Toss Bank said on Jan. 8 it will start an overseas remittance service under the slogan “Send and see overseas remittances”.

According to the company, customers can check the progress of a transaction throughout the entire transfer process. It also said recipients will receive the exact amount the sender sent.

Remittances are possible to any “overseas bank” in 30 countries worldwide. Seven currencies are supported: USD, EUR, CAD, GBP, AUD, SGD and HKD.

The core values of Toss Bank’s overseas remittance service are “transparency” and “convenience”. Toss Bank said it discloses the process by which the remitted amount is delivered to the recipient, allowing real-time tracking like a parcel delivery.

It also provides an “overseas address auto-completion service” to reduce the burden on recipients of entering information directly and to lower the likelihood of input errors.

Remittances are made in real time. Major currencies such as EUR, SGD, GBP and HKD are completed within 1 hour. USD, CAD and AUD are also delivered to the recipient within up to 24 hours.

It also improved fees. Toss Bank said it designed a structure that removes the involvement of intermediary banks so the amount a customer sends can be delivered in full.

For customers using foreign currency accounts, they can send foreign currency that they have exchanged in advance directly overseas. Foreign currency received from overseas into a foreign currency account also gets “unconditional free exchange” benefits in the re-exchange process.

A Toss Bank official said, “In the case of overseas remittances, there are many cases where relatively large amounts must be sent abroad, so the anxiety and inconvenience customers feel have been considerable.” The official added, “By breaking the grammar that overseas remittances are difficult, slow and anxiety-inducing, the trust and stability Toss Bank has as a bank will be completed for customers as the values of transparency and convenience.”