The number of Toss Bank foreign currency account subscriptions, which boasts the powerful weapon of lifetime free currency exchange fees, is increasing at a rapid pace. The biggest reason for its popularity is that it offers no exchange fees for life.
Will there really be any advantages? Let’s take a closer look at the pros and cons and precautions!
Toss Bank foreign currency account pros and cons
Toss Bank foreign currency account is a foreign currency deposit and withdrawal account that allows you to trade 17 foreign currencies with one account. Anyone eligible to sign up is a Korean citizen over the age of 17 who holds a Toss Bank Won account and can open an account within the limit of one account per person.
1. Advantages
Toss Bank foreign currency account advantages and disadvantages
✅ A total of 17 currencies can be deposited simultaneously
✅ 100% preferential exchange rate application
100% preferential exchange rate is applied when buying or selling foreign currency.
View Toss Bank exchange rate
✅ Currency exchange available 24 hours a day
✅ Exchange rate notification service
This is a convenient service that allows you to receive notifications when the exchange rate you want is reached, making it a convenient service for those who trade overseas stocks or frequently look at exchange rates.
✅ Collect foreign currency (additional service)
This is a service that allows you to collect foreign currency in your foreign currency account by automatically converting it according to the amount, period, cycle, and exchange rate you set. Currency will be exchanged based on the exchange rate at 10:00 am on the day corresponding to the set cycle (when purchasing foreign currency) (100% preferential exchange rate)
✅ Automatic currency exchange (additional service)
When you cannot pay all or part of the overseas usage bill due to insufficient balance when making a payment overseas, this is a service that allows you to automatically exchange the Korean Won account to the foreign currency account for the amount of foreign currency that is insufficient and then make the payment.
✅ Exemption of overseas payment and ATM withdrawal fees (until the end of July 2024)
The fee exemption promotion period is from January 18, 2024 to July 31, 2024. When the Toss Bank foreign currency account is designated as an overseas payment account for the Toss Bank check card, international brand fees and foreign service fees are exempted.
✅ Eligible for depositor protection
In accordance with the Depositor Protection Act, the Korea Deposit Insurance Corporation provides protection, and the protection limit is up to 50 million won per person, including the principal and interest of all financial products in the bank. (If exceeded, the remaining amount is not protected)
2. Disadvantages
Toss Bank foreign currency account advantages and disadvantages
✅ 0% foreign currency deposit interest
✅ Deposits and withdrawals are only possible from Toss Bank KRW account.
You can only transfer money between a Toss Bank foreign currency account and a Toss Bank Korean won account in your name. You cannot deposit foreign currency in a Toss Bank account in someone else’s name or foreign currency remitted from another bank or overseas. Also, foreign currency deposits and checks cannot be deposited or withdrawn (only ATM withdrawals via check cards are possible).
✅ Transaction limit restrictions
A transaction limit of 300,000 won per month is applied to deposits and withdrawals that occur when exchanged between foreign currency and Korean won through a foreign currency account.
Toss Bank + Foreign currency account + Product description.pdf
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How to open a Toss Bank foreign currency account
If you normally use a Toss Bank KRW account, you can open a foreign currency account quickly and easily! It is said that currency exchange fees are free for life, so if you do a lot of overseas transactions, be sure to apply!
Find out how to open a Toss Bank foreign currency account and its benefits!
Toss Bank was the first domestic financial company to launch a foreign exchange service with lifetime free currency exchange when buying or selling. You can manage 17 currencies with one bank account, and if you link deposits and withdrawals with your Toss Bank account, you can use a separate account.
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Today, we learned about the advantages and disadvantages of Toss Bank foreign currency account. It’s great that there are no lifetime currency exchange fees, but I’m a little disappointed in the remittance part. I think this would be a good advantage for those who already have a Toss Bank won account, those who frequently travel abroad, and those who engage in foreign exchange transactions such as overseas stock trading.
There is nothing to lose by opening one, so if you are currently worried about your foreign currency account, it would be a good idea to take a closer look.