise. Xoala will not be held responsibility for any losses incurred as a result of using the old Account details after Customer has been notified.

1. We usually communicate to you via email. You are required to check for emails from us regularly and frequently. Any communication or notice sent will be deemed received by you on the same day.

2. Where legislation requires us to provide information to you on a durable medium, we will either send you an e-mail (with or without attachment) or send you a notification pointing you to information on our website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. You are required to keep copies of all communications we send or make available to you.

3. You can request a copy of the current Terms and Conditions or any other contractual document relevant to you by contacting customer service.

4. We will communicate to you in English and will always accept communications made to us in English. Documents or communications in any other languages are for convenience only and shall not constitute an obligation on us to conduct any further communication in that language.

5. We may contact you via email, letter or telephone, where appropriate. If you use any mobile services, we may communicate with you via SMS. Any communication or notice sent by post will be deemed received three days from the date of posting for Swedish post or within five days of posting for international post. Any communication or notice sent by SMS will be deemed received the same day.

6. Unless otherwise stated in these Terms and Conditions, information that the customer received electronically through certain services, such as e-mail or SMS, does not normally replace Account statements and/or similar statements. The provision of such information does not entail any change in Xoala’s normal accounting and settlement procedures, details of the scope and content of the account information provided by Xoala from time to time via Xoala’s Platform.

7. You may contact us at any time by sending an email to customer service at clientservices@xoala.com.

1. Ownership of any and all current and future copyrights, trademarks, trade names, service marks, domains, logos, slogans, trade secrets, utility models, design rights, know-how and applications, contract rights, source code and other proprietary rights, and any registrations, patents, and renewals of the same (“Intellectual Property”) vest exclusively with Xoala.

2. Nothing in these Terms and Conditions or otherwise between the parties shall be construed as transferring or assigning the title or ownership of any Intellectual Property from Xoala to the Customer.

3. You may use the Platform only for the purpose of the bona fide use of our Services as an individual customer and only permitted by this Agreement. You may not duplicate, publish, modify, create derivate works from, participate in the transfer or sale of, post on the internet, or in any way distribute or exploit the Platform for any public or commercial use without our express permission. You may not: (a) use any robot, spider, scraper or other automated device to access the Platform or to use the Services and/or (b) remove or alter any copyright, trademark or other proprietary notice or legend displayed on the Platform.

1. No person or entity other than Customer shall have any rights under these Terms and Conditions.

2. The Account is personal to you and Customer may not assign any rights under the Terms and Conditions to any third party.

3. If any part of these Terms and Conditions is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms and Conditions, which shall continue to be valid and enforceable to the fullest extent permitted by law.

4. We will not be liable for any breach or delay in the performance of our obligations under this Agreement if such breach or delay is caused, directly or indirectly, by fire, flood, earthquake, elements of nature, wars (incl. cyberwar), civil or military disturbances, acts of terrorism, sabotage, strikes, riots, epidemic, pandemic or acts of God or any cause beyond the reasonable control of Xoala (“Force Majeure Event”). Should a Force Majeure Event occur, we will provide you with notice thereof and we will be excused from performance of the obligations being affected for as long as such Force Majeure Event prevails.

5. You are liable until the account is terminated and any sums due under the Agreement have been paid by you in full. We may assign our rights or obligations under the Agreement to a Xoala Group company or to any third party without your prior consent.

6. We have the right to exercise any right or remedy we have under the Agreement at any time, even if such exercise is delayed, or we have previously failed to exercise any right or remedy we are entitled to.

7. As a result of this Agreement, you may be liable to pay taxes, charges, or costs to parties other than us.

1. Laws and disputes

   1. The Agreement shall be construed in accordance with, and governed by, the laws of Sweden, excluding its conflict of law principles providing for the application of the laws of any other jurisdiction.

   2. Subject to section 21.1.3, any dispute, controversy or claim arising out of or in connection with the Agreement, or the breach, termination or invalidity thereof, shall be subject to the non-exclusive jurisdiction of the courts of Sweden.

   3. Xoala shall not be prevented from taking proceedings in any other jurisdiction where the Customer is domiciled or where the Customer has assets.

2. Disputes outside of court

   1. If the Customer believes that a complaint has not resulted in a satisfactory resolution from Xoala, the Customer may refer the matter to the National Board for Consumer Disputes (Sw. Allmänna reklamationsnämnden) (“ARN”), which is an authority for alternative dispute resolution, at the following address:
      Box 174, 101 23 Stockholm.

   2. Complaints to ARN must be submitted in writing. In order for ARN to consider the case, certain conditions regarding the value and timing of the claim must be met. ARN issues recommendations on how the dispute between the Customer and Xoala should be resolved. Xoala undertakes to participate in ARN’s handling of the dispute. For more information, application forms, etc., please visit www.arn.se.

   3. If the dispute concerns an agreement entered into online, the Customer may also submit a complaint via the EU’s Online Dispute Resolution platform: www.ec.europa.eu/odr. The case will then be forwarded to ARN for resolution.

   4. More information about online dispute resolution is available at www.konsumenteuropa.se.

   5. If the Customer is residing outside Sweden, a complaint can be submitted by competing the FIN-NET form for cross-border complaints. FIN‑NET is a network of national organisations responsible for settling consumers’ complaints in the area of financial services out of court. The Customer can also directly contact his/her local FIN-NET member. More information about FIN-NET and filing a complaint is available at https://finance.ec.europa.eu/consumer-finance-and-payments/retail-financial-services/financial-dispute-resolution-network-fin-net/make-complaint-about-financial-service-provider-another-eea-country_en

3. Complaints

   1. Any complaints about us or the Services we provide should be addressed to us in the first instance by contacting our customer service at clientservices@xoala.com or at +44 - 2081136000. You should clearly indicate that you wish to make a complaint to us. This helps us to distinguish a complaint from a mere query. We will send you a complaint acknowledgement via e-mail within 48 hours of receiving your complaint in accordance with our complaints’ procedure.

   2. We aim to provide the highest level of customer service possible. If you do experience a problem, we will always seek to resolve this as quickly and efficiently as possible. However, if you are unhappy and would like to make a complaint, please refer to our Complaints Policy for details of our internal process for dealing with complaints promptly and fairly. Our Complaints Policy is available on our website at xoala.com/legal/global/complaints-policy or by contacting our customer service team at clientservices@xoala.com.

   3. We endeavour to provide you with an answer or resolution to your complaint within the timeframes as outlined by the ARN. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.

   4. If the Customer wishes to discuss the matter with an independent party, the Swedish Consumers’ Banking and Finance Bureau (Sw_. Konsumenternas bank- och finansbyrå_) may be contacted at www.konsumenternas.se.

1. Distance contracts

   1. A distance contract refers to an agreement entered into without meeting us in person. This may include contracts concluded via the internet, by telephone, or by responding to an advertisement or mailing.

   2. If you enter into a distance contract, you are, in addition to the information provided in the terms above, entitled to receive further information in accordance with the Act on Distance Contracts and Off-Premises Contracts (Sw. lagen (2005:59) om distandsavtal och avtal utanför affärslokaler) before the agreement is concluded.

2. Payment or prices and fees

   1. The prices and fees for the service are set out in the applicable Fees Schedule available on the Platform at xoala.com/legal/global/fees. The method of payment for prices and fees is described in section 9 above.

3. Right of withdrawal and termination of the Agreement

   1. If you have entered into an agreement with us at a distance, you have a right of withdrawal. This means you may cancel the agreement within fourteen (14) days from the date the agreement was entered into – for example, the date you signed the agreement or accepted the terms and conditions.

   2. If you received the terms and conditions and other relevant information after the agreement was concluded, the fourteen (14) day withdrawal period will begin on the day you received such information.

   3. The right to withdrawal applies only to the initial agreement and not to any individual agreements or services concluded during the term of this agreement. You also do not have the right of withdrawal for any specific agreements, services, withdrawals, purchases, payments, transactions, transfers, etc., or similar actions that we have carried out at your request before you informed us of your decision to withdraw.

   4. If you exercise your right of withdrawal, we are entitled to compensation for the agreed service for the period during which the service was used, as well as for any costs incurred up to the point when you notified us of your wish to withdraw.

   5. If you wish to withdraw from the agreement (exercise your right of withdrawal), you must contact our customer service team at +44 – 2081136000 and / or at clientservices@xoala.com.