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 introduced an overseas money transfer service that eliminates fees and allows customers to track their transactions, according to the bank. In its first six months of operation, the service has reportedly saved customers an estimated 1 billion won ($720,000) in fees. The digital bank attributes the cost savings primarily to waived transaction and exchange fees.
Traditional methods of sending money overseas can incur an electronic transmission fee of 8,000 won and a transfer fee of at least 5,000 won, totaling around 13,000 won per transaction. Toss Bank's service removes intermediary bank fees and waives its own 3,900 won transfer fee through December 31. Conventional transfers may involve multiple intermediary banks, each deducting fees, resulting in recipients receiving less money than intended by the sender.
For instance, a $10,000 transfer may arrive with less than the expected amount, forcing the sender to make an additional payment.
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.
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- Toss Bank turns overseas transfers into no-fee, trackable service koreatimes.co.kr
