"International Remittance in Real Time Like Parcel Delivery" Toss Bank Launches Overseas Remittance Service

Toss Bank announced on January 8 that it is launching its international remittance service under the slogan "See as You Send: International Remittance."

Customers can monitor the entire transaction process in real time, and recipients receive the exact amount sent by the sender without any deductions.

Remittances can be sent to any overseas bank in 30 countries around the world. Supported currencies include seven options: USD, EUR, CAD, GBP, AUD, SGD, and HKD.

Toss Bank provides transparent disclosure of the entire process from remittance to delivery to the recipient. While traditional international remittance services only allowed tracking up to the recipient’s bank, Toss Bank enables transparent tracking from the moment the money is sent until it is deposited into the recipient’s account. This makes it possible to check the status of a remittance in real time, similar to tracking a parcel delivery.

Unlike domestic transfers, international remittances require detailed information such as the recipient’s overseas account and residential address for cross-border fund transfers. Toss Bank offers an "automatic overseas address completion service," reducing the burden on recipients to enter information themselves and lowering the risk of input errors.

Remittances are processed in real time. For major currencies such as EUR, SGD, GBP, and HKD, the transfer is completed within one hour. For USD, CAD, and AUD, funds are delivered to the recipient within a maximum of 24 hours (1-2 business days), significantly improving upon the limitations of existing remittance systems.

Fees have also been improved. Previously, international remittances typically involved intermediary banks deducting fees from the principal amount. As a result, customers who needed to send exact amounts for tuition or contract payments often had to exchange more currency or make additional transfers. Toss Bank has eliminated the involvement of intermediary banks, creating a structure where the full amount sent by the customer is delivered as is. The fee is a low 3,900 KRW per transaction.

When sending remittances from Toss Bank to an overseas account, customers can directly transfer foreign currency from their Toss Bank foreign currency account. Foreign currency received from overseas into the foreign currency account can be exchanged back to Korean won with no conditions and no additional exchange fees.

A Toss Bank representative stated, "When it comes to international remittances, customers often need to send relatively large amounts abroad, which has caused significant anxiety and inconvenience. Toss Bank aims to break the notion that international remittance is difficult, slow, and unreliable. As a bank, the trust and stability we offer will deliver transparency and convenience to our customers."