What is Toss Bank? What are the products available for foreigners?
Learn how foreigners can access banking services through Toss Bank in Korea. Discover account options, eligibility requirements, and the application process tailored for international residents. Get insights on managing finances, accessing digital banking features, and understanding the benefits Toss Bank offers for foreign customers.
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Toss Bank
Toss Bank is a South Korean digital bank offering a range of convenient, branch-free financial services through the Toss app. It provides savings accounts, personal loans, and debit and credit cards with simple onboarding and user-friendly features.
Can Foreigners Open an Account?
Yes, foreigners in Korea can open a Toss Bank account if they have a valid Alien Registration Card (ARC) and a Korean-registered phone number. However, since the app and support are primarily in Korean, basic language proficiency is helpful.
Products
Savings Products - Personal
Product Name | Type | Interest Rate (Annual) | Interest Payment |
Regular Deposit | 1.8% | Interest is paid on the 1st of each month or when the customer requests interest payment in the app. | |
Savings Deposit | 2% | Everyday | |
Regular Deposit | 0.1% | Settlement is based on the last day of each month and interest is paid on the first day of the following month. |
Savings Products - Moim
Moim account is a joint-account service whereby a group of friends or colleagues opens an account, each contributing a certain amount, which can later be used for various activities.
Product Name | Type | Interest Rate (Annual) | Interest Payment |
Regular Deposit | 0.1% | Interest is paid on the first day of the following month after settling accounts at the end of each month. | |
Regular Deposit | 0.1% | Interest is paid on the first day of the following month after settling accounts at the end of each month. | |
Savings Deposit | 2% | Everyday |
Savings Products - Deposit
Product Name | Type | Interest Rate (Annual) | Max. Deposit Amount | Deposit Term |
Long-term Deposit (One time up-front) | 3% | 100 mill. KRW | 3 months, 6 months | |
Long-term Deposit
(Every week) | 2% + 2% (if you succeed in deposit 25 times in a row every week) | 1 mill. KRW/month | 6 months | |
Long-term Deposit
(Every month) | 2% + 2.5% (upon termination after maturity) | 300,000 KRW/month | 6 months | |
Long-term Deposit
(Every month) | 3-5 months: 1.5%
6-11 months: 2%
12-36 months: 3%
+0.5% (if all automatic deposit are successful) | 3 mill. KRW/month | 3 months ~ 36 months |
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