Bitpanda Payments Terms & Conditions

Framework agreement

Version 1.0.0, valid as of October 8, 2019

1. Information by Bitpanda Payments GmbH pursuant to the Payment Services Act 2018, and the Remote Financial Services Act

1.1 Information and contractual terms regarding the payment service provider

1.1.1 Name, address and contact

Bitpanda Payments GmbH (“Payments“)
Address: Campus 2, Jakov-Lind-Straße 2, A-1020 Wien
Email: support@bitpandapayments.at

1.1.2 Competent regulatory authority

Financial Market Authority (Finanzmarktaufsicht), Department Bank Supervision (Bereich Bankenaufsicht), Otto-Wagner-Platz 5, 1090 Vienna

1.1.3 Registrations

Entry in the electronic Register of Payments Services (Zahlungsdiensteregister) of the Financial Market Authority pursuant to Sec 13 para 2 of the Austrian Payment Services Act 2018 (Zahlungsdienstegesetz 2018; “ZaDiG 2018”) (www.fma.gv.at)

Commercial Register Number: 501412 x;

Register Court: Commercial Court of Vienna

VAT registration number: ATU74324536

1.1.4 Main business activity

Payments offers the following services:

  • Payment Transfer Services: services for the execution of payment transactions, including the transfer of funds to a payment account with Payments or with another payment service provider.

  • Money Remittance Services: services where funds are received from a payer, without any payment accounts being created (in the name of the payer or the payee), for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, or where such funds are received on behalf of and made available to the payee.

  • Payment Initiation Services: a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider.

1.1.5 Business relationship Bitpanda GmbH

Payments offers services exclusively to and enters into contracts only with verified clients of Bitpanda GmbH with its registered office in Campus 2, Jakov-Lind-Straße 2, 1020 Vienna, registered in the commercial register under FN 423018k (register court: Commercial Court Vienna). Further information is contained in the GTC (see point 2.), in particular in point 2.1.2 (General Provisions)

1.2 Framework agreement, information and commercial terms regarding the use of payment services

1.2.1 A person who orders a payment service from Payments via the Bitpanda Systems (as defined in point 2.3.1) is called a “Client” or “you”.

1.2.2 To provide payment services to a Client, the Client and Payments conclude a Framework Agreement (the “Framework Agreement”). The Framework Agreement contains the information pursuant to sec 48 ZaDiG 2018 including the information pursuant to sec 5, 7 and 8 of the Remote Financial Services Act (Fern-Finanzdienstleistungsgesetz, “FernFinG”), (see point 1) and the General Terms and Conditions of Payments including its annexes as amended ("GTC"; see point 2.).

1.2.3 When ordering a payment service, the Client receives the Framework Agreement electronically (e.g. email) prior to conclusion and by clicking on the respective boxes, the Client agrees to the conclusion of the Framework Agreement. The entire business relationship between the Client and Payments is based on this Framework Agreement.
The information and contractual conditions regarding the use of the payment service are contained in the GTC, in particular in point 2.3 (Services of Payments), point 2.4 (Required information), point 2.5 (Issuing and authorization of the payment order by the Client), point 2.6 (Receipt of the payment order by Payments), point 2.7 (Revocation of the payment order) and point 2.11 (Maximum execution period).

1.3 Information and contractual terms regarding fees, interest, exchange rates and costs

1.3.1 The information and contractual conditions regarding fees, interest and exchange rates are contained in the GTC (see Section 2.), in particular in point 2.12 (Charges, cost reimbursements and interest) together with Annexes ./1, ./2 and ./3 and in point 2.13 (Exchange rates).

1.3.2 All agreed charges, cost reimbursements and interest (e.g. interest on arrears) shall be paid by the Client in accordance with Section 2.12.2 of the GTC. Processing fees shall be invoiced upon execution of the payment transaction. In all other cases, invoicing shall normally take place on a monthly basis.

1.3.3 You have to bear the costs for the use of means of distance communication by yourself.

1.4 Information and contractual terms regarding communication

1.4.1 The Framework Agreement shall be concluded in the English language. For the duration of the contractual relationship, communication shall generally be in English.

1.4.2 The Client may at any time during the term of the Framework Agreement request the submission of this information and contractual terms in paper or electronic form. If the information and contractual terms are requested and made available more frequently, the actual costs incurred (e.g. postage charges) may be passed on.

1.4.3 The information and contractual terms regarding communication are otherwise contained in the GTC (see point 2.), in particular in point 2.14 (Communication).

1.5 Information and contractual terms regarding protective and remedial measures

1.5.1 You undertake to hold any and all details of your password, registration code, TANs, fingerprints or PIN strictly confidential at any time. You must inform Payments immediately of the loss, theft or unauthorised use of the passwords, registration code, TANs fingerprints or PIN as soon as the Client becomes aware of this by sending an email to support@bitpandapayments.com.

1.5.2 The information and contractual terms regarding protective and remedial measures are otherwise contained in the GTC (see point 2.), in particular in point 2.10 (Refusal of execution).

1.6 Information and contractual terms regarding amendments and termination of the Framework Agreement

The information and contractual terms regarding amendments and termination of the Framework Agreement are contained in the GTC (see point 2.), in particular in point 2.2 (Amendment of the GTC) and in point 2.21 (Duration of contract, termination).

1.7 Information regarding the distance contract

Pursuant to Sec 8 FernFinG, the Client has the right to withdraw from the concluded Framework Agreement within 14 days. The withdrawal period begins with the day of the conclusion of the Framework Agreement, whereby the day on which the Client is enabled to use the services of Payments shall be deemed the day of the conclusion of the Framework Agreement. The withdrawal from the Framework Agreement has to be expressly declared to Payments, Campus 2, Jakov-Lind-Straße 2, 1020 Vienna. Within the withdrawal period, performance of the contract may only begin with the express consent of the Client.

1.8 Information and contractual terms regarding remedies

You are entitled to file a complaint with the Financial Market Authority pursuant to Sec 13 AVG and to assert your rights before the ordinary courts. The Austrian banking industry has established a "Joint Conciliation Body of the Austrian Banking Industry" (Gemeinsame Schlichtungsstelle der Österreichischen Kreditwirtschaft), Wiedner Hauptstrasse 63, 1045 Vienna (www.bankenschlichtung.at) to resolve certain complaints. Also, Clients of Payments can contact this out-of-court FIN-NET conciliation body in writing or electronically (office@bankenschlichtung.at). In addition, the ombudsman service of the Professional Association of Financial Service Providers (Fachverband Finanzdienstleister) in the Austrian Federal Economic Chamber (Wirtschaftskammer Österreich) can be contacted at fdl.ombudsstelle@wko.at.

1.9 Contractual terms regarding applicable law and jurisdiction

The information and contractual terms regarding applicable law and jurisdiction are contained in the GTC (see point 2.), in particular in point 2.25.1 (Applicable law) and in point 2.25.2 (jurisdiction).

1.10 Statutory information requirements

The statutory information obligations are fulfilled within this Framework Agreement and Payments has no further information obligation beyond these. Payments shall therefore not be obliged – insofar as there is no statutory or contractual obligation - to provide the customer with other advice or information regarding its services. The information obligations provided for in sections 32 to 54 ZaDiG 2018 do not apply to entrepreneurs.

2. General Terms and Conditions of Bitpanda Payments GmbH
2.1 General Provisions

2.1.1 These GTC (as defined in point 1.2.2) apply to the entire business relationship between the Client (as defined in point 1.2.1) and Payments (as defined in point 1.1.1).

2.1.2 Payments offers services exclusively to and enters into contracts only with verified clients of Bitpanda GmbH. In the relationship between the Client and Bitpanda GmbH, the agreed General Terms and Conditions of Bitpanda GmbH ("Bitpanda GTC") continue to apply (retrievable via https://www.bitpanda.com/en/legal#terms). For details regarding the verification please refer to the Bitpanda GTC.

2.1.3 Payments offers services only to and enters into contracts only with persons of legal age.

2.1.4 Payments only allows Clients to use its services on their own account. It is also forbidden to act as an intermediary of any kind or broker of any kind or trustee of any kind for any person or to allow access of any kind to the account to any other person than yourself.

2.1.5 By ordering a payment service and by clicking on the respective boxes, the Client agrees to these GTC.

2.1.6 For an overview of the definitions used in the Framework Agreement please refer to Annex ./4.

2.2 Amendment of the GTC

2.2.1Payments shall offer you amendments to these GTC at least two months prior to the proposed date of entry into force. A comparison shall be attached to the amendment offer in which the provisions concerned, and the proposed amendments are set out. The amendment offer will be communicated to you. Your consent shall be deemed to have been given if Payments has not received a written or electronic objection from you prior to the proposed effective date to the email address: support@bitpandapayments.com.

2.2.2 Payments shall inform you in the amendment offer that failure to object in writing or electronically to the email address: support@bitpandapayments.com, shall be deemed acceptance of the amendments and that a Client, who is a consumer, shall have the right to terminate the Framework Agreement without notice and free of charge until the amendments take effect. Payments will also publish the comparison of the amendments and the complete version of the new GTC on its website https://www.bitpanda.com/en/legal#terms and will send the Client the complete version of the new GTC upon request. This must also be referred to in the amendment offer.

2.3 Services of Payments (essential features of the payment services)

2.3.1 On the electronic platform or mobile application operated by Bitpanda GmbH and associated APIs of such platform or application ("Bitpanda Systems"), electronic wallets ("Wallets") are assigned to the Client. In these Wallets, the deposit amounts which the Client can dispose of are shown.

2.3.2 You may instruct Payments to transfer your respective balance on a Wallet to the Wallet of another Client of Payments ("Payments Payee") and to adjust the balances on your Wallet and the Wallet of the Payments Payee accordingly ("Internal Transfer"). Conversely, the Client may receive such transfers from other Clients of Payments.

2.3.3 The Client may also instruct Payments to transfer its respective balance to your Wallet, cashlessly in favour of a payee, directly to a payment account held in the payee's name ("External Transfer"). Conversely, the Client may receive Transfers from a payer directly from a payment account held in the payee's name in such a way that Payments transfers the amount in favour of the Client to the originally used Wallet (e.g. when recovering an amount of money).

2.3.4 The Client may also instruct Payments to initiate a transfer from a payment account held in the Client's own name in favour of a payee to a payment account held in the payee's name (e.g. also to the payment account of Bitpanda GmbH) ("Payment Initiation").

2.3.5 The Client can only instruct Payments via the Bitpanda Systems to initiate services in the meaning of 2.3.2, 2.3.3 and 2.3.4.

2.4 Required information

The Client must provide the following information for the execution of Internal Transfers, External Transfers and Payment Initiations:

Internal Transfers
  • name of the Client
  • name of the Payments Payee
  • specification of the Wallet of the Payments Payee
  • currency
  • amount
  • payment reference

External Transfers
Recipient account with a payment service provider within Austria or other countries within the European Economic Area (EEA) Recipient account with a payment service provider outside the EEA
  • name of the Client
  • name of the payee
  • IBAN of the payee
  • currency
  • amount
  • payment reference
  • name of the Client
  • name of the payee
  • account number of the payee and either name, bank sorting code or BIC of the payment service provider of the payee; or
    IBAN of the payee and BIC of the payment service provider of the payee
  • currency
  • amount
  • Payment reference
Payment Initiations
  • name of the Client
  • Client identification (IBAN; IBAN and BIC or account number and BIC)
  • identification of payee (IBAN; IBAN and BIC or account number and BIC)
  • currency
  • amount
  • payment reference

2.5 Issuing and authorisation of the payment order by the Client

You enter the information required for a payment order (see point 2.4. above) into an online interface on the Bitpanda Systems. You give your consent to the execution of the payment order by entering the strong customer authentication (e.g. password and one-time password via SMS).

2.6 Receipt of the payment order by Payments

2.6.1 A payment order shall be deemed to have been received as soon as it is received by the server of Payments ("Order Receipt").

2.6.2 Payments shall conduct the business required for the execution of payment orders on all days of the year except statutory holidays in Austria, Saturdays, Sundays and 24.12. ("Business Days"). A payment order shall be deemed to have been received on the Business Day on which the order is received ("Order Receipt Day"). If the order is not received on a Business Day or on a Business Day after 14:30 Central European Time (CET), the next Business Day shall be deemed to be the Order Receipt Day.

2.6.3 If the Client and Payments have agreed that the execution of the payment order shall commence on a particular day or at the end of a particular period or on the day on which the Client has made the funds available to Payments, the agreed date shall be the Order Receipt Day. If the agreed date does not fall on a Business Day of Payments, point 2.6.2 shall apply analogously.

2.7 Revocation of the payment order

2.7.1 You may revoke your payment order until the Order Receipt. After the Order Receipt, a revocation is no longer possible, subject to the provisions of point 2.7.2 and point 2.7.3.

2.7.2 If the Client and Payments have agreed that the execution of the Payment Order shall commence on a particular day or at the end of a particular period, the Client may revoke the execution of the Payment Order by the end of the Business Day preceding the agreed date.

2.7.3 After the dates referred to in point 2.7.1 and point 2.7.2, the payment order may only be revoked if agreed between the Client and Payments. Such an agreement is subject to the condition precedent that Payments succeeds in preventing execution or recovering the transfer amount. In addition, the Client must pay the Charges according to Annexes 1 to 3 for such a service.

2.8 Execution of the payment order

2.8.1 Payments shall execute the Client's payment order provided that this payment order has been issued and authorised in accordance with point 2.5 and has been received by Payments in accordance with point 2.6. The execution of Internal Transfers and of External Transfers is subject to the further condition that there is a sufficient amount in the respective Wallet in favour of the Client to execute the transfer.

2.8.2 If the conditions for execution (see point 2.8.1) are not met, Payments shall inform the Client without delay of the non-execution of the payment order.

2.9 Information to the Client

You may request Payments to provide or make available to you, free of charge and once a month, information pursuant to Sec 53 para 1 ZaDiG 2018 on the individual payment transactions initiated by you (reference, amount, currency, charges, interest, exchange rate, debit value date) so that you can retain or reproduce the information unchanged.

2.10 Refusal of execution
2.10.1 Payments shall in particular be entitled to refuse to execute the payment order if
  • a client identification provided by you for Payments is not clearly attributable to any Payments Payee or payee, any payment service provider of the payee, or any payment account or Wallet;

  • there is a suspicion of misuse or fraudulent use of a strong client authentication, of a registration code or of TANs belonging to you;

  • you do not follow the instructions of the Payments support team after a loss of a strong client authentication (see section 2.15.4); or

  • you are - according to the Bitpanda GTC - not entitled to access your Bitpanda Client account and to use the services of Bitpanda GmbH.

2.10.2 If a password is reset, Payments will not execute any payment transactions for a period of 48 hours for security reasons. You confirm that you are aware of this security measure and accept it.

2.10.3 If Payments refuses to execute a payment order, Payments will inform you as soon as possible, but in any event within the time limits specified in Section 2.11, of the refusal and how the payment order can be corrected to enable future execution. Payments will only disclose the reason for the rejection if this does not contravene Austrian or Community law or a judicial or administrative order. Payment orders that Payments justifiably rejects shall not trigger the execution periods agreed in Section 2.11. In addition, you must pay the Charges according to Annexes 1 to 3 for such a refusal of execution.

2.11 Maximum execution period

Payments shall ensure that the transfer amount is made available to the payee (Internal Transfers) or transferred to the account of the payee's payment service provider (External Transfers, Payment Initiations) at the latest on the business day following the Order Receipt Day within the meaning of Section 2.6.

2.12 Charges, cost reimbursements and interest

2.12.1 In connection with the execution of payment orders, any charges, cost reimbursements and interest ("Charges") set out in Annexes ./1 (Charges, cost reimbursements and interest for Internal Transfers), ./2 (Charges, cost reimbursements and interest for External Transfers) and ./3 (Charges, cost reimbursements and interest for Payment Initiations) shall be payable by the Client.

2.12.2 Processing fees shall be invoiced upon execution of the payment transaction. In all other cases, invoicing shall normally take place on a monthly basis. The Client must pay the agreed processing fees immediately after invoicing. Otherwise, the Client shall pay the agreed fees within 14 days of invoicing by Payments.

2.12.3 Payments shall offer the Client changes to the agreed Charges (excluding interest) and the introduction of Charges at least two months before the proposed date of entry into force. The Client shall be notified of the change offer. Client's consent shall be deemed to have been given if Payments has not received any written or electronic objection from the Client prior to the proposed effective date sent to: support@bitpandapayments.com. Payments shall inform the Client of the changes offered in the change offer and shall draw the Client's attention to the fact that failure to object in writing or electronically to the email address: support@bitpandapayments.com, shall be deemed acceptance of the changes. The Client shall have the right to terminate the Framework Agreement free of charge and without notice until the changes come into effect; this shall also be pointed out in the change offer.

2.12.4 Payments shall offer, by the means provided for in Section 2.12.3, changes to the Charges agreed with the Client in accordance with the development of the national consumer price index 2015 ("CPI") published by Statistik Austria or the index replacing it (increase or reduction). Thereby, amounts shall be rounded commercially (kaufmännisch gerundet) to whole cents. This adjustment shall take place once a year with effect from 1 July of each year. The adjustment shall correspond to the change in the average of the index figures for the penultimate calendar year before the change offer compared with the average of the index figures for the last calendar year before the change offer. If Payments refrains from a fee increase in any year, this shall not affect Payments' right to future increases of Charges. If there is no increase of Charges in one or more successive years, such increase can be made up with effect from the next increase of Charges, in which case the adjustment shall be made to the extent corresponding to the change in the CPI index number published for the average of the year prior to the fee increase to the CPI index number which was the basis for the last fee increase carried out.

2.12.5 Payments may agree to an adjustment of Charges that goes beyond the development of the CPI pursuant to point 2.12.4 in the way provided for in point 2.12.3 if this adjustment is objectively justified. An adjustment of Charges is justified in particular if changes in the legal or regulatory framework or technical developments for the provision of payment services (such as increased security requirements or new procedures) lead to increased costs for the provision of the agreed payment services. Payments may adjust Charges in accordance with this point 2.12.5 no more than once per calendar year. In the event of an increase of Charges, the sum of the increases pursuant to point 2.12.4 and point 2.12.5 shall be limited to 10% per calendar year. In the event of an adjustment in accordance with this point 2.12.5, Payments shall also inform the Client in the change offer pursuant to point 2.12.3 that this is an adjustment in excess of a CPI adjustment.

2.13 Exchange rates

A payment order for an Internal Transfer or for an External Transfer in a currency other than the account currency shall be effected by Payments on the basis of the reference exchange rates published by the Austrian National Bank on the website www.oenb.at at the time the order is executed. The basis for calculating this reference exchange rate is published on the website of the European Central Bank www.ecb.europa.eu.

2.14 Communication

2.14.1 Electronic communication by email and/or (remote) written communication in paper form and/or telephone communication shall be agreed on as means of communication, unless otherwise stipulated in the GTC or in a separate agreement. You must ensure on the recipient's side that the electronic delivery can be delivered to the email address provided by you. You must adapt technical equipment such as filter programmes or firewalls accordingly.

2.14.2 To ensure the security of your account under all circumstances, Payments will notify you via email and/or telephone of any potential fraud or security risk in connection with your account that Payments may become aware of. The chosen form of communication depends on the specific circumstances of each individual case and the associated risks.

2.15 Duties of care of the Client and reimbursement

2.15.1 You have to promptly notify Payments of any change to your name, of your company name, to your address (or of another address specified by you), to your email address, and to your telephone and mobile telephone number.

2.15.2 You must immediately notify Payments in writing of the termination of, or amendments to any power of representation notified to Payments and shall provide suitable documentary evidence of such termination or amendment.

2.15.3 Payments must be notified immediately in writing of any loss or restriction of the Client's legal capacity. If the Client is a company or a legal entity, Payments shall also be notified immediately of the dissolution of such company or legal entity.

2.15.4 The Client shall maintain the strictest secrecy with respect to its strong Client authentication, registration code, passwords and TANs and shall ensure that they are not spied on by third parties. In the event of loss of a strong Client authentication, the Client shall immediately notify Payments of such loss and follow the instructions of the Payments support team. The Client understands and accepts that such instructions may be subject to delay depending on the Payments support team's workload.

2.15.5 You must ensure that the information in your payment order is correct.

2.15.6 The Client shall notify Payments immediately upon discovery of any unauthorised or incorrectly executed payment order (notification obligation/Rügeobliegenheit) via email to the email address support@bitpandapayments.com or directly via the support for the Bitpanda Systems (support.bitpanda.com). The period for the Client to obtain a rectification from the payment service provider expires no later than 13 months after the date of the transaction.

2.15.7 In case of an unauthorised payment transaction, if Payments is the payer's payment service provider and fulfilment of Client’s notification obligation (Rügeobliegenheit) in accordance with point 2.15.6, Payments shall reimburse the payer for the amount of the unauthorised executed payment order. Payments shall not reimburse the amount if there is a legitimate ground for suspecting fraud.

2.16 Reimbursement for payment initiation services

Payments shall reimburse the payer for the amount of an authorised payment transaction initiated by or through a payee and already executed if, (i) at the time of authorisation, the exact amount was not specified and (ii) the amount of the payment transaction exceeds the amount which the payer could reasonably have expected according to its previous spending behaviour, the terms of the framework agreement and the circumstances of the individual case. If the aforementioned conditions are met, payer shall notify Payments within 8 weeks about its claim for reimbursement setting out the facts of the case, via email to the email address support@bitpandapayments.com or directly via the support for the Bitpanda Systems (support.bitpanda.com). Payments shall either refund the amount of the payment transaction or inform the payer of the reasons for refusing the refund within 10 Business Days of receipt of such a request for reimbursement.

2.17 Liability of Payments

2.17.1 Payments shall be liable to the Client for the proper execution of the payment transaction in accordance with Sec 80 ZaDiG 2018. Under this provision, the payer's payment service provider is liable to the payer for the proper execution of the payment transaction, unless the payer's payment service provider can prove to the payer and, where applicable, to the payee's payment service provider that the amount of the payment transaction has been received by the payee's payment service provider pursuant to Sec 77 para 1 ZaDiG 2018. In this case, the payee's payment service provider is, pursuant to Sec 80 ZaDiG 2018, liable to the payee for the proper execution of the payment transaction.

2.17.2 In cases of damages caused by Payment’s slight negligence, Payment’s liability towards consumers shall be limited to the typical foreseeable damage resulting from the breach of main contractual obligations. Payments shall not be liable to entrepreneurs for slight negligence. In the event of damage caused by Payments as a result of gross negligence, willful intent or personal injury, there shall be no limitation of liability.

2.17.3 Payments will use reasonable endeavours to provide the offered payment services to you. However, Payments is not obligated to provide all services at any time and Payments has the right to suspend certain services. In the event of such a suspension, you have no claim against Payments.

2.18 Set-off

If you are a consumer, you are only entitled to set off your liabilities if Payments is insolvent, if your claim is legally connected with your liabilities or if your claim has been confirmed by the courts or accepted by Payments. If you are an entrepreneur, you hereby unconditionally and irrevocably waive your right to set off your liabilities.

2.19 Application of the ZaDiG 2018 to entrepreneurs

The application of the third main part (drittes Hauptstück) of the ZaDiG 2018 as well as of Sec 56 para 1, Sec 58 para 3 and Sec 66, 68, 70, 71, 74 and 80 ZaDiG 2018 is excluded for a Client who is an entrepreneur.

2.20 Data protection

2.20.1 Payments is responsible for data protection within the meaning of the General Data Protection Regulation ("GDPR") with regard to all personal data processed within the scope of the order. Payments will process personal data entrusted to Payments within the scope of the commissioned activity, store them in electronically managed files and have them processed or stored by third parties with whom a corresponding order processing agreement within the meaning of Art. 28 GDPR has been concluded, if and to the extent that this is necessary in particular for the performance of the contract or justified by another of the reasons listed in Art. 6 para. 1 GDPR.

2.20.2 Payments commits to itself and its employees to maintain data secrecy in accordance with the applicable provisions of the GDPR and the Data Protection Act as amended (currently DSG 2018) and will also oblige any third parties involved to do so.

2.20.3 Payments uses appropriate technical and organisational measures, always updated to the state of the art, to ensure that data processing is carried out in accordance with the requirements of the GDPR, in order to safeguard the processed data, taking into account the type, scope, circumstances and purposes of the processing, as well as the different probabilities of occurrence and severity of the risks to the rights and freedoms of the data subjects.

2.20.4 For further details on data protection and, in particular, on the information obligations pursuant to Art. 13 and 14 GDPR we refer to the Privacy Policy of Payments on our website.

2.21 Duration of contract, termination

The Framework Agreement is concluded for an indefinite period and can be terminated by the Client at any time by observing a notice period of one month. Payments is entitled to terminate the Framework Agreement by giving two months' notice. This shall not affect the right of the contracting parties to terminate the Framework Agreement immediately for good cause.

2.22 Severability

If one or more of the provisions of the Framework Agreement or one or more of the schedules hereto are or will become invalid or unenforceable, or if one or more of the provisions of the Framework Agreement or one or more of the schedules hereto are or will become incomplete, the other provisions of the Framework Agreement and the schedules hereto will remain valid without limitation, save that the main obligations of the parties hereunder remain unaffected. Such provision – having been found illegal or unenforceable in whole or in part- shall be ineffective solely to the extent of such determination of invalidity or unenforceability only with respect to the jurisdiction in which it has been found illegal or unenforceable, without having any effect on any other jurisdiction. Each invalid or unenforceable provision shall be replaced or completed by a valid and enforceable provision in such a way that the new provision closely reflects the legal and economic effects the parties have concurrently aimed at in the invalid or unenforceable provision.

2.23 Contractual language

You and Payments agree on English as the language with respect to communication. Subject to the German terms in brackets referring to Austrian legal terms (which shall be interpreted only with respect to their meaning under Austrian law and with respect to the German language term in brackets), any other language used shall be only used for purposes of convenience. Respectively, every communication or notice shall be made in English language. The English language version of the Framework Agreement is the prevailing version.

2.24 Entire agreement and other terms

The Framework Agreement exclusively governs the relationship between you and Payments and supersedes any prior statements or agreements. Any terms and conditions (GTC) of the Client are excluded from being applicable to the relationship between the Client and Payments. For the relationship between Bitpanda GmbH and a Client, the Bitpanda GTC continue to apply.

2.25 Applicable law and jurisdiction

2.25.1 The place of performance shall be Vienna. The (pre-)contractual legal relationship and any transaction hereunder shall be governed by and construed in accordance with the laws of the Republic of Austria to the exclusion of the provisions of the United Nations Convention on the International Sale of Goods and without giving effect to any statutory conflict of law provisions or rules that would cause the application of the law of any jurisdiction other than Austria.

2.25.2 Any and all disputes or divergences or claims shall be exclusively dealt with the court having pertinent competence for 1010 Vienna.

2.26 Annexes

Annex ./1 Charges, cost reimbursements and interest for Internal Transfers

Annex ./2 Charges, cost reimbursements and interest for External Transfers

Annex ./3 Charges, cost reimbursements and interest for Payment Initiations

Annex ./4 Definitions

Annex ./1
to the GTC of Payments

Charges, cost reimbursements and interest for Internal Transfers

Processing fee for each payment order (percentage of the transferred amount)

Payments reserves the right in its sole discretion not to charge a fee for Internal Transfers on a case-by-case basis or for a specified period of time. Clients may not derive any future right from such a decision.

0.95 %
Duplicate of monthly invoice EUR 3.00
Reimbursement of costs for sending the monthly invoice by mail EUR 0.90
Fees pursuant to Sec 56 ZaDiG 2018
Notification of refusal of a payment order EUR 10.00
Revocation of a payment order after the date of irrevocability EUR 20.00
Recovery of an amount of money in case of an incorrect execution of the payment transaction due to a Client identification incorrectly specified by the payment service user EUR 50.00
Dunning process
Payment reminder up to EUR 100.00 free of charge
Payment reminder beginning from EUR 100.00 EUR 5.00
Payment reminder beginning from EUR 1,000.00 EUR 10.00
First dunning notice EUR 20.00
Second dunning notice EUR 30.00

Annex ./2
to the GTC of Payments

Charges, cost reimbursements and interest for External Transfers

Processing fee for each payment order (percentage of the transferred amount)

Payments reserves the right in its sole discretion not to charge a fee for External Transfers on a case-by-case basis or for a specified period of time. Clients may not derive any future right from such a decision.

0.95 %
Duplicate of monthly invoice EUR 3.00
Reimbursement of costs for sending the monthly invoice by mail EUR 0.90
Fees pursuant to Sec 56 ZaDiG 2018
Notification of refusal of a payment order EUR 10.00
Revocation of a payment order after the date of irrevocability EUR 20.00
Recovery of an amount of money in case of an incorrect execution of the payment transaction due to a Client identification incorrectly specified by the payment service user EUR 50.00
Dunning process
Payment reminder up to EUR 100.00 free of charge
Payment reminder beginning from EUR 100.00 EUR 5.00
Payment reminder beginning from EUR 1,000.00 EUR 10.00
First dunning notice EUR 20.00
Second dunning notice EUR 30.00

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to the GTC of Payments

Charges, cost reimbursements and interest for Payment Initiations

Processing fee for each payment order (percentage of the transferred amount)

Payments reserves the right at its sole discretion not to charge a fee for External Transfers on a case-by-case basis or for a specified period of time. Clients may not derive any future right from such a decision.

0.95 %
Duplicate of monthly invoice EUR 3.00
Reimbursement of costs for sending the monthly invoice by mail EUR 0.90
Fees pursuant to Sec 56 ZaDiG 2018
Notification of refusal of a payment order EUR 10.00
Revocation of a payment order after the date of irrevocability EUR 20.00
Recovery of an amount of money in case of an incorrect execution of the payment transaction due to a Client identifier incorrectly specified by the payment service user EUR 50.00
Dunning process
Payment reminder up to EUR 100.00 free of charge
Payment reminder beginning from EUR 100.00 EUR 5.00
Payment reminder beginning from EUR 1,000.00 EUR 10.00
First dunning notice EUR 20.00
Second dunning notice EUR 30.00

Annex ./4
to the GTC of Payments

Definitions

In the Framework Agreement, the following terms have the meanings specified or referred to in the following overview and shall be equally applicable to both singular and plural forms.

Bitpanda GTC has the meaning given to it in point 2.1.2.
Bitpanda Systems has the meaning given to it in point 2.3.1.
Business Day is a working day on which Austrian credit institutions are open to the public.
Charges has the meaning given to it in point 2.12.1.
Client or you has the meaning given to it in point 1.2.1.
CPI has the meaning given to it in point 2.12.4.
External Transfer has the meaning given to it in point 2.3.3.
FernFinG Is the Austrian Remote Financial Services Act (Fern-Finanzdienstleistungsgesetz)
Framework Agreement has the meaning given to it in point 1.2.2.
GDPR European General Data Protection Regulation.
GTC has the meaning given to it in point 1.2.2.
Internal Transfer has the meaning given to it in point 2.3.2.
Order Receipt has the meaning given to it in point 2.6.1.
Order Receipt Day has the meaning given to it in point 2.6.2.
Payment Initiation has the meaning given to it in point 2.3.4.
Payments has the meaning given to it in point 1.2.1.
Payments Payee has the meaning given to it in point 2.3.2.
Wallet has the meaning given to it in point 2.3.1.
ZaDiG 2018 Is the Austrian Payment Service Provider Act 2018 (Zahlungsdienstegesetz 2018)