Toss Bank Foreign Currency Account Gains 4 New Sign-ups Per Minute... Surpasses 2 Million Customers

Toss Bank announced on the 24th that the number of users of its foreign currency accounts exceeded 2 million as of the 18th of this month.

This milestone was reached in about 11 months since the launch. It was found that 4 customers per minute signed up for and used foreign currency accounts, regardless of specific generations.

Foreign currency accounts offer a 100% preferential exchange rate not only when buying but also when selling. Toss Bank's foreign currency account, launched in January this year with the slogan "Free the world's money," focused on the fact that customers had to visit various financial institutions to receive preferential exchange rates. They noted that the inconsistent fee discount policies set by financial institutions?varying by bank, location (airport, bank counter, etc.), and transaction performance?caused confusion.

According to Toss Bank's own analysis, the cumulative foreign exchange transaction volume of 2 million customers over 11 months without exchange fees was approximately 18 trillion won. It was found that each customer saved an average of 90,000 won in exchange fees (assuming a 1% fee).

The age group that used foreign currency accounts the most was people in their 40s (30.2%). They were followed by those in their 30s (27.7%), those aged 50 and above (25.5%), and those in their 20s (16.5%).

Customers linked their foreign currency accounts with check cards that can be used for payments overseas. At Toss Bank, there is no need to create a new card for overseas travel or overseas direct purchase; customers can simply link their existing Toss Bank check card used domestically to their foreign currency account.

Unlike prepaid rechargeable cards, which have separate charging limits or unsupported currencies and cannot be used for payments, Toss Bank check cards can be used anywhere in the world. Analysis of overseas payment data showed that the countries with the most offline payments were Japan, Guam, the United States, Vietnam, and France, in that order.

A Toss Bank official said, "The reason Toss Bank's foreign currency account could grow rapidly to 2 million customers in less than a year is that the declaration to 'Free the world's money' was proven to be a service that deeply resonated with customers," adding, "As we have set a new standard for foreign exchange services, we will continue to uphold that value and approach customers with new services."