Toss Bank has launched a foreign currency account that provides free currency exchange fees for life. While there is a lot of interest in ways to exchange currency cheaply, Toss Bank offers ‘lifetime free currency exchange without commission’, which seems to be of great help to those preparing to travel abroad. Please check the information below to receive preferential currency exchange benefits.
Toss Bank foreign currency account
Introduction to Toss Bank foreign currency account (Toss Bank website)
How to open a Toss Bank foreign currency account
(You can go directly to Opening a Toss Bank foreign currency account)
Toss Bank Foreign Currency Account is a foreign currency deposit and withdrawal account that allows you to exchange 17 foreign currencies without any fees. If you are looking for a cheap way to exchange currency, it would be a good idea to receive information and benefits about Toss Bank’s foreign currency account.
Go to the exchange rate calculator
(You can check the current exchange rate immediately)
Introduction to Toss Bank foreign currency account
Those eligible to sign up for a Toss Bank foreign currency account are Korean citizens and residents over the age of 17 who hold a Toss Bank won account, and one account can be opened per person. The tradable currencies that can be exchanged for Toss Bank foreign currency account are as follows.
US dollar, European euro, Japanese yen, British pound, Canadian dollar, Australian dollar, New Zealand dollar, Singapore dollar, Hong Kong dollar, Chinese yuan, Swiss franc, Malaysian ringgit, Philippine peso, Indonesian rupiah, Thai baht, Vietnamese dong, Taiwanese dollar
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Toss Bank foreign currency account (Toss Bank website)
4 advantages of Toss Bank foreign currency account
The advantage of the Toss Bank foreign currency account is that it can be used as a withdrawal account when using the Toss Bank check card overseas. Additionally, if there is insufficient balance in your Toss Bank foreign currency account, it would be very convenient to be able to automatically exchange money from the Toss Bank Korean won account in your name and transfer it to your Toss Bank foreign currency account and continue using your check card. When using a check card, you may run out of funds in the account linked to the check card. In this case, the advantage of being able to exchange currency from your existing Toss Bank Korean won account to a Toss Bank foreign currency account without a fee seems very convenient.
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Toss Bank foreign currency account automatic exchange (Toss Bank website)
Another advantage is that overseas payment and ATM fees are waived. There were times when I ran out of cash while traveling abroad, but since I can withdraw cash from an ATM without a fee, I think I can find it and use it whenever I need it without having to carry a lot of cash with me while traveling. However, overseas payment and ATM fee exemption services are only available from January 18, 2024 to July 31, 2024, and local ATM usage fees may apply.
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Toss Bank foreign currency account fee exemption benefit (Toss Bank website)
You can also use Toss Bank foreign currency account for the purpose of collecting foreign currency. Like stocks, you can exchange currency based on the set amount, period, cycle, and exchange rate range, so you can collect foreign currency in your foreign currency account, so you may be able to make exchange gains by responding quickly to exchange rate fluctuations.
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Lastly, there is the advantage of being able to apply 100% preferential exchange rates when buying and selling foreign currencies. In summary, I think the Toss Bank foreign currency account is an account that can be used not only for travel purposes but also for everyday foreign currency collection purposes.
There are additional restrictions. First, you can only transfer money from a Toss Bank foreign currency account to a designated Toss Bank KRW account in your name, and you cannot transfer money to another bank or other financial institution or to a Toss Bank foreign currency account in someone else’s name. Additionally, a monthly transaction limit of USD 300,000 may apply regarding foreign currency exchange.
Check Toss Bank foreign currency account restrictions
(You can check Toss Bank foreign currency account restrictions)
So far, we have introduced the Toss Bank foreign currency account for those who are looking for a way to exchange currency cheaply and save foreign currency. Those who are planning to travel abroad or those who are interested in exchange rates and are aiming for exchange gains should take a closer look at the contents of Toss Bank’s foreign currency account and receive many benefits.