PRELIMINARY INFORMATION AND GENERAL TERMS AND CONDITIONS APPLICABLE TO PAYMENT TRANSACTIONS

ONE.- About RIA

Ria Payment Institution E.P., S.A.U. (hereinafter, RIA), with registration number (CIF) A- 80696792 and head office located at Calle Cantabria 2, 28108, Alcobendas, Madrid (Spain), was authorised by the Ministry of Economy and Treasury of Spain as a Payment Institution on 28 July 2011. RIA is registered with the Commercial Register of Madrid (Sheet M-116398 Volume 7171 Page 215) and holds license number 6842 with Bank of Spain located at C/ Alcalá, 48 28014 Madrid, Spain (RIA´s license details can be accessed at www.bde.es). RIA may be contacted by post at its head office address indicated herein, by phone (+34 91 7613760) or by email at TitularServicioCliente@riafinancial.com.

The purpose of these General Terms and Conditions is to establish the rights and essential obligations between RIA and its customers in the provision of payment services regulated inAct 19/2018, of 23 November, on payment services and other urgent related matters of financial nature (hereinafter "Payment Services Act"), to allow the execution of Payment Transactions by signing, where appropriate, the respective individual contracts establishing the specific conditions applicable to the specific payment service in question (hereinafter, the "Individual Payment Orders").

TWO.- Definitions

The following terms used throughout these Terms and Conditions shall have the meaning and scope indicated below:

“Beneficiary” means a person intended to receive funds from a Sender.

"Business Day" means any day other than (i) Saturday or Sunday or (ii) a day on which commercial banks in the country of  the Sender’s or Beneficiary's payment service provider involved in the execution of the Payment Transaction are not open for business.

“Customer” means, when acting RIA as the payment servide provider (i) in the context of a "consumer",  a Sender, Beneficiary or both who acts for purposes unrelated to his economic, commercial or professional activity.; and (ii) in the context of a "Non-consumer", a Sender, Beneficiary or both who acts in the development of his economic, commercial or professional activity.

“Money Remittance” means a payment service that allows Sender to send funds to Beneficiaries without creating a payment account in the name of the Sender, for the sole purpose of transferring an equivalent amount to a Beneficiary or to another payment service provider that acts on behalf of the Beneficiary;

“Payment Transaction” means an action, initiated by the Sender or by the Beneficiary, as the case may be,consisting of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the two; and

“Sender” means a person who gives a Payment Transaction instruction for the payment of funds to a Beneficiary.

THREE.- Scope of application

These General Terms and Conditions apply to the following payment services that are provided in Germany:

·         Money Remittance.

FOUR.- Conclusion of Contracts; Actions of the Customers

By signing the Sender Form, the customer makes a binding offer to enter into a one-off transaction payment service agreement. RIA will accept the offer by confirming the Sender's payment order. RIA reserves the right to refuse the conclusion of a payment transaction without giving reasons. Please note that all transactions must be prefunded and that no transaction will occur unless the full transaction amount has been received by RIA.

If RIA is the payment service provider of the Beneficiary, pay-out of the transferred amount is subject to conclusion of a contract between RIA and the Beneficiary as customer. The agreement between RIA and the Beneficiary will be concluded at the pay-out site. By signing the Receipt Form the Beneficiary, the Beneficiary makes a binding offer to enter into an one-off transaction payment service agreement. RIA will accept the offer by making the payment to the Beneficiary.

Customers may be consumers or entrepreneurs within the meaning of applicable laws and regulations.

FIVE.- Information obligations prior to the issuance of a Payment Transaction

The Sender and Beneficiary must provide to RIA the information and documentation determined by RIA from time to time, that may include without limitation the following:

Data relating to natural persons:

Full name, surnames, valid and in force identification number (residence card, ID card, passport or valid and in force identification document of the country of origin that includes photograph and signature), nationality, date of birth, place of birth, valid postal address, telephone, IBAN number for bank account deposits (if service available through RIA) and purpose for which the Payment Transaction is made.

Data relating to Legal persons:

Deed of incorporation, Articles of Association, Certification of the Companies Registry, Corporation Tax Code. When beginning the relationship, information will be requested on the shareholding and control structure of the company. In addition, information about the control and ownership structure and about the ultimate beneficial owner will be required. In the event that the Customer who is not a Consumer acts through an agent or representative,  the original identification document of the Customer must be, an original identification document of the representative and a document proving the current power of attorney of the representative. Additional KYC-checks may apply. Customers who are Consumers cannot act through an agent or representative.

The Sender undertakes to verify the accuracy and integrity of the data relating to the Payment Transactions it orders RIA to perform the execution of any of the payment services described in Section Three of these Terms and Conditions, especially as regards the identification details of the Beneficiary and the economic terms of the Individual Payment Order, an order that will have a unique number for future tracking or a unique identifier. Such Individual
Payment Order together with these Terms and Conditions form, for the purposes of the Payment Services Act, the individual contract that will govern that Payment Transaction.

When a Payment Transaction is executed in accordance with the instructions received from the Sender and recorded in the Individual Payment Order, it will be considered to have been correctly executed in relation to the specified Beneficiary. Therefore, should any of the data provided by the Sender be incorrect for reasons attributable to the Sender, RIA will not be responsible for the non-execution or defective execution of the Payment Transaction. For clarification purposes, the Sender shall not be responsible for any incorrect data originated because of RIA´s or the agent's fault.

In accordance with applicable laws and regulations, for each Payment Transaction RIA may request a valid identification document and will  copies of such identification documents of the Customers in optical, magnetic or electronic format to guarantee their integrity, the correct reading of the data, the impossibility of their manipulation and their adequate conservation and localisation. 

RIA may request at any time for the amount of the Payment Transaction tol be credited into a bank account held by RIA.

Furthermore, enhanced due diligence measures for the identification and better knowledge of the Customers will be adopted in Payment Transactions whose amount, either individually or accumulated in each calendar quarter, exceeds EUR 3,000 or for any other amount and period determined by RIA from time to time.

In the event that you have at any time selected digital delivery of your receipt, you can change this option to receive your receipt in paper form at the time of submitting an Individual Payment Order.

SIX.- Expenses and applicable fees

For RIA´s provision of payment services, including Money Remittance, the Customer, whether acting as Sender, must pay RIA the expenses and commissions applicable to the Payment Transaction in question in accordance with the settlement that is carried out in the Individual Payment Order.

The Beneficiary of a Payment Transaction will be paid the full amount recorded in the Individual Payment Order delivered to the Sender, , it being understood that the Beneficiary agrees when RIA acting as its payment service provider country for RIA to deduct its expenses from the amount transferred before paying it .

If the payment service provider of the Sender or Beneficiary is different from RIA, such payment service provider may charge fees and taxes associated with the Payment Transaction .

For Payment Transactions in which the Customer is the Beneficiary, RIA may deduct its expenses from the amount transferred before paying it, except for those Payment Transactions initiated through RIA, in which case the total amount of the Payment Transaction will be paid, without any deduction.

In the event that three (3) months have elapsed since the receipt of funds for Payment Transactions without the payment order having been paid to the Beneficiary and the funds being returned to the Sender for reasons out of RIA´s control, RIA may charge a monthly fee against such funds for the purpose of compensating RIA for those reasonable costs incurred by RIA in connection with RIA´s efforts to reimburse the Sender the outstanding funds and RIA´s management of the funds while in its possession. The maximum fees applicable by RIA for those costs incurred by RIA as provided herein are set out in the fees table at the end of these Terms and Conditions.

Information regarding the Terms and Conditions for RIA´s provision of payment services, including Money Remittance, is provided free of charge to the Customer. However, RIA may pass on to the respective Customer those reasonable expenses incurred by RIA forthe revocation of Payment Transactions and those that arise from the recovery of funds for Payment Transactions where the Customer provided  an incorrect unique identifier. For clarification purposes, the Customer shall not be responsible for any incorrect data originated because of RIA´s or the agent's fault. The customer may provide proof that the expenses did not occur at all or were significantly lower.

The exchange rates applicable, as the case may be, to the currency conversion implicit in the Individual Payment Orde r will be made available to Customers along with the commissions applicable to the Payment Transaction from time to time and will be accepted by the Customer with the signature of each Individual Payment Order.

SEVEN.- Consent, irrevocability and cancellation of Payment Transactions.

Consent:

The consent of the Sender to the execution of a Payment Transaction is provided by signing the corresponding Individual Payment Order. The Individual Payment Order is deemed to have executed in accordance with the Sender’s instruction if the payment has been made to the Beneficiary named in the Sender Form and the identity of the Beneficiary has been confirmed using an official and valid identification document (e.g. passport).

RIA is not responsible for the loss or misuse by the Customer for the document evidencing the Individual Payment Order as provided by RIA. RIA advices Customer to handle Individual Payment Orders carefully. Customer should not use the service for payments for purchases, down payments, making deposits, or online services, or for sending money to strangers.

Irrevocability:

The Sender may not revoke a Payment Transaction order after receipt by RIA of the respective Individual Payment Order signed by the Sender.

Cancellation of Payment Transactions:

The Sender may withdraw consent at any time prior to the dates of irrevocability indicated above. RIA may charge expenses proportional to those reasonable costs incurred by RIA for the revocation of the Sender's consent as agreed with the Sender for any Individual Payment Order. The customer may provide proof that the expenses did not occur at all or were lower.

When a Sender wishes to cancel a Payment Transaction, he/she must appear at the establishment where he/she ordered it with the respective Individual Payment Order receipt and a valid identification document. Only after verifying (i) that the Payment Transaction has not been paid at the destination country to a Beneficiary, and (ii) the identity of the Sender, RIA shall proceed with the cancellation. For clarification purposes, cancellations shall at all times be conducted in person (not remotely) at the premises where the Sender ordered the execution of the Payment Transaction.

If a Payment Transaction is cancelled, RIA will reimburse the funds to the Sender through the agent, through its own RIA store/s (if any) or through a deposit into the Sender's bank account as agreed with RIA.

EIGHT.- Execution of payment transactions

8.1. Receiving Payment Transactions

The time of receipt of a Payment Transaction shall be that at which it is received by RIA (e.g. through an agent). If the time of receipt is not a Business Day for RIA, the Payment Transaction will be deemed to have been received the following Business Day.

Payment Transactions will be executed when the Sender has placed sufficient funds at the disposal of RIA.

RIA reserves the right to refuse the execution of a Payment Transaction if, prior to the execution of a Payment Transaction, the Sender does not provide RIA with all funds, incuding when the Sender initiates the Payment Transaction by means of a payment card, or in the event of suspected or actual fraud or objectively justified security concerns . In the event that RIA rejects the execution of a Payment Transaction, it will notify the Sender of said refusal and, if possible, the reasons for it, as well as the procedure to rectify possible errors that led to such refusal, unless any applicable law or regulation prohibits such notification.

Payment Transactions rejected will not be considered as received for the purposes of Section 8.2, below.

Payment Transactions initiated on paper shall be deemed received on the  Business Day following such day of RIA´s receipt of the Individual Payment Order signed by the Sender.

8.2. Term of execution and value date

a) Scope of application.- it is expressly agreed that the provisions regarding the execution period and value date will only be applied to Payment Transactions made (i) in euros or (ii) converted from euros to a different currency of a country of the European Economic Area in which both payment service providers are located in the European Union.

b) Payment Transactions in which the Customer is the Sender. In relation to Payment Transactions of the Sender, RIA will ensure that the amount of the Payment Transaction is paid into the account of the Beneficiary's payment service provider, at the latest, at the end of the Business Day following the day of receipt of the Payment Transaction order. If the time of receipt is not a Business Day, the Payment Transaction will deemed to have been received during the following Business Day.

c) Payment Transactions in which the Customer is the Beneficiary. In the case of Payment Transactions in which the Customer is the Beneficiary, RIA will make available the funds of the Payment Transaction one the same Business Day on which the funds of the Sender's payment service provider have been received.

Payment Transactions in which any of the payment service providers are located outside the EEA or executed in a currency other than a currency of a member State of the EEA are not subject to the above provisions regarding execution date and value date unless otherwise provided herein. In these cases, the execution deadlines will depend on the Beneficiary's payment service provider, with RIA undertaking to perform its part of the transaction (only as the Sender's payment service provider) within a maximum period of three Business Days from the Business Day following the receipt of the Payment Transaction order.

8.3. Impossibility of executing a Payment Transaction

In the event that funds received from Senders are in RIA's possession at the end of the Business Day following the day they were received, they will be deposited in a separate account in a credit institution or will be invested in safe, liquid and low risk assets as established by applicable laws and regulations.

NINE.- Payment Transactions involving currency conversion and currency exchange services

RIA will make available to its Senders  the currency exchange rates applicable to Payment Transactions. . . In any event, the exchange rates shall be communicated to Senders prior to the Sender´s acceptance to issue a Payment Transaction order and will be included in the Individual Payment Order that includes the settlement thereof.

Payment of the amount to the Beneficiary of the Payment Transaction ordered by the Sender will be made in the currency and through the payment method available through RIA (for example in cash or by crediting the Beneficiary´s bank account) as agreed between RIA: If the Beneficiary agrees with its service provider to convert the payout amount into a different currency or change the payment method, such transaction shall be separate and apart from the Payment Transaction sent by RIA, and solely between the Beneficiary and its service provider..

Nothing in this agreement shall restrict RIA right to reject any Payment Transaction if the execution conditions set out in this agreement on payment services are not met or execution violates any other legal provisions.

TEN.- Payment Transactions not authorised or executed improperly

When the Customer is aware that an unauthorised or improperly executed Payment Transaction has taken place, it must communicate this fact without undue delay to RIA in order to proceed with the correction.

The communication referred to in the preceding section must occur within a maximum period of thirteen (13) months from date on which Ria has provide or made available to Customer the information corresponding to the Payment Transaction.

When acting RIA as payment service provider of the Sender:

-          In case of an unauthorised Payment Transaction, RIA will immediately refund to the Sender the amount of the unauthorised Payment Transaction and in any event no later than by the end of the following Business Day, after noting or being notified of the transaction, except where RIA has reasonable grounds for suspecting fraud and communicates those grounds to the relevant national authority in writing.

-          In case of a defective execution of the Payment Transaction for which RIA is liable, RIA will immediately refund to the Sender the amount of the defective Payment Transaction.

When RIA is acting as the payment service provider of the Beneficiary and in case of a defective execution of the Payment Transaction for which RIA is liable, RIA will immediately place the amount of the defective Payment Transaction at the Beneficiary disposal.

The liability of Ria for loss caused because by non-execution, late, or erroneous execution of a payment order which is not already covered by section 675y of the German Civil Code (Bürgerliches Gesetzbuch; BGB) will be limited to 12,500 EUR; this does not apply in case of intent and gross negligence, to lost interest and to risks which Ria has particularly assumed. Ria is responsible for a failure of an intermediary agency unless the main cause lies with an intermediary agency which was selected by the Customer.

In all cases other than the ones stated in section 675u – 675z BGB, Ria is only liable as follows:

-          Damages caused by Ria's gross negligence or intent; and

-          Damages resulting from injury to life, body or health, claims under the German Product Liability Act (Produkthaftungsgesetz) and any guarantees given; and

-          Damages caused by a breach of a main contractual obligation. Main contractual obligations are Ria's obligations to the Customer, which ensure Ria's proper performance under this agreement and on which the Customer may rely on. If Ria is liable for a breach of a main contractual obligation, the amount of damages is limited to the amount foreseeable upon conclusion of the agreement.

ELEVEN.- Data Protection

RIA´s Privacy Policy (available by clicking on the “Privacy Policy” link on www.riamoneytransfer.com) sets out the terms on which RIA processes any personal data collected from Customers, or that Customers otherwise provide or have provided to RIA.

TWELVE.- Applicable legislation

The legal relationships will be governed by German law.

The language applicable to the contractual relationship between RIA and the Customer is German.

For any questions or concerns about a Payment Transaction executed with RIA or these Terms and Conditions, you may contact RIA´s Customer Service at:

RIA CUSTOMER SERVICE:

C/ Cantabria 2,
28108 Alcobendas, Madrid, Spain
Tf +49 30 221 521 950
E-mail germanyCS@riafinancial.com

Customers must submit their complaints for addressing any dispute, in writing (i) in person at any of the offices of RIA PAYMENT INSTITUTION, E.P., S.A.U; (ii) by post to the attention of the Customer Service Representative of RIA PAYMENT INSTITUTION, E.P., S.A.U., Calle Cantabria 2, 28108, Alcobendas (Madrid), Spain; or (iii) by e-mail to TitularServicioCliente@riafinancial.com.

The Customer Service Department will reply to the complaints submitted by Customers within a maximum period of fifteen (15) Business Days of receipt of the complaint, unless for exceptional circumstances (to be notified by RIA to the Customer within such period) the deadline of the final reply needs to be extended to no more than one (1) month from the receipt of the complaint.

In the event that the complaint  filed with the Customer Service Representative of RIA was rejected or the above mentioned period to reply has elapsed without the aforementioned Customer Service Department having answered, the Customer may submit its claim to the Banking Services Customer Service Ombudsman (through the Claims Department) by post to Banco de España, Departamento de Conducta de Mercado y Reclamaciones, C/ Alcalá 48, 28014 Madrid; or through the Virtual Office of the Bank of Spain.

MAXIMUM FEES

The current fees of Ria Payment Institution E.P., S.A.U. (hereinafter, RIA) are not subject to any type of review by the Bank of Spain, are the MAXIMUM and apply to all Customers, both consumers and non-consumers, with RIA reserving the right to apply lower fees to its Customers for any of the items outlined.

1.- ADDITIONAL SERVICES

Cancellation, modification or return of money remittances (Note 1)

Fees: The reasonable expenses that arise for RIA will be passed on to the respective Customer.

Money Remittances with insufficient or incorrect data (Note 2)

Fees: The reasonable expenses that arise for RIA will be passed on to the respective Customer.

Balance management (Note 3)

Fees: € 3.00/month

Note 1. Cancellation, modification or return of Money Remittances.

RIA will take the necessary steps to execute a Payment Transaction order issued by the Sender in order to cancel, modify or attempt to withdraw a Payment Transaction order.

If the actions carried out involve expenses charged by third parties, such expenses being reasonable, these will be passed on to the respective Customer even if said actions were unsuccessful for reasons not attributable to RIA.

Note 2. Payment Transactions with incomplete or incorrect data.

The omission of any of the data necessary for executing a Payment Transaction will not entail charging an additional fee to the respective Customer thereof, although RIA will pass on to the respective Customer those reasonable costs incurred by RIA for any steps taken (despite being unsuccessful for reasons not attributable to RIA) to (i) obtain the details necessary to execute the Payment Transaction, even if the said steps are unsuccessful for reasons not attributable to RIA as established in Section 8.2, above,or (ii) recover the funds form third parties if it is not finally possible to pay the Payment Transaction or (iii) reimburse the funif and return the funds to the respective Customer or its payment service provider irrespective of RIA deciding not to locate the incomplete or incorrect data.

Note 3. Balance management.

In the event that funds received from Senders are in RIA's possession at the end of the Business Day following the day in which received, such funds will be deposited in a separate account in a credit institution or will be invested in safe, liquid and low risk assets as established by applicable laws and regulations. After a period of three (3) months from the receipt of funds without the Payment Transaction being paid to the Beneficiary and the funds being returned to the Sender for reasons out of RIA´s control, RIA may charge a monthly fee against such funds for the purpose of compensating RIA for those reasonable costs incurred by RIA in connection with RIA´s efforts to reimburse the Sender the outstanding funds and RIA´s management of the funds while in its possession.