"One Account Every 2 Seconds" Tobaeng Foreign Currency Account Surpasses 300,000 in 6 Days Since Launch

Customers aged 30-40 make up more than half
Yen accounts for the highest share at 66%

Toss Bank announced on the 24th that the number of foreign currency account holders has exceeded 300,000. It was achieved within 6 days of launch, which Toss Bank explained means one person must sign up every 2 seconds.

The product description page attracted attention by surpassing 300,000 visits on the first day of launch, the 18th. This interest translated into account openings, reaching 300,000 accounts within 6 days of launch. This is a faster pace compared to high-interest savings and deposit products, which consumers respond to most sensitively.

The Toss Bank foreign currency account allows exchange of 17 currencies worldwide 24/7 without fees with just one account. When linked to a Toss Bank check card, overseas payment and ATM withdrawal fees are also free. It also has a feature that automatically exchanges insufficient foreign currency at the time of payment.

Looking at the customer distribution by age, the 30s and 40s, who have high demand for overseas travel and payments, accounted for 57%, more than half. The breakdown was 29% in their 30s, 28% in their 40s, 25% in their 20s, and 18% aged 50 and above.

Toss Bank explained that lifetime free currency exchange translates into consumer benefits. Over the past 6 days, Toss Bank foreign currency consumers saved 1.8 billion KRW in exchange fees. The currency most exchanged by amount was the Japanese yen, accounting for 66% of total exchanges, followed by the US dollar (27%) and the euro (3%). Exchange demand for Southeast Asian countries was also high, with the Vietnamese dong, Thai baht, and Philippine peso being popular in that order.

A Toss Bank official stated, “Toss Bank provides a 100% preferential exchange rate to everyone without any conditions. We have opened an era where customers do not have to visit various financial institutions or go through hassle to get preferential exchange fees,” adding, “We expect accessibility to foreign currency to greatly increase through the foreign currency account.”