Jakarta: Bank Mandiri is determined to facilitate Indonesian people overseas in sending home remittances. To that end, the Bank has teamed up with the state pawnshop operator, Pegadaian, to better serve those sending and receiving remittances.
The transaction value of retail international money transfers (retail remittances) conducted through Bank Mandiri last year amounted to USD 38.937 million, up 27% compared to the previous year, when the corresponding figure was USD 30.628 million. These were made up of 30 percent outgoing retail transactions and 70 percent incoming.
As per Mandiri’s Managing Director of Consumer Banking Abdul Rachman, the collaboration with Pegadaian will allow migrant workers to send money to their families throughout the country. Transaction frequency was supported by remittances from Indonesian migrant workers, who account for 20% of all remittances (wholesale and retail).
