Toss to waive international money transfer fees for foreign residents through end of year

Mobile payment service Toss will waive fees for foreign residents in Korea when making international money transfers until the end of the year.

Two people using the Toss payment service [TOSS]

Mobile payment service Toss will waive fees for foreign residents in Korea when making international money transfers until the end of the year.

The promotion comes four years after Toss declared “free transfers” in August 2021. Since then, Toss customers saved around 2 trillion won ($1.43 billion) in transfer fees with Toss' waiver program, according to the company.

The new foreign transfer promotion applies to the four countries currently covered by Toss’s international remittance service for foreigners — the United States, China, Vietnam and Uzbekistan. There are 1.53 million long-term foreign residents from the four countries living in Korea as of this year, which accounts for 64 percent of Korea’s 2.19 million registered foreign nationals, according to the Ministry of Justice.

“This promotion is more than just a fee waiver; it's a pledge to create an open financial environment not only for Korean users but also for foreign residents,” a Toss spokesperson said. “We will continue to roll out tailored services for foreign customers.”

Toss launched a new international transfer service tailored to foreign residents in July through a partnership with SentBe, a foreign exchange solution provider.

BY KIM MIN-YOUNG [kim.minyoung5@joongang.co.kr]