Terms of Use

Terms of Use

Main contents of the terms and conditions

  • ● When making a small overseas remittance transaction, you must make a transaction under your real name.
  • ● The payout and receivable limits per incident are $5,000 each.
  • ● The cumulative limit on annual payments and receivables is $50,000 each.
  • ● The company can pay funds to or receive funds from customers only through the 'designated account designated account', which is a bank account in the company's name.
  • ● You must provide the customer with the fees borne by the customer and details thereof.
  • ● You must provide the customer with information about the exchange rate applicable to the customer's remittance.
  • ● You must provide the customer with information regarding the amount of funds paid or received through the customer's remittance in Korean won and foreign currency.
  • ● Customers can apply for change or cancellation to the company through wire or branch visits for cases in which remittance processing has not been completed.
  • ● In the event of damage to the customer due to a cause attributable to the company, the company's scope of compensation includes normal damage, and the company is liable for damages caused by special circumstances only when the company knew or should have known the circumstances.
  • ● The company may apply for a refund to the company if the remittance process is not completed within 15 days from the date the customer deposits into the company's designated account. You must pay the customer the amount of the specified amount and the corresponding amount in Article 19 (Compensation for Damages).
  • ● The company must provide the customer with information on how to receive disputes, dispute settlement procedures, dispute settlement procedures, and customer notifications.
  • ● The company must keep records of payments and receivables for 5 years.
  • ● The company shall not provide customer information to a third party without the consent of the customer, or disclose or use it for other than business purposes.
  • ● The company shall deliver a copy of the terms and conditions to the customer, and if the customer requests an explanation of the contents of the terms and conditions, the company must explain the important details of the terms to the customer

Terms of Service

Chapter 1: General Provisions

Article 1 (Scope and Purpose)
These terms and conditions apply between Seasquare Korea Co., Ltd. (hereinafter referred to as the 'Company') and the customer (hereinafter referred to as the 'Customer') who uses the 「Small Overseas Remittance Service」 (hereinafter referred to as the 'Service') provided by the company, the purpose of which is to facilitate the prompt and efficient processing of transactions and to reasonably reconcile the interests of the parties to the transaction.
Article 2 (Definition of Terms)
① The meanings of terms used in these terms and conditions are as follows.
  • 1. 'This service' refers to the overseas remittance service provided by the company to members who have signed a service contract with the company in accordance with relevant laws and terms of use as a small-value overseas remittance business registered in accordance with Article 8 (3) of the Foreign Exchange Transactions Act.
  • 2. 'This system' refers to the system related to this service provided by the company.
  • 3. 'Member' refers to a customer who has accepted membership registration by the company after applying for membership in accordance with these terms and conditions. A person who uses the services provided by the company.
  • 4. 'Use contract' refers to an overseas remittance transaction contract related to this service between the company and the member in accordance with these terms and conditions.
  • 5. 'Designated account' refers to an account opened by a financial company in the name of a company designated when registering or changing a small amount overseas remittance business as an account used by the company for ‘small amount overseas remittance business.
  • 6. 'Payment deadline' refers to the deadline for depositing funds and fees necessary for the use of this service to the designated account of the company after the contract of use.
  • 7. 'Sender' refers to a person who has requested payment of money through this service or the company’s ‘foreign partner’.
  • 8. 'Recipient' refers to a person who receives money through this service or the company's 'foreign partner'.
  • 9. 'Country' refers to the country where the recipient receives money through this service or the company's 'foreign partner'.
  • 10. 'Payment instruction' refers to a company requesting payment of remittance funds to a foreign partner or a foreign partner requesting payment of remittance funds to a recipient from the company.
  • 11. 'Transaction amount' is the amount that a member remits to the recipient, excluding fees, such as fees, and refers to the amount before foreign currency conversion.
  • 12. 'Payment amount' refers to the amount paid to the recipient, excluding taxes and fees imposed under the laws of the other country.
  • 13. 'Usage fee' means the service fee borne by the customer for each transaction of the overseas remittance service provided by the company, and the amount and contents may vary depending on the transaction amount, transaction currency, counterparty country, and service type. can.
  • 14. 'Business day' refers to the day on which the company operates.
  • 15. 'Necessary funds' refers to the amount obtained by adding the usage fee to the transaction amount.
② Terms not specified in these Terms and Conditions shall be subject to the provisions of the 「Foreign Exchange Transactions Act」, the enforcement ordinance of the same law, related laws and guidelines, etc.

Chapter 2 Small Overseas Remittance Service

Article 3 (Real Name Transactions)
  • ① Members must make transactions under their real name when making small overseas remittance transactions with the company.
  • ② The company may request necessary data, such as a real name verification certificate, to verify the real names of members and customers in accordance with relevant laws such as the Real Name Financial Act and the Specific Financial Information Act.
  • ③ The company may reject the conclusion of the contract if the member or customer refuses to do so despite the request for submission of a real-name verification certificate, etc. in accordance with the provisions of the preceding paragraph.
Article 4 (Limit of remittance) The maximum amount of overseas remittance for this service is 5,000 USD each for payment (remittance from Korea to foreign country) and receipt (remittance from foreign country to Korea) in accordance with Article 2-14 Paragraph 2 of the Foreign Exchange Transactions Act. , the cumulative limit of annual payments and receivables per person is 50,000 USD each.
Article 5 (Designated Account)
  • ① The company may pay funds to or receive funds from members only through the bank account in the name of the company designated at the time of registration and change registration of small amount overseas remittance business.
  • ② The company shall post the contents of the designated account in the preceding paragraph on the website, etc. and manage it with the latest contents.
  • ③ The company's designated accounts are as follows.
    • 1. Shinhan Bank 140-013-756540
    • 2. Kwangju Bank 1107-020-806856
Article 6 (Fees)
  • ① The company must provide the customer with the details of the service charges from the customer by classifying them into detailed components such as remittance fees, currency exchange fees, foreign partner fees, and foreign payment bank fees.
  • ② The company may differentiate the usage fee according to the transaction amount, transaction currency, remittance country, and service type, and may provide a discount on usage fees due to events, etc.
  • ③ The company must post the usage fee on the internet website so that customers can easily check it, and keep it up to date at all times.
Article 7 (Applicable Exchange Rate)
  • ① When the company receives an application for use of this service from the customer, the company must provide the customer with matters regarding the exchange rate to be applied.
  • ② The applicable exchange rate for this service provided by the company depends on the transaction currency, remittance country, and service type. In some cases, the exchange rate at the time of arrival is applied, the exchange rate at the time of receipt, etc.
  • ③ The company shall post on the Internet homepage and branch offices so that customers can easily check the time of confirmation of the applicable exchange rate according to the transaction currency of this service, the counterparty country, and the type of service, and shall always keep it up to date.
Article 8 (Payment, Received Amount)
  • ① When a member who has applied for the remittance service of this service deposits money into a designated account, the company must convert the amount deducted from the usage fee into foreign currency and process the remittance to the recipient requested by the member. However, if there is a fee borne by the recipient depending on the transaction currency, the counterparty country, and the type of service, the member must be informed of this in advance and consent must be obtained.
  • ② When a member applies for a service to be received from this service, the company must indicate the service fee and amount received for the service in an easy-to-understand manner to the member.
  • ③ When a member receives recipient information from a foreign partner, the company must notify the member of the amount to be received and the procedure for receiving it, and inform the member so that it can be received without delay.
  • ④ When the company receives an application for use of this service from a member, the company must provide the member with information about the amount in Korean won and foreign currency of the funds paid or received by the member.
Article 9 (Required Period)
  • ① When the company receives an application for use of this service from a member, the company must provide the member with information about the expected period of payment or receipt.
  • ② The company shall post information about the expected period required for payment or receipt through this service on the internet homepage and branch in an easy-to-understand manner for members and manage it up to date.
Article 9 (Hours of use)
  • ① The customer can use the small amount overseas remittance service within the time set by the company.
  • ② When the company intends to change the usage hours, the contents of the usage hours must be posted on the Internet website and branch offices one month prior to the change in an easy-to-understand manner for customers. However, exceptions are made in unavoidable cases such as system failure recovery, urgent program maintenance, and external factors.

Chapter 3 Use of Small Overseas Remittance Service

Article 11 (Membership)
  • ① When using this service, the customer enters information in the essential information of the system after verifying his/her identity in accordance with the method set by the company in advance. You can use the Money Online service only after checking customer information and verifying your account.
  • ② The customer must provide the information necessary for the company to process the customer's subscription application.
  • ③ The customer must confirm that there is no difference between the information entered when applying for membership through this system and the information on the ID.
  • ④ The customer can use this service only when the company approves the subscription application.
Article 12 (Conclusion of small amount overseas remittance contract)
  • ① A small amount overseas remittance contract is concluded when the member agrees to the terms and conditions provided by the company, provides the information required by the company through the remittance application, and meets the requirements of each subparagraph.
    • 1. After the member fills out the application form, his/her identity shall be verified through the real name verification procedure.
    • 2. Members shall deposit the necessary funds into the company's designated account.
    • 3. The company must confirm the necessary funds deposited by the member.
  • ② Notwithstanding the provisions of the preceding paragraph, if the member or the payee designated by the member falls under the financial sanctions in accordance with the laws and regulations of Korea or foreign countries, the company may cancel the contract.
  • ③ Regardless of the provisions of this article and other terms and conditions of use, the company may not conclude a small overseas remittance contract if the sender and recipient of this service fall under any of the following subparagraphs.
    • 1. When it is recognized that a violation of the Terms of Use, etc. for this service has been violated
    • 2. When there are false facts or incorrect information in the membership application or remittance application, or when there are essential items that have not been filled out
    • 3. When the amount of payment per case or annual payment limit is exceeded as stipulated by laws and regulations
    • 4. When it is judged that it is not possible to fulfill the financial obligations and other obligations under the contract of use, etc.
Article 13 (Conclusion of contract to receive small amount overseas remittance)
  • ① The contract for receiving small amount overseas remittance is concluded when the member agrees to the terms and conditions provided by the company, provides the information required by the company through the receipt application, and meets the requirements of each subparagraph.
    • 1. There must be an application for remittance receipt through a member's application or a foreign partner
    • 2. It must be confirmed through a foreign partner that the member is a legitimate beneficiary
  • ② Notwithstanding the provisions of the preceding paragraph, if the member or the foreign remitter remittance to the member falls under the financial sanctions under the laws and regulations of the Republic of Korea or foreign countries, the company may cancel the contract.
  • ③ Regardless of the provisions of this article and other terms and conditions of use, the company may not conclude a small overseas remittance remittance contract if the beneficiary of this service falls under any of the following subparagraphs.
    • 1. When it is recognized that a violation of the Terms of Use, etc. for this service has been violated
    • 2. When there are false facts or wrongly written information in the membership application or receipt application, or when there are essential items that have not been filled out
    • 3. When it exceeds the limit of receipt per case or the limit of annual receipt stipulated by laws and regulations
    • 4. When the real name verification details of the member's account designated by the member do not match the member's real name
Article 14 (Processing of remittance) After the company concludes a small amount overseas remittance contract with the member, whether the sender and the recipient are financial sanctioners in accordance with Korean or foreign laws and regulations, whether the transaction is questionable, per case and yearly After checking the payment limit, etc., the remittance is processed.
Article 15 (Processing of receipts)
  • ① When a member applies for a service to receive this service or receives a notice that there is a transaction to be received from a foreign partner, the company confirms that the payee is a legitimate payee by checking the details. However, if the recipient is not a member, you must request membership registration and real name verification.
  • ② The company checks the real name of the receivable account designated by the member to confirm that it matches the member information, and after confirming the maximum receivable amount per case and the annual receivable limit amount, deposit the receivables into the member's account.
  • ③ The company cannot process the remittance funds if the recipient refuses to sign up for membership and verify his/her real name.
Article 16 (Change and Cancellation of Remittance)
  • ① A member may apply for change or cancellation of remittance through wire, internet, or visit a branch in case the remittance transaction requested through this service is not ordered to be paid by a foreign partner.
  • ② Members may apply for change or cancellation of remittance transactions requested through this service, even for remittance transactions that the company has ordered to pay to foreign partners. However, in this case, there may be a cancellation fee that is the upper limit of the usage fee.
  • ③ Notwithstanding the provisions of the preceding paragraph, if a payment order is made for a remittance transaction to the beneficiary's bank account, etc., no change or cancellation of remittance may be requested. However, if there is a notice from the foreign partner that the payment cannot be performed due to an error in information such as bank account, it is possible to apply for change, correction, or cancellation of the remittance destination. Fees may apply.
  • ④ Members must deposit money normally in the beneficiary's bank account, electronic wallet (including mobile wallet), debit card, etc. (hereinafter referred to as 'bank account, etc.') Requests for change or cancellation cannot be made for cases where remittance processing has been completed.
  • ⑤ When the company receives a request for change, correction or cancellation of the remittance transaction request from the member, the company must handle it and notify the member without delay.
  • ⑥ The company must notify the member in advance of the cancellation fee and the amount of the cancellation fee and obtain their consent.
Article 17 (Cancellation and Refusal of Receipt)
  • ① Members and customers may refuse to receive a notice from the company that there is a transaction to be received.
  • ② A member may cancel the request from the time of application for receipt to the company until the time the company starts processing the remittance. However, once the company has started processing the remittance, it cannot be canceled.
  • ③ When a member or customer rejects a transaction notified by the company, the company must notify the foreign partner without delay.
  • ④ When a member cancels a transaction requested by a member, he/she must notify the foreign remitter of the fact. In this case, the company cannot contact the foreign sender.
Article 18 (Notification of remittance and receipt results)

When remittance processing is completed, such as normal deposit to the recipient's account, the company must immediately notify the member of the result through e-mail, mobile phone, or post registered by the member in advance.

Chapter 4 Compensation for Damages, etc.

Article 19 (Compensation for Damages)
  • ① In the event of damage to a member due to a cause attributable to the company, the scope of compensation for damages by the company includes ordinary damages as stipulated in the Civil Act, and damages due to special circumstances are only liable to be compensated when the company knew or could have known the circumstances. There is this.
  • ② In the event of monetary loss in accordance with the preceding paragraph, the amount and the accrued interest calculated by the interest rate of the one-year term deposit will be compensated.
Article 20 (Refunds)
  • ① In the event of a refund due to cancellation or refusal of remittance without reasons attributable to the company, or cancellation of the contract, the company pays the refund to the member's real name bank account designated by the member, and the member bears the expenses required for the refund.
  • ② If the remittance process is not completed within 15 days from the date the member applies for this service to the company and deposits it into the designated account without any cause attributable to the member, the company may apply for a refund.
  • ③ When receiving a refund request from a member, the company must pay the member the amount originally deposited into the designated account and the amount of compensation stipulated in Article 19 (Compensation for Damage), except for special circumstances. .
  • ④ Notwithstanding the provisions of the preceding Paragraph, the provisions of Paragraph 2 may not apply in the case of payment in cash at the branch or agency of the foreign partner of the company.
Article 21 (Dispute Settlement Procedure)
  • ① When a member has an objection to the handling of small-value overseas remittance transactions, he or she may request a resolution to the company's dispute resolution organization or apply for dispute mediation through the Financial Dispute Mediation Committee of the Financial Supervisory Service or the Consumer Dispute Mediation Committee of the Korea Consumer Agency.
  • ② If a member raises an objection to the company's branch or the company's dispute resolution body, the company must notify the member of the investigation or processing result within 15 days.
  • ③ When a member has an objection to the handling of a small overseas remittance transaction, he or she may request a resolution to the company's dispute resolution body, and the company must investigate it and notify the member of the processing result within the processing time limit in the preceding paragraph.
  • ④ Members shall cooperate with the company's accident investigation and the investigation or investigation procedure of the relevant authorities in relation to dispute handling such as compensation for damages caused by the occurrence of an accident stipulated in Article 18, Paragraph 2.
  • ⑤ The company shall post the details of the person in charge of dispute handling and the designation of the person in charge and their contact information on the company website and sales office, etc.
Article 22 (Preservation of Transaction Records) The company must keep records of payments and receipts with members for 5 years in accordance with the Foreign Exchange Transactions Act, etc.
Article 23 (Obligation of Confidentiality)
  • ① The company does not provide 'customer information' (hereinafter referred to as 'customer information') that the company has learned through small overseas remittance business, such as customer personal information, account information, and data on the details and performance of remittance transactions with the company. Except as stipulated in relevant laws and regulations, it shall not be provided to a third party without the consent of the customer, or disclosed or used for other than business purposes.
  • ② If the company violates the preceding paragraph due to reasons attributable to the company, such as negligence in management, or if customer information is stolen or leaked, the company is responsible for compensation to the damaged customer.
Article 24 (Explanation, delivery, and explanation of terms and conditions)
  • ① The company must notify the Minister of Strategy and Finance in advance when it has established or changed the terms and conditions.
  • ② If the company has set or changed the terms and conditions, it must disclose them through the internet website, etc.
  • ③ The company must deliver a copy of the terms and conditions to the customer by sending an electronic document to the member (including transmission using e-mail), facsimile transmission, mail, or direct delivery.
  • ④ When a customer requests an explanation of the terms and conditions, the company shall explain the important details of the terms and conditions to the customer in one of the following ways.
    • 1. Directly explain the important contents of the terms and conditions to the customer
    • 2. An explanation of the important contents of the terms and conditions is displayed in an easy-to-understand manner through the website, etc.
Article 25 (Change of Terms and Conditions)
  • ① If the company intends to change these terms and conditions, it must report it to the Minister of Strategy and Finance in advance.
  • ② If the Minister of Strategy and Finance has instructed that it is necessary to maintain a sound foreign exchange transaction order, the company must post the change on the website and branch offices and notify the customer one month before the change. However, if the user raises an objection, the company must confirm that it has notified the member of the change in the terms and conditions in an appropriate way.
  • ③ Notwithstanding Paragraph 1, if the terms and conditions are urgently changed due to amendments to laws and regulations, the changed terms and conditions must be posted on the website for at least one month and notified to users.
  • ④ In the case of posting or notification in Paragraphs 2 and 3, the company may cancel the contract from the time the change of the terms and conditions is posted or notified by the user until the business day before the effective date of the changed terms and conditions. If you do not raise an objection, you will be deemed to have approved the changes to the terms and conditions.'
  • ⑤ Members may terminate the contract for small overseas remittance transactions from the time the change of the terms and conditions is posted or notified until the business day before the effective date of the changed terms and conditions. deemed to have been approved.
Article 26 (Governing Law and Applicable Regulations) The Korean law applies to the interpretation and application of these Terms and Conditions. Matters not stipulated in these Terms and Conditions shall be governed by relevant laws such as the Foreign Exchange Transactions Act.
Article 27 (Competent Court) If a lawsuit is filed in relation to this transaction, the Seoul District Court shall be the competent court.
Article 28 (Language) If there is a difference between the Korean content on these Terms of Use and the Internet website managed and operated by the company and the content in other languages, the Korean content takes precedence.

addendum

Article 1 These Terms and Conditions are effective from July 1, 2022