Bank Danamon's Foreign Currency Savings Surge 52%, Driven by New Services
PT Bank Danamon Indonesia Tbk recorded a 52% year-on-year growth in foreign currency savings, reaching a value between IDR 8.5 trillion and IDR 9 trillion. The increase was supported by service innovations and a growing customer base in the emerging affluent and priority segments. Consumer Funding and Wealth Business Head at Bank Danamon, Ivan Jaya, stated that the growth was underpinned by service feature innovations, competitive exchange rate offerings, and increased customer transaction activity. One key driver was the launch of the Global Currency Card under the Danamon LEBIH PRO product, which allows customers to transact in up to 12 foreign currencies through a single account. Ivan explained that this feature was developed to meet the needs of customers travelling abroad, pursuing education overseas, or performing Hajj and Umrah pilgrimages. Beyond product development, the bank offers competitive exchange rates to stimulate transaction activity and boost foreign currency funding. The number of foreign exchange transactions at Danamon also increased by approximately 25 to 35 percent compared to the previous year. The average foreign exchange transaction value for travel needs ranges between US$4,000 and US$5,000 per transaction, remaining below the US$10,000 threshold that requires supporting documents under Bank Indonesia regulations. These regulations are part of the central bank’s policy to maintain rupiah exchange rate stability and strengthen risk management in foreign exchange transactions. The rise in transactions also drove fee-based income from the foreign exchange business to grow by around 35 percent year-on-year. Ivan noted that the foreign exchange business has been on a growth trend since 2023, with a compound annual growth rate of approximately 35 to 40 percent. In addition to foreign exchange, income from bancassurance products grew nearly 30 percent year-on-year, while investment products such as mutual funds and bonds also recorded double-digit growth despite fluctuating financial markets.