3.3 People Sign Up for Foreign Currency Accounts Every Minute
Toss Bank Official: "We Will Maintain Our Leading Position Through Continuous Innovative Services"
The cumulative foreign currency exchange amount of the Toss Bank foreign currency account has surpassed 30 trillion won, with the number of users reaching 2.6 million. This milestone was achieved just 557 days after Toss Bank launched its foreign currency account.
On July 30, Toss Bank announced that, as of July 28, the cumulative amount exchanged through its foreign currency account had exceeded 31.6 trillion won. This was accomplished in approximately one year and six months since its launch. The foreign currency account, which offers "lifetime free currency exchange both when buying and selling," has restructured the previously complicated and opaque currency exchange fee system in the foreign exchange market. With these inconveniences eliminated, customers can now buy and sell foreign currencies at a 100% preferential exchange rate, regardless of location or transaction history, without hesitation.
During this period, customers saved approximately 300 billion won in exchange fees (assuming a 1% fee rate). This translates to an average fee saving of about 165,000 won per person.
The number of account holders has exceeded 2.67 million. On average, about 3.3 customers signed up every minute. Customers from all generations, ages, and genders have used the foreign currency account, with active usage from a wide age range spanning from 17 to over 90 years old. The highest proportion of customers was in their 20s (28%), followed by those in their 30s (25%), 40s (23%), and those aged 50 and above (19%), showing a balanced distribution.
There were also more than 130 super-elderly customers aged 90 or older. These customers engaged in various activities, such as holding foreign currencies as high-net-worth individuals for investment purposes or participating in events conducted through the foreign currency account.
Toss Bank's free currency exchange has influenced the entire financial sector, leading to the launch of similar services by other financial institutions.
In particular, there has been a series of positive assessments that the service has contributed to improving the overall financial experience abroad, beyond just the convenience of currency exchange. Customers responded positively to the ability to use their existing Toss Bank debit card linked to the foreign currency account for overseas online/offline payments and ATM withdrawals without fees (up to 30 times per month, for amounts under 700 dollars), without the need to issue a separate overseas-only card.
The number of customers using the account for payments reached about 870,000. The highest number of transactions took place in Japan, with approximately 500,000 customers using the service there. This was followed by Vietnam, the United States, Thailand, and Taiwan. The Toss Bank debit card demonstrated high utility in major travel destinations across Asia.
A Toss Bank representative stated, "The fact that the Toss Bank foreign currency account was chosen by 2.67 million customers and achieved a cumulative exchange amount of 31.6 trillion won within just a year and six months is because Toss Bank’s value of 'making money in the world free' has provided tangible benefits to our customers." The representative added, "We will continue to pursue customer-centered innovation and open new horizons in foreign exchange services."
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