[Exclusive] 'Dollar Remittance' Becomes Available on Toss Securities as Well

Starting Late This Month: 'Import and Send Dollars' Service
Direct Foreign Currency Transfers with Other Banks
No Need to Go Through 'Won Currency Account' for Deposits and Withdrawals

Toss, popular for its lifetime free currency exchange and other foreign currency services, is adding a foreign currency transfer feature to its affiliated securities company.

According to the financial and investment industry on the 27th, Toss Securities is expected to launch the 'Bring Dollar' and 'Send Dollar' services as early as the end of this month. This service allows users to easily transfer dollars from accounts at other companies to their Toss Securities account and also send dollars held in their Toss Securities account directly to other companies.

Previously, Toss Securities users who wanted to invest in overseas stocks had to use the 'Won Account' within Toss Securities first. They deposited funds into the Won Account and then exchanged won to dollars in the 'Dollar Account.' When sending foreign currency investment funds to other companies, users also had to exchange dollars in the Dollar Account and transfer them to the Won Account before withdrawing to another account. However, with this service update, direct dollar transfers between Toss Securities and other companies will be possible without going through the Won Account.

However, dollar deposits and withdrawals with the affiliated Toss Bank's 'Foreign Currency Account' will be restricted for the time being. Toss Bank launched the first foreign currency account in Korea in January that charges no fees when buying or selling foreign currency. As of the 18th, the number of Foreign Currency Account subscribers exceeded 2 million.

A Toss Securities official stated, “We improved transaction convenience by adding a foreign currency transfer service in response to user feedback about inconveniences when depositing and withdrawing foreign currency for overseas stock investors. However, since Toss Bank's foreign currency service only allows transfers between Toss Bank Foreign Currency Account users, linking with Toss Securities accounts will be difficult for now.”

On the afternoon of the 26th, a view of Toss Securities' 'Dollar Account.' Only the investment funds held in the 'Won Account' can be transferred to the Dollar Account using the 'Fill with Dollars' method. Photo by Jeon Young-joo