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[Alpha Biz=(Chicago) Reporter Kim Jisun] As soon as Toss Bank launched its foreign exchange service, it decided to eliminate all exchange fees. We plan to expand non-interest profits based on the launch of this foreign exchange service.
Toss Bank held a press conference at Dongdaemun Design Plaza in Jung-gu, Seoul on the 18th to showcase its "Toss Bank Foreign Currency Account." By opening one account, 17 currencies around the world, including the US dollar, can be exchanged in real time 24 hours a day. The same exchange rate applies both when buying and selling.
Exchange, payment, deposit and withdrawal fees are all free. "Just as Toss was free to move money through the declaration of free remittance fees, Toss Bank also wanted to break down the boundary between won and foreign currency through free exchange fees," said Kim Seung-hwan, owner of foreign exchange services at Toss Bank. "The free card payment fee is a promotion for now, but we will extend it and maintain the service for now." However, in the case of overseas automatic teller machine (ATM) fees, local companies can charge themselves.
Toss Bank's foreign exchange services focused on boosting convenience. Foreign currency accounts can be combined with existing frequent deposit and withdrawal accounts, and ATM deposits and payments can be made in countries around the world by using existing Toss Bank check cards. It also added an automatic currency exchange function.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
