A good product came out! This is the Toss Bank foreign currency account.
So I signed up right away and posted to share.
You won’t be able to make a huge profit or save money with this, but you can still make quite a bit of profit compared to using an existing foreign currency account at another bank.
Go to the Toss app and go to Toss Bank.
If you go to ‘Find Product’, you can find Toss Bank foreign currency account.
currency exchange fee
Toss Bank foreign currency account was launched with the concept of lifetime fee-free currency exchange, that is, 100% preferential exchange rate.
Previously, other banks used to apply preferential exchange rates of around 60 to 95 percent depending on the type of foreign currency or customer level.
Usually, foreign currencies that are exchanged at major banks, such as dollars, can receive preferential exchange rates of up to 95%.
This is the first time to have a 100% preferential exchange rate with no commission.
In this way, there is no loss in commission fees when exchanging foreign currency by buying it when it is cheap and selling it when it is expensive, so it can be seen as a benefit compared to doing it at other banks.
Types of foreign currency that can be exchanged
A total of 17 foreign currencies are handled. If you create an account, you can trade 17 foreign currencies at once.
In addition, if you already have a Toss Bank check card, you can automatically connect it, so you can exchange money here and then go abroad and pay in local currency with a Toss Bank check card.
It can be applied to dollars, euros, yen, pounds, and yuan, as well as places where many people travel, such as Thailand and Vietnam.
Amount that can be saved and eligibility for depositor protection
There is no separate limit on how much foreign currency can be entered.
This is a foreign currency deposit product.
I am curious as to whether foreign currency is also protected by depositors. Similarly, depositor protection is possible up to 50 million won per person.
Overseas Payment & ATM Withdrawal Fee Exemption Promotion
If you have a Toss Bank check card, your Toss Bank foreign currency account can be used as an overseas payment account.
A pop-up will appear when you create an account so that it can be automatically linked to your Toss Bank check card.
For a review of the Toss Bank check card, please refer to the post below.
Please keep in mind that this is an old post, so the check card benefits may be slightly different.
[Toss Bank/Check Card] Toss Bank Card unboxing & review – Satisfied with design, very satisfied with benefits
Hello, this is offspring. Recently, Toss Bank created quite a sensation when it started as a third internet bank. any…
blog.naver.com
There will be a fee waiver promotion for a little over 6 months from January 18, 2024 to July 31, 2024.
The 1% international brand (Mastercard/Visa) fee and USD 0.5 per transaction that occur when making payments at overseas affiliated stores are exempted.
Additionally, the 1% international brand fee and USD 3 per transaction are exempt when withdrawing money from an ATM.
Applicable exchange rate and interest rate
This is based on the exchange rate announced in the Toss mobile app.
If a currency exchange occurs between Toss Bank’s KRW account and a foreign currency account, the preferential exchange rate of 100% is also applied when using foreign currency deposits and withdrawals and ‘foreign currency collection’ and ‘automatic exchange of insufficient money’ services.
The interest rate is also applied based on the interest rate for each currency for foreign currency deposits announced daily on the app.
If you look at the interest rate settings of your foreign currency account, there is a menu called ‘View interest rate’.
Currently, all foreign currency interest rates are said to be 0%. I don’t know if it will change to 0% in the future.
However, if you look at general foreign currency accounts at other banks, the interest rates are almost non-existent.
If you want to receive interest in foreign currency, it is better to buy foreign currency RP.
Toss Bank doesn’t seem to have it yet, and most other securities companies handle dollar RP.
* What are the remaining dollars called? Sign up for Securities Dollar RP
What are the remaining dollars called? How to invest when you have dollars but no stocks to buy (foreign currency RP at securities companies)
People who invest in overseas stocks always hold dollars. In order to maximize profits from overseas stocks, you can change them in advance when the dollar is low, but it is also said that there are stocks worth buying at that time.
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Foreign currency collection service
This is a service that allows you to automatically exchange currency using a set amount, period, cycle, and exchange rate range and collect it in your foreign currency account.
Depending on the cycle, you can purchase it as an accumulation method, or you can exchange it only when the specific target exchange rate is reached.
The collection service starts the day after the registration date, so register in the system and wait for one day.
Let’s go to ‘Settings’ of your foreign currency account.
The service includes ‘collect foreign currency’.
Collecting can be done with any of the 17 currencies available.
In this way, the target exchange rate is set and the cycle is also set.
When dollars reach a certain amount, they are collected.
Even if you set a period, you will not purchase unless the target exchange rate is reached.
Instead, if you are in the target exchange rate range during that cycle, you will continue to exchange money according to that cycle.