If you use a foreign currency account at Toss Bank, you can exchange money for free. For the time being, there are no fees for not only currency exchange but also overseas check 
card payments and ATM withdrawals. If you have plans to travel abroad, make sure to make them.
index
1. Toss Bank free currency exchange method (foreign currency account)
2. 17 types of foreign currency that can be exchanged
3. Overseas payment and ATM withdrawal fee exemption
4. Precautions
5. Summary
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1. Toss Bank free currency exchange method (foreign currency account)
Toss Bank has launched a foreign currency account. It is characterized by a 100% preferential treatment fee for foreign currencies from 17 countries around the world and no currency exchange fees.
Previously, there was the inconvenience of going to the bank to exchange currency and looking for preferential exchange rates, but now you can exchange money in one minute without a fee by simply using your foreign currency account on the Toss app.
Those eligible to join are citizens and residents of the Republic of Taiwan aged 17 or older who hold a Won account at Toss Bank.
Advantages of Toss foreign currency account
1. Free currency exchange fee
2. Currency can be exchanged at any time
3. Instant currency exchange for currencies from 17 major countries
4. Free overseas payment fees, free withdrawal (during promotion period)
How to exchange money for free with Toss foreign currency account
1. Go to Toss Bank in the Toss app and click Open foreign currency account.
2. Agree to the menu that appears and complete ID verification to open.
3. Select the desired foreign currency from the opened Toss foreign currency account and press Fill.
4. Enter the amount to proceed with the exchange and check that ‘Lifetime Free’ appears in the fee box.
5. Free withdrawal and payment using Toss check card at local ATM when going abroad
Toss Bank foreign currency account
Toss Bank foreign currency account
Toss Bank foreign currency account opening and currency exchange screen
2. 17 types of foreign currency that can be exchanged
There are a total of 17 foreign currencies that can be exchanged without fees using a Toss foreign currency account. All types of foreign currencies commonly used by Koreans are included, so you can conveniently exchange money here.
order country unit
1 US Dollar (USD)
2 Japanese Yen (JPY)
3 European Paid (EUR)
4 Chinese Yuan (CNY)
5 Hong Kong Dollars (HKD)
6 Taiwan Dollar (TWD)
7 Vietnamese Dong (VND)
8 Thai Baht (THB)
9 Singapore Dollar (SGD)
10 Philippine Pesos (PHP)
11 Indonesian Rupiah (IDR)
12 Malaysian Ringgit (MYR)
13 British Pounds (GBP)
14 Canadian Dollars (CAD)
15 Australian Dollars (AUD)
16 New Zealand Dollar (NZD)
17 Swiss Francs (CHF)
3. Overseas payment and ATM withdrawal fee benefits
It is said that the fee is also exempted when converting money to a Toss foreign currency account for free into a payment abroad or withdrawing money from an ATM.
It has not been confirmed whether the fee will continue to be free, but it is said to be free until July 31, 2024.
To learn more, if you issue a Toss check card and designate the overseas payment account as the foreign currency account you created, the 1% international brand fee and $0.50 per transaction fee will be exempted.
Even when making ATM withdrawals, the international brand fee of 1% and the withdrawal fee of $3 per transaction are said to be exempt. (Only local bank ATM fee charged)
It is more convenient and more advantageous than Toss GLN overseas payment or travel wallet service, which have similar characteristics.
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4. Precautions
There are a few precautions when using a foreign currency account to make Toss currency exchange, overseas payments, and overseas ATM withdrawals without fees.
1. Depositors in foreign currency accounts are also protected up to a maximum of 50 million won per person. If the amount exceeds 50 million won, there is no protection, so those who plan to store large amounts should be careful.
2. Since it is affected by the exchange rate, losses may occur due to exchange rate fluctuations. You must look at the graph and judge for yourself whether it is appropriate to exchange money.
3. Toss foreign currency account cannot be transferred to another account, but only to the Toss Bank KRW account in your name.
4. The disadvantage is that foreign currency cannot be found domestically and withdrawals can only be made at overseas local ATMs.
5. Summary
To sum up the Toss foreign currency account, which offers free currency exchange, overseas payments, and overseas ATM withdrawals, it is a service that anyone who goes abroad or is interested in foreign exchange technology must make.
It is very simple to use and there are no overseas payment or overseas ATM withdrawal fees until the end of July 2024, so if you use it well during this period, you can easily save tens of thousands of won.
In particular, if you are a foreign exchange dealer, it would be a good idea to use this service right away. The only downside is that many people would like to have some local currency when leaving the country, but it seems inconvenient that withdrawals cannot be made within the country.
Nevertheless, it certainly seems to be a very convenient and money-making service.
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