Terms and Conditions

Belmoney S.A., with registered office at Avenue Louise 54, 1050 Ixelles, Belgium, and company number 0540.745.997 RPM Brussels, is an authorized payment institution supervised by the National Bank of Belgium (NBB) under Directive (EU) 2015/2366 on payment services (PSD2).

Belmoney is also subject to Belgian and EU legislation on Anti-Money Laundering and Counter Terrorist Financing (AMLD), the General Data Protection Regulation (GDPR – Regulation (EU) 2016/679), and applicable consumer protection laws.

“Agreement” means these Terms & Conditions, together with the Privacy Policy and Cookie Policy.

“Belmoney”, “we”, “us”, or “our” refers to Belmoney S.A.

“Customer”, “you”, or “your” refers to the individual using Belmoney’s Services.

“Services” means money transfer, foreign exchange, Remittance as a Service (RaaS), correspondent activities (the HUB), and online remittance via the “Happ” app.

“Transaction” means a payment order executed by Belmoney on behalf of a customer.

“Sender” means the person instructing Belmoney to send money.

“Beneficiary” means the person designated to receive the funds.

“Funding Instrument” means a debit card, credit card, or bank transfer used to pay for a Transaction.

“Business Day” means any day banks in Belgium are open for business, excluding weekends and public holidays.

“High-Risk Country” means a jurisdiction designated as high-risk by the EU, FATF, or Belgian authorities.

“Restricted Activities” means activities prohibited under Section 7.3.

1.1 Parties Involved: These Terms and Conditions ("Agreement") govern your use of the online payment services provided by Belmoney S.A. ("Belmoney", "we", "us", "our"), a licensed payment institution authorized and supervised by the National Bank of Belgium, registered at Avenue Louise 54, 1050 Ixelles, Belgium, company number 0540.745.997. By creating a profile and/or using the services, you agree to be legally bound by this Agreement.

1.2 Related Documents: This Agreement must be read together with our Privacy Policy and Cookie Policy (collectively, the "Policies"). These Policies explain how we collect, process, and protect personal data, as well as how cookies and similar technologies are used.

1.3 Access to this Agreement and Policies: The most current versions of this Agreement and the Policies are available on our website and mobile application. You are encouraged to download and retain copies for your records. We may update these documents in accordance with Section 18.

1.4 Acceptance of Terms: You accept this Agreement by ticking the acceptance box during registration, before initiating a transaction, or by continuing to access or use the Services.

1.5 Key Information You Should Review: Please pay special attention to the following sections of this Agreement:

• Section 4 (Sending Money): Funding methods and how to submit transfers.
• Section 5 (Fees & FX): Applicable fees, exchange rates, and third-party charges.
• Section 7 (Restrictions): Prohibited activities and our rights.
• Section 9 (Errors & Refunds): Error reporting and refund eligibility.
• Section 14 (Liability): Limits and exclusions of liability.
• Section 18 (Changes): How we modify services and terms in accordance with applicable law.

IMPORTANT: By continuing to use our Services, you confirm that you understand and accept the terms outlined in this Agreement.

2.1 Money Transfers: Our Services allow customers residing in the EEA and other supported locations (as listed on our website) to send funds to a designated beneficiary using supported payout methods, including bank deposits, wallets, or cash payouts, in approved corridors. The "Transaction Amount" refers to the amount funded by you, while the "Payout Amount" is the amount received by the beneficiary after applicable fees and exchange rates.

2.2 Intended Use: The Services are intended for personal and consumer use, such as peer-to-peer transfers and family support. Commercial use, payments to unknown persons, or transactions for business purposes are not permitted unless expressly authorized by Belmoney.

2.3 Third-Party Agreements: The Services may depend on third-party service providers, including banks, payment processors, payout agents, and telecommunications providers. Your use of such services may be subject to additional terms imposed by those third parties.

3.1 Profile Creation: To access the Services, you must create a user profile. A profile does not constitute a bank or payment account and does not hold funds.

3.2 Registration: You must provide accurate and complete information and successfully complete identity verification (KYC) checks as required under Section 8. You may be required to create security credentials and install our mobile application.

3.3 Individual Use: You must use the Services solely on your own behalf and not on behalf of any third party.

3.4 Keeping Information Up to Date: You are responsible for ensuring that all information provided, including your residency address, remains accurate and current. Changes in residency may affect your eligibility and the applicable terms.

3.5 Eligibility: To use the Services, you must: (a) accept this Agreement; (b) be at least 18 years old; (c) reside in a supported country listed on our website; and (d) successfully complete identity verification and related checks.

3.6 Restricted Persons and Territories: You may not use the Services if you are subject to sanctions or located in unsupported jurisdictions. We may apply enhanced due diligence or decline transactions involving high-risk jurisdictions in accordance with AML/CFT regulations.

3.7 Single Profile: You may maintain only one profile. We reserve the right to restrict multiple profiles, email addresses, or payment instruments associated with a single individual.

4.1 Funding Instruments: You may fund a money transfer using the available payment methods, including credit or debit cards and bank transfers (such as SEPA). By selecting a card payment method, you: (a) authorize us to charge the Transaction Amount and applicable fees; (b) confirm that the card is valid and lawfully belongs to you; and (c) authorize us to verify the transaction with the card issuer.

4.2 Bank-Funded Payments: Bank-funded payments must be made from a bank account held in your own name and in accordance with the instructions and reference details we provide, within the specified timeframe. You are solely responsible for ensuring the accuracy of the payment amount and reference information.

4.3 Incorrect Funding: If a payment is received late, originates from an ineligible account, is for an incorrect amount, or contains incorrect or missing references, we may, in accordance with applicable law: (a) delay or cancel the Transaction; (b) issue a refund subject to verification checks; (c) suspend or terminate access to the Services; or (d) comply with any legal or regulatory process affecting the handling of such funds.

4.4 Processing of Transactions: Submission of a transfer request constitutes an offer by you to enter into a Transaction. We may accept or decline this offer at our discretion, subject to applicable law and this Agreement. The Services are provided for consumer use only.

4.5 Transaction Execution Time (Indicative): Transaction execution times vary depending on factors such as destination corridor, payout method, banking cut-off times, regulatory checks, and time zones. Estimated execution times will be displayed before you confirm the Transaction and are indicative only, not guaranteed. Examples include:

• Brazil – Account Deposit: Immediately
• Brazil – PIX: Immediately
• International Account Deposit: Same day if submitted before 16:00 (CET); transactions after this time are processed the next business day
• e-Wallet Deposits: Approximately 3 hours
• Cash Pick-up: Available immediately for withdrawal at the designated agent
• Home Delivery: Approximately 24 hours

4.6 Required Information: To process a Transaction, we require: (a) accurate Sender and Beneficiary details; (b) receipt of cleared funds; (c) your consent to the Transaction; and (d) completion of any applicable identity, transaction limit, or AML checks. Processing may be delayed if such checks are pending.

4.7 Card Authorization: You authorize us to charge your selected card for the Transaction Amount and applicable fees. If a payment attempt fails, we may retry the charge using the same payment instrument, in accordance with card network rules and your agreement with the card issuer.

4.8 Transaction Information: You must carefully review all Transaction details before confirmation, as changes may not be possible once a Transaction has been submitted. Refunds or cancellations are handled in accordance with Section 9.

4.9 Accuracy of Details: You are responsible for ensuring that all Transaction details are accurate and complete. Amendments after submission may not be possible. Refunds or cancellations may only be available in limited circumstances as set out in this Agreement.

4.10 Additional Protections: Your card issuer or bank may provide additional protections, such as chargeback rights, under your separate agreement with them. Please refer to that agreement for further details.

5.1 Service Fees: You agree to pay the service fees disclosed to you before confirming a Transaction. Fees may be deducted from the Transaction Amount or charged separately, as displayed.

5.2 Payment Methods: Payments must be made using only the payment methods we make available, such as supported cards or bank transfers. We are not obligated to accept any other payment methods.

5.3 Additional Charges: If we incur costs as a result of your selected funding method, including insufficient funds or chargebacks, you agree to reimburse such amounts to us upon request.

5.4 Currency Conversion and Exchange Rates: Where a Transaction involves currency conversion, the applicable exchange rate and resulting Payout Amount will be displayed before you confirm the Transaction. The rate disclosed will be the rate applied. Belmoney acts as Merchant of Record and principal under IFRS 15 and may earn a margin on foreign exchange. Any discrepancy between the disclosed and applied rate will be corrected, and any resulting difference reimbursed to you.

5.5 Third-Party Fees: Your bank, card issuer, or internet or telecommunications provider may charge additional fees, such as international transaction or cash-advance fees. You are solely responsible for such charges.

5.6 Taxes: You are responsible for any taxes arising from your use of the Services, in accordance with applicable laws and regulations.

6.1 Service Providers: Funds are made available to Beneficiaries through Belmoney’s network of local banks, financial institutions, and authorized payout agents (the "Service Providers"). Availability, locations, and operating hours may vary. Funds not collected within 60 calendar days will be cancelled and refunded to the Sender, less any applicable fees.

6.2 Verification Requirements: Beneficiaries must present valid government-issued identification and any required transaction reference number. Service Providers may impose additional verification requirements in accordance with local laws and regulations.

7.1 Right to Refuse Transactions: Belmoney reserves the right to refuse, suspend, or delay any Transaction where necessary to protect customers, comply with legal or regulatory obligations, or mitigate risk.

7.2 High-Risk Countries: Transactions involving high-risk or restricted jurisdictions may be subject to enhanced due diligence. Belmoney may suspend, delay, or refuse such Transactions at its discretion, in compliance with AML and counter-terrorism financing regulations.

7.3 Restricted Activities: You may not use the Services for illegal activities, including but not limited to gambling, controlled substances, adult content, or any other prohibited or unlawful purposes.

7.4 Actions We May Take: In accordance with applicable law, Belmoney may take actions including:

• Suspending or terminating user profiles
• Delaying, cancelling, or reversing Transactions
• Reporting suspicious activity to relevant authorities

Customers will be notified of such actions where legally permitted.

8.1 Privacy and Cookie Policies: The processing of personal data is governed by Belmoney’s Privacy Policy and Cookie Policy, which are available on our website. These policies explain how personal data is collected, used, stored, and protected.

8.2 Cross-Border Data Transfers: Personal data may be transferred to countries outside the European Economic Area (EEA). Where such transfers occur, appropriate safeguards, such as EU Standard Contractual Clauses, will be implemented in accordance with applicable data protection laws.

8.3 Customer Identification: To comply with anti-money laundering and counter-terrorism financing regulations, Belmoney collects and verifies personal data, including identity documents, proof of address, and information regarding the source of funds.

8.4 Disclosure to Authorities: Belmoney may disclose personal data to regulatory bodies, law enforcement agencies, or judicial authorities where required to do so by applicable law or regulation.

9.1 Error Resolution: You must notify Belmoney without undue delay of any unauthorized or incorrectly executed Transaction. Such notification must be made no later than 13 months from the date of the relevant Transaction.

9.2 Cancellation: Transactions may be cancelled only before they are completed. Once a Transaction has been completed, it is non-refundable, except where a refund is required under applicable law.

9.3 Refunds: Where a refund is applicable, the refunded amount will be credited to the original funding instrument used for the Transaction. Any differences resulting from currency exchange fluctuations will not be compensated.

9.4 Tracing Payments: You may request tracing of a Transaction within the EEA. Tracing requests are subject to applicable procedures and may involve additional verification.

10.1 Cooling-Off Period: You may withdraw from this Agreement within 14 days of acceptance without penalty and without providing a reason, subject to applicable law.

10.2 Termination: Either you or Belmoney may terminate this Agreement by providing one month’s written notice, unless otherwise required by law.

10.3 Post-Termination: Upon termination, Belmoney may retain your personal data for the period required to comply with legal, regulatory, or contractual obligations.

Belmoney retains all intellectual property rights relating to its Services, including but not limited to trademarks, software, and proprietary technology. You are granted a limited, non-exclusive, non-transferable, and revocable license to access and use Belmoney’s website and mobile application solely for personal and non-commercial purposes.

The Services may be temporarily unavailable due to maintenance, system upgrades, regulatory requirements, or events beyond Belmoney’s control.

Belmoney is not responsible for disputes arising between Customers and third-party merchants or service providers.

While appropriate security measures are implemented, Belmoney cannot guarantee absolute protection against unauthorized access, data breaches, or cyber incidents.

You are responsible for any losses incurred as a result of:

• Your breach of this Agreement
• Misuse of the Services
• Fraudulent, negligent, or unauthorized activity

14.1 General Responsibility: We are responsible for foreseeable loss or damage caused by our failure to comply with this Agreement or to exercise reasonable care and skill. We are not responsible for losses that are unforeseeable or that result from your breach, negligence, or fraudulent conduct.

14.2 Defective Digital Content: Where paid digital content is provided, we are responsible for ensuring that it is of satisfactory quality, fit for purpose, and as described. Remedies may include repair, replacement, or compensation. If defective digital content causes damage to your device due to our failure to exercise reasonable care and skill, we will repair the damage or compensate you, except where the damage could have been avoided by following instructions or installing free updates.

14.3 Exceptions to Liability Limits: Nothing in this Agreement limits or excludes liability for death or personal injury caused by negligence, fraud, or fraudulent misrepresentation, or where liability cannot be excluded under applicable law.

14.4 Exclusion of Certain Losses: We are not liable for business-related losses or losses caused by third-party disbursement partners. The Services are intended for personal and domestic use only.

14.5 Compliance and Force Majeure: We are not liable for losses arising from compliance with legal or regulatory obligations or from events outside our reasonable control, including acts of God or force majeure events.

14.6 Definition of Events Outside Our Control: Events outside our control include extraordinary circumstances beyond reasonable control, such as natural disasters, epidemics, pandemics, strikes, unavoidable technical failures, or essential system maintenance.

15.1 Dispute Resolution: If you have a complaint or dispute relating to the Services, you should first contact Belmoney’s customer support. We aim to resolve disputes fairly and promptly. Details on submitting complaints are available on our website.

15.2 Alternative Dispute Resolution: If a dispute remains unresolved, you may refer the matter to Ombudsfin (Belgium), an independent financial services ombudsman. You may also use the European Online Dispute Resolution (ODR) platform for online dispute resolution.

15.3 Governing Law: This Agreement and any disputes arising from or relating to Belmoney’s Services shall be governed by and construed in accordance with the laws of Belgium, without regard to conflict of law principles.

16.1 Importance of Security: Belmoney places a high priority on protecting user security and applies appropriate technical and organizational measures to safeguard information. You should exercise caution when sending money, particularly to unfamiliar persons or entities. Offers or transactions that appear too good to be true should be treated with caution.

16.2 User Obligations for Safe Usage: You are responsible for maintaining the security of your Funding Instruments and Security Credentials, including passwords. You must not disclose your Funding Instruments or Security Credentials to any third party, except as strictly required when using the Services.

You must use strong, non-guessable passwords and avoid recording credentials in an easily accessible or understandable manner. Devices used to access the Services should be protected with up-to-date antivirus software, firewalls, and other reasonable security measures.

You must promptly notify Belmoney of any service failure, delay, malfunction, virus, error, or suspected security incident. You are also responsible for maintaining appropriate contingency arrangements to address potential service unavailability. All instructions provided by Belmoney regarding secure use of the Services must be followed.

16.3 Biometric Access: Belmoney may offer biometric authentication methods, such as fingerprint recognition, to access the Services. To use this functionality, you must have a compatible device with the Belmoney application installed and biometric features enabled.

You are solely responsible for ensuring that only your own biometric data is registered on the device used to access the Services. Belmoney is not responsible for unauthorized access resulting from biometric data stored on your device.

16.4 Compromised Service Notification: You must contact Belmoney immediately if you suspect fraud, unauthorized use, or compromise of your account or the Services. Any inappropriate use of the Services should be reported to compliance@bel.money.

If you receive any suspected phishing or fraudulent communications claiming to be from Belmoney, you should forward such messages to compliance@bel.money without delay.

17.1 Changes to the Services: Belmoney may introduce new features, modify existing Services, or make adjustments due to reasons such as software maintenance, security enhancements, bug fixes, or regulatory requirements. Any additional services will be subject to this Agreement or to specific terms provided at the time such services are made available.

17.2 Changes to this Agreement: Belmoney reserves the right to amend this Agreement. If you do not agree with the changes, you have the right to terminate the Agreement without charge, in accordance with the notification period provided.

17.3 Reasons for Changes: Amendments may be made for various reasons, including correcting errors, reflecting changes to Services, introducing new products or features, complying with legal or regulatory obligations, or aligning with industry standards.

17.4 Notification of Changes: Changes to this Agreement will be communicated by publishing the revised version on Belmoney’s website and/or mobile application.

17.5 Material Changes: Where a change is considered material, you will be provided with at least two (2) months’ notice. You may terminate the Agreement without charge during this notice period if you do not accept the change.

18.1 Enforcement Flexibility: Any delay or failure by Belmoney to enforce a provision of this Agreement or to take action in response to a breach does not constitute a waiver of its rights. Belmoney may enforce its rights or take action at a later time.

18.2 Severability: If any provision of this Agreement is found to be unlawful, invalid, or unenforceable by a court or competent authority, the remaining provisions shall remain valid and enforceable. Each provision operates independently.

18.3 Transfer of the Agreement: Belmoney may transfer its rights and obligations under this Agreement to another organization. You will be notified of any such transfer and may terminate the Agreement if you do not agree to the transfer.

18.4 User Transfer of Rights: You may not transfer your rights or obligations under this Agreement to another person without Belmoney’s prior written consent. Such consent may be withheld where required by legal or regulatory obligations, including anti-money laundering laws.

18.5 Rights Enforcement: This Agreement constitutes a binding contract between you and Belmoney. Except as expressly stated in this Agreement, no third party has the right to enforce any of its terms.

18.6 Compensation Scheme Clarification: Belmoney is not required to participate in any government compensation scheme. Accordingly, no compensation would be available under such a scheme in the unlikely event that Belmoney is unable to meet its financial obligations.