[1mm Financial Talk] Why Toss Bank Invited YouTubers Shuka and Ssoi

Differentiation Strategy at Foreign Exchange Service Launch Event
Countless Benefits Inspired by Hana's 'Travelog'
Ferrari Exhibition at DDP Rental Also a Distinctive Feature

On the 18th, Toss Bank unveiled a foreign exchange service boasting lifetime free currency exchange fees at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul. The event also drew attention by inviting ‘Shuka,’ an economic YouTuber with nearly 3 million subscribers, and ‘Ssoi,’ a travel YouTuber with 500,000 subscribers. This event highlighted Toss Bank’s efforts to dominate competitors in the highly competitive foreign exchange service market.

From the planning stage, Toss Bank aimed to differentiate itself from other financial institutions. Foreign exchange services are also offered by other commercial banks. In this fiercely competitive environment, Toss Bank began to focus on the points where consumers feel the most inconvenience when using such services. The main issues identified were the complexity and difficulty of foreign exchange investment and the inconvenience of payments during overseas travel. Instead of having Toss Bank employees explain these points, they decided to hire influencers who could communicate these issues in everyday language.

On the 18th, YouTuber 'Shuka' made a surprise guest appearance at the Toss Bank foreign exchange service launch briefing held at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul.
[Photo by Oh Gyumin]

Shuka has a close relationship with Toss Bank. Content using Shuka’s YouTube videos has been serialized on the Toss Bank application (app). Although Ssoi had no prior connection with Toss Bank, she reportedly accepted the invitation willingly.

Numerous benefits also set Toss Bank apart. Toss Bank offers a 100% preferential exchange rate with no conditions when exchanging currency. A single foreign currency account can be combined with an existing Toss Bank account and check card, allowing both payments and withdrawals overseas. There are no fees for ATM deposits, withdrawals, or payments. If the foreign currency account balance is insufficient, real-time currency exchange from the Korean won account is provided, also free of charge. Additionally, there is no deposit limit, and customers can exchange up to $300,000 (approximately 400 million KRW) per month, offering unprecedented benefits.

On the 18th, YouTuber 'Ssoi' appeared at the Toss Bank foreign exchange service launch briefing held at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul, explaining their overseas travel experiences.
[Photo by Oh Gyumin moh011@]

The reason for providing these benefits is seen as an effort to gain an advantage over Hana Card’s foreign exchange service, Travelog, which is popular among many consumers. Launched in July 2022, this service surpassed 1 trillion KRW in exchange volume by December last year. Similar to Toss Bank’s service, it offers no currency exchange fees and allows real-time charging through the app. However, the currencies that can be exchanged without fees are limited to four types: yen, dollar, euro, and pound. When converting these four currencies back to Korean won, a 1% refund fee applies. Other foreign currency exchanges are free only until the end of March. In contrast, Toss Bank charges no fees for buying or selling 17 different currencies.

Choosing DDP as the venue for the launch event was also a point of differentiation. Last year, this location was selected for the Asia premiere exhibition ‘Universo Ferrari’ by the Italian sports car manufacturer Ferrari. Other large-scale events held here include exhibitions by fashion brand Van Cleef & Arpels and the Saudi Arabia Neom City national project. A Toss Bank official said, “Various venues such as hotels were considered, but we chose DDP for its futuristic image and event scale.”

Meanwhile, Shuka, who attended the Toss Bank foreign exchange service launch event, said this service could provide an opportunity for individual investors to enter the previously complex and difficult foreign exchange investment market. Shuka stated, “One way to manage investment assets is portfolio diversification, and foreign exchange investment is a major part of that. Individuals have a sense of exchange rates, foreign exchange investment is tax-free, and foreign currency deposits are protected by deposit insurance, so there is no reason not to invest.” He added, “Toss Bank’s foreign exchange service is a system with accessibility similar to stock HTS or MTS trading platforms.”

Travel YouTuber Ssoi expressed expectations that Toss Bank’s check card would become a must-have when preparing for overseas travel. Citing European cities known for pickpocketing, where carrying large amounts of cash is difficult and ATM currency exchanges incur various fees, she said, “As someone who travels frequently, it’s essential to be able to exchange currency easily through the app without spending much time.” She explained that Toss Bank’s service saves time by eliminating the need to visit banks for travel preparations and removes the hassle of checking fees for each bank.