「1Q Transfer Service」Terms and Conditions
This document is based on the original Korean terms and conditions [1Q Transfer 해외송금서비스 이용약관]. The original Korean version shall override and supersede this English version, [1Q Transfer Service Terms and Conditions].
Article 1 (Purpose)
The purpose of this document is to define 「1Q Transfer service」(hereinafter referred to as “this service”) provided to customers(hereinafter referred to as "members") by Hana Bank(hereinafter referred to as “the bank”).
Article 2 (Usage of the service)
① This overseas remittance service is provided through 1Q Transfer application (hereinafter referred to as "the App") that allows members to make overseas remittance based on beneficiaries' cellphone numbers. After receiving a text message (SMS or PUSH to be considered equal herein) about the remittance, the beneficiary may decide on how to receive the money.
② Members are able to make overseas remittance of foreign currency by withdrawing from a domestic deposit account in Hana Bank under their real name. In Korea, members can also receive (via Hana Bank account or branch) money sent from abroad, either in Korean won or foreign currency. Nonetheless, members cannot make domestic remittance by withdrawing from their domestic deposit account of Hana Bank.
Article 3 (Reason for remittance)
This service is intended to customers making remittance for the following reasons. The bank may add or delete certain items below.
1. Donative overseas remittance
2. Remittance for students/residents abroad
3. Remittance for foreign workers
Article 4 (Currency and limit of remittance amount)
① Remittance amount of this service shall not exceed USD 10,000 or the equivalent amount at a time.
② Despite the limit stipulated above, the transaction limit is subject to any related legal regulations that should be applied such as Foreign Exchange Transactions Act, etc.
③ In case a member applies to make overseas remittance of foreign currency by withdrawing from their Korean won account, the bank shall process the remittance after exchanging it into foreign currency that corresponds to the Korean won amount. Exchange rates applied in this process shall follow the statements in Article 9.
Article 5 (Membership registration/withdrawal)
① Applicants and beneficiaries must agree to the terms and conditions, and register for membership the App provided by the bank. Users must input the following information, and receive approval from the bank.
1. Name (English)
2. Electronic mail address (Used as the application ID)
3. Log-in password
4. Cellphone number
② Membership registration must be based on users' real name. They must also be identified by entering the verification number sent to their cellphone number stated in Sub-clause 4 of Clause 1.
③ In case of any changes in cellphone information such as cellphone number, device, etc., members must conduct self-verification process. Self-verification process requires members to log-in the App, and enter their cellphone number, English name and verification number.
④ Members wishing to cancel their membership must individually do so after logging in the App. However, membership cancellation will not be available in case pending of transactions exists. Such transactions must be complete in order to cancel membership.
Article 6 (Making overseas remittance)
① Before making overseas remittance by withdrawing from their domestic deposit account in Hana Bank, members must be an e-banking member, and register withdrawal accounts. Members must also designate Hana bank as their foreign exchange bank (The procedure of designating a certain foreign exchange bank to make remittance as described in Article 3 according to Foreign Exchange Transactions Act)
② For remittance and commission fee payment, members can register their Korean won or foreign currency account that they have in the bank as their withdrawal account. They can register up to two withdrawal accounts.
③ In order to register withdrawal accounts, members must go through a verification process that requires them to enter their e-banking ID/PW, OTP password and authentication certificate password.
④ Members must log-in the App, and select the nation where they want the money to be sent. Members must also select a beneficiary among the cellphone numbers saved within their cellphone device. Then, they must determine the remittance amount as well before making the remittance.
⑤ Upon the discretion of the applicant during the process of making overseas remittance, the method on how to receive money can be decided either by the applicant or the beneficiary.
⑥ Remittance amount can be set based on Korean won or other foreign currencies.
⑦ Before withdrawing money for the remittance, the applicant must enter his or her withdrawal account password and the password of OTP or security card.
⑧ If the applicant chose to let the beneficiary decide how to receive money as mentioned in Clause 5, an interactive number of six digits, GNT(Give and Take) number, will be issued. GNT number must be separately informed to the beneficiary by the applicant.
⑨ The bank shall not process the remittance in case of the following reasons.
1. In case the balance of the withdrawal account is less than the total amount of the remittance and commission fees
2. In case there is legal payment suspension on the withdrawal account
3. In case members do not meet the remittance requirements. Such cases may be not designating (or renewing designation) Hana bank as a foreign exchange bank, exceeding remittance limit, absence of required documents for overseas students•residents, etc.'
4. In case the beneficiary did not confirm the reception of remittance after the applicant had chosen to let the beneficiary decide how to receive money
Article 7 (Remittance cancellation, amendment, etc.)
① Applicants cannot cancel or amend remittance that were already processed. However, refunds and amendments on beneficiary name or cellphone number can be made only when the beneficiary has not yet confirmed the reception of remittance.
② Applicants must apply for refund in case the beneficiary has not confirmed the reception of remittance for over seven business days based on the beneficiary's national calendar. Applicants can select from their registered withdrawal account(s) for the deposit.
Article 8 (Receiving overseas remittance)
① In order to receive (via Hana Bank account or branch) money sent from abroad, either in Korean won or foreign currency, beneficiaries must log-in the App, and select the inward remittance they intend to receive. Through the App, they must also enter the GNT number given by the applicant, and decide on how they want to receive. ("Confirmation of remittance reception" refers to this process).
② Members are able to receive money either through their deposit account in the bank or by visiting local branches. In case of personally visiting a branch of the bank, beneficiaries must know the remittance reference number, name of the applicant and remittance amount. Beneficiaries must also bring a valid photo-bearing personal identification card.
③ The bank may add or change the methods of receiving remittance stated in Clause 2.
Article 9 (Exchange rate)
Remittance made through this service shall be subject to the telegraphic transfer selling exchange rate (exchange rate applied on outward cable transfer) quoted by the bank via branches and the App at the moment of the remittance.
Article 10 (Commission fee)
① This service applies the commission fee displayed in branches and the App at the date of remittance.
② Applicants are charged with the remittance fee as well as the payment fee of the overseas receiver banks. This service does not charge payment fee to beneficiaries.
③ In the case of Clause 2 of Article 7, the remittance amount and payment fee shall be returned, excluding the remittance fee. Refunds made through this service shall be subject to the telegraphic transfer buying exchange rate (exchange rate applied on inward cable transfer) quoted by the bank via branches and the App at the moment of refund.
Article 11 (Notification of remittance result)
① The bank will inform members about the progress of their remittance via text messages.
② Notifications made through text messages may include the English name of the opposite end as well as the amount of remittance.
Article 12 (Availability, suspension and limit of service)
① The service shall be provided 24 hours a day and 7 days a week all year round.
② Notwithstanding Clause 1, the bank may limit or suspend the service in case of the following reasons without consent from members.
1. Daily settlement tasks or (ir)regular inspection on electronic network/ devices., etc.
2. Error/malfunction of computers and network devices of the bank
3. Construction/renovation of computers and network devices
4. Service upgrade and other required maintenance procedures
5. Power outage, device error, excess traffic and other hindering factors
6. Natural disasters, national emergency and other force majeure
③ In case of Clause 2, the bank shall immediately notify its members via the App or official internet website.
Article 13 (Indemnification)
① The bank, its respective directors, officers and employees shall not indemnify members for any loss, expense, liability, damage and cost of any kind whatsoever that are directly or indirectly incurred by any delay and unwanted refund caused through an error of information entered by members.
② The bank, its respective directors, officers and employees shall not indemnify members for any loss, expense, liability, damage and cost of any kind whatsoever that are directly or indirectly incurred by power outage, fire disasters, telecommunication error, payment delay(by other foreign exchange banks) and other force majeure.
③ The bank, its respective directors, officers and employees shall not indemnify members for any loss, expense, liability, damage and cost of any kind whatsoever that are directly or indirectly incurred by items in any Sub-clauses of Clause 9 in Article 6.
Article 14 (Provisions applicable mutatis mutandis)
All items not stipulated in this document shall abide by "General Terms and Conditions on Foreign Exchange Transaction," "General Terms and Conditions on Bank Deposit," "General Terms and Conditions on Demand Deposit," "General Terms and Conditions on Foreign Currency Deposit," "General Terms and Conditions on Electronic Banking," "General Terms and Conditions on Electronic Banking Services" and "Foreign Exchange Transaction Act."
Compliance Officer Approved
"Document 2016-Terms&Conditions-467" (May 24th, 2016)
