Remittance Fee Waiver
Integrated Support for Administration and Payments
Toss announced on December 2 that it has expanded the number of countries available for its international remittance service exclusively for foreigners residing in Korea to 50 countries.
Since 2021, Toss has been building a multilingual support organization, focusing on creating a foundation that allows foreigners to conveniently access financial services. Subsequently, the company has gradually expanded its authentication and registration structure, service language system, and administrative integration functions, centering on a dedicated team for foreign users.
In partnership with global foreign exchange total solution provider Sentbe, Toss has newly added 36 countries-including Hong Kong, India, Singapore, T?rkiye, Pakistan, Malaysia, the United Kingdom, France, and Germany-expanding the number of countries available for remittance from 14 to 50.
In October, countries such as Japan, Canada, and Australia were added first, followed by a broader expansion to major European and Asian countries in November.
The company also plans to continue its free international remittance fee promotion for foreigners residing in Korea until June next year.
As of last month, foreigners residing in Korea made an average of about 2.9 international remittance transactions per month. Considering the fee of approximately 3,800 won per transaction, each user saves about 11,000 won per month.
According to the "Monthly Statistical Report" from the Immigration Policy Headquarters of the Ministry of Justice, as of October, there were about 2.83 million foreigners residing in Korea. Due to differences in name structure, language, and document notation, they face various restrictions in accessing financial services, such as authentication errors or repeated administrative submissions.
To address these issues, Toss has established an authentication structure that allows registration regardless of nationality or name structure, and has provided over 100 features in five foreign languages-English, Chinese, Vietnamese, Thai, and Russian-to lower the barriers to financial access.
Foreign users utilize Toss as a core platform for managing their overall financial lives. The number of times foreigners use asset management services is about 35 times per month, indicating daily usage. Card payment inquiries occur more than four times a week, and checking spending and income records is done more than twice a week.
Documents required for various administrative procedures, such as the Certificate of Alien Registration and the Certificate of National Health Insurance Qualification, can be issued instantly through the Toss application without visiting government offices.
Applications for hospital bill reimbursements can also be processed directly through the app. Registration for FacePay, a facial recognition payment service, is also available.
A Toss representative stated, "Based on Toss's principle that everyone should be able to access financial services easily and equally, we will continue to expand our support so that foreigners residing in Korea can reduce the financial gap they experience in Korea and enjoy a better financial experience."
Meanwhile, the Toss community is making efforts to improve the financial environment for foreigners residing in Korea. For example, Toss Bank was the first internet bank to provide financial education for international students. According to Toss, Toss Bank is the only internet bank in Korea that allows foreigners to open accounts.
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