No Fees, No Problem: Toss Bank’s Forex Service Hits $22.8 Billion in Just 18 Months!

South Korean digital bank Toss has seen its foreign exchange volume soar to 31.6 trillion KRW (22.8 billion USD) in just 18 months since launching its forex service. The bank’s success is largely attributed to its innovative zero-fee policy and rapidly expanding customer base.

The bank reports impressive user growth, with its customer count reaching 2.67 million and new sign-ups peaking at 33,000 per minute.
This milestone follows Toss Bank’s January 2024 launch of South Korea’s first permanent fee-free forex service. While competitors have dabbled in temporary promotions, Toss Bank boldly committed to a “fee-free for life” model from day one.
The service appeals to a broad range of age groups, with users in their 20s comprising 28 percent of the customer base, followed by those in their 30s at 25 percent, individuals in their 40s at 23 percent, and those in their 50s at 19 percent. Surprisingly, about 130 users in their 90s—many of whom are high-net-worth individuals—also use the platform for investment purposes.
Toss Bank estimates that if it had imposed a standard 1 percent fee, users would have paid approximately 300 billion KRW (225 million USD) in total fees. According to the bank’s calculations, this would equate to an average saving of 165,000 KRW (123.75 USD) per customer.
The bank also revealed that 870,000 customers have utilized its overseas payment service, which supports both online and offline transactions as well as ATM withdrawals for cardholders. Japan was the most popular destination with 500,000 users, followed by Vietnam, the United States, Thailand, and Taiwan.