Toss Bank turns overseas transfers into no-fee, trackable service
Sending money abroad can be an exercise in uncertainty, but Toss Bank’s overseas remittance service has helped customers save an estimated 1 billion won ($720,000) in fees during its first six months of operation. The digital bank said Friday that transfers made between January and July cost significantly less than conventional wire methods, driven primarily by waived transaction and exchange…
Toss Bank has launched an overseas remittance service that eliminates fees and provides transparency, saving customers approximately 1 billion won ($720,000) in charges during its first six months. The digital bank revealed that transfers made between January and July were significantly cheaper than conventional wire transfers, mainly due to waived transaction and exchange fees.
Traditional methods entail an electronic transmission fee of 8,000 won and a transfer fee starting at 5,000 won, totaling around 13,000 won per transaction, according to the Korea Federation of Banks' consumer portal. Toss Bank's service bypasses intermediary bank fees and waives its 3,900 won transfer fee until December 31. Conventional transfers often traverse multiple intermediary banks, each deducting fees, resulting in recipients receiving less money than originally intended.
For instance, a $10,000 transfer might arrive short, forcing the sender to make additional payments.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Toss Bank turns overseas transfers into no-fee, trackable service koreatimes.co.kr
