EDUBAO General Terms and Conditions

for the portal as hosted by EDUBAO GmbH, for information and the use thereof about living abroad and other services related to study and / or stay abroad.

I. Preamble

EDUBAO GmbH (hereinafter referred to as "EDUBAO") is the operator of www.edubao.org and provides services related to study and/ or stay abroad. The address of EDUBAO is: Bornitzstraße 73-75 10365 Berlin, Germany.

EDUBAO

• provides information about studying abroad, especially in Germany (hereinafter referred to as “hosting country”) and offers services for visa applications and others,
• is registered in the Commercial Register of the Local Court Charlottenburg under HRB 208988 B (commercial register number),
• is an insurance broker company pursuant to section 34d § 1 German Trade and Industry Code (Gewerbeordnung), in the insurance industry, registered at the Chamber of Commerce and Industry of Berlin under broker registration number D-OTU6-JA37G-19,
• provides its services free of charge, unless otherwise specified.

These EDUBAO General Terms and Conditions are meant as Terms and Conditions in the sense of German civil law and are binding in all respects. The Terms and Conditions contained herein consist of a General Section Terms and Conditions (Section II.), the specific section with Terms and Conditions for Individual Insurance Services (Section III.) and the specific section with Terms and Conditions for Individual Financing Services (Section IV.).

Unless otherwise stated, the provisions of the General Section apply in addition to the provisions of Special Section III and Special Section IV for regulated individual products and services.

II. General Section Terms and Conditions (Section II)

1. Scope

These terms and conditions are the contractual agreement between EDUBAO and each individual User of its services (“User”). It shall not apply to contractual or other legal relationships between Users and third parties, even if these contracts or legal relationships have been concluded by or via EDUBAO or its services, unless explicitly stated otherwise.

By using the offers of EDUBAO, through the EDUBAO online presence ("EDUBAO website"), EDUBAO App (Smartphone and/or other device Application) and other services as well as any form of communication (telephone, email, WhatsApp, WeChat, EDUBAO chat, Skype, Facebook messenger, telegram, chat or E-mail), User is approving and accepting these Terms and Conditions, unless otherwise expressly provided in writing or by law. In any case, the currently valid and published Terms and Conditions can be found on the website. Other declarations from User which contradict or deviate from the General Terms and Conditions shall not apply.

EDUBAO offers its services exclusively to natural persons, at minimum age 18 years. Applications of other parties may be submitted but may be rejected by EDUBAO without further notice or explanation. In case of rejection, the rejected party shall not be entitled to claim for compensation, damages, whatsoever kind or argument.

2. Obligations of the User

The input and transmission of personal data by the User takes place via the medium of input masks created by EDUBAO or other means of transmission expressly designated or requested by EDUBAO on individual basis. The User expressively agrees to communicate with EDUBAO and transmit and receive all required information on a non-paper based way using technology as far as legally possible.

For the correctness, completeness and accuracy of all data entered by the User, whether entered via the interface or otherwise transmitted only the User is responsible. If EDUBAO suspects that incorrect or incomplete information is entered, EDUBAO may at any time prevent the use or discontinue access to its services and demand for adequate compensation. The User is fully liable, including compensation towards EDUBAO, for data that is provided in an untrue, incomplete, misleading, or any other kind of incorrect manner.

The User is obligated to check all contracts and any accompanying documents immediately for their correctness and report back to EDUBAO without undue delay if incorrect information was processed. User accepts full and exclusive liability for delayed reporting on incorrect information.

The User agrees to use EDUBAO, the services offered, as well as the software used by EDUBAO only for the appropriate purposes as defined exclusively by EDUBAO.

The User is obliged to inform EDUBAO about his/her departure from the respective hosting country for a period of time that is not being considered intermediate absence only, as this may affect the status of any mediated agreements.

3. Rights reserved by EDUBAO

EDUBAO may update its services, digital infrastructure or information at any time without prior notice. EDUBAO is entitled to discontinue and / or change EDUBAO as other corresponding services and information. All content on such as texts, graphics, logos, images, etc. are protected by the copyrights of EDUBAO or third parties whose use is licensed by EDUBAO. The User agreement with EDUBAO and / or the use of EDUBAO does not constitute a claim to its rights.

EDUBAO is entitled to revoke the User right to use EDUBAO at any time and without stating a reason.

All copyrights, rights of use or property rights remain with EDUBAO.

4. Limitation of liability

The information provided by EDUBAO, e.g. in visa questions, does not constitute advice for the User, but should facilitate an independent decision and implementation of the requirements, on which EDUBAO has no influence. None of the information provided is a guarantee, warranty or assurance. In particular, services offered by EDUBAO include neither legal nor tax consultation nor advice nor shall EDUBAO services be regarded or perceived as such. User is demanded to seek for adequate consultation apart and independent from EDUBAO’s services.

EDUBAO spends large resources for due research of provided material and information. Despite all efforts, mistakes or outdated information might occur from time to time. For defects or errors, EDUBAO shall be liable only if these defects or mistakes were concealed by fraud, willful action or gross negligence. If and up to the direct damage of the User, EDUBAO might accept liability if the User provides sufficient documentation of EDUBAO’s defects or errors and of the Users direct damages. EDUBAO shall not be liable for indirect damages whatsoever kind and does not accept liquidated damages, indemnifications or any other kind of second order liability.

EDUBAO provides its services exclusively by means of non-paper based technology, e.g. via mobile App, Websites, E-Mail and telephone support. EDUBAO considers this way of communication and data transfer the most secure and reliable form possible. However, as interruptions, e.g. shortfall of (regional) energy supply, non-accessibility of data or any other kind of technical interruptions might occur beyond the control of EDUBAO, EDUBAO shall not be liable for interruptions whatsoever kind.

At all times and in all circumstances, EDUBAO offers its services voluntarily without obligation to contract, i.e. to accept Users to its services, to grant access to its platform or to continue to provide its services or access to Users.

User acknowledges that there shall be no compensation for damage whatsoever kind owed if EDUBAO decides to prevent or discontinues access to its services.

5. Cost

The use of EDUBAO is free unless otherwise stated. Depending on how the User accesses EDUBAO, the User may incur costs for connectivity with third parties (that is, costs incurred by an internet service provider or telecommunications provider for internet use, roaming, etc.). The User is responsible for covering these costs.

In case, corresponding services being booked by the User, EDUBAO provides monthly account statements, listing the corresponding costs on a transparent basis. Detailed price overviews being made available based on the choice of product package before contracting.

6. Privacy Policy and Data Protection

Reference is made to the attachment hereto, that is expressively acknowledged with signing these Terms and Conditions. Further, the Privacy and Data Protection Policy of EDUBAO is published in its most current version on the EDUBAO website (Link to this page).

7. Termination

The Users can terminate the contractual relationship with EDUBAO at any time, irrespective of a notice period, provided that neither a limitation on the duration of the contract nor any other notice of termination for individual services has been agreed.

In case such notice period being agreed or is required by laws and or regulations of the hosting country, the contractual relationship with EDUBAO will be terminated at the next possible point of time provided that further information, declarations and/or circumstances were provided and/or met as the case may be.

EDUBAO reserves the right to change the contractual relationship with the User in exceptional circumstances, without prior notice, especially if the User breaches its obligations under Sub-Section II.2 of these Terms and Conditions.

The change of relationship may lead to its termination eventually.

8. Miscellaneous

Should individual provisions of these Terms and Conditions be or become invalid or unenforceable in whole or in part for any reason, the validity of the remaining provisions of these Terms and Conditions remains unaffected. The invalid or unenforceable provision or its part, as the case may be, shall be deemed replaced by an agreement the Parties would have agreed if they would have known the invalidity or unenforceability at the time of agreeing to these Terms and Conditions. The same applies to the absence of required provisions in these Terms and Conditions.

These Terms and Conditions, including its Sections and Subsections conclude the whole and only agreement between the Parties. Verbal agreement whatsoever kind do not exist. Additional agreements or amendments 3/3 require the written form signed by both parties to become valid. The same is true for amending this clause.

For the contractual relationship between the Parties, the law of the Federal Republic of Germany applies to the exclusion of the rules of private international law. Place of jurisdiction is Berlin, Germany for all legal disputes that may arise to the extent legally possible.

IV. Terms and Conditions for individual banking service

1. Preamble

EDUBAO digital escrow banking service are sold to individuals; hereafter referred to as "Users "or "you".

This Special Terms and Conditions for individual banking services (Section IV) are part of the General Terms under Section II.

The following Terms and Conditions for our Blocked Account shall serve as an agreement that sets forth the General Terms and Conditions (“GTC”) of EDUBAO which can be viewed on https://www.edubao.org.

The block account is managed by EDUBAO and opened through our payment services provider Lemonway, an authorized payment institution located at 8, rue du Sentier 75002 Paris, France.

To do so, Lemonway jointly works with European regulated credit institutions to secure the funds of its Partner's customers according to the applicable regulation in force. In this regard, such funds will be secured in Lemonway's segregation account opened within the books of its banking partner.

The block account is administered by EDUBAO GmbH under these T&C.

Lemonway´s T&C shall be part of this agreement.

2. Block account

The block account as stipulated in this agreement is an escrow account under the German Residence Act (Aufenthaltsgesetz). All applicable fees are charged in Euro.

2.1 The Blocked account

The blocked account can be opened and administrated on http://www.edubao.org or in our App. The use of the App is free of charge.

2.2 Blocked account application

In order to open a blocked account, every User is required to apply through the EDUBAO WebApp/ ("http://www.edubao.org ") or the EDUBAO App.

2.3 Blocked account opening and transfer of funds

After completing the application, EDUBAO transfers all the required identification documents (“KYC documents”) to open an account in Lemonway’s book (“KYC documents”).

As per the framework and guidelines governing Know Your Customer (KYC) processes, it is hereby stated that upon receipt of all requisite documentation and information, Lemonway shall conduct the KYC process within a reasonable timeframe of 48 hours, subject to verification and validation of the submitted documents in accordance with applicable laws and regulations. This timeframe is contingent upon the accuracy, completeness, and compliance of the submitted documents with the established requirements, policies, and procedures. It is further emphasized that any delays or discrepancies arising from incomplete or inaccurate documentation may extend the duration of the KYC process beyond the aforementioned timeframe, as per the sole discretion of Lemonway and the banking partner, in compliance with applicable legal requirements.

“We want to inform you that your nationality is on the list of countries with monitored jurisdiction. This well lengthen the verification process of the bank by up to 48 hours.”

https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-october-2022.html

Once the account is validated by Lemonway, EDUBAO informs the User to allow him to transfer its funds to the blocked account, including a potential buffer and blocked account fees (altogether hereafter “Total Blocked amount”) such as specified by the German Foreign Affairs Authorities.

To do so, KYC documents are specified on EDUBAO’s website, App and Lemonway’s T&C.

The account can only be opened in the name of the User. If the funds should be transferred to a third party (e.g health insurance or any other person), EDUBAO and Lemonway will request additional KYC documents and a sworn statement stating the relationship between such a third party and the User. Fees will apply to their party incoming and outgoing transfer.

The blocked amount is credited to the escrow account in EURO only.

The amount transferred to the blocked account must not exceed the Total Blocked Amount. Otherwise, any User who transfers an amount greater than the Total Blocked Amount (the “Additional Balance”) could be subject to additional identification documents including a proof of origin of funds according to the German Prevention of Money Laundering Act (GWG).

Any Additional Balance will be disbursed in full with the first disbursement to the User's current bank account. EDUBAO reserves the right to charge the User a handling fee of 0.25% of the Additional Balance or transfer any other balance back to the source bank account. Any applicable transaction cost will be charged to the User, if applicable. On visa rejection, a fee of €10,00 will apply.

In accordance with EDUBAO´s framework governing block accounts, it is hereby stipulated that if no incoming funds are received within a period of three months from the date of the account opening, EDUBAO reserves the right to close the account in compliance with applicable laws and regulations.

The account holder shall be duly notified of the impending closure, and any outstanding balance or funds held in the account shall be subject to the designated EDUBAO´s standard procedures for account closure and fund disposition as per the established policies and procedures. It is emphasized that the closure of the account shall be carried out in accordance with applicable laws and regulations, and the account holder shall be responsible for any outstanding obligations or liabilities associated with the account closure, if applicable.

In the event that the account holder is a minor, it is hereby informed that a fee of €25,00 applies in compliance with applicable laws and regulations governing accounts held by minors.

EDUBAO reserves the right to impose reasonable fees or charges, as per its established policies and procedures, for maintaining and managing accounts held by minors, including but not limited to account opening, account maintenance, transactional activities, or any other services rendered by the designated entity. The specific fees or charges, if applicable, shall be communicated to the account holder or the account holder's legal guardian, and shall be subject to the applicable laws and regulations in force at the time of the account opening or during the account's operational period. It is the account holder's or the legal guardian's responsibility to ensure compliance with the designated entity's policies and procedures, including any fees or charges associated with the account held by a minor, as per the applicable legal requirements.

2.4 Blocked account fee

A "Set-up Fee" of € 95.00 will be charged for opening the blocked account upon receiving the funds.

Furthermore, it is duly specified that during the blocking period, a monthly service fee of €5.90 shall be levied for the administration of the account, in accordance with the established policies and procedures of EDUBAO. In the event that the blocking period is less than 12 months, the service fee for each month shall be subject to reduction, as per the applicable regulations and guidelines. The account holder or the account holder's legal guardian shall be duly notified of the service fee and any subsequent adjustments, and it shall be the account holder's or the legal guardian's responsibility to ensure compliance with EDUBAO's policies and procedures, including the payment of the applicable service fee during the blocking period, as per the applicable legal requirements.

The monthly service fee is always applicable in full and for partial months of blocking and is due from opening the blocked account (i.e., the moment where the User received the blocked account details).

The Set-up Fee and the Service Fee combined constitute the "Blocked Account Fees."

EDUBAO is entitled to deduct total Blocked Account Fees from the Buffer and / or any disbursement. All other entitlements originating from the blocked account are subordinated to the Blocked Account Fees till they are paid in full.

In the event that a third party transferred funds to the Blocked Account, the opening of a payer account will be subject to a fee of €35.00. The payer account is required to undergo the same Know Your Customer (KYC) process as the beneficiary, and all necessary documents must be submitted accordingly. This fee covers the administrative costs associated with processing the payer account and completing the KYC process. Please note that any additional transaction costs, such as those charged by banks or financial institutions, are separate and may apply.

Late or missing payer information will be subject to an increase fee of €65,00.

2.5 Fair-use-guarantee

The monthly Service Fee will not be charged in case of visa rejection.

A visa rejection is defined as the refusal or rejection of the visa application by a German Mission Abroad (embassy, consulate) or the German Foreigner's Authorities (Ausländerbehörde).

In case of a canceled visa application - not rejected visa - procedure, EDUBAO reserves the right to charge the Block Account set-up fee of € 95,00.

In the event of a visa rejection, it is hereby specified that a fee of €10,00 shall be charged by EDUBAO for the return of the fees to the origin, in accordance with the established policies and procedures of EDUBAO. This fee is applicable to cover the costs associated with the refund process and shall be deducted from the original fees paid by the account holder or the relevant party. The account holder or the relevant party shall be duly notified of the fee for returning the fees to the origin by EDUBAO, and it shall be their responsibility to comply with EDUBAO's policies and procedures, including the payment of the applicable fee for the refund process, as per the applicable legal requirements.

2.6 Blocked account activation

To activate the payout of the blocked amount, every User is required to provide an International Bank Account Number (IBAN) of a German or European current bank account ("Girokonto"), to which EDUBAO will transfer the monthly allowance. The German Foreign Affairs Authorities specify monthly allowance payout by visa status.

The bank account must be opened under the same beneficiary as the Block Account. Bank statements showing the name and address are part of a subordinated KYC done by Lemonway and administered by EDUBAO.

Transfers to third-party account will not be accepted.

To initiate the payout process, the user is required to provide evidence of their incoming entrance stamps from the border control, as well as a current account statement, as per EDUBAO's policies and procedures. The incoming entrance stamps from the border control serve as verification of the user's arrival in the designated location, while the current account statement serves as proof of the user's valid and active bank account. EDUBAO may request these documents as part of its due diligence and compliance requirements, in accordance with applicable laws and regulations. It is the user's responsibility to provide accurate and valid documentation in order to fulfill the requirements for payout activation, as per EDUBAO's policies and procedures.

2.7 Blocked account disbursements

Once the payout has been successfully activated, disbursements from the Blocked Account will be processed on a monthly basis, with the disbursement occurring within the first three days of the respective month, as per the designated entity's policies and procedures. It is the account holder's responsibility to ensure that their Blocked Account has sufficient funds to cover the disbursements and to comply with the designated entity's requirements for timely disbursement processing. Any changes or updates to the disbursement schedule will be communicated by the designated entity in accordance with applicable laws and regulations.

If the User requests to add an extra or different current account for disbursement during the payout time, an additional service fee of €10,00 will apply. This fee covers the administrative costs associated with adding and managing the extra account, and it will be charged to the User. Please note that this fee is separate from any transaction costs that may be associated with transferring funds to the extra account, which may be charged by the relevant banks or financial institutions.

2.8 Changes to the blocked account

If the User wishes to make changes to the Blocked Account, such as modifying the blocked amount or duration stated in the initial application documents, an amendment request must be submitted along with any necessary supporting documents from the German Foreign Affairs Authorities, if required. EDUBAO reserves the right to charge a fee of 3.00 Euro per document for issuing a new Sperrbestätigung (confirmation of blocked account) reflecting the changes. This fee covers the administrative costs associated with processing the amendment request and issuing a new document. Please note that any applicable transaction costs or fees charged by third-party entities, such as banks or financial institutions, are separate and may also apply.

2.9 Blocked account extension

If the User requires an extension of the duration of the Blocked Account ("Blocking Period"), it is mandatory to submit an extension request via the EDUBAO service center along with any additional supporting documents required by the German Foreign Affairs Authorities, if applicable. The renewal of the Blocked Account shall also entail the User undergoing additional and renewed verification, as per EDUBAO's policies and procedures. A reduced fee schedule of €59,00 for Blocked Account Fees will be applicable for the renewal process.

Furthermore, it is important to note that the User must submit the renewal request at least one month prior to the expiration of the Blocked Account, and must also provide proof of their current legal status. Failure to comply with these requirements may result in the closure of the account by EDUBAO, in accordance with applicable laws and regulations. It is the User's responsibility to ensure timely submission of the renewal request and provision of necessary documentation to maintain the validity of the Blocked Account.

2.10 Blocked account closing

In the event of termination of the Blocked Account, the User is required to contact the EDUBAO service center via the App, WebApp, or through email at service@edubao.org. The User must provide an official document from the local German Immigration Office responsible for issuing the residence permit, which requests the unblocking of the account, or the original notice of rejection for the visa application with the German Embassy/Consulate stamp and written instructions to close the Blocked Account ("Sperrfreigabe"), if applicable.

If the User did not apply for a visa but has paid into the Blocked Account, an official document of evidence with the German Embassy/Consulate stamp must be provided to release the funds. EDUBAO will verify the completeness of the supporting documents and, at its complete discretion, may also verify the account closing process with the German Authorities.

Once the supporting documents are deemed complete, and the verification process is completed with the German Authorities, EDUBAO will release any remainder of the Total Blocked Account, or the Remaining Balance, and transfer it back to the bank account of origin or any bank account held under the User's name. Any applicable transaction costs will be charged to the User.

Please note that EDUBAO may charge a fee of 10 Euro, in addition to third-party fees, for the closure of the account and transfer of the remaining funds. The User acknowledges that the verification and transfer of funds may take up to four weeks after receiving the complete documents, in accordance with EDUBAO's policies and procedures.

3. Termination and withdrawal

The User can withdraw from the contractual relationship with EDUBAO within two weeks after submitting the declaration in writing or by email without any reasoning to:

EDUBAO GmbH Bornitzstraße 73-75

10365 Berlin, Germany

or service@edubao.org

4. Changes to the policy

We keep our T&C under regular review, and hence EDUBAO reserves the right to change this Policy.

Changes will be published on the WebApp, App, and send by Email.