Terms & Conditions (Local Account)

Adhesion Contracts - Law No. 24,240 on Consumer Protection

These terms and conditions of service (hereinafter, the "Terms and Conditions") govern your contractual relationship (hereinafter, the "User" or the "Users" interchangeably) with GARPA S.A. with CUIT No. 30-71658957-5, domiciled at Suipacha 1111, 4th floor, Autonomous City of Buenos Aires, Argentine Republic, (hereinafter, "Garpa," and together with the User, the "Parties") by virtue of the use of the virtual payment account service offered by Garpa through the application (hereinafter, the "Application").

By accepting the Terms and Conditions, you consent to be bound by the clauses described in this document, together with the Privacy Policy and other policies incorporated herein by reference.

ANY PERSON USING THE APPLICATION IS BOUND TO COMPLY WITH THESE TERMS AND CONDITIONS, WHICH ARE MANDATORY AND BINDING.

You may request the opening of a virtual account (hereinafter, the "Virtual Account") with which you may: i. proceed to make payments or money transfers to Virtual Accounts of Users or other bank accounts or virtual wallets; ii. receive payments or money transfers from your own bank accounts, virtual wallets, other Users' Virtual Accounts or third-party bank accounts; iii. monitor the transactions made through the Virtual Account statement; iv. use those services that may be incorporated by GARPA in the future (hereinafter, the "Virtual Account Services").

1. CAPACITY TO USE VIRTUAL ACCOUNT SERVICES

The Virtual Account Services are only available for Users who are 18 years of age or older. In the event that the User is an organization or other legal entity, the person registering it must have sufficient authorization to do so, in order to act on behalf of such entity and bind it to comply with the provisions of these Terms and Conditions.

2. REGISTRATION FOR THE USE OF YOUR VIRTUAL ACCOUNT

2.1. To access or use your Virtual Account Services, you must register and acknowledge and accept these Terms and Conditions. For registration, it is mandatory that you complete all fields of the registration form (hereinafter, the "Registration") with valid data and accurate, precise and truthful personal information, as well as validate all information that Garpa requires. The information provided in the Registration will be stored in a personal database for which Garpa is responsible. For more information, please consult the Privacy Policy.

The aforementioned registration form and the entire identification process will be carried out in accordance with the requirements of Communication "A" 7328 issued by the Central Bank of the Argentine Republic.

2.2. Garpa is a reporting entity in accordance with Law 25,326, on Prevention of Money Laundering and Terrorism Financing, and as such has an Anti-Money Laundering and Counter-Terrorism Financing policy (hereinafter, "AML/CTF"). Under such policy, Garpa shall be entitled to collect and request certain information and/or documentation - which must be kept up to date - to comply with the identification, verification, knowledge and monitoring processes for each operation, which may vary according to your activity. By virtue of the foregoing, Garpa reserves the right to reject your registration request or to cancel or suspend, temporarily or permanently, your Virtual Account when it detects inconsistencies in the information provided, or unusual or suspicious activities related to AML/CTF or fraud, or in the event that you do not provide or update in a timely manner the information and/or documentation required by Garpa, without such decision generating any right to compensation or indemnification.

2.3. You may access your Virtual Account by entering your phone number and the personal password you have selected, and in certain cases an additional verification code may be required.

2.4. The password is secret and non-transferable and, therefore, you assume the consequences and/or risks of its disclosure to third parties, releasing Garpa from any liability arising or that may arise therefrom. At all times, you shall be responsible for the care of your Virtual Account, undertaking to maintain the confidentiality of your security key.

2.5. Access to the Virtual Account Services by a competitor shall be prohibited, unless Garpa provides prior authorization. Nor may the Virtual Account Services be accessed for the purpose of monitoring performance or functionality, publishing the information obtained or making it accessible to any competitor or third party not governed by these Terms and Conditions, or for any other competitive purpose.

3. GENERAL CONDITIONS OF YOUR VIRTUAL ACCOUNT SERVICES

3.1. You may request Garpa to open a Virtual Account. In the event that Garpa grants access, it will assign you a Uniform Virtual Key to identify your Virtual Account. You may check the balance and status of your Virtual Account by logging in through the Application 24 (twenty-four) hours a day.

You may fund your Virtual Account through: i. transfers made from your local bank accounts or from another holder; ii. transfers from any Virtual Account, or from virtual accounts of other platforms (including transfers through Uniform Virtual Key); iii. fund credits made at financial or non-financial entities that provide collection services.

In the event that funds are received from accounts that are not in your name, Garpa may require you to provide the necessary information to justify the origin of the transferred funds.

To use your Virtual Account Services, you must request from Garpa and provide the payment, collection or transfer instructions you wish to carry out through your Virtual Account (hereinafter, the "Request"). In accordance with the limits and restrictions set by.

Garpa and/or by applicable regulations, you may submit the Request to carry out any of the following operations: i. transfers to another Virtual Account ("P2P") and/or to third-party virtual or bank accounts (CVU or CBU); ii. payment for goods and services at establishments affiliated with your Virtual Account service (using the payment methods associated with it) through the transfer of money from Garpa to the merchant or in financial or non-financial institutions that provide collection services; iii. any other transaction that Garpa may implement in the future. Notwithstanding the foregoing, Garpa may eliminate or modify any of the aforementioned operations.

Likewise, and depending on the type of Request you need to submit, you grant an express mandate for the necessary measures to be taken in order to carry out the corresponding transactions for your account and on your behalf, in accordance with the instructions given and the applicable terms and conditions.

Garpa may determine a maximum amount for Requests. Such amount may vary according to the payment method chosen, type of Request and/or at Garpa's sole discretion, and may even be modified at any time, with its publication in the Application being sufficient.

You expressly consent by accepting these Terms and Conditions to enroll your bank and/or payment accounts that you will use in your Virtual Account for your Virtual Account Services. Likewise, you declare and acknowledge that all bank and/or payment accounts enrolled in your Virtual Account are in your name and provided by a financial institution and/or payment service provider. Any payment or debit instruction that you order or through your Virtual Account will be processed while the consent or authorization granted is in effect. You will have the opportunity to establish and modify usage parameters for your bank and/or payment accounts that you have linked to your Virtual Account.

Lastly, you may revoke the consent given and unlink the bank and/or payment accounts enrolled through your Virtual Account in accordance with the procedures detailed in the Terms and Conditions and those established in the future.

3.3. The crediting and availability of your funds in your Virtual Account shall be immediate, subject to the processing times of the entities that process the transfers, Garpa not being responsible for delays or errors by third parties processing such transfers. The amounts credited will be net of commissions and/or any charges agreed with Garpa, if any, and taxes and withholdings, if applicable.

3.4. No Request shall be deemed completed and Garpa shall not assume any responsibility or obligation until Garpa has accepted your Request and verified the existence of sufficient funds in your Virtual Account.

The execution by Garpa of your Request shall be understood as your acceptance. Garpa reserves the right not to process those Requests that are incomplete or contain discrepancies between the data provided and the data you actually enter into Garpa, or in the event that Garpa deems it pertinent, without the need to justify its decision. You are solely responsible for your Requests and their consequences. Garpa shall not verify the cause or obligation that originated your Request, nor the other circumstances related to your Request, nor is it responsible for delays in its execution.

3.5. Upon completing a Request, you shall grant an irrevocable mandate to Garpa to carry out all actions aimed at fulfilling your Requests. The granting of the irrevocable mandate implies an authorization in favor of Garpa to arrange, on your behalf and for your account and at your direction, the resources necessary to carry out the corresponding transactions and to dispose in your name of certain funds from your Virtual Account in accordance with your instructions, or to use other available payment methods to make the corresponding payment, in accordance with current regulations, including but not limited to Communication "A" 7328 and its amendments.

3.6. Any transfer from your Virtual Account to another Virtual Account or to a bank account is irrevocable. Confirmation of your Request by Garpa shall be made through a confirmation message for each particular Request.

3.7. You may request Garpa to make adjustments regarding the charges debited to your Virtual Account, under the following modalities:

1. Chargebacks: The reversals of operations that, even though they had been previously authorized or paid, are considered irregular by Garpa. Chargebacks made to your Virtual Account will be reflected in the statement, detailing the concept.

2. Dispute of transactions: You may dispute transactions charged to your Virtual Account within 5 (five) days from the date of the transaction. Disputes may be made by email to the following address: help.ar@garpa.money or through the channels that Garpa makes available in the future. If applicable, Garpa will make the adjustments to your Virtual Account.

3.8. You understand, accept and declare that your Virtual Account must be used exclusively for transactions that are permitted in accordance with these Terms and Conditions and current legislation. In this regard, you expressly accept and acknowledge that you will not use your Virtual Account to carry out sales or transfers, such as but not limited to: i. gambling, betting; ii. trafficking of weapons, persons, animals; iii. money laundering and/or terrorism financing; iv. pornography, prostitution or child exploitation; and/or v. any type of activity that may be considered fraudulent or illegal or suspected of being so.

In the event that Garpa considers that there is a suspicion or indication of your use of your Virtual Account Services for any activity prohibited by law or these Terms and Conditions, it may request information about the transactions carried out, as well as reserve the possibility of rejecting, canceling or suspending any transfer or activity processed or to be processed with it and/or temporarily blocking your access and use of your Virtual Account and/or the use or availability of its functionalities and/or permanently canceling your Virtual Account, rejecting the opening of another Virtual Account for the time it determines, including permanently. In such case, you shall be liable for the damages you may have caused to Garpa, its parent companies, subsidiaries, affiliates, officers, employees, directors, agents, and/or employees, for which Garpa reserves the right to initiate such judicial or extrajudicial actions as it deems appropriate. You shall be solely and unlimitedly liable for the damages your conduct may cause to Garpa or to the remaining Users and/or third parties.

You understand and accept that all payment, transfer and collection operations carried out through your Virtual Account will be recorded in detail for any inquiry. The transaction details issued by the system with which your Virtual Account operates shall be sufficient proof of your executed operations, and you may not challenge the suitability or veracity of such means of proof.

3.9. By accepting these terms and conditions, you acknowledge that you may issue instructions to Garpa through the Application. It is understood that Garpa shall consider any instruction you issue through the Application as valid and irrevocable.

3.10 Sworn Statement on PEP Status and Source of Funds. You declare under oath that you are not included and/or covered within the "List of Politically Exposed Persons" (PEP) approved by the Financial Information Unit, which you acknowledge having read. If applicable, you undertake to indicate the reason in detail to Garpa through the enabled service channels.

Furthermore, you assume the commitment to report any modification that occurs in relation to this statement within 30 (thirty) days of its occurrence, by submitting a new sworn statement through the enabled service channels.

You state under sworn declaration that the funds used for transactions carried out with your Virtual Account were obtained through lawful and declared activities and will have an equally legitimate purpose.

4. RETURN OF FUNDS TO USERS

4.1. You may at any time request the transfer of funds from your Virtual Account to any bank account with a Uniform Bank Key ("CBU") and/or to any account with a Uniform Virtual Key ("CVU").

4.2. Likewise, in the event that Garpa ceases its activities, the fund restitution process for Users shall apply.

4.3. The funds corresponding to transfers requested by Users or corresponding to the restitution of funds in the event that Garpa ceases its activities shall be credited immediately, subject to the processing times required by those involved in the chosen payment method (such as banking entities) to process the same.

5. COMMISSIONS, CHARGES AND TAXES

5.1. You acknowledge and accept that Garpa may apply charges or collect a fee and/or commission and/or charges and/or taxes (including but not limited to withholdings for tax on bank debits and credits) for one or more Requests you make, as well as for the Registration and enrollment in your Virtual Account Services, in which case GARPA will inform you in advance. Garpa may temporarily waive any charge and/or commission without this implying a waiver of collecting them in the future. You can access the current commissions at: https://www.garpa.money/tarifa-argentina.pdf 

You may consult the "Transparency Regime" prepared by the BCRA based on the information provided by reporting entities, in order to compare the costs, characteristics and requirements of financial products and services, by accessing http://www.bcra.gob.ar/BCRAyVos/Regimen_de_transparencia.asp=

5.3. You expressly authorize Garpa to debit from your Virtual Account and/or to offset any other future income of funds from your Virtual Account or with any other sum belonging to you that is in Garpa's possession. Similarly, Garpa may claim through judicial means that you settle the debts arising from the use of your Virtual Account Services, even after the termination of the relationship arising from these Terms and Conditions.

6. LIABILITY

6.1. Garpa only makes available to you a balance transfer service, to carry out any of the operations described in clause 3.3., for your account and on your behalf, and pursuant to an express mandate, in accordance with the conditions established in these Terms and Conditions. Transfers shall be made under the mandate rules provided in Article 1319 and subsequent articles of the National Civil and Commercial Code.

6.2. Garpa shall not be liable for nor guarantee the fulfillment of obligations you may have assumed with third parties in relation to payments to be made or received through your Virtual Account. You acknowledge and accept that by carrying out transactions with other Users or third parties, you do so of your own free will, giving your consent freely and at your own risk and liability.

6.3. Garpa will maintain the funds in your Virtual Account available in demand deposit bank accounts in its name at financial entities in the Argentine Republic and in accordance with applicable regulations. Garpa shall not be liable in any case for events that affect the availability of funds and/or for the insolvency of such entities.

As a consequence thereof, Garpa shall not be liable for events or circumstances that restrict or prevent the free availability of your funds. Nor shall it be liable for force majeure or any other cause of impossibility of compliance with the Terms and Conditions that are not attributable to Garpa.

6.4. In all cases described above, Garpa shall not be liable for: i. expenses, damages, losses or injuries, direct or indirect, arising from access to or misuse of your Virtual Account Services; ii. any possible discrepancies between the amount sent and received and the consequences you or a third party may have; iii. expenses, damages or losses caused by your improper or negligent use; iv. expenses, damages or losses caused by the intrusion of unauthorized third parties into your Virtual Account.

6.5. Notwithstanding the foregoing, you understand that in no case shall Garpa be liable for lost profits, moral damages and/or loss of chance that you may suffer due to transactions carried out or not carried out through your Virtual Account.

6.6. By virtue of the foregoing, you guarantee that, at all times, you shall hold Garpa, affiliated and subsidiary entities, collaborators, employees, directors, shareholders harmless from any claim made by another User or a third party unrelated to your Virtual Account, being responsible for all legal actions, whether administrative, judicial or private agreements, including expenses and costs incurred by Garpa in its defense, including but not limited to fees, taxes, duties, reasonable attorney fees, expert fees and other intervening professionals, amounts for damages, fines, bonds and any other emolument that Garpa must or has had to pay as a consequence.

7. USE OF YOUR VIRTUAL ACCOUNT SERVICES

7.1. Garpa shall not be liable if you do not have a communication or technological means compatible with the use of your Virtual Account Services.

7.2. By using your Virtual Account Services, you undertake to: i. not use your Virtual Account Services for illicit, illegal purposes, contrary to what is established in these Terms and Conditions, in bad faith or against public order, or harmful to the rights and interests of third parties; ii. not attempt to damage your Virtual Account Services in any way, or access restricted resources in the Application; iii. not use your Virtual Account Services with an incompatible or unauthorized device; iv. not introduce or disseminate computer viruses or any other physical or logical systems capable of causing damage to the Application.

8. USE AND WARRANTY OF YOUR VIRTUAL ACCOUNT

8.1. Garpa does not guarantee the availability and continuity of operation of your Virtual Account. Consequently, Garpa shall not, in any case, be liable for any damages that may arise from: i. the lack of availability or accessibility of your Virtual Account; ii. the interruption in the operation of your Virtual Account or computer failures, disconnections, delays or blockages caused by deficiencies or overloads in data centers, communication systems, the Internet or other electronic systems, occurring in the course of their operation; or ii. other damages that may be caused by third parties through unauthorized intrusions beyond Garpa's control.

8.2. Likewise, Garpa does not guarantee the absence of viruses or other elements in your Virtual Account introduced by third parties unrelated to Garpa that may cause alterations in your physical or logical systems or in the electronic documents and files stored in your systems. In this regard, Garpa shall not in any case be liable for any damages of any nature that may arise from the presence of viruses or other elements that may cause alterations in your physical, logical systems or electronic documents.

8.3. Garpa undertakes to adopt various protection measures to protect your Virtual Account against cyberattacks by third parties. However, Garpa does not guarantee that unauthorized third parties cannot learn the conditions, characteristics and circumstances under which you access your Virtual Account. Consequently, Garpa shall not in any case be liable for damages that may arise from such unauthorized access.

8.4. By accepting these Terms and Conditions, you declare that you shall hold harmless from any claim Garpa, its controlled and controlling companies, directors, partners, employees, collaborators, attorneys and agents, arising from: i. breach of or any provision contained in these Terms and Conditions or any applicable law or regulation; ii. breach or violation of the rights of third parties including, by way of example only, other Users or third parties unrelated to Garpa; iii. breach of the permitted use of your Virtual Account.

9. INTELLECTUAL AND INDUSTRIAL PROPERTY RIGHTS

9.1. You acknowledge and accept that all intellectual and industrial property rights over the contents and/or any other elements inserted in the Application, such as: text, information, graphics, images, logos, trademarks, computer programs, databases, designs, APIs, functional architecture and any other material, belong to Garpa and its controlled and controlling companies.

9.2. Garpa authorizes you, during the term of the Service, to use, view, print, download and store the contents and/or elements incorporated in the Application solely for your personal, private and non-profit use. You must refrain from carrying out any act of decompilation, reverse engineering, modification, disclosure or supply of such elements. Any use or exploitation other than that mentioned in this Clause shall be subject to prior and express authorization by Garpa.

9.3. You undertake to refrain from carrying out any act that could cause damage, loss of reputation, or diminution of the value of Garpa's intellectual and industrial property rights.

9.4. The Application may contain links to third-party websites or applications. In such cases, Garpa has no control over such sites and therefore shall not be liable for the contents and/or services provided by them, nor for damages or losses caused by their use, whether directly or indirectly. The presence of links to other applications or other websites does not imply a partnership, relationship, approval or endorsement by Garpa of such sites and/or their contents.

10. PERSONAL DATA PROTECTION

10.1. The personal data you provide in the Registration will be integrated into a personal database for which Garpa is responsible, whose address appears in the heading of this document.

10.2. Garpa declares that Users' personal data will be used solely for the purpose of providing the Virtual Account Services described in Clause Three, as established in the Privacy Policy. In this regard, Garpa may use the personal data of every User, subject to the express consent of the User for the use of such data. Data processing will be carried out in accordance with the limits of the User's consent. Upon obtaining the User's consent, Garpa may use the information provided by Users and collected by Garpa for the purposes mentioned in Garpa's Privacy Policies.

Regarding the use of third-party account data for transfers, such as name, CUIT and CVU, these may be disclosed and/or shared with affiliates, subsidiaries or related companies, and/or with third parties with whom Garpa has a contractual relationship, such as payment management intermediation companies, and companies or banks related to them, among others.

10.3. Users may exercise the rights to access, rectify, delete and update their personal information, as well as to object to its processing, all in accordance with applicable regulations. In this regard, Garpa undertakes to guarantee compliance with applicable personal data protection laws, such as but not limited to Law 25,326 and Decree 1558/2001 of the Argentine Republic, of Users and/or any third party, as well as to guarantee the rights conferred by the aforementioned regulations.

10.4. THE AGENCY FOR ACCESS TO PUBLIC INFORMATION, in its capacity as the Oversight Body of Law No. 25,326, has the power to handle complaints and claims filed by those affected in their rights due to non-compliance with current regulations on personal data protection.

11. NOTIFICATIONS

11.1. Garpa may send you notifications through general messages in the Application, notifications and/or communications to the email address provided to Garpa, who shall have the option to opt out through each of them. You acknowledge and state that you must notify Garpa of any change to your email address.

11.2. In the event of a complaint arising from these Terms and Conditions and/or your Virtual Account Services, you must contact Garpa at the following email address help.ar@garpa.money.

12. MINORS

12.1. The Virtual Account Services are not directed to minors under 18 years of age. However, in the event that a minor has access, the use of such Services must be supervised at all times by parents, guardians or legal representatives.

13. ASSIGNMENT

13.1. You may not assign your rights and obligations arising from these Terms and Conditions without Garpa's prior written and express consent.

13.2. Garpa, for its part, may assign, without the need to obtain your prior consent, these Terms and Conditions to any entity within its group of companies, worldwide, as well as to any person or entity that succeeds it in the exercise of its business by any title.

14. AMENDMENTS

14.1. Garpa may modify, at any time, the functionalities of your Virtual Account, as well as these Terms and Conditions and/or the particular conditions required to use your Virtual Account Services. When a material change occurs, Garpa will notify you of the changes with 60 (sixty) calendar days' advance notice prior to the date of implementation, by publishing an updated version of said Terms and Conditions on the website with the date of the last modification and/or via email and/or push notification on the platform, in accordance with the provisions of section 2.3.4 of the regulations on "Protection of Financial Services Users" (text available on the website www.bcra.gob.ar). All modified terms shall enter into force after the expiration of the aforementioned period. You may choose to terminate the Terms and Conditions at any time before the change takes effect. You must contact by email at help.ar@garpa.money if you do not accept them and, in that case, the contractual relationship shall be dissolved. Upon expiration of said period, without your having opted for the right of termination provided, you shall be deemed to have accepted the new Terms and Conditions. Modifications that are economically more beneficial to the user do not require advance notice.

15. PREPAID CARD

Garpa may offer Users a prepaid card whose contracting conditions are available in these prepaid card terms and conditions.

16. APPLICABLE LAW AND JURISDICTION

These Terms and Conditions, as well as the relationship between the Parties, shall be governed and interpreted in accordance with the legislation in force in the Argentine Republic and, in the event of a dispute, the Parties agree to submit to the jurisdiction of the Ordinary Commercial Courts of the Autonomous City of Buenos Aires, waiving any other forum or jurisdiction.

17. GARPA AS PAYMENT SERVICES PROVIDER

Garpa offers payment services and is not authorized to operate as a financial entity by the Central Bank of the Argentine Republic. Garpa does not provide the User with any banking or foreign exchange services. Balances in pesos deposited in Virtual Accounts do not constitute deposits in a financial entity, nor do they have any of the guarantees that such deposits may enjoy in accordance with applicable legislation and regulations regarding deposits of financial entities.

18. RIGHT OF REVOCATION

You have the right to revoke acceptance of the service within a period of ten (10) business days from the date of the Application request and acceptance of the Terms and Conditions, by providing reliable notification or through the same means by which the service or product was contracted.

Such revocation shall be at no cost or liability, to the extent that you have not made use of the service and that, in the event you have used it, you will only be charged the commissions and fees provided for the provision, proportional to the time of use of the Service.

19. CANCELLATION OF YOUR VIRTUAL ACCOUNT

You may request the cancellation of your Virtual Account at any time through the Application, but this shall not suspend the fulfillment of all Requests already authorized at the time of notifying the termination and cancellation. To make the cancellation effective, you must withdraw all available funds from your Virtual Account. Applicable commissions and charges will be collected.

Garpa is authorized to terminate or suspend, in whole or in part, the provision of the Services at any time and without cause by notifying you in advance, within the term and in the manner established by current regulations.

Last Update: 26th May 2026