Terms and Conditions of Use for Travel Wallet Services
Terms and Conditions for Small-Amount Overseas Remittance Service
Article 1 (Scope of Application)
These Terms and Conditions apply to the relationship between Travel Wallet Co., Ltd. (hereinafter referred to as the “Company”) and customers who use the “Small-Amount Overseas Remittance Service” provided by the Company (hereinafter referred to as the “Customer”).
Article 2 (Real-Name Transactions)
The Customer must conduct all small-amount overseas remittance transactions with the Company under their real name. If the Company requests necessary documents, such as a certificate of identification, for real-name verification, the Customer shall comply accordingly.
Article 3 (Remittance Limits)
The limits on remittances through this Service are as follows:
① The per-transaction limit for both sending and receiving is USD 3,000.
② The cumulative annual limit for both sending and receiving is USD 20,000.
③ The remittance limits are subject to change. For details, please refer to the Travel Wallet website or mobile application.
Article 4 (Establishment of the Service Agreement)
① A person who wishes to use the Service (hereinafter referred to as the “Applicant”) must agree to the content of these Terms and Conditions and apply for membership by accurately filling out the required information in the form provided by the Company.
② Membership is completed when the Company approves the Applicant’s application, after which the Applicant may use the Service as a Customer.
③ In principle, the Company approves the Applicant’s request for membership. However, the Company may reject the application in any of the following cases:
- If the application is made under a false name or by misappropriating another person’s identity
- If the application form contains false information or the applicant does not meet the membership requirements
- If the Service is intended to be used for unlawful purposes
- If the application is made for purposes that violate relevant laws or public order
- If the Company otherwise deems the application inappropriate for reasons equivalent to the above
Article 5 (Protection and Handling of Personal Information)
① The Company shall collect and use personal information in accordance with applicable laws and the Company’s Privacy Policy.
② The Company shall not be held liable for any damages arising from the leakage of personal information due to reasons attributable to the Customer.
Article 6 (Provision and Use of the Service)
① Customers may use the Service through the Company’s mobile application (hereinafter referred to as the “Application”), and the details of the Service are as follows:
- The Customer inputs the currency and amount to be exchanged and selects the recipient country within the Application.
- When the Customer enters their account information in the Application and requests a transfer, the corresponding amount is transferred from the Customer’s account to the Company’s account.
- The Company provides the Customer with the exchange request information via the Application.
- The Customer may either directly visit or send a third party to the designated exchange location of the Company’s local partner in the recipient country and present the exchange request information displayed in the Application to collect the exchanged cash.
② To use the Service, the Customer must complete necessary steps such as downloading or installing the Application and connecting to the internet.
Article 7 (Designated Account)
① The Company may only receive funds from or disburse funds to the Customer through the account opened in the Company’s name and designated for use in the small-amount overseas remittance business at the time of registration (or modification) of such business (hereinafter referred to as the “Designated Account”).
② The Company shall publish the details of the Designated Account on the Application and ensure such details are kept up to date.
Article 8 (Fees)
① When the Company receives a request to use the Service from the Customer, it shall provide a breakdown of the fees to be borne by the Customer (hereinafter referred to as “Fees”), specifying each item such as the exchange fee, remittance fee, and foreign partner disbursement fee.
- Exchange Fee: 0
- Remittance Fee: 5,000
- Foreign Partner Disbursement Fee: 0
② The Company shall publish the fee details on the Application and keep them up to date.
③ Fees are subject to change. For more information, please refer to the Travel Wallet website or mobile app.
Article 9 (Applicable Exchange Rate)
① When the Company receives a request to use the Service from the Customer, it shall provide the applicable exchange rate to the Customer.
② The Company shall publish the applicable exchange rate on the Application and keep it up to date.
Article 10 (Payment and Receipt Amounts)
① When a Customer deposits funds into the Designated Account to use the Service, the Company shall deduct the applicable Fees and exchange the remaining amount into foreign currency so that the Customer can receive it in the designated country.
② When the Company receives a request to use the Service from the Customer, it shall provide the Customer with the KRW and foreign currency equivalent amounts for the payment and receipt.
Article 11 (Processing Time)
① When the Company receives a request to use the Service from the Customer, it shall provide the Customer with information on the expected time required for payment or receipt.
② The Company shall post the expected time for payment or receipt when using the Service on the Application and keep it up to date.
Article 12 (Amendment or Cancellation of Remittance)
① The Customer may request a change or cancellation via the Application for a remittance that has not yet been received in the recipient country. However, remittances that have already been received may not be changed or canceled.
② Upon receiving a request from the Customer to change or cancel a remittance, the Company shall process the request and notify the Customer of the result. In such cases, the Company may deduct fees and any penalties incurred due to the change or cancellation, and such penalty information shall be posted on the Application.
Article 13 (Notification of Remittance Result)
When the remittance has been successfully received in the recipient country, the Company shall immediately notify the Customer of the result via the Application or the Customer’s registered contact information.
Article 14 (Compensation for Damages)
If damages occur to the Customer due to reasons attributable to the Company, the Company shall compensate for ordinary damages as defined under the Civil Act. Special damages shall only be compensated if the Company was aware of or could have foreseen the circumstances causing such damages.
Article 15 (Refunds)
① If, through no fault of the Customer, the remitted amount is not received in the recipient country by the scheduled date even though the Customer has deposited funds into the Designated Account, the Customer may request a refund from the Company.
② Upon receiving a refund request under Paragraph ①, the Company shall, unless there are exceptional circumstances, return the amount deposited by the Customer and any applicable compensation under Article 14 (Compensation for Damages).
Article 16 (Dispute Resolution Procedures)
① When the Company establishes or amends these Terms and Conditions, it shall publicly announce them through the Application and specify them when entering into a contract with the Customer regarding the Small-Amount Overseas Remittance Service.
② The Company shall provide the Customer with information on how to submit a dispute (including the designation and contact information of the dispute resolution officer and responsible personnel), the dispute resolution procedure (with separate procedures for general complaints and compensation claims), and how the results will be communicated (including processing time and method of notification).
③ If the Customer has an objection regarding the processing of a remittance transaction, they may file a request for resolution with the Company’s dispute resolution body (including the dispute resolution officer and responsible personnel). The Company shall investigate the matter and notify the Customer of the result within the processing time set forth in Paragraph ②.
④ The Company shall post the designation and contact details of the dispute resolution officer and responsible personnel on the Application and maintain this information in an up-to-date manner.
Article 17 (Retention of Transaction Records)
The Company shall retain records of payments and receipts with the Customer for five years in accordance with the Foreign Exchange Transactions Act and related regulations.
Article 18 (Confidentiality Obligation)
① The Company shall not, without the Customer’s consent, provide to any third party or disclose or use for any purpose other than business operations any Customer information (hereinafter referred to as “Customer Information”), including personal details, account information, transaction history, or performance, acquired in the course of providing the Small-Amount Overseas Remittance Service, except as required by applicable laws and regulations.
② If a violation of Paragraph ① occurs due to the Company’s negligence in management, or if Customer Information is stolen or leaked, the Company shall be liable to compensate the affected Customer. However, the Company may be exempted from liability if it proves that there was no willful misconduct or negligence on its part.
Article 19 (Provision and Explanation of the Terms and Conditions)
① When the Company establishes or amends these Terms and Conditions, it shall publicly announce them through the Application and specify them when entering into a contract with the Customer regarding the Small-Amount Overseas Remittance Service.
② The Company shall deliver a copy of the Terms and Conditions to the Customer via electronic transmission (including email), fax, postal mail, or in person.
③ If the Customer requests an explanation of the Terms and Conditions, the Company shall explain the key provisions in one of the following ways:
- By directly explaining the key provisions of the Terms and Conditions to the Customer
- By clearly displaying the key provisions through an electronic device and obtaining confirmation from the Customer through such device that they have fully understood the content
Article 20 (Governing Regulations)
Matters not specified in these Terms and Conditions shall be governed by the Foreign Exchange Transactions Act and other applicable laws and regulations.
Article 21 (Jurisdiction)
In the event of a dispute arising in connection with this transaction, the parties shall seek to resolve the matter by mutual agreement. If an agreement cannot be reached, and litigation is filed, the competent court shall be determined in accordance with the Civil Procedure Act.
Version of the Terms and Conditions of Service: Ver 1.2
Effective Date: November 19, 2020
Terms and Conditions for Online Currency Exchange Service
Chapter 1 General Provisions
Article 1 (Purpose)
The purpose of these Terms and Conditions is to define the basic matters such as the rights, obligations, and responsibilities between Travel Wallet Co., Ltd. (hereinafter referred to as the “Company”) and the Customer, as well as the terms and procedures for using the Online Currency Exchange Service (hereinafter referred to as the “Service”) provided by the Company.
Article 2 (Definitions of Terms)
① The definitions of terms used in these Terms and Conditions are as follows:
- “Customer” refers to a person who has agreed to these Terms and Conditions and entered into a service use agreement with the Company through the prescribed registration process.
- “Applicable Exchange Rate” refers to the exchange rate between KRW and foreign currency as provided by the Company to Customers.
- “Designated Account” refers to the account opened in the Company’s name at a financial institution, designated for use in online currency exchange transactions at the time of the business registration (or modification).
- “Fee” refers to the fee borne by the Customer upon application to use the Service, which includes details such as currency exchange fees and partner disbursement fees.
- “Disbursement and Receipt” refers to the process where, upon deposit into the Designated Account by the Customer, the Company deducts the applicable fees, exchanges the remainder into foreign currency, and the Customer receives the exchanged funds at the time and place requested.
- “Processing Time” refers to the expected time required for payment or receipt once the Company receives the Customer’s application to use the Service.
② Definitions of terms not set forth in the preceding paragraph shall be governed by applicable laws or the terms and conditions for each specific service.
③ Unless otherwise specified, the definitions of terms in these Terms and Conditions shall also apply to the Company’s privacy policy, guidelines, and other regulations.
Article 3 (Effectiveness and Amendment of Terms and Conditions)
① These Terms and Conditions shall take effect upon being posted on the Service screen of the official website (http://www.travel-wallet.com, hereinafter referred to as the “Website”) or mobile application, or by other means. The Terms must also be specified when entering into an agreement related to the currency exchange service.
② If the Company amends the Terms, it shall publicly announce the revised Terms at least 7 days before the effective date by the same method. However, for amendments involving significant changes such as restrictions on Customer rights or imposition of obligations, such announcement shall be made at least 30 days in advance.