Intergiro Business Terms & Conditions

1. Introduction

This document (we will refer to it as the “terms and conditions”) sets out the terms and conditions for your Intergiro business payment account (we will refer to it as the “account”) and the services and functionality available to you, depending on your account package, from time to time (we refer to it collectively as the “services”).

These terms and conditions, together with your application for the account, our Prices Page and the Privacy Policy constitute the legal agreement (we refer to it as the “agreement”) concerning the account between:

• you, a legal person incorporated within the European Economic Area; and
• us, Intergiro.

We are Intergiro, a Swedish fintech company licensed and registered as an electronic money institution with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) with the authority to issue electronic money and to provide payment services. Our full company name is Intergiro Intl AB (publ) and our registered address is Box 3093, 10361 Stockholm, Sweden. Our company registration number is 556965-3537, our VAT number is SE556965353701 and our registered institution number with the Swedish Financial Supervisory Authority is 48003.

The agreement is effective upon you accepting these terms and conditions and completing the onboarding, as described in section 2c (How to open an account) below. The agreement regulates how you and your authorised users (as defined below) may use the account. You acknowledge that you have full responsibility for the acts and omissions of your authorised users managing the account. The agreement is for an indefinite term, meaning that it will continue in force until you or we terminate it, in accordance with the provisions of these terms and conditions.

You can return to this document at any time if you have any questions regarding your account. These terms and conditions, the Pricing Page and other information forming part of the agreement are available at any time on our website www.intergiro.com. We also set out a lot of information which you may find helpful in our FAQs. The FAQs are for information purposes only and do not form part of our agreement with you. If you cannot find the answer to your question in these terms and conditions or the FAQs, please contact us. You are always welcome to contact our Customer Support team via the online messaging system if you have any questions or require assistance.

The language of the agreement is English and all communications and notices will be in English.

2. Your account

Your account consists of one or more wallets which hold your e-money (we will refer to them as “wallets”). By default, your account will include a euro wallet and you may, depending on the selected account package, add additional wallets holding other currencies, such as USD and GBP. Please see our Pricing Page for more information about the available currencies.

You may also order one or several cards for your employees.

The services include, once you have funds in your account and depending on the selected account package, the possibility to:

• hold different currencies;
• make payment transactions to other Intergiro accounts and to accounts outside Intergiro (we will refer to outgoing payment transactions as “payouts”);
• receive money into your account (we will refer to incoming payment transactions as “collections”);
• make foreign exchange transactions in available currencies;
• order business cards to your employees (we refer to them as “Intergiro Debit Mastercards”);
• purchase goods and services with your Intergiro Debit Mastercards; 
• withdraw cash with your Intergiro Debit Mastercards; and
• manage the account and view balances and other information.

2a. How to access the account

You access and operate the account via Intergiro’s customer portal on portal.intergiro.com (we will refer to it as the “customer portal”), via the Intergiro mobile application (we will refer to it as the “mobile app”) or Intergiro’s API (we will refer to it as the “API”) (collectively the “channels”). 

To access the customer portal 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. You can find information regarding available operating systems and versions of web browsers etc in our FAQs. Please read more about the API in section 8 below.

2b. Who can have an account

All companies incorporated within the European Economic Area may open an account, provided that the below conditions are met:

• you, the company, must be represented by a person who is at least eighteen (18) years of age; and 
• your operations must comply with our operational requirements set out below. 

We further reserve the right to refuse to open or maintain your account if we are not comfortable with the type of activities that you engage in or if your risk profile is or becomes outside of our risk appetite. 

Operational requirements 

In addition to the below requirements and restrictions, certain services may include additional restrictions, e.g. due to restrictions imposed by our partners. 

Legality

Your business must engage in legal activities only. For the avoidance of doubt, the following activities are illegal in Sweden:

• all drugs (including marijuana and products derived from marijuana);
• unlicensed pharmaceuticals;
• prostitution; 
• child pornography;
• trafficking;
• sale of organs;
• counterfeiting;
• pyramid schemes/Ponzi; and
• trade related to protected animals.

Location

You must be incorporated within the European Economic Area. Your business and operations cannot be located in or in any way pertain to any of the countries mentioned on our prohibited countries list in our FAQ. Neither you, your representatives nor your ultimate beneficial owners can be listed on any sanctions list, such as the sanctions lists of the EU, the UN or OFAC.

Phone numbers registered to the account must be provided by an operator within the European Economic Area. Intergiro reserves the right to deny any request for changing the phone number associated with the account to one outside the European Economic Area.

Industries

Your business and operations cannot be involved in any of the following industries:

1. sexual services of any kind (including escort activity and adult entertainment), including promotion of the same;
2. defence and military, weapons and ammunition;
3. bank guarantees, debt securities, pass letters, medium-term credit notes (MTN), binary options trading, payday lenders;
4. use of deceptive marketing practices or unclear sales contractual terms (such as offering a gift or goods at a cheap price to bind customers to a long-term subscription because of unclear terms and conditions);
5. any business, operations or sales relating to in any way a country listed on the Prohibited Countries List;
6. unlicensed betting/games/casinos;
7. unregistered charities; or
8. unlicensed crypto.

2c. How to open an account

Application, onboarding and KYC

To open an account you need to apply for an account on our website www.intergiro.com, accept these terms and conditions and complete the account onboarding process (we will call this process “onboarding”). During the onboarding, you will be able to select the account package of your choice - we offer four packages: Starter, Growth, Professional and Enterprise. Starter is for free and may be a good place to start for a newly established business. As you grow your business, you can easily change the account package for Growth or Professional, which will give you higher limits and the possibility to make foreign exchange transactions. For larger or complex businesses, we recommend that you choose the account package Enterprise which we will tailor to your specific business needs. Please refer to our Prices Page for a full overview of the different account packages and pricing.

When applying for the account, you warrant to and promise us that:

• the person who represents you is acting in its capacity of a signatory with authorisation to bind you, and that such person has the required authorisation and legal capacity to individually enter into this agreement on your behalf;
• your company and its business activities comply with all relevant laws;
• your company has the required licenses, authorisations or permits to conduct its business;
• any information and documentation provided to us are authentic, up-to-date, true and correct and that you have the necessary permissions to disclose it to us;
• you will comply with the obligations of the agreement; and 
• you will respect Intergiro’s and any third parties’ intellectual property rights relating to the products and services offered under the agreement.

During the onboarding we will ask you to provide information regarding the company, your representatives and authorised users, including:

1. your corporate status and company structure;
2. the identity of your representative and evidence of such representative’s right to represent and bind you to the agreement;
3. your directors, signatories, ultimate beneficial owners (UBOs) and authorised users; and
4. your purpose for using the account.

We are required to perform checks of the information you supplied to us during the onboarding (we will refer to this as “KYC information”). In addition, we verify the identity of your representatives and authorised users and assess the risk profile of your business activities. Your choice of account package is conditional upon the risk assessment we conduct and this means that we reserve the right to change the account package to Enterprise if we deem your business to be complex, such as because of the business structure or industry. Please also note that for some businesses, we are unable to provide the full set of services, due to restrictions applied by the partners we work with to deliver the account to you. We will let you know during the onboarding or when you request to change the account package if parts of the services are unavailable to you. 

You authorise us to perform any required background investigations on you, the business and the owners in order for us to assess your account application.  If for any reason we decide, in our sole discretion, that we are unable to complete the onboarding with you, we may refuse to open the account for you. If and when we communicate such a decision to you, the agreement is deemed terminated with immediate effect. 

When providing KYC information, you promise and warrant to us that all such documents and information are authentic, up-to-date, true and correct and that you have the necessary permissions to disclose it to us. Please provide the KYC information as quickly as possible to avoid disruptions to your use of the account. You acknowledge that we may at any time request further KYC information to ensure continued compliance with applicable legislation. Your continuing use of the account and the access to the account by any of your authorised users are strictly dependent upon your provision and our verification of any KYC information requested. We reserve the right to suspend the services, including access to the account or freeze any funds, or to terminate the agreement and close your account at any time if you do not provide us with satisfactory KYC information upon request. 

Please note that you will need to inform us without undue delay of any changes to your operations, including but not limited to business activities, change of address, directors, signatories, ultimate beneficial owners or authorised users, or any other information relevant to your use of the account.

Account users, payment approvers and delegation of user rights

The representative that completes the onboarding application and accepts these terms and conditions on your behalf during onboarding will have the initial administrator rights over the account (we will refer to this as the “initial administrator”). The initial administrator has the permission to add employees or other affiliated persons as account users, either with a predefined access level or to customise the account user’s level of permission (we will refer to the initial administrator and all account users, irrespective of level of permission, jointly as “authorised users” as applicable), subject to our receipt and approval of KYC information for each authorised user. The predefined access levels are (i) (initial) administrator, (ii) authorised user, and (iii) cardholder. The initial administrator may also select which account users that can authorise a payment transaction.

We may, in our sole discretion i) refuse to accept a new authorised user, ii) remove an existing authorised user, iii) refuse to issue a card to an authorised user, or (iv) remove an issued card from an authorised user. 

You may also remove an authorised user, or cancel a card issued to an authorised user, via the customer portal. You are responsible for removing an authorised user or imposing limits on an authorised user, if and when required, for example if that person is no longer employed by you. 

You, represented by the initial administrator, acknowledge that all actions, acts and omissions undertaken by the authorised users originate from your decision to authorise such a person as an authorised user and you are liable for each and every such action, act and omission.

2d. How to contact Intergiro

You are welcome to contact our Customer Support team via the online messaging system in the customer portal if you have any questions or issues with your account. Our Customer Support service is generally available between 9.00 am and 5.00 pm CET on weekdays.

Complaints

We strive to provide the best possible service to you and our Customer Support team is ready to assist you with any questions or issues you may have with the account or our services. If you are nonetheless not satisfied with our efforts, you can make a formal complaint by contacting our complaints team at complaints@intergiro.com. We will do our best to resolve your complaint as soon as possible and, in any event, respond to your complaint no later than fifteen (15) Swedish banking days from receipt of your complaint. In exceptional circumstances where we require more time to respond, we will contact you to let you know, and in any case we will respond to your complaint within thirty five (35) Swedish banking days. 

For any complaints or claims you may have regarding any faults or deficiencies in products or services that you have purchased with your card, please contact the seller of the product or the service provider (i.e. the point of sales) directly. The seller or service provider is liable for such faults or deficiencies in accordance with the laws applicable to the purchase, and we assume no liability regarding such faults or deficiencies.

3. Your personal data

In order to provide the account to you, we collect data regarding you and your authorised users. Intergiro is the data controller for the personal data collected under the agreement for the purpose of providing the account to you. It is important that you and your authorised users understand how we use your personal data. As a European company we value our customers’ privacy and we process and protect the personal data of our customers and their authorised users in accordance with the requirements of the General Data Protection Regulation (GDPR). Please see our Privacy Policy which sets out the full details on the personal data we collect, how we use it and how we keep it safe. Please inform your authorised users about our data processing by referring them to our Privacy Policy before you submit any of their personal data to us.

By entering into the agreement, you authorise us to collect, process and store your personal data, in accordance with our Privacy Policy, for the purpose of us providing the account to you. If you have been referred to us by a third party, we may share personal data with that third party if required. If you close the account, we will stop processing your personal data as we will no longer be providing the account to you, but we may continue to keep your personal data due to mandatory legislation, such as the legislation for prevention of anti-money laundering and terrorist financing. 

As a regulated e-money institution, it is our duty to protect and keep your account information secure. We will not disclose information relating to your account to third parties outside the circle of our trusted suppliers and partners who we work with to provide your account. As an exception, we may disclose account information to a third-party service provider upon your request, or otherwise only as required by the laws of Sweden or applicable EU legislation.

4. How to use the account

Each authorised user may, subject to the assigned level of access, operate your account through the channels, including (depending on the selected account package):

• view balances and historic transactions (we will refer to this as “account information”);
• create payment orders; 
• approve payment orders for execution; 
• order Intergiro Debit Mastercards; 
• make currency conversions; and
• request an API key.

Please note that we do not automatically issue digital or paper transaction statements, however account statements can at all times be downloaded in the customer portal.

4a. Your wallets

Collections

You can collect funds into your wallets by way of euro payment transactions made from accounts held by yourself or third parties outside Intergiro, or by moving funds between your own wallets. Depending on the selected account package, you may also collect funds in other currencies than euro, please see available currencies on our Prices Page.

Generally, funds moved between your wallets are credited to the relevant wallet immediately. Collections from accounts outside Intergiro are generally credited immediately upon receipt by Intergiro of the funds, however subject to any required scans or checks we are obliged to perform, e.g. due to the anti-money laundering legislation or for the prevention of fraud, which may take some time. 

Sometimes we receive recall requests from e.g. the payer’s bank in respect of a payment transaction intended for your account. You hereby explicitly grant us the authorisation to return such funds according to the recall request when such funds have not yet been credited to your account. 

Whilst we aim to process your collections as fast as possible, in some circumstances your funds may be held up by third-party banks, in which case we regrettably are unable to influence the speed of the transaction. Please also note that the sender of the funds must have provided the correct payment details to your account for us to be able to credit your account.

Payouts

By default, you can create payment orders using the channels to make euro payouts between your wallets or to accounts outside Intergiro using the SEPA network. Depending on the selected account package, you may also create payment orders for payouts in euro or other available currencies using international or local payment networks, please see further details on our Prices Page. 

To create a payment order for a payout you need to provide the following information (payouts using international or local payment networks may require additional information):

• full name of the recipient;
• recipient's account details:
• amount; 
• currency; and
• payment purpose.

When you have created a payment order and included all required information you need to submit the payment order using the channels. We will consider that you, by submitting the payment order using the channels, gave us your consent and authorised us to execute the payout in accordance with the payment order you have created.

Bulk payments

You may create and authorise payments in bulk instead of creating and authorising them one by one. This functionality is currently available for euro payouts using the SEPA network. With this bulk payments functionality you may upload a CSV file (a template can be downloaded from our ‘Bulk Payments’ menu). It is also possible to create the payment orders one by one but authorising them using the bulk payments functionality.

Receipt of payment orders and cut-off times

You are aware of and accept that neither a payment order nor a payout can be cancelled or reversed once we have received the payment order. In respect of a payout between your wallets, we receive the payment order immediately upon your submission of the payment order and it is generally executed and credited to the chosen wallet immediately.

For a payout in euro using the SEPA network, we receive your payment order immediately upon your submission of the payment order if you submitted it at the latest 14.30 CET on a banking day and we will execute it on the same banking day. If you submitted the payment order after 14.30 CET, we will receive it and will execute it on the following banking day. The recipient will generally receive the payout the next banking day, however it may take longer depending on the recipient’s bank.

For a payout in euro or any other available currency using international or local payment networks, please refer to our Cut-Off Times FAQ for information on when the payment order is received by Intergiro and executed. 

A payout intended for a third party may be delayed if the payment order has to be assessed by Intergiro due to legal compliance reasons, such as transaction monitoring requirements. We may, in our sole discretion, reject a payment order if it would be in breach of the agreement or any applicable legislation, or if we suspect that the execution of the payment transaction would be prohibited, for example in breach of international sanctions.Depending on the currency, local public holidays may delay the execution of the payout by one or more working days. 

The above is also applicable if you create a payment order via a third-party payment initiation service provider.

It is your responsibility to ensure the authorised user creating the payment order provides the correct recipient account details. This is important as neither payment orders nor payouts can be cancelled or reversed. Whilst we will try our best to help you recover your funds in circumstances where incorrect recipient account details have been provided, there is a risk that you may lose any funds sent to the wrong account.

4b. Your Intergiro Debit Mastercards

Card security - safety first!

Please ensure that any authorised user to whom a card has been issued, reads the below information regarding card safety.

You must immediately contact us if your card is lost, stolen or is otherwise out of your possession or control, and block your card by using the customer portal (if possible). You must also contact us immediately if you suspect or learn that your card is being accessed or used by an unauthorised third party or if the details of your card (such as card number, expiration date, and/or the 3-digit security code) may have been used without your permission.

Order and activate Intergiro Debit Mastercards

You can order physical or virtual Intergiro Debit Mastercards for any authorised user, issued by us, by using the customer portal. We will send any physical card to the delivery address confirmed by you. Please note that you will be responsible for providing the correct address for the card delivery. We will add any virtual card to the relevant wallet, which you can access via the customer portal.

Upon receipt of the physical card, the authorised user to whom the card has been issued needs to activate the card in the customer portal and choose the PIN code. Virtual Intergiro Debit Mastercards are active already upon issuance and do not have a PIN code.

Blocking a card

An authorised user to whom a card has been issued can block and unblock the card by using the customer portal. If you for any reason lose your card please block the card as soon as possible by using the customer portal and inform our Customer Support team immediately.  

We may block any card if there is a risk of non-secure use of the card or if we suspect that there has been an unauthorised use of the card. We will always notify you in such circumstances and subsequently decide (in our sole discretion) whether to reactivate your existing card or replace it with a new card.

Using your card

An authorised user to whom a physical or virtual card has been issued may use the card to pay for goods and services or, in case of a physical card, to withdraw cash (additional fees apply for cash withdrawals, please see our Prices Page). 

To make payments, an authorised user may, in case of a physical card, use chip and PIN code or by touching the card at the payment terminal (contactless), or in case of a physical or virtual card, enter the details of the card (the card number, expiry date and CVC number) online where Mastercard is accepted or by way of telephone order (MOTO) payments. An authorised user holding a virtual card can view the virtual card details in the customer portal. 

We will consider the following actions as you giving your consent to make payments or withdrawing cash from your account:

• using chip and the PIN code 
• touching or inserting the card at a payment terminal, electronic card reader or ATM machine and using the PIN code or taking other actions as instructed by the terminal/machine (such as pressing a button)
• entering card details (card number, expiry date and CVC code)
• entering into an agreement and providing card details for the payment of recurring services, such as subscribing for online services which are debited regularly
• any similar actions as the ones stated above

When making card transactions, you will need to follow the security requirements, however please only use merchants you trust. You are aware of and accept that a payment order initiated by a card cannot be cancelled or reversed when we have received the payment order. We receive the payment order initiated by the use of the card when the acquirer of the merchant transfers the payment order to us (which generally takes place at the time you purchase the goods or services from the merchant). 

Card transactions in other currencies than euro

Currently, all Intergiro Debit Mastercards are attached to one of your euro wallets and each purchase with the card is settled in euro. This means that if you make a purchase in another currency than euro, a currency conversion is required (and will take place automatically). Such currency conversion is executed by Mastercard or another third party and we cannot influence the rate of such currency conversion. Consequently, we do not assume any liability for any loss you may incur due to the currency conversion. We advise you against authorising any card transactions without an exact amount, because we will not refund such transactions. 

Intergiro will add the possibility of having multi-currency Intergiro Debit Mastercards in the future which will enable you to spend directly in the currencies you are holding. We will let you know once this feature is launched. 

Cashback beta programme

If you have been invited to participate in our cashback beta programme, you will get access to the beta by accepting our Cashback Specific Terms & Conditions.

Expiry of a card

On the card you will see the expiry date. Before such an expiry date, you will need to order a new card by using the customer portal to ensure that there won’t be a period where you cannot use a card. 

4c. Currency conversion

Depending on the selected account package, you will be able to make currency conversions on your account making it possible to change an amount in one currency to another currency, e.g. euro to sterling pounds (we will refer to these transactions as “FX transactions”). 

In order to create the payment order for the execution of an FX transaction, you need to provide the below information:

• amount; and
• original currency to which currency. 

You may create a payment order for a payout of the converted funds following the FX transaction. If so, you acknowledged that the FX transaction and the payout constitute two separate transactions. To make a payout of the exchanged funds to a recipient, you need to provide the following additional information (payouts using international payment networks may require additional information):

• full name of the recipient;
• recipient's account details; and
• payment purpose.

Our standard FX rate is 0.5%, minimum €0.01, unless otherwise specified or agreed upon. In addition to our standard FX rate, your transaction will be subject to a live FX rate, which will be displayed in connection with your payment order. When you have created a payment order and included all required information, you will be presented with a live rate for the FX transaction. If you wish to accept such a live rate, you need to submit the payment order in the customer portal. We will consider that you, by submitting the payment order in the customer portal, gave us your consent and authorised us to execute the FX transaction (including the application of the displayed live rate), and if applicable, the payout following the FX transaction in accordance with the payment order you have created. You are aware of and accept that neither a payment order, an FX transaction nor a payout can be cancelled or reversed, and it is your responsibility to ensure that the authorised user creating the payment order provides the correct details relating to the FX transaction and the payout (if applicable). We further reserve the right not to execute the FX transaction due to market disruptions, unforeseen events which may render the foreign exchange services unavailable or technical errors.

The times when you need to have created the payment order for the execution of an FX transaction depend on the currencies involved in the FX transaction, please see our Cut-Off Times FAQ. A payout to a third party following an FX transaction may, depending on the payment type, take up to two (2) banking days following the banking day on which we received your payment order. Depending on the currency, public holidays may delay the execution of the FX transaction and the following payout by one or more working days. 

If an FX transaction cannot be executed for any reason, it will be returned to your wallet, applying the exchange rate at the time of executing the return. Such return depending on the circumstances may also entail third-party fees at your cost. This may mean that the returned transaction amounts are lower or higher than the original transaction.

4d. Rejected transactions, refunds and unauthorised use

Intergiro may reject any transaction, such as a card payment, a payout, a collection or an FX transaction, made to or from your account, if we believe that it is in breach of the agreement  or of any applicable legislation, rules or regulation. 

If you experience an error with any transaction, such as a card payment, a payout, a collection or an FX transaction, made to or from your account, please contact us as soon as possible and no later than ten (10) banking days after the transaction was made. We will do our best to help you resolve any issues, however please note that we cannot guarantee the success of such measures as the error may have been caused by a third party outside of our control. Where we do have control, we may reverse an erroneous transaction or refund any overpayments if we consider it appropriate. A return, depending on the circumstances, may entail third-party fees at your cost, meaning that the returned transaction amounts may be lower than the original transaction. Please note that if you contact us later than ten (10) banking days after you made or received an erroneous transaction, it is unlikely that we will be able to help resolve the matter. We aim to refund or reverse the transaction or to let you know that we cannot refund or reverse the transaction, as applicable, within thirty (30) days of receiving your request. Please note that we may extend this timeframe as necessary due to the complexity of a request.

If it comes to our attention that a deposit has been incorrectly attributed to your account, we will contact you as soon as possible and will take steps to help the sender to recover such funds. This may involve reversing the incorrect transaction or refunding any overpayments on your account with your consent. If you notice any incorrect deposits on the account, please contact our Customer Support immediately.

Unauthorised transactions

You must contact us as soon as you become aware or suspect that someone has unauthorisedly used or stolen from the account, and in no event later than three (3) months following the unauthorised transaction. Upon your notification we will investigate flagged unauthorised transactions. We will refund the funds to your account, unless the unauthorised transaction could take place due to your or an authorised user’s:

• failure to protect personalised security credentials (including without limitation ordinary or one-time passwords, account credentials, card security details, means of communication used with Intergiro for authentication purposes, API keys); or
• breach of the agreement intentionally or with gross negligence. 

It is very important that you or an authorised user immediately notify us if a card is lost, stolen or is otherwise out of that person’s possession or control, and that the person if possible blocks the card immediately by using the customer portal. We will refund the funds charged from your account by way of card transactions only after you have notified us that a card is stolen, lost or otherwise out of possession or control, unless the person acting fraudulently has caused or contributed to the unauthorised transaction.

It is also very important that you immediately inform Intergiro if you suspect that the API, an API key or security or account credentials have been compromised. 

We reserve the right, without assuming any liability thereof, to debit the account with the refunded amount should we believe that the refund was requested regarding an authorised transaction.

Rejected transactions by the beneficiary’s bank

If an executed payout is rejected by the beneficiary’s bank and transferred back to us (for instance beneficiary’s account being blocked by its bank due to unpaid costs), we will create a collection into your account. If we find everything in order we will credit the funds to your wallet. Such a return, depending on the circumstances, may entail third-party fees at your cost, meaning that the returned transaction amounts may be lower than the original transaction.

5. Pricing

Intergiro offers four different account packages, depending on the size and needs of your business: Starter, Growth, Professional and Enterprise. During the onboarding you will be able to select the account package of your choice. Such selection is however conditional upon the risk assessment we conduct regarding your business during the onboarding and our risk appetite. This means that we reserve the right to change the account package to Enterprise if we deem your business to be complex, such as because of the business structure or industry. Please refer to our Prices Page to have a full overview of the different account packages and pricing. Kindly note that Enterprise customers will receive the pricing during onboarding. We deem that you accepted such Enterprise pricing either upon your confirmation thereof via email or another electronic means of communication or when you start using the services.

You can change the account package between Starter, Growth and Professional as your business develops or if you would like to expand the services used, such as FX transactions. Please contact our Customer Support to change the account package. You can read more about our account packages on our Prices Page. 

Your monthly fee for the selected account package is calculated on a ‘fair-use’ basis, in line with the actual use of the account. This approach applies to any changes to your account package (whether ‘upgrades’ or ‘downgrades’). 

Example: You use our account package Starter for 16 days in a month, before upgrading to our package Growth for the remaining 15 days in the month, your monthly fee will for the month in question is calculated as follows:

Monthly fee = (16 x (Starter monthly cost / days in month)) + (15x (Growth monthly cost /days in the month))

Fees and charges

The fees and charges (including transaction fees, foreign exchange fees and monthly account fees) applicable to your account are as set out in our Prices Page or, in respect of 'Enterprise' customers, as communicated during the onboarding (we refer to the fees and charges at all times applicable to you as “fees” and/or “fees and charges” throughout these terms and conditions). We will deduct the fees and charges from your account. Monthly fees are charged in arrears, on the first day of every month. Any other fees are charged at the moment, such as when making a transaction subject to fees. You can keep track of such deductions on the customer portal.

If there are insufficient funds on one of your wallets to cover fees or charges, we may deduct such fees and charges from any of your other wallets (this is our set-off right), in any available currency. Intergiro also has the right to set-off any such amount against any other agreement(s) between you and or accounts held by you with us. In these circumstances, a currency conversion may be required at your cost. We may also block payouts from your account, suspend, or close your account if there are no funds to cover fees and charges and you do not add sufficient funds to your account upon request. If we are not able to set-off the money you owe us, we can take legal steps to recover any such sums. If we incur any costs taking any of these measures we may charge you our reasonable costs.

You have no set-off right under the agreement.

Intergiro reserves the right to change the fees based on your actual use of the account, should that differ from the package selected and volumes and payment types indicated at the onboarding. 

Charges for excessive transactions

As set out in our Prices Page, if you exceed any of the thresholds applicable to the account package you have selected, additional fees will apply. If any single transaction exceeds the volume threshold applicable to the account package you have selected, such additional transaction fees will be proportionately applied to the transaction in excess of the relevant threshold.

Charges due to negative interest rate

As an electronic money institution, we are obliged to safeguard an amount corresponding to the total value of your respective wallets with our partner bank. We reserve the right to charge you for the costs that the bank may charge us due to a negative deposit rate.

Third-party fees and charges

Please note that we will pass on to you any third-party fees and charges incurred by us as a result of your use of the account, such as any SWIFT fees applicable to collections into your account. Please see our Pricing Page for further information on third-party fees and charges. You can also find more information on SWIFT inbound charges in our FAQs.

Changes to the fees and charges

Intergiro may change the fees and charges set out in our Prices Page. We will notify you in advance of any change, providing you the option to close your account prior to the new fees becoming applicable if you do not accept the updated fees and charges.

Negative balance on the account

It is generally not possible to overdraw the account. It is your responsibility to ensure that there is always sufficient balance (including any fees and charges) in the account before you create a payment order or make a purchase with a card. In rare circumstances, the account may have a negative balance due to a reversed transaction, due to the fees and charges to be deducted or due to an offline card transaction. In such a case, you will need to transfer funds to your account to cover the overdrawn amount. If you do not cover any overdrawn amounts on your account within five (5) banking days, we have the right to terminate the agreement with immediate effect and close your account in accordance with these terms and conditions.

VAT and taxes

The account services we provide to you are under Swedish tax law not subject to value added tax (VAT) or similar taxes and therefore we do not account for any VAT or similar taxes. You agree however that any tax obligations, including the reporting and payment of any applicable taxes in your country of incorporation or in any other applicable country, is your responsibility in relation to your use of the account. We are not responsible or liable for any tax matters applicable to you in any of the countries in which you operate. 

6. Safety

6a) Your funds are safe with us

E-money is a type of electronic cash which we as a regulated e-money institution is authorised to issue in exchange for receipt of money. Your account is an e-money account which holds your e-money. Upon the receipt of collections intended for your account, we deposit such money into a bank account with our partner bank and we issue the corresponding amount of e-money to your account. We are required to do so under mandatory law in order to keep your money segregated from our own funds and we are not, unlike a bank, allowed to lend your money to anyone. This means that your money is secure and at all times deposited in ring-fenced accounts we hold with our partner banks. These safeguarding practices are designed to protect your money. In the unlikely event of our insolvency, after administrator or liquidator costs have been paid, our customers will rank first in any claim on funds held in the ring-fenced accounts. This means that only after customers’ funds have been returned to our customers, that our own debts owed to third parties will be paid from our accounts. 

Under the terms of our e-money licence we are not permitted to pay interest to you and the money in your account is not covered by deposit guarantee schemes.

6b) Intergiro’s responsibility to protect the account

We use fraud detection technologies, data encryption and strong customer authentication solutions in our efforts to do all we reasonably can to prevent unauthorised or fraudulent use of your account.

We may restrict certain merchants you can make payments with if we consider this necessary to protect our customers’ accounts.

6c) Your responsibility to keep the account safe

Whilst we take measures to protect your account please note that you and each authorised user are responsible for ensuring that:

1. Your account and its credentials, your Intergiro Debit Mastercards, all details of your card(s) (such as card number, expiration date and 3-digit security code), ordinary and one-time passwords, means of communication used with Intergiro for authentication purposes (we will refer to these as “account credentials”) are kept safe and secure and that your authorised users do not keep credentials or security details together with a card or device used to access the customer portal;
2. You use a strong password, which you do not use for any other account or similar, which you update from time-to-time;
3. You do not let any third party access or use the account (except with your consent when using a TPP (as defined in section 7 below);
4. Only your biometrics (Touch ID or Face ID) are registered on your mobile device;
5. You immediately contact us if you suspect or experience that your account (or any information thereof) is accessed or otherwise used by an unauthorised third party or if you suspect that any account credentials are at a risk of or are being used or otherwise possessed by an unauthorised third party;
6. You immediately contact us if a card is lost, stolen or gets otherwise out of your possession or control or if the security details of your card might have been used without authorisation;
7. You ensure that all information (including but not limited to contact details and information concerning your authorised users) relating to the account is up-to-date and that you inform us without undue delay of any change; and
8. You always follow our rules and recommendations on our website regarding security of the account."

7. Business API

Intergiro offers a business API which allows you to connect your own applications to your account (we refer to it as the “API”). By signing up to use the API, you authorise Intergiro to provide the requested data from your account to your application using the API. Please note that the API is not an open banking API, hence you accept to only use it with your own applications for your own use. The API is accessible in all our price packages.

Subject to these terms and conditions, Intergiro grants you a limited, non-exclusive, non-assignable, non-sublicensable, non-transferable, revocable right to use the API. You undertake not to use the API in a manner that could violate any applicable laws or these terms and conditions. Further you undertake not to share the API key with any third party or to permit any third party to use the API key or access your account. You accept to be fully liable for any risks, damages, costs, loss or any other liability that can occur due to you sharing the API key with any third party or your authorised users, or permitting any third party to use the API key or access your account. 

API documentation setting out further details regarding the API and technical specifications are available here. 

Getting started

The access to the API is provided through a secure TLS connection. To be able to create the API key, you are required to comply with the instructions and rules regarding security provided by Intergiro. You undertake to keep the API key secure and not to share it with any third party and you further undertake to inform Intergiro immediately if you suspect that the API key or any security or account credentials are compromised. 

Intergiro uses DDoS protection and RS256 signed JWT tokens are used for authentication. For security reasons, Intergiro will log all usage of the API. 

All your authorised users with the access level ‘administrator’ have per default access to the API and can create and manage API keys. Authorised users with the access level ‘administrator’ may also assign these permissions to other authorised users. Each authorised user with the access level ‘administrator’ or who has been given permission to see/create the API keys will have the possibility to access your financial information. Please be cautious when assigning access levels to your authorised users! 

Before creating the API key the authorised user needs to re-accept these terms and conditions. You acknowledge and agree that you are responsible and liable for all acts and omissions arising under your use of the API and the acts and omissions of your authorised users. When the API key has been created it will only be displayed once and it is the responsibility of the authorised user to copy and keep the API key safe and secure at all times. 

To the maximum extent permitted by applicable law, you are liable for any loss or damage which occurs through your use of the API, including that unauthorised parties get access to data or the API or use the API. 

API functionality 

The API allows you to access your (i) account balance, (ii) transactions, (iii) transaction details and (iv) create payment orders through the API. Through the API you will receive real time data by the time of the API request. You may also set intervals when to receive the data. These terms and conditions apply to the services you access through the API. You may also choose which of these functionality you wish the API to have, for example only ‘account balance’. You may create several API keys as needed.   

You may create payment orders using the API, from one source account. A maximum of 1000 payouts at the time. Such payment orders need to be approved for execution by an authorised user with sufficient level of access using the customer portal. Payment orders created using the API can be approved for execution in batches with a maximum of 100 payouts at the time. These batches will be displayed in the customer portal as ‘pending approval’ until approved. A batch of payment orders can only be approved in batch, hence a payment order within the batch cannot be approved/rejected or cancelled individually. 

API limitations

Currently the API is only available for euro payouts within the SEPA network. Other currencies or rails will not be accepted and will be rejected. 

Due to the PSD2 legislation, the API keys have a 90 days cycle. After this period the API key will be temporarily frozen and the API key will stop working until an authorised user with sufficient level of access logs into the customer portal to renew the API key for a new 90 days’ cycle (subject to Intergiro’s application of strong customer authentication). We recommend that you renew the API key before the lapse of the 90 days’ cycle to avoid any disruption to your use of the API.

8. Open banking

Open banking allows you to, with your consent, initiate payments via third party payment initiation service providers or to allow third party account information service providers to access your banking information (we refer to these third parties as TPPs). These terms and conditions apply to such transactions and information requests. We may block the access of TPPs to the account if we have good reasons to believe that such TPP has received unauthorised access to the account, until the circumstances are clarified. You can find more information on open banking APIs in our FAQ.

9. Changes to the agreement and closing of the account

We may unilaterally update the agreement (such as these terms and conditions, the Prices Page, the Prohibited Countries List or the Privacy Policy) from time-to-time. In such cases, we will provide you with prior notice by email to your administrator(s) or via the customer portal. We reserve the right to apply smaller changes, which doesn’t affect you negatively, without giving you a prior notice of such changes. If you do not accept the changes you should notify us before the changes take effect. Please note that we may terminate the agreement with you and close your account in such case.

Closing the account

You can terminate the agreement and close the account at any time, subject to if there is an ongoing investigation concerning the account and if we consider that termination may obstruct the investigation. In such cases, we may freeze the account and your funds for the time necessary to complete the investigation.

Intergiro can terminate the agreement with you and close the account (or any part thereof) with thirty (30) days’ prior notice. In addition, we may (i) suspend the account (or any part thereof), or (ii) terminate the agreement and the account (or any part thereof) with immediate effect, which we, in our sole discretion, may extend to thirty (30) days’ notice period if:

1. You do not comply with, or we have reasons to believe that your business does not comply with, our operational requirements or we are otherwise uncomfortable with your business;
2. We have a good reason to suspect that you or any authorised user is acting fraudulently when using the account;
3. You have not provided us with satisfactory KYC information upon request or we have reasonable suspicion that any provided information is forged, incorrect or not up-to-date;
4. You are declared bankrupt or insolvent, are being wound up, or a similar event is taking place;
5. We consider that you have materially breached the agreement;
6. You do not cover any overdrawn amounts on your account within five (5) banking days;
7. We have good reason to believe that your use of the account could damage our reputation or goodwill or is harmful to us or our software, system or hardware;
8. We are required to do so under any law, regulation, court order or request of an authority;
9. We no longer can provide the account or the services to you due to the actions of third parties; or
10. Your account has been inactive, meaning that no payment order or card payment has been created or made, for a period longer than three (3) months; or
11. No funds have been added to your wallet(s) within thirty (30) days counting from the day you were successfully onboarded as a customer.

In certain circumstances, Intergiro is prevented from closing the account due to ongoing investigations concerning the account. In such cases, we may freeze the account and your funds for the time necessary to complete the investigation. 

Procedure for closure of the account

We will notify you prior to closing your account (or any part thereof). In these circumstances we may cancel any pending payment order or payment transaction, restricting the inflow of funds to the account or block any Intergiro Debit Mastercards. 

Unless you instruct us otherwise prior to the closure of the account, we will move any unclaimed funds from the account to a separate account and keep such funds for at least one (1) calendar year (subject to associated fees being deducted as applicable). This transfer of funds may require currency conversion (we will only hold such funds in euros) and related fees will be deducted from the balance of the unclaimed funds. You may contact us within one (1) calendar year from the closure of your account, and request that we transfer the unclaimed funds to you (subject to associated transaction fees being deducted as applicable). If you do not claim such funds within one (1) calendar year of closure, we may deposit such funds (subject to associated transaction fees being deducted as applicable) on your behalf and at your cost with the County Administrative Board of Stockholm, Sweden (Länsstyrelsen i Stockholm) postadress: Box 22067, SE-104 22 Stockholm, Sweden. Visiting address: Regeringsgatan 66, telephone: +46 10 223 10 00. Once any unclaimed funds are deposited at the County Administrative Board of Stockholm the responsibility of Intergiro in respect of such funds shall cease and fees and taxes will apply according to the rules of the County Administrative Board.

10. Additional legal terms

Changes to account details

In rare circumstances we may, due to operational reasons, need to make changes to account details (such as account numbers). We will notify you in advance, to allow you to notify your suppliers or customers of such change. Following such a change, you need to refrain from using the old account details, as transactions may not reach the account otherwise. Unfortunately we cannot accept responsibility for any losses incurred as a result of using the old account details.

Our intellectual property rights

Upon entering into the agreement, we grant you a limited, non-exclusive, non-sublicensable, non-transferable, revocable right to use our products and services. All the intellectual property in our products and services are owned by us or our licensors (such as our logo and designs, the content on our website, all software and source code, the API and the API keys, the customer portal and the mobile app, trademarks, know-how and data related to our products and services). You do not have any right to use Intergiro’s or our licensor’s name, trademarks, logos or other intellectual property. 

You must not copy, reproduce, modify, reverse engineer or disassemble any of our products, services or any intellectual property rights.

Some of the software included in the related services may be offered under an open source license with different terms. Please see this list for open source software licences applicable from time to time. 

Our liability

We will do our best to ensure that the account works smoothly, but the account and all services are provided “as is” and we cannot guarantee that they will be free from faults or interruptions. This is partly due to the fact that we rely on some third parties to provide services to you. If your card is not functioning correctly, our only responsibility will be to replace that card.

We will be responsible for damages and losses not excluded under these terms and conditions that do not exceed the total sum of fees payable by you to us in the calendar year in which the event giving rise to our liability has taken place, to the extent such limitation of liability is permitted by law.

We apply the so-called corporate opt-outs set out in (i) chapter 5, paragraph 47, (ii) chapter 5, paragraph 48 (sections 1-3), (iii) chapter 5, paragraphs 49-53, and (iv) chapter 5, paragraph 54 (section 1) of the Swedish Act on Payment Services (Sw. lag (2010:751) om betaltjänster). This means that even though we will do our best to help you with erroneous transactions, regardless of what is set out in these terms and conditions we have no responsibility:

1. for any incorrectly executed collections or payouts;
2. to refund to your account in respect of any incorrectly executed collections or payouts or in respect of any transactions not executed at all;
3. for tracking collections or payouts that are executed incorrectly or not executed at all; and
4. for fees or costs (including interest) occurring due to any collections or payouts being executed incorrectly or not being executed at all.

Exclusions of liability

In addition to the above and to the extent such limitation is permitted by law, we will not be responsible:

1. for any indirect, punitive or consequential damages or losses including but not limited to loss of profit, loss of data, loss of business, loss of goodwill and loss of reputation;
2. for any damages, losses or costs in connection with or due to our compliance with applicable laws, regulations, orders and decisions of courts or authorities or other regulatory requirements of payment systems, card payment systems or any other payment, clearing or settlement system;
3. for any damages, losses or costs in connection with or due to any delays, interruptions, faults or inaccuracies relating to the account or the channels;
4. for any damages, losses or costs caused by a virus, malware, phishing or other technological attacks or harmful material that may infect your IT equipment or infrastructure being used for the account or the channels;
5. for any damages, losses or costs that arise in connection with or due to unauthorised transactions due to your (or your authorised user’s) failure to keep the account, the API keys or any account credentials safe in accordance with the agreement;
6. for any damages, losses or costs arising in connection with or due to our decision (i) not to onboard you and open an account for you), (ii) close your account,  (iii) reject a transaction, or (iv) disable or suspend the API;
7. for any damages, losses or costs arising in connection with or due to (i) third-party banks’ or other financial institutions’ delays, errors, fees, costs or charges, (ii) a returned transaction due to currency conversion results in a lower amount compared to the original transaction, (iii) you not providing accurate and correct payment details, including the currency, (iv) you have not provided the necessary KYC information or only with delay, or if the KYC information you provided is not authentic, up-to-date, true or correct, (v) the applicable currency conversion rate being used by us when a currency conversion is executed, (vi) currency conversions relating to your card, (vii) you contacting us later than the deadline provided after you noticed an error in a transaction, (viii) a returned transaction, (ix) your failure to keep your account safe, (x) unauthorised transactions between your wallets held by us, (xi) you approving a card transaction that you do not know the exact amount of, (xii) your use of the account with TPPs;
8. for any damages, losses or costs that may occur due to the fact that you have not informed us of any important change affecting you and your operations, including but not limited to change of directors, UBOs and authorised users;
9. for any acts or any fees charged by third parties, such as other banks, for use of their facilities or services, or for the assessment or payment of any taxes, duties or other charges that arise from an underlying transaction; or
10. for any fraudulent act conducted by any third party contacting you posing to be representing for example Intergiro, a well-known company or an acquaintance of a natural person related to you asking you to disclose your customer details such as password, logins etc or to initiate a transaction. Intergiro never requests that kind of information or action.

Your liability

If you fail to comply with your obligations or undertakings under the agreement, if any promise or warranty you made turns out to be untrue or if you use the account, the API or our services in a manner which violates applicable law, you will be responsible for our damages, losses and other costs, including but not limited to legal fees. 

Force Majeure

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 Intergiro (we will refer to such circumstances as a “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.

Severability

If any of the provisions of the agreement is deemed invalid, unlawful or unenforceable, the remaining provisions of the agreement shall continue to be valid and binding on you and us. 

Assignments

You may not assign your rights or obligations under the agreement to a third party and you are the sole party to the agreement with us. 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 an Intergiro group company or to any third party without your prior consent. 

No waiver

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. 

Swedish law applies

The agreement shall be governed by Swedish law without regard to conflict of law principles.

Dispute resolution

Any dispute, controversy or claim arising out of or in connection with this agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration administered by the Arbitration Institute of the Stockholm Chamber of Commerce (the “SCC”).

The Rules for Expedited Arbitrations shall apply, unless the SCC in its discretion determines, taking into account the complexity of the case, the amount in dispute and other circumstances, that the Arbitration Rules shall apply. In the latter case, the SCC shall also decide whether the Arbitral Tribunal shall be composed of one or three arbitrators.

The seat of arbitration shall be Stockholm, Sweden and the language to be used in the arbitral proceedings shall be English.

11. Information to our customers based within the United Kingdom

As of the 31st of January 2020, Intergiro is exempt from the prohibitions in regulation 138(1) of the Payment Services Regulations 2017 and in regulation 63(1) of EMR 2011 and is no longer authorised by the FCA under EMR 2011.

As a result of the United Kingdom’s withdrawal from the European Union it is possible that your assets held by Intergiro in relation to the performance of the pre-existing contract no longer attract the same protection afforded to them immediately before the 31st of January 2020. Further, it is possible that recourse to an alternative dispute resolution procedure or compensation scheme that was available to you under the pre-existing contract immediately before the 31st of January 2020 is no longer available.