Bank Mandiri Increases Foreign Exchange Range To 17 Foreign Currency

Photo: Doc. Bank Mandiri

Bank Mandiri continues to strengthen its commitment to providing convenience and flexibility for customers in global transactions by expanding foreign exchange (varlas) services through the Livin' by Mandiri application. In order to improve services for customers, Bank Mandiri added seven new currencies to foreign transfer features including Japanese Yen (JPY), Won Korea (KRW), Ringgit Malaysia (MYR), Franc Switzerland (CHF), Dirham United Arab Emirates (AED), Dong Vietnam (VND), Peso Philippines (PHP).

Through this innovation, customers can make transfers abroad within 17 foreign currencies covering up to 180 countries, including US dollar delivery services worldwide. With the addition of seven new currencies, customers have more options for making transactions, especially for those who are often associated with business partners or family abroad.

Bank Mandiri Network & Retail Banking Director Aquarius Rudianto explained that the addition of foreign currencies is a strategic step in meeting the needs of customers who are active in cross-border transactions. Through this development, Bank Mandiri hopes to provide more convenience and flexibility for customers.

"We are very proud to be able to introduce more foreign currencies for foreign transfers. This innovation is part of Bank Mandiri's commitment to present the Complete Foreign Valuta Solution to continue to adapt to the development of customer financial needs, especially in terms of global transactions," Aquarius said in his official statement, Friday, November 8.

In addition to the process of sending money abroad and between Bank Mandiri which is easy in one application through Livin' by Mandiri, customers can also enjoy competitive exchange rates and cheap transfer fees. With an efficient system, funds can be received in real-time (for certain currencies), making this service very appropriate for customers who need speed in transactions.

Since its launch in the first quarter of 2023, foreign exchange transactions through Livin' by Mandiri have continued to increase. Until the end of the third quarter of 2024, the volume of foreign exchange transactions in Livin' by Mandiri shot to IDR 1.2 trillion with an extraordinary increase of 214% year on year (YoY) with an increasingly positive trend. Not only that, the daily average transaction volume of foreign exchange transfer in the third quarter of 2024 reached IDR 13.7 billion, an increase of 62% from the daily average sales volume in the second quarter of 2024 which amounted to IDR 8.3 billion.

The hope, continued Aquarius, is that with the expansion of the reach of foreign currencies for foreign exchange transactions, Bank Mandiri can actively support customers facing various challenges in the global market and provide wider access and easy to meet transaction needs around the world.

As additional information, since its launch in October 2021, Livin' by Mandiri has shown impressive growth. Until the third quarter of 2024, Livin' by Mandiri application users broke 27.6 million users, up 32% YoY. Meanwhile, of this amount, the total value of Livin' by Mandiri transactions has reached IDR 2,940 trillion with a transaction frequency of 2.7 billion transactions.