Danamon Presents Danamon LEBIH PRO as Multi-Currency Account with Various Features and Benefits

Press Release / 28 August 2024

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Jakarta, 28 August 2024 – As a bank with an unwavering commitment to meet the financial and banking needs of customers that continue to change over the years, PT Bank Danamon Indonesia Tbk (“Danamon”) understands that their needs for foreign exchange transactions continue to evolve over time. With that realization in mind, Danamon is now introducing Danamon LEBIH PRO, which provides nine currencies in one saving, a competitive exchange rate, and various features and facilities that provide more benefits (#BanyakLEBIHnya).

Foreign currency-based savings were previously only used by business customers, especially those in international trade and are required to have separate accounts for each currency. Afterwards, multi-currency accounts (MCA) came as a solution to answer the needs of transactions between countries. Globalization and e-commerce that continue to intensify from year to year have also increased the need for MCAs for customers at the individual level.

To better understand these developments and needs, Danamon in June 2024 collaborated with Jakpat research institute, a trailblazing online market research company, to study the needs of four customer categories, including parents with children studying abroad, travelers, traders (individuals involved in buying and selling financial assets), and entrepreneurs (including self-employed and freelancers). The results of this research show that from each category of respondents, the main concerns (the pain points) in using MCA products are less competitive exchange rates, less competitive transfer fees, limitations in making foreign exchange transactions directly on mobile banking, and limited foreign exchange options.

MCA Savings which have a competitive exchange rate is crucial as it directly affects the cost of currency conversion for customers. If the exchange rate offered is less competitive, for example because of a higher margin or markup, customers will have to spend more when converting their money into another currency. In turn, this can have a significant impact, especially for individuals who have high mobility between countries and diverse transaction needs, such as for education, travel, or business. With a competitive exchange rate, customers can get more value for their money, while reducing cross-border transaction costs.

Danamon understands that each customer has unique needs for foreign currency savings products at every stage of their lives. Therefore, Danamon presents foreign currency-based savings with truly diverse and capable features and capabilities that can accommodate these various needs, especially by presenting a competitive exchange rate feature. This is in line with Danamon's commitment with its group of companies and strategic partners to becoming a trusted financial partner that is customer-oriented and always innovates to meet customer financial needs so we can grow together," said Ivan Jaya, Consumer Funding & Wealth Business Head, PT Bank Danamon Indonesia Tbk.

With this understanding, Danamon has launched the Danamon LEBIH PRO savings product to bring the best experience for our loyal customers with various features and advantages in transacting using foreign currency, including: 

• Features with nine currencies (IDR, USD, SGD, CNY, JPY, AUD, EUR, GBP, NZD) in one savings;
• Competitive exchange rates through which Danamon replaces 5 times the difference if there is a more competitive rate;
  
• Danamon LEBIH PRO Debit Card supported by Mastercard that can help customers make transactions abroad hassle-free as it is free of transaction fees and has Auto-Switching Currency feature (for example, if a customer makes a transaction with the Danamon LEBIH PRO Debit Card in Singapore, the transaction will automatically debit the SGD currency balance), and can be used to withdraw cash at ATMs within the Mastercard network at a more economical cost;
  
• Purchase of bank notes with real-time rates at D-Bank PRO; and
  
• Competitive remittance fees.

The Danamon LEBIH PRO Savings also provides many interesting offers and promos, including:

• 5% cashback when using the Danamon LEBIH PRO Debit Card for all transactions abroad and even for domestic transactions specifically at gas stations and supermarkets or minimarkets.
• Access to free cash withdrawals at any ATM up to 99 times per month and free BI-FAST transfers up to 99 times per month for domestic transactions.
  

Customers can enjoy all of those features and facilities by simply maintaining an average monthly balance of IDR 5 million. On top of that, customers who have savings with Danamon LEBIH PRO also automatically stand a chance to participate in the Danamon Hadiah Beruntun prize draw program through which they can win prizes drawn every 4 months and a grand prize at the end of the period. For more information, please visit bdi.co.id/dlpro.

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