Foreign Transactions Increase, Danamon Promotes Foreign Exchange Management Literacy

JAKARTA - PT Bank Danamon Indonesia Tbk has recorded a trend of increasing foreign transactions by the Indonesian people as international mobility, travel activities, education, remittances, and cross-border digital transactions increase.

Danamon Banking Services Head Danamon Steven Dhalimarta said his party was committed to providing financial solutions for customers, one of which was in managing cross-border transaction needs with safe, efficient, and transparent foreign exchange (forex) services.

Based on Bank Indonesia data presented by Danamon, foreign transactions using debit cards grew by around 37 percent year-on-year (yoy) in May 2026, and foreign exchange remittances by 29.9 percent (yoy).

Meanwhile, the growth of foreign exchange third party funds (DPK) in the banking industry reached 18.7 percent (yoy) with year-to-date (ytd) growth of 18.7 percent.

"The growth of foreign exchange third-party funds in banking shows an increasing trend, in line with the public's need for travel, education, remittances, and global business transactions," he said in a statement, quoted Thursday, July 9.

Steven said the increase in transactions was driven by various community needs, ranging from tourism trips, Hajj and Umrah pilgrimages, education abroad, remittances, export-import MSMEs through e-commerce, to shopping transactions on international digital platforms such as Amazon, Agoda, Netflix, and other global services.

However, he assessed that there were still many people who chose foreign exchange transaction services based only on the exchange rate without considering other costs, such as administrative costs, transfer costs, exchange spread, ATM cash withdrawal costs, and account closure costs.

In fact, according to him, all these components can affect the total transaction cost.

He added that there were several other challenges for the community in foreign exchange transactions such as funds not being integrated, so that customers with different foreign exchange needs must open separate accounts at the same or different banks.

"In addition, the preference for physical money is risky because the level of use is still high among Indonesian customers who travel," he explained.

In addition, he added that not only the exchange rate, but also the security and ease of transactions should also be considered in foreign exchange transactions at money changers, and foreign exchange transactions at banks.

Steven said that as digital transactions develop, customers are urged to use banking services that have met the security standards according to Bank Indonesia regulations to minimize the risk of fraud and data theft.

To support the needs of cross-border transactions, Steven said Danamon has introduced various innovations, including the Auto-Switching Currency feature on a multicurrency debit card that allows transactions to be made using the appropriate currency so as to reduce the risk of double conversion.

In addition, he added that Danamon also provides real-time forex services, transactions through various digital channels, as well as promotions for customers who transact at overseas merchants.

Steven said Danamon also educated the public to be more careful in choosing foreign exchange services by paying attention to exchange rates and spreads, administrative costs, ease of access to transactions, and features that match needs.

According to him, this step is expected to help customers carry out international transactions more efficiently, safely, and cost-effectively.

As part of its strategy to increase cross-border transactions, Danamon presents a number of promotional programs, including cashback of up to 7 percent for debit card transactions, discounts of up to 70 US dollars for hotel reservations through Agoda, as well as various special offers in the framework of Danamon Travel Fair.