Toss Bank Foreign Currency Passbook is a foreign currency deposit account provided by Toss Bank and provides various benefits such as free lifetime currency exchange, 100% preferential exchange rate, foreign currency collection service, and exemption from overseas payment and ATM fees. In particular, this is a very useful bank account for people who frequently make payments or withdrawals overseas or for people who want to save foreign currency.
Since my children are studying abroad, I sometimes exchange currency or send foreign currency. I was worried about the recent rise in the exchange rate, but now that Toss Bank has a foreign currency account, I can save money on currency exchange fees and use the foreign currency collection function to do currency trading. To be honest, at first I thought Toss was crazy. Now, I will tell you what the advantages of Toss Bank foreign currency account are, how to use it, and what tips there are.
Toss Bank foreign currency account exchange fee free
Advantages of Toss Bank foreign currency account
The advantages of Toss Bank foreign currency account are as follows.
Free currency exchange fees for life: With one Toss Bank foreign currency account, you can exchange 17 currencies around the world in real time, 24 hours a day, and currency exchange fees are free for life. At regular banks or currency exchange offices, you have to pay a fee every time you exchange money, but Toss Bank foreign currency account has no fees, so you can save money on currency exchange costs.
100% preferential exchange rate: Toss Bank foreign currency account offers 100% preferential exchange rate. In other words, the exchange rate provided by Toss Bank is the same as the real-time market exchange rate. Regular banks and currency exchange offices add a margin to the exchange rate, so when you actually exchange money, you have to pay a higher amount than the market exchange rate. Toss Bank foreign currency account does not add margin to the exchange rate, so you can make exchange rate gains. This is why the exchange rate I saw on the portal is much higher when I actually exchange money.
Foreign currency collection service: Toss Bank foreign currency account also provides a foreign currency collection service that allows you to collect foreign currency by automatically converting it according to the amount or period you set. Through this service, you can systematically save foreign currency or reduce losses due to exchange rate fluctuations. For example, if you exchange 100,000 won into yen every month for a year, you can save about 1.2 million yen in foreign currency after 12 months. Foreign currency exchange is also possible by collecting foreign currency.
Overseas payments and withdrawals possible with Toss Bank check card: You can make ATM deposits, withdrawals or payments overseas with a Toss Bank check card linked to your Toss Bank foreign currency account. All fees incurred at this time are also free. In other words, you can use the foreign currency in your Toss Bank foreign currency account even overseas. Additionally, if you do not have enough foreign currency, you can exchange the currency in real time and make payments in your Toss Bank Korean Won account.
Planning to link securities accounts and provide overseas remittance services: Toss Bank plans to link foreign currency accounts with securities accounts to enable trading of foreign stocks and ETFs, and is also preparing overseas remittance services. Once these services are provided, you will be able to utilize foreign currency more diversely and conveniently through the Toss Bank foreign currency account.
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Toss Bank foreign currency account review
I opened a foreign currency account at Toss Bank and exchanged euros. The currency exchange process was very simple and fast, and the exchange rate could be checked in real time. There was no currency exchange fee, so I was able to exchange my money cheaply, and by using the exchange rate notification function, I was able to make an exchange profit by converting my money back to Korean won when the exchange rate rose.
I often go on overseas business trips, and I think I can conveniently make payments or withdraw money overseas by using the Toss Bank foreign currency account. In particular, it would be good to use a foreign currency collection service because it would allow you to save up foreign currency before your trip at a low price. Also, it is attractive that there are no fees when making payments or withdrawals overseas using the Toss Bank check card.
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How to apply for a foreign currency account
To apply for a Toss Bank foreign currency account, please follow the steps below.
Run the Toss app and press the menu button in the upper left corner.
Select the Toss Bank menu and click the Foreign Currency Account menu.
Click the Open Foreign Currency Account button.
Enter the required information and proceed with the consent and authentication process.
Toss Bank foreign currency account will be opened.
How to apply for a check card
If you open a Toss Bank foreign currency account, you can apply for a Toss Bank check card.
The Toss Bank Check Card is a card that can be used overseas and is exempt from overseas payment and ATM fees. To apply for a Toss Bank check card, please follow the steps below.
Run the Toss app and press the menu button in the upper left corner.
Select the Toss Bank menu and press the Card menu.
Click the Toss Bank check card application button.
Enter the required information and proceed with the consent and authentication process.
A Toss Bank check card will be issued.
After applying for a Toss Bank foreign currency account and a Toss Bank check card, you can check the foreign currency account balance and exchange rate on the Toss app, exchange money, or use the foreign currency collection service. Additionally, you can make ATM deposits, withdrawals, or payments overseas using your Toss Bank check card.
Toss Bank foreign currency account is a good account for people who frequently make payments or withdrawals overseas or who want to save foreign currency. I introduced the advantages and usage methods of Toss Bank foreign currency account, and shared reviews and tips I have used. If you would like more information about Toss Bank foreign currency account, please refer to the Toss Bank website or the link below. 😊