Terms and Conditions
EEA (European Economic Area) – the single economic area comprising the Member States of the European Union and the three EFTA countries: Norway, Iceland and Liechtenstein.
Representative – a natural person (e.g. member of the management board) entitled to use the Service or a natural person authorized by the latter to use the Service entered on the registration card of the legal entity.
European payment – a payment in the SEPA area.
Personal identification – a procedure performed by the Payment Intermediary in which the Payment Intermediary identifies and checks the Client’s claim of identity. The Payment Intermediary, inter alia, uses IT tools to identify a person.
Client – at least 18 years of a natural person or a legal person who has agreed to these User’s Terms and Conditions and the User has used or has requested assistance from the Intermediary Service to use the Service. The Client who is a natural person uses the Service for personal use.
Third person – a natural or legal person who is not a Party in these User’s Terms and Conditions.
Correspondent Bank – the contractual partner of the Payment Intermediary through which the Payment Intermediary carries out fiat payments.
Cryptocurrency – the virtual value accepted by the Payment Intermediary which the Client has paid to the Payment Intermediary’s Interim Account for making the Payment Transaction and which the Payment Intermediary converts to fiat currency. The list of Cryptocurrencies accepted by the Payment Intermediary is available on the Portal.
Limit – the maximum amount that the Payment Intermediary has set for the Client’s Payment Transactions, within which the Client can make payments in fiat currency
Payment Order – a form specified by the Payment Intermediary and filled by the Client to initiate a Payment Transaction.
Payment Transaction – the order given by the Client to the Payment Intermediary on the basis of the Payment Order for conversion of Cryptocurrency into fiat currency and for transferring it to the Beneficiary’s account.
Payment Intermediary – Ungaro OÜ, reg. no. 14562753, operating under licence FVT000088, address Värvi 5, 10621 Tallinn, Estonia, email [email protected].
Other payment – payment that is other than European payment.
Banking Day – a calendar day that is not a Saturday, a Sunday, a national or a public holidays.
PEP (Politically Exposed Person) – a natural person who fulfills or has fulfilled important public authority functions. A person who has not fulfilled the essential functions of a public authority for at least a year is not deemed a politically exposed person.
Party or Parties – under these Terms and Conditions, separately the Client or the Payment Intermediary or jointly the Client and the Payment Intermediary.
Portal – a web-based online payment environment for the Payment Intermediary at https://www.swapin.com , through which Clients can use the Service, communicate with the Payment Intermediary, and perform other activities.
Wallet/wallet address – a location of depositing Cryptocurrency on behalf of the Client at the third person from which the Client transfers Cryptocurrency to the Intermediate Account of the Payment Intermediary.
Beneficiary – the payee (natural or legal person) to whom the Client wishes to transfer money with the Payment Transaction.
Beneficiary’s account – the bank account number corresponding to the IBAN standard registered on behalf of the Beneficiary in the credit institution of the Beneficiary’s country.
SEPA – Single Euro Payments Area which includes European Union countries plus Norway, Iceland, Liechtenstein, Switzerland and Monaco.
Amount – the monetary value in fiat currency that the Client has indicated in the Payment Order, i.e. the money that the Client wishes to transfer to the Beneficiary’s account.
Service/transaction – intermediation by the Payment Intermediary, in accordance with these Terms and Conditions and via the Portal, the payments available for the Client, in the course of which the Payment Intermediary performs the Payment Transaction on the basis of the Payment Order.
Service fee – the fee payable by the Client to the Payment Intermediary for the execution of a Payment Transaction. Fee rates are available in the Portal.
Actual beneficiary – a natural person who exercises control over a transaction, action or another person, and in whose benefit, profit or account the transaction or action is performed.
Intermediate account – the address of the Cryptocurrency wallet of the Payment Intermediary that the Payment Intermediary uses for the execution of a Payment Transaction.
Exchange rate – the price of the Cryptocurrency which is the basis for the Payment Transaction, expressed in fiat currency.
Video identification – a type of identification that allows the Payment Intermediary to identify the Client’s person. In the course of video identification, the Payment Intermediary conducts a video interview with the Client. Preconditions for the video identification are a computer with Internet access, a working webcam and a microphone.
Business relationship – the relationship between the Payment Intermediary and the Client, based on these User’s Terms and Conditions, under which the Payment Intermediary provides the Service to the Client in the course of its economic and professional activities. The beginning of a business relationship is the moment when the Client has provided the Payment Intermediary with the information required by the latter and has confirmed the acceptance of these terms and conditions.
Transfer fee – a service fee charged by the Correspondent Bank, which the Client undertakes to pay. Transfer rates are available on the Portal.
2. The service
2.1. General information
2.1.1. The Service offered by the Payment Intermediary is payment intermediation in which the Payment Intermediary converts the Cryptocurrency into fiat currency and executes the Payment Transaction specified in the Payment Order.
2.1.2. Payments are executed through the Correspondent Bank, in accordance with the agreement concluded between the Correspondent Bank and the Payment Intermediary.
2.1.3. Payments can be made to credit institutions of such countries that have adopted account numbers corresponding to the IBAN standard. The list of such countries is available on the Portal.
2.1.4. The Payment Intermediary acts only as an intermediary, i.e. the Payment Intermediary does not perform other transactions with Cryptocurrencies (purchase, sale, exchange, depositing).
2.2. Payment transaction
2.2.1. The Client shall:
184.108.40.206. Complete the Payment order
220.127.116.11.1. Beneficiary name (required);
18.104.22.168.2. Beneficiary account (required);
22.214.171.124.3. Amount in fiat currency (required);
126.96.36.199.4. Reference number (required, if not indicated);
188.8.131.52.5. Explanation (required if reference number is not indicated).
184.108.40.206. Selects the cryptocurrency in which the Client wishes to make a payment;
220.127.116.11. Enter the Client’s details:
18.104.22.168.1. First and last name;
22.214.171.124.2. E-mail address.
126.96.36.199. Confirms the accuracy of the submitted data;
188.8.131.52. Within 30 minutes after the acceptance referred to in clause 184.108.40.206 (it is not possible to add the missing amount later) performs the Cryptocurrency payment from the Client’s wallet address in the currency indicated by the Payment Intermediary to the Payment Intermediary’s Intermediate Account.
2.2.2. The Payment Intermediary shall:
220.127.116.11. Exchange the Cryptocurrency received from the Client into fiat currency in accordance with the current exchange rate;
18.104.22.168. Forward the Payment Order to the Correspondent Bank, which executes the Transaction Receipt and Account on the basis of the Payment Order.
2.3. Due dates
2.3.1. Conversion of the Cryptocurrency to fiat currency by the Payment Intermediary and the transfer of the Payment Order to the Correspondent Bank – 1 (one) Banking Day;
2.3.2. Approval of the Payment Order by the Correspondent Bank and execution of the Payment Transaction – from 1 (one) to 7 (seven) Banking Days, depending on the type of payment:
22.214.171.124. European payment – from 1 (one) to 3 (three) Banking Days;
126.96.36.199. Other taxes – from 3 (three) to 7 (seven) Banking Days.
2.3.3. The terms specified in clause 2.3.2 do not apply if for circumstances beyond the control of the Payment Intermediary, the Correspondent Bank has rejected, cancelled, suspended, etc. the Payment Transaction (clause 2.4.9).
2.4. Transaction statuses
2.4.1. Archived – archived (Payment Transaction has been accepted and the Payment Intermediary has deemed it to be concluded).
2.4.2. Cancelled – cancelled (Cryptocurrency has not been received within the specified term specified in clause 188.8.131.52);
2.4.3. Confirmed by bank – confirmed (The Payment Transaction is accepted by the Correspondent Bank and the Amount is being transferred to the Beneficiary’s account);
2.4.4. Full – being processed (Cryptocurrency is received in the correct amount and the Payment Order is executed by the system for the execution of the Payment Transaction);
2.4.5. Full with exception – being processed with an exception (Cryptocurrency has been received in higher or lower amount and, according to its value, the Payment Order has been generated by the system for execution of a Payment Transaction);
2.4.6. Incomplete – inadequate payment (Cryptocurrency was received in lower amount, i.e. after conversion, its monetary value in fiat currency is lower than the Amount stated in the Payment Order);
2.4.7. New – initiated (the Client has confirmed the execution of the Cryptocurrency payment and forwarded the Payment Order to the Payment Intermediary);
2.4.8. Prepared for bank – prepared (the Payment Order is prepared for the Correspondent Bank and is waiting to be transferred to the Correspondent Bank);
2.4.9. Repayment initiated – rejected (Payment Transaction has been rejected by the Correspondent Bank due to incorrect IBAN, invalid or telephone number etc.);
2.4.10. Sent to bank – being confirmed (the payment order has been submitted to the Correspondent bank for Confirmation);
2.4.11. Unconfirmed incoming – in processing (Cryptocurrency is on the way, but has not yet arrived at the Intermediate Account).
2.5. Cancellation of a transaction
2.5.1. In case the Cryptocurrency payment has not reached the Payment Intermediary’s Intermediate Account by the terms specified in clause
184.108.40.206, the Payment Intermediary shall cancel the Transaction.
2.5.2. In the event of any technical failure (eg lack of connection to the Exchange rate provider, etc.) that does not allow the Bank to complete the Transaction, the Payment Intermediary shall cancel the Transaction and immediately notify the Client via e-mail.
2.5.3. In the event that the Transaction reveals an identity for which the Payment Intermediary needs additional information or documents, it shall forward the relevant e-mail to the Client. In case the Client does not submit the information or documents required by e-mail within the time period prescribed, the Payment Intermediary cancels the Transaction, informing the Client without delay by e-mail.
2.5.4. Upon cancellation of a payment transaction in accordance with clauses 2.5.1 and 2.5.3, the Payment Intermediary shall return the Cryptocurrency received by the Client to the Client’s Wallet, less the Service Fee, within 1 (one) Banking Day.
2.5.5. Upon cancellation of a Payment Transaction on the basis provided in clause 2.5.2, the Payment Intermediary shall within 1 (one) Banking Day return the Cryptocurrency paid by the Client to the Client’s Wallet address without deducting the Service Fee.
2.6. Excess payment
2.6.1. In case the Client has transferred to the Payment Intermediary’s Intermediary Account a larger amount than required for executing the Payment Order, the Payment Intermediary shall forward notify the Client by e-mail and return the Cryptocurrency paid by the Client less the Service Fee and Transfer Fee to the Client’s Wallet within 1 (one) Banking Day.
2.6.2. In case if the Overpayment minus the Service Fee and Transfer Fee is less than or equal to 3 (three) fiat currency units, the Overcharge will not be returned to the Customer and the information about the Customer will not be sent by e-mail.
2.7. Missing payment
2.7.1. In case the Client has transferred to the Payment Intermediary’s Intermediary Account a smaller amount of Cryptocurrency that required for the execution of the Payment Transaction, the Payment Intermediary executes the Payment Transaction, but at such a value that corresponds to the value of the received amount of Cryptocurrency less the Service Fee and Transfer Fee. The Payment Intermediary notifies the Client without delay by e-mail about the Payment Transaction made on the basis of a defective payment.
2.8. Other important information
2.8.1. The exchange rate is fixed upon confirmation of the payment by the Client.
2.8.2. In case of cancellation of the Transaction and in case of Excess Payment, the Payment Intermediary notifies the Client without delay by e-mail, except as specified in clause 2.6.2.
2.8.3. All repayments to the Client are made in the same Cryptocurrency as the Client submitted to the Payment Intermediary, i.e. the Payment Intermediary does not execute payments in another virtual currency or fiat currency or other currency payments.
2.8.4. The Payment Intermediary shall perform all Cryptocurrency repayments to the Wallet Address notified by the Client to the Payment Intermediary. In case the Client has notified to the Payment Intermediary an invalid Wallet Address, the Payment Intermediary shall not be responsible for non-receipt of the Cryptocurrency.
2.8.5. The Payment Intermediary shall transmit all notifications to the Client by e-mail in English and the Client shall be responsible for ensuring that the notified e-mail address is correct.
2.8.6. In case the Client has started performing the Transaction, but shall not transfer the required amount of Cryptocurrency to the Payment Intermediary’s Intermediate Account, i.e. does not complete the Transaction, the Transaction is deemed to have not been carried out and shall have no legal consequences.
2.8.7. Payment Transactions are automatically executed by the Payment Intermediary’s system in accordance with the set criteria. In case the Payment Intermediary has doubts about the purpose, content, amount of the Transaction, etc. the Transaction shall be executed manually and the Payment Intermediary shall execute the Transaction after receiving confirmation from the Client or from other sources that the Transaction is legitimate and compliant. In the above case, the term for the Payment Transaction may be extended and may be longer than the term indicated in the clause 2.3.
2.8.8. The Transaction that has the status Sent to Bank, Confirmed by bank or Archived is irreversible and cannot be cancelled or recalled.
2.8.9. The Payment Intermediary is obliged to suspend, cancel or recall the Transaction at the request of a competent authority (e.g., Correspondent Bank, competent authorities). In this case, the Client shall cooperate with the Payment Intermediary to clarify the circumstances on which the application is based. In the above case, the term for the implementation set out in clause 2.3 do not apply.
3. Personal identification
In accordance with applicable laws and regulations regulating money laundering or terrorist financing, the Payment Intermediary shall collect sufficient data from the Client during the establishment and in the course of the business relationship, which, inter alia, would allow the Payment Intermediary to identify and check the Client’s identity and the purpose of the Transaction.
3.1. At the request of the Payment Intermediary, either through the questionnaire or video interview, the Client is obliged to submit/provide additional data and information for the Transaction, which include, inter alia:
3.1.1. Date of birth (day, month and year);
3.1.2. Residential address;
3.1.4. Name of the identity document accepted by the Payment Intermediate, number, date of issue, name of issuer (The list of identity documents accepted by the Payment Intermediary is available on the Portal);
3.1.5. a copy of the identity document including a face image;
3.1.6. Profession or field of activity;
3.1.7. Wallet address;
3.1.8. Information on whether a person is a close associate or family member of a PEP;
3.1.9. Data on the Actual Beneficiary, incl. information relating to companies related to a sole proprietor;
3.1.10. Name and registry code of the legal entity;
3.1.11. Country of residence of the legal entity, name and web address in the country of registration;
3.1.12. An up-to-date copy of the legal entity in the country of registration, which may include the details of the legal representative;
3.1.13. Postal address of the legal entity;
3.1.14. Identity of the representative of the legal entity.
3.2. A legal entity will use the Service through its Representative. In case the Representative is an authorized person, a notarized and apostilled document/power of attorney must be submitted at the request of the Payment Institution.
3.3. For personal identification and verification the Payment Intermediary makes enquiries to trusted, independent registers and databases on the basis of personal data and copies of documents transmitted by the Client.
3.4. The Payment Intermediary has the right at any time to request from the Client to submit his or her data, incl. the source of wealth and the purpose of the business, to supplement the data and documents.
3.5. In the event that the Client does not submit the required documents or submits false information, it is treated as a fraud and the Payment Intermediary is required to suspend the provision of the Service and immediately transmit the relevant information to the competent authority.
3.6. The Payment Transaction Limit set by the Payment Intermediary for the Client depends on the level of risk assigned to the Client Profile and the amount of Transaction(s) established in the Payment Intermediary’s Internal Rules of Payment.
3.7. Depending on the risk profile and the Transaction amount, the Client, at the request of the Payment Intermediary, must perform additional personal identification in one of the following ways:
3.7.1. The Client sends to the Payment Intermediary in a legible and comprehensible format a copy of a utility bill in his/her place of residence/domicile, bank certificate, tax return, or other document that includes the Client’s name, address and date of issue, which may not be older than 3 (three) months.
3.7.2. Video identification
4. Requirements for documents
Documents sent to the Payment Intermediary must meet the following requirements:
4.1. Copy of an ID document
4.1.1. In colour and clearly legible;
4.1.2. May not contain fields or information that is partially or wholly hidden/covered;
4.1.3. Must be valid and the data indicated on it must completely coincide with the data that the Client has provided to the Payment Intermediary;
4.1.4. Must be made in both documents;
4.1.5. Must be in the form accepted by the Payment Intermediary (.jpg)/(.png).
4.2. Utility bill, bank certificate, tax return, etc. document
4.2.1. Must contain the Client’s name, address, the date of issue, the name of the document (invoice, driving license, etc.), data of the issuer of the document;
4.2.2. Must not be older than 6 months;
4.2.3. The address on the document must coincide with the data transmitted to the Payment Intermediary and may not be a mailing address;
4.2.4. must be in the format accepted by the Payment Intermediary (.jpg)/(.png).
4.3. All documents must be presented separately (e.g., identity document and utility bill).
5. Rights, assurances and responsibility
5.1. The Client confirms that:
5.1.1. The Cryptocurrency that the Client has transferred to the Payment Intermediary’s Intermediary Account is paid from the Client’s Wallet, the Cryptocurrency belongs to the Client and originates from legal sources;
5.1.2. The Client shall not perform the Transaction for a criminal purpose, including money laundering, tax fraud, terrorist financing or other malicious activities;
5.1.3. The Client shall provide complete, correct and up-to-date information about him/her and, if the data changes, updates it as soon as possible;
5.1.4. The Client shall keep all the necessary data for making the Transaction unavailable to third parties;
5.1.5. The Client informs the Payment Intermediary immediately if he/she has identified or suspected a breach of security;
5.1.6. The Client is responsible for the legality of all transactions involving the Transaction;
5.1.7. The e-mail address that he/she has provided to the Payment Intermediary is correct and he/she receives the notifications sent to such an e-mail address.
5.2. Client’s liability:
5.2.1. In case the Client gives his access or other information relevant to the Transaction to a third party, it does not release the Client from the responsibility for the performance of these Terms and Conditions;
5.2.2. Acceptance of these Terms and Conditions does not limit or exclude his/her liability for negligence or maliciousness;
5.2.3. The Client is solely responsible for damages incurred as a result of the execution of the Transaction related to violation of rights and/or laws of third parties, incl. undeclared income.
5.2.4. The Client is responsible for declaring and payment of tax for any income received from the Transaction in accordance with the laws of his/her country of residence or domicile.
5.3. Payment institution rights:
5.3.1. The Payment Intermediary is entitled to suspend the provision of the Service at any time and to deny the Client access to the Service if the Payment Intermediary has discovered that the Client has violated these User’s Terms of and Conditions or otherwise behaved maliciously;
5.3.2. The Payment Intermediary has the right to suspend the provision of the Service for the maintenance of the systems by informing the Client in advance by e-mail and/or via the Portal, except for an emergency that requires immediate action and cannot be foreseen.
5.4. Obligations of the Payment Intermediary:
5.4.1. The Payment Intermediary is obliged to immediately inform the competent authority of all necessary information about the Client and the Transaction, if there is a suspicion of fraud and/or criminal intent.
5.4.2. The Payment Intermediary shall provide the Service with reasonable diligence and best practice, in accordance with these Terms and Conditions and applicable legal acts.
5.4.3. In case of system malfunction, the Payment Institution shall take reasonable measures to ensure that the Client can use the Service in an ordinary manner in accordance with these Terms and Conditions.
5.5 Liability of the Payment Intermediary:
5.5.1. The Payment Intermediary is solely liable for such damages in the provision of the Service incurred as a result of by the Payment Intermediary as a result of gross negligence and breach of these Terms and Conditions by the Payment Intermediary.
5.5.2. The Payment Intermediary is not responsible for:
220.127.116.11. Delays, interruptions or other reasons caused by Internet connection failures;
18.104.22.168. Delays caused by third persons and Correspondent Bank;
22.214.171.124. The accuracy of the Wallet address provided by the Client and the related non-receipt of Cryptocurrency payments;
126.96.36.199. The accuracy of the data that the Client has indicated in the Payment Order and possible problems and/or losses arising therefrom;
188.8.131.52. Disruption or damage (including non-material loss and/or loss of profit) caused to the Client by failure of the Portal.
6. Final provisions
6.1. Communication of notifications’
6.1.1. All communications between the Parties shall be made by e-mail in English.
6.1.2. The message sent by e-mail is deemed to have been served on the other Party on the calendar day following its dispatch.
6.2. Dispute resolution and jurisdiction
6.2.1. These Terms and Conditions are subject to the laws of the Republic of Estonia unless stated otherwise.
6.2.2. All disputes relating to the Service shall be resolved by negotiation. In the event of a failure in negotiations, disputes shall be settled in a court of the Republic of Estonia.
6.2.3. In the event that any part of these Terms and Conditions is found to be invalid or contradictory, this part is considered to be separable and the invalidity of one part will not affect the validity of the remaining Terms and Conditions.
6.3. Force Majeure
6.3.1. The Parties are not liable for failure to perform or breach of their obligations if it is caused by force majeure (for example, an act of war, riot, natural phenomenon, strike, interruption of communications services, interruption of power supply, cyberattack), the activities of public authorities or any other circumstance independent of the Party that the Party that violated the obligation could not have influenced, and the Party could have been expected to exclude it in terms of reason.
6.4. Insolvency of the Payment Intermediary
6.4.1. In case of insolvency of the Payment Intermediary, the Client retains all rights to his Cryptocurrency, which he/she has transferred to the Payment Intermediary’s Intermediate Account at the moment of the declaration of insolvency and whose Payment Transaction has not been completed. In the above case, the Cryptocurrency shall be returned in full to the Client’s Wallet address.