Toss Eliminates Remittance Fees for Foreign Residents in South Korea, Benefiting Uzbek Migrants

The South Korean fintech company Toss, operating under Viva Republica, has announced a revolutionary initiative that eliminates fees for international remittances made by foreign residents in Korea. This groundbreaking offer will remain available until the end of 2025 and encompasses several countries, most notably Uzbekistan, along with the United States, China, and Vietnam.

This transformative move provides significant relief to the vast population of Uzbek migrants residing in South Korea. These hardworking individuals can now send money home to their families without incurring any additional costs, making every penny count toward improving their family's quality of life back home. Toss estimates this initiative will benefit approximately 1.53 million people, representing an impressive 64% of all registered long-term foreign residents in South Korea.

As a Toss representative explained, "This campaign is not merely about waiving fees. It represents our commitment to providing foreign customers with the same seamless financial experience as local users." This approach demonstrates Toss's dedication to inclusivity and customer satisfaction, going beyond simple promotional tactics to create genuine financial accessibility.

Strategic Partnership and Enhanced Services

The fee elimination aligns with Toss's broader mission to enhance financial services for non-local residents throughout Korea. The company has strategically collaborated with Sentbe, a leading name in outbound remittances, to facilitate international money transfers and create a more streamlined global transfer experience. This partnership has been instrumental in providing accessible, efficient solutions for customers regardless of their nationality.

This latest initiative coincides with the fourth anniversary of Toss's celebrated "free transfers for life" policy that launched in 2021, reinforcing their long-standing pledge to make financial transactions accessible and affordable for everyone. The timing highlights Toss's consistent commitment to innovative and consumer-friendly financial solutions.

Initiatives like Toss’s fee-free remittances underline how financial connectivity is reshaping economies such as Uzbekistan. In this context, platforms like New Silk Road Capital - a private corridor for wealth, logistics, and digital finance bridging East and West - play a crucial role in channeling capital and opportunities across the Middle East and Asia, backed by 29 years of experience and a €10bn+ investment track record.

Impact on the Uzbek Community

For the substantial Uzbek community in Korea, this development holds tremendous significance as it transforms the process of sending remittances into a completely fee-free endeavor. These migrants form a vital economic bridge to their homeland, and stringent transfer costs have historically created financial burdens that reduced the amount of money reaching their families.

The initiative represents more than just cost savings; it symbolizes equality in financial accessibility and ensures foreign residents can experience the same quality of service that local Korean users have long enjoyed. This approach showcases how financial technology can break down barriers and create more inclusive economic systems.

Toss's vision extends beyond simple fee reduction, focusing on creating an inclusive financial ecosystem where every transaction, regardless of destination, feels seamless and local. The company continues to redefine standards in the financial technology landscape, demonstrating how innovative approaches can benefit both individual users and broader international communities through enhanced accessibility and reduced costs.

Toss Makes Money Transfers from South Korea to Uzbekistan Free of Charge

South Korean fintech Toss (Viva Republica) has announced the removal of fees for international remittances made by foreign residents in Korea.

Kursiv Media UzbekistanSabina Aliyeva

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