Toss Bank said on Tuesday it will run a promotion through March 31 that waives overseas remittance fees and offers cashback. The promotion targets customers who send money abroad through Toss Bank.

During the promotion period, the overseas remittance fee of 3,900 won per transfer will be waived in full. The benefit applies regardless of the remittance amount. There is no limit per person on the number of discounted transfers, which is expected to significantly reduce the burden on customers who need to send money abroad frequently. It includes everything from no-documentation remittances to student remittances.

Toss Bank also added a cashback benefit for customers sending larger sums. If a single remittance is $5,000 or more, it will pay the customer 10,000 won in cashback. Each customer can participate up to 5 times, allowing a total cashback of 50,000 won during the period.

The benefit also applies to remittances in currencies other than USD, including EUR, CAD, GBP, AUD, SGD and HKD. In such cases, customers can receive the benefit if the amount is equivalent to $5,000 or more based on the exchange rate on the remittance date. Cashback will be credited to the customer's Toss Bank account only for transactions deposited into the overseas recipient account during the event period.

A Toss Bank official said, "Overseas remittances have been an area where customers have faced major inconvenience due to expensive fees, complex procedures and opaque processes." The official added, "Through this promotion, we hope more customers enjoy a new overseas remittance experience and receive tangible benefits."