Real-Time Exchange of 17 Currencies with a Single Account
Continue Using Your Toss Bank Check Card as Is
Toss Bank has launched the first foreign exchange service in the domestic financial industry that does not charge exchange fees.
Released on the 18th, this service was launched with the slogan "Freedom of the world's money, free exchange for life when buying and selling." With a single foreign currency account, users can exchange 17 currencies worldwide in real time, 24 hours a day.
Toss Bank identified the problem with existing foreign exchange services as customers having to visit multiple financial institutions to receive preferential exchange fees. They analyzed that inconsistent preferential fee policies caused confusion. They judged that such customer-discriminatory exchange fees created a supplier-centered exchange system, causing inconvenience to customers.
Kim Seunghwan, Product Owner at Toss Bank, is explaining the lifetime free foreign exchange service at the foreign currency service press briefing on the morning of the 18th. [Photo by Toss Bank]
Accordingly, they launched a foreign exchange service where anyone can receive a 100% preferential exchange rate with no conditions. The real-time changing exchange rate only affects the buying and selling prices. This differs from existing exchanges where the buying price is significantly higher than the selling price.
The product launched by Toss Bank on this day is the Toss Bank foreign currency account. It can be combined with existing Toss Bank accounts and check cards. With a single check card, users can make payments and withdrawals overseas. ATM deposits and withdrawals as well as payments are all possible worldwide, and all fees incurred are free.
An automatic exchange function was also added. If the "Automatic Exchange for Insufficient Funds" feature is turned on within the application (app), even if the foreign currency account balance is insufficient, real-time exchange from the Korean won account will be made when making payments or withdrawals. Exchange fees are also free in this case.
In addition, Toss Bank highlighted the strengths of this service, including that signing up for the foreign currency account can be done with a single click, users can exchange up to $300,000 USD (approximately 420 million KRW) per month, and there is no deposit limit.
Kim Seunghwan, Product Owner (PO) of Toss Bank's foreign exchange service, stated, "Just as Toss made the movement of money free through the declaration of zero remittance fees, Toss Bank aimed to break down the boundaries between Korean won and foreign currencies through free exchange fees," adding, "Various policies operated by other companies as promotions will become customer experiences that Toss Bank customers do not need to worry about at all."
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