Toss Bank turns overseas transfers into no-fee, trackable service

Sending money abroad can be an exercise in uncertainty, but Toss Bank’s overseas remittance service has helped customers save an estimated 1 billion won ($720,000) in fees during its first six months of operation. The digital bank said Friday that transfers made between January and July cost significantly less than conventional wire methods, driven primarily by waived transaction and exchange fees. Under the traditional system, overseas transfers can incur an electronic transmission fee of 8,000 won and a transfer fee starting at 5,000 won, for a combined cost of about 13,000 won per transaction, based on disclosures from the Korea Federation of Banks’ consumer portal. Toss Bank said its service eliminates intermediary bank fees and is waiving its 3,900 won transfer fee through Dec. 31. The bank said conventional transfers can pass through multiple intermediary banks, with fees deducted along the way and leaving recipients with less money than the sender intended. For example, a $10,000 transfer can arrive short of the intended amount, forcing the sender to make another payment and po