Payment commitments - travel guarantees
Payment commitments must be worded exactly according to our template in order to be approved. There are two different templates; one for payment commitments with indefinite validity and another for payment commitments that are valid for a limited term.
The issuer of the guarantee must attach their registration certificate to the payment commitment, along with any power of attorney for those who signed the payment commitment. We can only approve securities that are signed by authorised signatories.
Travellers may apply for compensation up to three months after it becomes clear that the trip cannot be carried out. When replacing payment commitments, therefore, the new payment commitment should contain an assumption clause. Through this clause, the new payment commitment assumes the responsibilities of the previous one. The previous payment commitment can therefore be returned when it is replaced. If the new payment commitment does not contain an assumption clause, we will keep the old one for three months. The templates show the wording the assumption clause must use.
The issuer of the guarantee is always entitled to cancel payment commitments. Cancellation must be made in writing.
If cancellation is done in connection with the travel operator ceasing its activities that are subject to guarantees, the cancellation can be sent to us no earlier than one month before the last travellers return home.
Payment commitments normally remain with us at the Legal, Financial and Administrative Services Agency for three months after travel operations cease, because travellers are able to apply for compensation during that time. Time-limited commitments can be returned after one month unless we have been informed that the travel operation has been cancelled or stopped.
If travellers require compensation, they must apply in writing to the Legal, Financial and Administrative Services Agency. The Agency determines whether compensation should be paid and thereafter requests such payment from the issuer of the guarantee.
The issuer of the guarantee must pay compensation to the person designated by the Agency. Payment must be made when requested by the Legal, Financial and Administrative Services Agency.
You can also choose to deposit funds with us. Fill in the 'Travel Operator Registration' and 'Budget' forms. Under the 'Additional comments' section of the notification, state that you wish to deposit funds with us. We will make a decision regarding the size of the guarantee when we receive your notification and budget forms, after which we will send you details about where to deposit the funds.
Terms for deposited funds
The following terms apply when depositing funds with the Legal, Financial and Administrative Services Agency for travel guarantees.
- The funds for the guarantee must be deposited in Swedish Kronor (SEK).
- The money will then be put in an interest-bearing account with the Swedish National Debt Office in accordance with the Deposit Money in Escrow Act (1927:56).
- Negative and positive interest will be reported semi-annually or annually. Where applicable, we will provide information to the Swedish Tax Agency.
- We are entitled to immediately use funds in accordance with Sections 6 and 7 of the Travel Guarantee Act (2018:1218).
By depositing funds with us, you agree to these terms.
Templates for payment commitments
Deposit funds from outside Sweden
When you deposit funds from outside Sweden you need to contact us by email firstname.lastname@example.org
Deposit funds from outside Sweden using:
IBAN: SE15 8000 0890 1169 4024 1760