Toss Bank Launches Service to Convert and Deposit Account Interest in US Dollars

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"Collect Interest in Dollars"

Toss Bank has officially launched the "Collect Interest in Dollars" service, which automatically converts interest earned on deposit accounts into US dollars and deposits it into a foreign currency account.

"Collect Interest in Dollars" is a service where interest earned in Korean won from a Toss Bank account is automatically converted into US dollars and credited to a foreign currency account as soon as the interest is deposited. Notably, currency conversion is possible from as little as $0.01 (approximately KRW 13), and the service offers a 100% preferential exchange rate, which is more favorable than cash exchange rates.

Once a customer applies for the service, the automatic currency conversion process is triggered every time interest is deposited into their Toss Bank account starting the next day. The maximum amount eligible for conversion is prioritized and exchanged into US dollars, while any remaining amount below the conversion unit ($0.01) remains in Korean won in the Toss Bank account.

"Collect Interest in Dollars" applies separately to interest generated from both Toss Bank deposit accounts and savings accounts. However, the Split Savings account is excluded from this service, and it cannot be used in conjunction with the "Collect Interest" service.

A Toss Bank representative stated, "Collect Interest in Dollars is an innovative service designed to help customers naturally build global assets without the burden of exchange rate fluctuations or the inconvenience of the currency conversion process."

This content was produced with the assistance of AI translation services.