Toss Bank

Toss Bank is Korea's newest and fastest-growing mobile bank, launched in 2021. Built by Viva Republica, the company behind Korea's most popular fintech app Toss, it offers a seamless banking experience with instant transfers, high-interest savings, and one of the cleanest app interfaces in Korean banking.

Who Can Open an Account?

• Foreigners with a valid Alien Registration Card (ARC)

• Must have a Korean phone number

• Must have a Korean identity verification app (PASS or KakaoTalk)

• Must be 19 years or older

How to Open an Account

• Step 1: Download the Toss app from App Store or Google Play

• Step 2: Tap "Open Bank Account" within the Toss app

• Step 3: Verify your identity using your ARC card number and Korean phone number

• Step 4: Complete facial recognition verification

• Step 5: Set your account PIN

• Step 6: Your account is ready immediately — debit card mailed within 5–7 business days

Key Features

• Instant free transfers — to any Korean bank account, 24/7, no fees

• High-interest savings — Toss Bank regularly offers higher interest rates than traditional banks

• Spending tracker — automatically categorizes all transactions across all your Korean bank accounts

• Credit score monitoring — free real-time credit score tracking

• Toss Pay — mobile payment accepted at millions of Korean merchants

• Bill splitting — easily split bills with friends directly in the app

• Round-up savings — automatically saves spare change from every transaction

Toss App vs Toss Bank

It is important to understand the difference:

• Toss app — A financial super-app that connects all your Korean bank accounts in one place. Shows balances, transactions, and allows transfers between accounts. Available to all users.

• Toss Bank — An actual bank account within the Toss ecosystem. Opened directly in the Toss app. Requires ARC for foreigners.

Many foreigners use the Toss app to manage multiple Korean bank accounts in one place even before opening a Toss Bank account.

Pros & Cons for Foreigners

• ✅ Fastest account setup — done entirely on your phone in minutes

• ✅ Cleanest app interface in Korean banking

• ✅ Free instant transfers to all Korean banks

• ✅ High-interest savings rates

• ✅ Toss app consolidates all Korean bank accounts in one place

• ❌ Korean-only interface — no English support yet

• ❌ Requires ARC card — cannot open without one

• ❌ No physical branches — all support via app or phone

• ❌ Limited international transfer options compared to traditional banks

Tips

• Even if you don't open a Toss Bank account, download the Toss app to manage all your Korean accounts in one place

• Use Google Translate's camera feature to navigate the Korean-only interface

• Toss Bank's savings account interest rates are often the highest available — worth checking regularly

• The Toss credit score feature is useful for tracking your Korean credit history

• For international transfers, use Toss Bank in combination with Wise

Contact & Support

• Website: www.tossbank.com

• App: Search "Toss" on App Store or Google Play

• Customer service: 1899-4050 (Korean only)

• In-app chat support: Available in the Toss app