Toss Bank Apologizes to 'Half-Price Yen' Exchange Customers... 10,000 Won Cash Compensation

Toss Bank Vows to Restore Trust

Through Careful Review and Ongoing Improvement

Toss Bank will provide a cash payment of 10,000 won to all customers who exchanged currency during the recent half-price Japanese yen incident as an apology.

On March 16, Toss Bank announced in a notice, "We will provide a cash payment of 10,000 won through Toss Bank accounts to all customers whose yen exchange transactions were executed during the error period. If receiving the deposit into an account is difficult, we will provide a gift certificate of the same value through individual guidance."

From 7:29 p.m. to 7:36 p.m. on March 10, there was a seven-minute system error in Toss Bank’s won-yen exchange rate posting system. At the time, the closing rate for the yen was 932.86 won per 100 yen, but during the error, the rate was posted at around 472 won per 100 yen, about half the actual value.

Some users purchased yen at the lower rate and either used the funds or converted them back to won, resulting in a loss of 28.4 billion won for Toss Bank. The following day, the bank canceled these transactions and initiated recovery procedures.

Toss Bank stated, "We are currently thoroughly investigating the cause of the error. We have strengthened verification and monitoring at every stage before foreign exchange transactions and are also working on system improvements to prevent recurrence. We sincerely apologize and will continue to review and enhance our overall operations and management systems so that customers can use Toss Bank with confidence."

The bank added, "We understand that this measure may not be enough to fully alleviate your inconvenience and disappointment, but we ask you to accept it as a heartfelt apology. We will take this incident as an opportunity to reflect deeply on the fundamentals of financial services. Once again, we apologize for the inconvenience, and we will strive to regain your trust through careful review and ongoing improvement."

Toss Bank Headquarters in Gangnam-gu, Seoul. Photo by Jinhyung Kang aymsdream@

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