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Terms and Conditions of Online Foreign Exchange Services

Chapter 1 General Provisions

Article 1 (Purpose)

The purpose of these Terms and Conditions is to set forth the basic provisions regarding the use of the Online Foreign Exchange Services (hereinafter referred to as the “Service”) provided by Travel Wallet Co., Ltd. (hereinafter referred to as the “Company”), including the rights, obligations, and responsibilities between the Company and the customer, as well as the terms and procedures for using the Service.

Article 2 (Definitions)

① The terms used in these Terms and Conditions shall have the following meanings:

“Customer” refers to an individual who agrees to these Terms and Conditions and enters into a service agreement with the Company through a prescribed registration process.

“Applicable Exchange Rate” refers to the exchange rate between the Korean won and foreign currency offered by the Company to the customer.

“Designated Account” refers to a financial institution account opened under the Company’s name and designated for the use of online foreign exchange business at the time of registration (including changes).

“Fees” refer to the charges borne by the customer when applying for the Service, including foreign exchange fees, partner payout fees, etc., provided to the customer as a breakdown by component.

“Payment and Receipt” refers to the process where, upon deposit into the Designated Account by a customer who applied for the Service, the Company deducts the fees, converts the remaining amount into foreign currency, and delivers the funds at the time and location requested by the customer.

“Processing Time” refers to the estimated time required for payment or receipt after the customer applies for the Service.

② Definitions of terms not defined in the preceding paragraph shall follow the relevant laws or the specific service guidelines.

③ Unless otherwise specified, the definitions in these Terms and Conditions shall also apply to the Company’s Privacy Policy and any other policies, guidelines, or manuals issued by the Company.

Article 3 (Effectiveness and Amendment of the Terms and Conditions)

① These Terms and Conditions take effect when posted on the Service screen of the official website (http://www.travel-wallet.com, hereinafter referred to as the “Website”) or the mobile application, or by other methods, and shall be expressly stated at the time of entering into a foreign exchange contract with the customer.

② If the Company amends these Terms and Conditions, it shall announce the changes at least 7 days prior to the effective date in the manner described in paragraph ①. However, amendments that impose significant restrictions on customer rights or obligations shall be announced at least 30 days in advance.

③ If the Company announces the amended Terms and Conditions under paragraph ②, including a notice stating that customers who do not express an explicit objection by the effective date shall be deemed to have agreed, and the customer does not express an objection, the customer shall be deemed to have agreed to the changes.

④ If the customer does not agree to the amended Terms and Conditions, they may stop using the Service and terminate the service agreement.

⑤ The Company shall provide a copy of the Terms and Conditions to the customer via electronic transmission (including email), fax, mail, or direct delivery.

⑥ If the customer requests an explanation of the Terms and Conditions, the Company shall explain the key provisions through one of the following methods:

Provide a direct explanation of the key contents to the customer;

Display the key contents through an electronic device in an easy-to-understand manner and obtain confirmation of the customer’s acknowledgment through said device.

Article 4 (Governing Rules Outside the Terms and Conditions)

Matters not stipulated in these Terms and Conditions and the interpretation thereof shall be governed by the Foreign Exchange Transactions Act, the Electronic Financial Transactions Act, the Act on the Consumer Protection in Electronic Commerce, the Act on the Regulation of Terms and Conditions, the Consumer Protection Guidelines in Electronic Commerce established by the Fair Trade Commission, and other relevant laws and customary practices.

Chapter 2. Service Use Agreement

Article 5 (Formation of Use Agreement)

① A customer applies to use the Service by entering the required customer information and expressing consent to these Terms and Conditions through the registration procedure prescribed by the Company.

② The service agreement shall be concluded on a real-name basis using the customer’s verified identification number.

Article 6 (Application for Use)

① Applications for use shall be made online by completing the required fields in the registration form provided by the Company.

② All information entered by the customer in the application form is deemed to be true and accurate. Customers who do not enter real names or accurate information are not entitled to legal protection and may be restricted from using the Service.

③ If it is discovered that the information provided is false or incorrect, the Company may temporarily suspend or permanently terminate the Service or cancel the agreement. Any resulting damage to the Company or a third party shall be the full responsibility of the customer.

④ The customer agrees not to use the Service for illicit purposes such as the concealment of illegal assets or money laundering.

Article 7 (Consent to Use of Customer Information and Approval of Application)

① The Company uses the customer’s personal information solely for the purpose of fulfilling the service agreement and providing the Service.

② If the customer accurately completes all required fields in the prescribed application form, the Company may approve the application for Service use.

③ The Company may withhold approval of applications under any of the following circumstances:

Lack of service capacity;

Technical difficulties;

Other circumstances that make approval of application difficult due to Company policy.

④ The Company may reject applications in the following cases:

If the applicant is not using their real name;

If the application was made using another person’s identity;

If false information was entered during application;

If the application does not meet other conditions set by the Company.

⑤ The Company will not use or provide the customer’s personal information to a third party for purposes other than service operation, unless:

Required by law;

Separate customer consent is obtained in accordance with the Company’s policies and Terms.

⑥ The Company shall establish and operate a “Privacy Policy” and designate a personal information protection officer to protect customer information.

Article 8 (Suspension and Termination of Use Agreement)

① If a customer wishes to terminate the use agreement, they must notify the Company via email or other methods. However, the customer must complete, withdraw, or cancel all ongoing transactions before such termination. Any resulting losses shall be borne by the customer.

② Upon termination of the agreement, all customer data including personal information and transaction history will be deleted.

③ A customer who has terminated the agreement may re-register as a customer in accordance with the procedures set out in these Terms and Conditions.

④ For reliability and security of the Service, the Company prohibits the following acts and may suspend or terminate the Service in the event of violation:

Intentional disruption of Service operations;

Use of a name other than the real name;

Transmission of mass or unsolicited advertisements to disrupt Service stability;

Distribution of computer viruses causing malfunction or data destruction;

Misuse of another person’s personal information;

Unauthorized reproduction, distribution, or commercial use of Service-related data;

Actions violating external authorities’ orders or election law rulings;

Violation of these Terms or other Company policies;

Abnormal use of the Service or unauthorized system access;

Any other actions deemed illegal under applicable laws.

⑤ The Company shall notify the customer of the reason, date, and period of suspension via email, phone, or mobile message. In urgent cases, the Company may suspend the Service without prior notice.

⑥ Customers may raise objections to the suspension in accordance with Article 24 (Dispute Resolution), and if the reason for suspension is resolved, the Company shall lift the suspension.

⑦ If the prohibited act is repeated twice or more or not rectified within 30 days, or if a violation under paragraph ④ occurs, the Company may terminate the use agreement.

⑧ Upon termination, the Company shall delete customer data and notify the customer, offering an opportunity for explanation before deletion.

⑨ In cases where the Company terminates the agreement under paragraph ④, it may cancel the customer’s related transactions without prior notice. Any losses arising from such termination shall be borne by the customer, and the Company shall bear no liability.

Chapter 3 Duties of the Company and the Customer

Article 9 (Duties of the Company)

① The Company shall not engage in any acts prohibited by relevant laws and regulations or this Agreement, or acts that are contrary to public order and morals, and shall make its best efforts to continuously and reliably provide the online currency exchange service.

② The Company shall establish a security system to protect personal information so that customers can use the service safely, and shall publicly announce and comply with its privacy protection policy.

③ If the Company deems the opinions or complaints raised by the customer in connection with the use of the service to be valid, it shall process them accordingly. The Company shall inform the customer of the processing progress or result via telephone, email, or other means.

④ The Company shall withdraw payment through the “Banking Industry Joint Open Platform Service,” which provides standardized financial services of banks, and subscribe to a performance (payment) guarantee insurance to safely protect the customer’s exchanged funds.

⑤ The Company shall carry out “foreign exchange business” in accordance with the Foreign Exchange Transactions Act and comply with relevant laws and regulations.

Article 10 (Duties of the Customer)

① The customer shall comply with this Agreement and the information notified by the Company on the service screen.

② The customer shall use the service under their real name, and shall comply if the Company requests personal identification documents or requires identity verification procedures as prescribed by relevant regulations.

③ The customer shall cooperate with the Company so that the service can be safely provided. If the Company discovers a violation of this Agreement by the customer and requests clarification, the customer shall actively respond to such request.

Article 11 (Preservation of Transaction Records and Duty of Confidentiality)

① The Company shall retain the records of currency exchange transactions with customers for five (5) years in accordance with the Foreign Exchange Transactions Act and related laws.

② The Company shall not disclose or use for any purpose other than business any customer information (hereinafter referred to as “Customer Information”) obtained in the course of conducting foreign exchange business—including the customer’s personal details, account information, transaction content and performance with the Company—without the customer’s consent, except in cases prescribed by applicable laws.

③ If the Company violates paragraph ② due to negligence in management or if customer information is stolen or leaked, the Company shall be liable for compensation to the affected customer. However, the Company shall not be held liable if it proves that it was not intentional or negligent.

Chapter 4 Use of the Service

Article 12 (Service Hours)

① The use of the Service shall, in principle, be available 24 hours a day, year-round, unless there are exceptional circumstances related to the Company’s business or technical issues. However, the Service may be temporarily suspended during periods specified by the Company due to instability in mobile or internet networks, technical reasons, or the need for regular maintenance.

② The Company may divide the Service into certain categories and set separate hours of availability for each category. In such cases, the details shall be announced in advance.

Article 13 (Modification and Suspension of the Service)

① The Company may limit or suspend all or part of the Service in the following cases:

When it is unavoidable due to construction such as maintenance of service equipment

When a key telecommunications business operator, as defined in the Telecommunications Business Act, suspends its services

When normal service use is disrupted due to a power outage, equipment failure, or service overload

When a service is provided via third-party partners, and the third party suspends the service

When there are special circumstances such as changes or discontinuation of the Service that make its continuation unfeasible

In the event of a force majeure situation, such as natural disasters or a national emergency

② The Company shall not be held liable for any issues arising from the modification or suspension of the Service pursuant to this Article, unless caused by the Company’s willful misconduct or gross negligence.

Article 14 (Provision of Information and Advertisement Placement)

① The Company may provide customers with various types of information deemed necessary during the use of the Service via service notices, on-screen displays, email, or other means. However, customers may opt out of receiving such information at any time, except for information required by law regarding transactions or responses to customer inquiries.

② The Company may display advertisements on the service interface and homepage in connection with the operation of the Service.

Article 15 (Notification to Customers)

① Unless otherwise specified in this Agreement, notifications from the Company to customers may be made via email, notices, or other means.

② In the case of notifications to all customers, the Company may replace individual notifications by posting on the Company’s website or the notice section of the Service for at least seven (7) days.

Chapter 5 Online Currency Exchange Payment and Receipt

Article 16 (Real-Name Transactions)

Customers shall conduct currency exchange transactions under their real name. If the Company requests necessary documents such as a real-name identification certificate or requires real-name verification procedures as stipulated by relevant regulations, the customer must comply accordingly.

Article 17 (Applicable Exchange Rate)

① The Company shall provide the customer with information regarding the exchange rate to be applied.

② The Company shall post information on the applicable exchange rate on the service page and keep it up to date.

Article 18 (Application and Receipt)

① When applying for a currency exchange, the customer shall notify the Company of the exchange amount, method of receipt (location), and date of receipt. However, the receipt location and date shall be limited to those permitted by the Company.

② Upon receiving the service application from the customer, the Company shall provide information on the amount to be received in both Korean won and foreign currency, based on the applicable exchange rate.

③ If the customer has agreed to allow withdrawal from a designated account, the Company shall deduct applicable fees, convert the remaining amount to foreign currency, and deliver the exchanged amount to the time and location requested by the customer.

④ If the requested receipt method is not feasible or the delivery at the scheduled time is not possible, the Company shall immediately notify the customer of the reason.

⑤ Upon receiving a service application from the customer, the Company shall provide, via service page posting or other means, information regarding available exchange request dates and the estimated time required for receipt, and shall keep this information up to date.

⑥ Under the Foreign Exchange Transactions Act, the customer may only purchase foreign currency. The customer may request currency exchange for up to USD 2,000 per day.

⑦ Exchange limits are subject to change. For details, please refer to the Travel Wallet website or app.

Article 19 (Change or Cancellation of Reservation)

① After applying for the Service, the customer may request changes to a transaction that has not yet been completed via phone or customer service. For cancellations, the customer may apply directly through the Company’s mobile application. A cancellation fee shall apply.

② If the customer does not receive the exchanged currency on the scheduled receipt date without requesting a change, the transaction shall be automatically canceled 24 hours after the scheduled receipt date, and a cancellation fee will be charged.

③ Changes or cancellations cannot be requested for transactions where currency delivery has already been completed.

④ When a change or cancellation request is received from the customer, the Company shall process the request and notify the customer of the result via SMS to the registered contact or, if necessary, through the Company’s mobile application.

Article 20 (Notification of Exchange Results)

When the delivery of the exchanged currency is completed successfully, the Company shall immediately notify the customer of the result via SMS to the registered contact information and, if necessary, through the Company’s mobile application.

Article 21 (Refunds)

① If the customer does not receive the foreign currency on the scheduled receipt date without any fault of their own despite having applied for the service, they may request a refund.

② Upon receiving a refund request as described in Paragraph 1, the Company shall, unless there are special circumstances, refund the amount originally withdrawn from the designated account with the customer’s consent, and any compensation amount pursuant to Article 22.

③ If the refund is due to the customer’s fault, the Company may deduct any costs incurred in connection with the exchange transaction before making the refund. These details shall be provided to the customer during the exchange application and refund request process via the Company’s mobile application.

④ The following are considered cases where the refund is attributable to the customer:

When the customer cancels the transaction due to a change of mind

When the customer is at fault (e.g., failure to receive on the registered receipt date, etc.)

Chapter 6 Compensation for Damages and Disclaimer

Article 22 (Compensation for Damages)

① If a customer suffers damages due to a cause attributable to the Company, the scope of compensation by the Company shall include ordinary damages as defined under the Civil Act. Compensation for special damages shall only be applicable if the Company knew or could have known of such circumstances.

② The Company shall not be liable for damages arising from transactions that fall outside the scope of Paragraph 1 of this Article or those not stipulated in this Agreement.

Article 23 (Disclaimer)

① The Company shall not be held liable in the following cases:

If damages occur due to war, incidents, natural disasters, or other force majeure events equivalent to a national emergency.

If damages occur due to the customer’s intentional misconduct or negligence.

Article 24 (Dispute Resolution Procedure)

① The Company shall establish a “Dispute Resolution Procedure” to address valid opinions or complaints raised by customers regarding foreign exchange services and to compensate customers for damages incurred in relation to such services. The Company shall also appoint a person responsible for dispute resolution.

Dispute Resolution Officer: Hyungwoo Kim

Phone: 02-522-0400

Email: ceo@travel-wallet.com

② Customers may submit a dispute resolution request to the Company in writing (including electronic documents) or via an electronic device. The Company shall investigate or process the request and notify the customer of the result within 15 days using written or electronic means.

③ The Company shall handle customer complaints under the following classifications:

General complaints: The dispute resolution officer shall investigate or process the request and may request additional documentation or explanation from the customer. The Company shall notify the customer of the result within 15 days via written or electronic means.

Claims for damages: The dispute resolution officer shall investigate or process the request through the Company’s Dispute Mediation Committee and may request additional documentation or explanation from the customer. The Company shall notify the customer of the result within 30 days via written or electronic means.

④ In order to effectively resolve customer disputes, the Company shall operate a Dispute Mediation Committee composed of the Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Information Security Officer. The committee shall investigate or process damage claims and notify the customer of the result. External consultation may be sought if necessary.

⑤ If the customer objects to the result of the Company’s dispute resolution, the customer may request mediation from the Financial Dispute Mediation Committee of the Financial Supervisory Service.

⑥ If the result of the mediation by the Financial Supervisory Service confirms the Company’s liability, the Company shall bear the full cost of the service usage fee. However, if the customer or the Company files a civil lawsuit with a court of competent jurisdiction due to dissatisfaction with the mediation result, this shall not apply.

Article 25 (Jurisdiction and Governing Law)

① If any dispute arises in relation to this transaction, both parties shall seek to resolve it through mutual agreement. However, if agreement cannot be reached or is not made, the jurisdiction for lawsuits related to this transaction shall be determined in accordance with the Civil Procedure Act of the Republic of Korea.

② Any litigation between the Company and the customer in connection with the use of the service shall be governed by the laws of the Republic of Korea.

Version of Terms of Service: Ver. 1.2

Effective Date: November 19, 2020