Toss Bank has reduced the fee burden for customers using its overseas remittance service by approximately 1 billion won since its launch.
On August 21, Toss Bank announced that from January to last month, customers saved a total of 1 billion won in remittance fees through its 'Visible Overseas Remittance' service.
Traditionally, overseas remittance methods incur costs of about 13,000 won per transaction, including a telegraphic transfer fee of 8,000 won and a minimum remittance fee of 5,000 won, according to the Consumer Portal of the Korea Federation of Banks. In contrast, Toss Bank currently waives the remittance fee of 3,900 won per transaction and does not charge intermediary fees as it bypasses intermediary banks. This fee waiver promotion will continue until December 31.
By eliminating intermediary fees, Toss Bank differentiates itself from traditional overseas remittance services. Previously, customers often received less than the original amount sent due to fees deducted at each intermediary bank. This created inconveniences, especially when sending exact amounts for tuition or deposits, requiring additional remittances to cover any shortfall.
Toss Bank's structure avoids intermediary banks, reducing both fee burdens and the likelihood of needing to send additional funds.
The number of users is also rapidly increasing. From January to July this year, the monthly volume of overseas remittances through Toss Bank increased nearly fourfold. Among users, those in their 20s and 30s account for about 72%, indicating a growing demand for overseas remittances among younger customers, particularly for studying abroad or language training.
A Toss Bank representative stated, "We have changed the perception that overseas remittance is difficult, slow, and insecure into one of speed and transparency. We will continue to expand the overseas remittance experience so that customers can send money with peace of mind and without burden."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.