'Toss Bank Foreign Exchange Service with Lifetime Free Currency Exchange Surpasses 1 Million Subscribers'

Exchange Rate Matching Event Running Until the 10th

The number of customers using Toss Bank’s foreign exchange service, the first in the domestic financial industry to offer ‘lifetime free currency exchange,’ has surpassed 1 million. Toss Bank announced on the 8th that the number of foreign currency accounts exceeded 1 million just 105 days after the launch of the foreign currency account. This means that one person became a Toss Bank foreign currency account customer approximately every 9 seconds. In January this year, Toss Bank declared that it would not introduce preferential exchange rates that customers might find complicated, under the slogan ‘Free the world’s money.’

Toss Bank explained that it increased customers’ accessibility to foreign currency by eliminating currency exchange fees. It realized a 100% preferential exchange rate without any transaction conditions, and similar services have been launched by major banks over the approximately three months since the foreign exchange service was introduced.

According to currency exchange data analysis, from the launch in January until April 30, over a period of more than three months, the cumulative currency exchange volume conducted at Toss Bank without currency exchange fees reached 5.8 trillion KRW. Assuming customers exchanged currency at existing financial institutions, it is analyzed that each customer saved an average of 80,000 KRW in currency exchange fees.

The age range of currency exchange customers varied from 17 to 100 years old. Customers in their 30s accounted for the largest proportion at 28%, followed by those in their 20s (27%), 40s (25%), 50s (13%), and 60s and above (4%). Even super-elderly customers over 90 years old conducted currency exchanges.

Customers who linked a check card that can be used for payments overseas directly to their foreign currency account accounted for 85% of all service subscribers. There is no need to create a new card; the Toss Bank check card used domestically can be linked to the foreign currency account. This differs from prepaid rechargeable cards, which have separate charging limits or do not support certain currencies and therefore cannot be used for payments.

The places with the most offline payments were Japan, Guam, Vietnam, the United States, and France, in that order. The location with the highest number of payments was also merchants within Japan. The largest department store in Japan, Isetan Department Store, duty-free shop DFS, and Don Quijote ranked in order. Online, the card was used on travel platforms such as accommodation and airlines, as well as overseas direct purchase platforms like Amazon and AliExpress.

Meanwhile, Toss Bank is holding a ‘Currency Exchange Rate UP or DOWN’ event until the 10th. By correctly guessing whether the currency exchange rate shown on the event entry screen will rise or fall in a simple quiz format, participants can receive up to 5 dollars (approximately 6,800 KRW).

A Toss Bank official said, “The fact that Toss Bank’s foreign currency account has surpassed 1 million accounts is because the overall foreign exchange service, which was previously perceived as difficult, was simplified to eliminate complexity,” and added, “We plan to maximize customer satisfaction through continuous service improvements and innovations in the future.”