Terms of Service for Small-Scale Overseas Remittance Services

Established: 2019-02-21 Revised: 2024-11-29

Chapter 1: General Provisions

Article 1 (Purpose)

The purpose of these Terms of Service is to stipulate the rights and obligations between MOIN, Inc. (hereinafter referred to as the “Company”) and the user in relation to the small-scale overseas remittance services (hereinafter referred to as the “Service”) provided through the internet website and application (hereinafter collectively referred to as the “Platform”) and to define the procedures for users to use the Service, including their rights, responsibilities, and obligations.

Article 2 (Definitions)

The terms used in these Terms are defined as follows:

User (Member): Refers to a person who agrees to these Terms and enters into a service usage agreement with the Company. Users are classified as individual members or business members depending on the type of membership, and they may switch between these categories according to the Company's guidelines.
ID: Refers to a combination of letters, numbers, and special characters set by the user and approved by the Company for the purpose of identifying the user and utilizing the Service.
Password: Refers to a combination of letters, numbers, and special characters set by the user and approved by the Company to verify the user’s identity and protect the user's information.
Client: Refers to the person, as a user, who deposits funds into the Company’s designated account and designates a third party to receive the funds.
Recipient: Refers to the person designated by the client to receive the funds deposited by the client or the funds received from the Company's overseas partners via the Company’s system.
Transaction Request: Refers to a request made by the user for the recipient to receive a certain amount of funds.
Business Day: Refers to any day that is not a public holiday, weekend, or substitute holiday on which the Company normally operates in the Republic of Korea.

Article 3 (Provision and Explanation of Terms)

When the Company establishes or revises the Terms, it must post the Terms on the Platform, and the Company must specify the Terms when entering into a contract related to the small-scale overseas remittance service with the user.
Upon the user’s request, the Company shall provide a copy of the Terms to the user via electronic document transmission (including email), fax, postal mail, or in person.
If the user requests an explanation of the Terms, the Company must explain the key contents to the user using one of the following methods: A. Directly explaining the key contents to the user. B. Displaying the key contents through electronic devices in a way that is easy for the user to understand and obtaining confirmation from the user through electronic means.

Chapter 2: Provision and Use of the Service

Article 4 (Types of Services)

The types of small-scale overseas remittance services provided by the Company are as follows:

Payment Services: A service that allows the recipient to receive funds from the client through the Company’s domestic and overseas partner networks (hereinafter referred to as “Partner(s)”).
Receiving Services: A service in which the Company receives funds from its overseas partners to be paid to the designated recipient within the country.

Article 5 (Use of the Service)

The limit for transactions that users can conduct through the Company’s services is set in accordance with the Foreign Exchange Transaction Regulations, as announced by the Minister of Economy and Finance, with limits on both individual transactions and annual totals.
If the user wishes to send funds to a third party, the user must verify their identity through a Company-designated verification process for the first transaction.
The Company may charge service fees for using the Service, and when a user uses the Service, the Company will notify the user of the confirmed service fee for each transaction. At this time, the Company must provide the user with a breakdown of the fees, categorized into exchange fees, remittance fees, partner fees, and other detailed components.
The Service is available 24 hours a day, 365 days a year, but if system maintenance or other unavoidable circumstances arise, the Company may restrict the user's access to the Service. In such cases, the Company will notify the user in advance of the reason and the duration of the restriction.

Article 6 (Transaction Request and Completion of Transaction)

A transaction request is completed when the client enters the amount to be transferred, the recipient’s name, phone number, address, account number, and bank name on the Platform and confirms the transaction (hereinafter referred to as “Completion of Transaction Request”). The Company will apply the exchange rate at the time of the completed transaction request. Before the completion of the transaction request, the client will be able to review the service fees, the applicable exchange rate, the amount the recipient will receive in both local currency and foreign currency, and the estimated time for completion.
The Company will only process payments and receive funds through the accounts registered under the Company’s name with financial institutions at the time of its registration as a small-scale overseas remittance service provider (hereinafter referred to as “Designated Account”). The Company will post the details of these designated accounts on its website and keep the information up to date.
After completing the transaction request, the client must transfer the funds to the designated account by the deadline set by the Company. If the transferred amount does not match the transaction request, the Company will notify the client of the discrepancy via email or text message, and the transaction will not be processed until the correct amount is deposited.
If the client fails to deposit the correct amount by the deadline, the transaction request will be canceled (hereinafter referred to as “Canceled Transaction Request”). If the client submits a new request for the same transaction (hereinafter referred to as a “Retransaction Request”), the applicable exchange rate and other details will be based on the time of the retransaction request and may differ from the original canceled transaction. The Company will also provide the client with the details outlined in the second sentence of Paragraph 1 before the completion of the retransaction request.

Article 7 (Cancellation of Transaction Request)

The client may cancel a transaction request before it is completed, but cannot cancel it after the transaction is completed, regardless of the reason. However, even if the cancellation is allowed, the Company may charge a cancellation fee depending on the status of the transaction. The Company must notify the client of any applicable cancellation fees at the time of the cancellation request.
Upon cancellation of the transaction request in accordance with Paragraph 1, the Company may refund the remaining amount after deducting the cancellation fee.

Article 8 (Notification of Transaction Details and Client’s Obligation to Verify)

Upon completion of the transaction, the Company must notify the client of the transaction details via email or text message.
If the transaction details do not match the original transaction request, the client must notify the Company immediately to request verification of the issue.
The Company must respond to the client’s request for verification within two weeks of the client’s notification in accordance with Paragraph 2 and inform the client of the verification results and solutions.
If there are any additional legal obligations regarding the transaction, the client must fulfill these on their own, and the Company will not be involved in fulfilling those obligations.

Article 9 (Refund)

If the transaction is not completed within 15 days of the transaction request due to reasons not attributable to the client, the client may request a refund from the Company.
Upon receiving the refund request, the Company must refund the original transaction amount and any compensation as outlined in Paragraph 1 of Article 10, except in special circumstances.

Chapter 3: Liability for Damages, etc.

Article 10 (Liability for Damages)

The Company shall be liable for damages caused to the user if any of the following incidents occur due to the Company's fault, and the scope of liability includes ordinary damages as defined under the Civil Act. Special damages will only be compensated if the Company was aware of or could have reasonably foreseen the circumstances:
1. Incidents arising from the forgery or alteration of access media.
2. Incidents occurring during the electronic transmission or processing of transaction requests and instructions.
3. Incidents caused by the unauthorized use of access media obtained through hacking or other fraudulent methods involving the Company's systems or information networks.
Notwithstanding Paragraph 1, the Company shall not be held fully or partially liable in the following cases:
1. If the incident was caused by the user's intentional act or gross negligence.
2. If the user knew about the incident but failed to notify the Company.
3. If the user lent their ID or password to a third party or delegated its use.
4. If the user disclosed, exposed, or neglected their ID or password, despite knowing or easily being able to know that a third party could use it to access the Company’s services without authorization.

Article 11 (Dispute Resolution Procedures)

The Company shall establish procedures (hereinafter referred to as “Dispute Resolution Procedures”) to reflect legitimate opinions or complaints from users and to compensate users for any damages related to small-scale overseas remittance services.
The Company shall provide users with information on how to submit disputes, including the designation of a dispute resolution officer and their contact details, the procedures for resolving disputes (distinguishing between simple complaints and compensation claims), and the methods for notifying users of dispute outcomes (including the processing time and the method of communication).
If a user has an objection concerning the processing of a small-scale overseas remittance transaction, they may request resolution through the Company’s dispute resolution body (including the dispute resolution officer and responsible personnel). The Company shall investigate the matter and notify the user of the outcome within the processing time specified in Paragraph 2.
The Company shall publish and maintain up-to-date information about the dispute resolution officer and their contact details on its website.

Article 12 (Company’s Exemption from Liability)

The Company shall be exempt from liability for damages in the event that the services are temporarily or permanently unavailable due to force majeure events such as natural disasters, power outages, or communication failures not attributable to the Company. In such cases, the Company shall notify users by posting on its website or through other appropriate means.

Chapter 4: Miscellaneous

Article 13 (Retention of Transaction Records)

The Company shall retain transaction records under these Terms for five years in accordance with the Foreign Exchange Transactions Act and other applicable laws.

Article 14 (Matters Related to Mistaken Remittances)

If the user mistakenly transfers funds due to incorrect entry of the remittance amount, the recipient financial institution, or the recipient’s account number (hereinafter referred to as “Mistaken Remittance”), the user may notify the Company, and the Company or the recipient financial institution will contact the recipient to request the return of the mistakenly remitted funds.
The user shall be notified within 15 days of the contact made with the recipient, the recipient’s intention to return the funds, and the reason if the recipient does not intend to return the funds.
During the process of returning the funds after a mistaken remittance, fees may be incurred, and the Company may deduct such fees from the refunded amount before returning it to the user.

Article 15 (Governing Law and Jurisdiction)

These Terms, the service usage agreements between the Company and the user, and their interpretation shall be governed by the laws of the Republic of Korea. In the event of a dispute related to these Terms, the court with jurisdiction over the location of the Company’s headquarters, or the court designated under the Civil Procedure Act and related laws, shall have jurisdiction as the court of first instance.

Article 16 (Relationship with Relevant Laws)

Matters not specified in these Terms or in separate agreements shall be governed by relevant laws, including but not limited to the Foreign Exchange Transactions Act, the Electronic Financial Transactions Act, the Framework Act on Electronic Documents and Transactions, and the Act on Promotion of Information and Communications Network Utilization and Information Protection, as well as general trade practices.

Addendum (January 22, 2024)

Article 1 (Effective Date)

These Terms shall take effect on March 24, 2024.

Dispute Resolution Officer and Responsible Personnel Dispute Resolution Team: +82-70-5089-2017 Financial Supervisory Service Comprehensive Complaint Center: +82-1322