Terms & Conditions

Terms and Conditions for Small Amount Overseas Remittance Service

 

Article 1 (Objective)

This Agreement is concluded between FoneMoney Co., Ltd. (hereinafter referred to as the ‘company’) and customer (hereinafter referred to as the ‘customer’) who uses the Small Amount Overseas Remittance Service (hereinafter referred to as the ‘service’).

 

Article 2 (Real Name Transaction)

The customer shall use the real name for remittance service provided by the company and the customer shall provide necessary document/information requested by the company which are necessary to verify the identity of the customer.

 

Article 3 (Application for use)

• Customer shall fill up the all the required information, provide real name authentication documents and give consent on the Terms and Conditions while applying for the service.
• Customer not using real name or using other person’s information cannot be legally protected and all liabilities shall be borne by the customer. The company may suspend the use of service temporarily or permanently if false information is provided. Any damages incurred by the company or relevant 3rd party are the sole responsibility of the customer.
• The company may provide various useful information regarding services via E-mail, postal correspondence or telephone.
• The company may deny the application for using the service in any of the following cases.
  1. If the amount is lower than the minimum limit or exceeding the remittance limit
  2. If not using the real name.
  3. If other person’s name is used
  4. If false information is provided
  5. If the person is subject to transaction restriction
  6. In the event that the application requirements stipulated by the company are not fulfilled

 

Article 4 (Consent on use of Personal Information of the customer)

• The company shall have the right to use the personal information of the customer for the purpose of providing service under this contract.
• The customer information may be shared with the affiliated companies to facilitate the use of service. However, prior to providing the information, the company shall inform the name of affiliate company, purpose, content provided and obtain customer’s consent.
• By providing information during application to use the service, customer agrees to the Terms and Conditions & the privacy policy of the company.

 

Article 5 (Remittance limit)

The remittance limit set for this service is as follows: 

• Sending and receiving limit per transaction is 5,000 USD
• Sending and receiving limit per annum is 50,000 USD

 

Article 6 (Designated Account)

• The company shall only use the corporate account (including changed one where applicable) registered under the financial company’s name (hereinafter referred to as the ‘designated account’) to receive and disburse all payments related to ‘Small Amount Overseas Remittance’. 
• The company shall notify the latest information about the designated account on the company’s homepage and keeps it updated.

 

Article 7 (Fees)

• The company shall provide information about the fees such as exchange fee, remittance fee and foreign affiliate’s fee customer has to bear (hereinafter referred to as the ‘fees’) after receiving registration request from the customer to use the service.
• The company shall provide latest information about the fees in the company’s homepage and keeps it updated.

 

Article 8 (Applied Exchange rate)

• The company shall provide information about the exchange rate applied to the customer after receiving service use request.
• The company shall provide information regarding the applicable exchange rate to the customers through the homepage and keep it updated.

 

Article 9 (Payment and Receipt)

• If customer applies to use the service and deposit the amount in the designated account, the company shall remit the money to the recipient after deducting the fees and convert the rest to foreign currency.
• The company shall provide information to the customer about the paid and received amount, both in Korean won and foreign currency after receiving the service use request from the customer. 

 

Article 10 (Estimated time period)

• The company shall provide information on the estimated time of payment or receipt when receiving application of using the service from the customer. 
• The company shall provide information about the estimated time of payment or receipt in its homepage and shall keep it updated.

 

Article 11 (Modification/cancellation of remittance)

• In the event of non-completed remittance transaction, the customer may modify or cancel the order through phone or by visiting one the branches of the company. However, in the event of dully deposited remittance amount to the recipient’s account or completed remittance transaction, modification or cancellation is strictly prohibited. 
• The company shall process the request of modification or cancellation made by the customer and notify the outcome to the customer.

 

Article 12 (Notification of remittance outcome)

The company shall notify the customer via registered contact information about the outcome of the remittance without delay.

 

Article 13 (Compensation for damages)

• The company shall be responsible for the damages caused to the customer due to the company’s fault or negligence that is defined by the Civil Act and shall only be compensated if the company were aware of the circumstances beforehand.
• Regardless of the provisions of paragraph 1, if the circumstances fall under any of the following reasons, the customer may be responsible for full or partial liability.
  1. In the event of incident caused by the customer’s intentional or grave error and the company has prior contract with the customer regarding liability of compensation, the customer may bear the full or partial responsibility.
  2. If the company has taken adequate security measures to prevent incident, fulfilling the obligation of reasonable care of customer from any incident.
• The intentional or grave error of customer mentioned in paragraph 2, clause 1 shall be limited to those described in the Article 8 of the Decree of the Electronic Financial Transaction Act.
• The company shall not be responsible for any of the following reasons.
  1. In the event of a force majeure such as war, natural disaster or national emergency.
  2. In the event of delay in using the service due to incorrect recipient information provided by the customer.

 

Article 14 (Refund)

• The customer may apply for refund if the remittance order is not completed within 5 working days after the commencement of such remittance request by the customer. 
• The company shall refund the total amount deposited by the customer in the pre-registered account including compensation as stated in article 13 (compensation for damages) after receiving refund request under the above paragraph 1.

 

Article 15 (Dispute Resolution Procedure)

• The company shall prepare regulations for resolving complaints or opinions of the customer related to the Small Amount Overseas Remittance service and the damages incurred to the customer due to the service (hereinafter referred to as the ‘dispute resolution procedure’).
• The company shall provide information regarding the application procedure for dispute resolution (including the contact information of dispute resolution officer), dispute settlement process (including general and compensation for damages) and the result (including required time period, notification method. etc.) of the dispute resolution to the customers.
• The customer may request for settlement of dispute according to the process of the company and the company shall investigate and notify the outcome to the customer within time period stated in paragraph 2. 
• The company shall provide the contact information of the designated official and in charge regarding dispute resolution in the company’s webpage and keep content updated.

 

Article 16 (Retention of transaction record)

The company shall retain the payment and receipt record for 5 years in pursuant with the Foreign Exchange Transaction Act.

 

Article 17 (Obligation on confidentiality)

• The company shall not disclose any information such as personal information, account information, transaction content known during the remittance service (hereinafter referred to as ‘customer information’) to the third party or use for any other purpose than that is stated in the relevant laws and regulation without prior consent of the customer. 
• The company shall compensate for damages to the customer caused by the violation of paragraph 1, such as negligence of management, or if the customer information is stolen or leaked. However, the company shall not be held responsible for any such compensation upon proving that the incident took place beyond the company’s intention or negligence.

 

Article 18 (Distribution and Explanation of Terms and Conditions)

• The company shall notify any changes or decision made regarding the terms and condition through the company’s homepage and shall specify the Terms and Conditions when concluding any contract with the customer for the Small Amount Overseas Remittance business. 
• The company shall provide a copy of the Terms and Conditions via electronic documents (E-mail included), postal or direct delivery.
• The company shall explain the content of the Terms and Conditions via one of the means described below upon receiving request from the customer for the same. 
  1. The company shall explain the important content of the Terms and Conditions to the customer directly.
  2. The company shall explain the important content of the Terms and Conditions via electronic means for easier understanding of the customer and shall have the option to receive customer’s consent on the Terms and Conditions via electronic means.

 

Article 19 (Applicable regulations)

The matters not specified in the Terms and Conditions shall be governed by the Foreign Exchange Transaction Act or any such relevant laws. 

 

Article 20 (Competent court)

If any dispute arises from the transaction, both parties shall resolve the dispute with mutual agreement. However, if the parties are unable to reach a mutual agreement, and a case is filed regarding the transaction, the court of competent jurisdiction shall comply with the provision of Civil Procedure Act.

 

(Addendum)

This Terms and Conditions will be effective from May 1, 2018