Foreign Currency Pockets Product Information

Here is a Summary of the Foreign Currency Feature Information

1. About Foreign Currency Pockets

Saving for a trip abroad or looking to diversify your savings? Jago is here to help you! Now you can buy and sell foreign currency straight from your Jago Pocket!

With Jago, you can:

• Create a Foreign Currency Pocket in USD, SGD, EUR, JPY and AUD.
• Convert currencies easily from the convenience of your Pocket.
• Monitor exchange rates directly from within your Foreign Currency Pocket.
• Transact online & offline with Jago Visa Debit Card linked to Foreign Currency Pocket.
• Withdraw cash in foreign currencies from all around the world with the Jago Visa Debit Card.

Explore Foreign Currency Pockets

2. Benefits of Foreign Currency Pockets

By creating a Foreign Currency Pocket, you can:

• Buy and sell Foreign Currency anywhere, in a matter of seconds, from the convenience of your Jago app.
• Diversify your savings across multiple currencies and earn interest with a 2.75% USD rate.
• Transact online, offline, and withdraw cash from ATMs all over the world with the Jago Visa Debit Card.
• Link one Visa debit card to multiple currencies without switching, simple and convenient.

3. Available Currencies

With Foreign Currency Pockets, you can start to save and manage money in US Dollars (USD), Singapore Dollars (SGD), Euros (EUR), Japanese Yen (JPY), and Australian Dollars (AUD). More currencies will be added in the future.

4. Creating and Closing Foreign Currency Pocket

Creating Foreign Currency Pockets
1. On the Pockets page, tap Create Pocket.
2. Select the Foreign Currency option.
3. Choose the foreign currency you want.
4. Name your Pocket, then choose a background color and image.
5. Review and agree to the Terms & Conditions for opening a Foreign Currency Pocket.
6. Tap Next to create your Foreign Currency Pocket.

Closing Foreign Currency Pockets
1. On the Pockets page, select the Pocket you want to close.
2. Tap the three dots menu in the top right corner.
3. Select Close Pocket.
4. Select Close to confirm the closing of the Foreign Currency Pocket.
5. If you still have a remaining balance in your Foreign Currency Pocket, you will be directed to a page to convert your entire balance into Rupiah. Review the remaining balance and conversion value, then tap Close Pocket to confirm the closing.

Please remember that when you close your Foreign Currency Pocket, you must first convert all remaining balances in the Pocket into Rupiah. Then, the remaining balance will be transferred to the Main Pocket.

Tip: Closing a Pocket will delete all transaction history made in that Pocket.

5. How many Foreign Currency Pockets can I have?

You can have 1 (one) Foreign Currency Pocket for each foreign currency. All currencies can be linked to one debit card at the same time.

6. Foreign Currency Pocket Requirements

• No minimum balance is required to open Foreign Currency Pockets.
• Jago Syariah customers cannot yet open a Foreign Currency Pockets.

7. Buy Foreign Currency

How to buy Foreign Currency from Jago Pocket

1. Go to one of your foreign currency Pockets and select the Buy button.
2. Enter the amount you wish to purchase, then select Next.
3. Choose the purpose of your transaction and select Next.
4. Please confirm the Foreign Currency Purchase Statement, click Buy Now and enter your PIN.
5. You have successfully purchased foreign currency.

8. Sell Foreign Currency

How to sell Foreign Currency from Jago Pocket

1. Go to one of your foreign currency Pockets and select the Sell button.
2. Enter the amount you wish to sell and select Next.
3. Review the selling details, and if everything is correct, click Sell Now and enter your PIN.
4. You have successfully sold foreign currency.

9. Buy & Sell Operational Hours

Monday to Friday

09:00–15:00 WIB

Except on public holidays and joint holidays.

10. Foreign Currency Limits

Foreign Currency Purchase & Sales Limits against Rupiah:

• Maximum Monthly Purchase Limit: eqv. USD 9,500 
• Maximum Purchase Limit per Transaction: eqv. USD 9,500 
• Maximum Sales Limit per Transaction: eqv. USD 240,000
• Minimum Sell Amount:
  - USD: 1.00
  - SGD: 1.00
  - EUR: 1.00
  - JPY: 1.00
  - AUD: 1.00
• Minimum Buy Amount:
  - USD: 1.00
  - SGD: 1.00
  - EUR: 1.00
  - JPY: 1.00
  - AUD: 1.00

Go to Rates & Limit Page

11. Can I exchange funds between Foreign Currency Pockets?

No, currently, foreign currency exchange can only be done between Rupiah Pockets and Foreign Currency Pockets—not between Foreign Currency Pockets.

12. Foreign Currency Fee Details

• There is no minimum balance or administrative fee for opening a Foreign Currency Pocket.
• Currency purchase and sale conversion calculations are based on the applicable exchange rate.

13. Foreign Currency Pocket Interest

• The current interest rate is 2.75% for the USD Pocket, and 0% for the SGD, EUR, JPY, and AUD Pockets. Interest rates may change over time with prior notice.
• The interest rate is subject to change based on market conditions and will be communicated through Jago's official channels.

14. Can I send or receive foreign currency transfers from other banks or between Jago accounts?

Yes, you can. Currently, Jago offers three methods for receiving money from overseas or in foreign currencies: Interbank Foreign Currency Transfer (Remittance), Wise, and Visa Incoming Transfer. You can find more information here.

15. How to link the Debit Card to Foreign Currency Pocket

The same Jago Visa debit card can be linked to both Rupiah and Foreign Currency pockets.

From Pocket Detail:
1. Go to your Foreign Currency Pocket.
2. Select the Link to Card button, then choose the card you want to link.
3. Don’t forget to enable the Back Up with Rupiah toggle (If the funds in your Foreign Currency Pocket are insufficient, the balance from your Rupiah Pocket will automatically be used to complete the transaction).
4. Double-check the Debit Card and Pocket linking settings, then select Confirm.

From Card Detail:
1. Go to the Card Details of one of your Debit Cards.
2. Select Add Link Pocket.
3. Select a Pocket with a different currency to link to the Card.

Notes: One (1) Jago Debit Card can be linked to all your Foreign Currency Pockets and one (1) Rupiah Pocket.

16. What does Back Up with Rupiah mean?

Rupiah as Backup' ensures transactions go through when your Foreign Currency Pocket has insufficient funds or your debit card is used for a currency unavailable in your linked Pocket.

'Rupiah as Backup' is used if your Foreign Currency Pocket has insufficient funds, the Card will automatically withdraw the full amount needed from your linked Rupiah Pocket. (if enabled and sufficient balance is available).

17. What currency will be deducted if I make a transaction in a country where Jago doesn’t support the currency or I haven’t linked a Pocket in that currency?

If you perform a transaction in a currency unsupported by Jago, or one that you don't own, the funds that will be deducted from your Rupiah balance.

For example:
- You own a USD pocket. If the transaction is in Canadian Dollar, which is currently not yet available in Jago, your Rupiah balance will be deducted.
- You own a USD pocket. You do not own an SGD Pocket. If the transaction is in Singapore Dollar, your Rupiah balance will be deducted.

18. What are the fees for ATM withdrawals when using a foreign currency balance?

For foreign currency cash withdrawals, here are the fee details:

USD: 1.5
SGD: 2.5
EUR: 2
JPY: 250
AUD: 3

If you withdraw cash in a foreign currency other than these three, or if you use your Rupiah Pocket balance for foreign currency withdrawal, the existing fee is Rp25,000.

Note: The ATM provider bank may charge additional fees beyond ours.

Go to Rates & Limit Page 

19. Impact to Account Level

Your total balance in Jago, both in Rupiah and Foreign Currency, will be accounted for to determine your account level.

20. Questions About Foreign Currency Pockets

• What foreign currencies can I save in Pocket Jago?
  With Pocket Jago, you can start to save and manage currencies like US Dollars (USD), Singapore Dollars (SGD), Euros (EUR), Japanese Yen (JPY), and Australian Dollars (AUD), making your global transactions and savings more convenient than ever!
• Can my Foreign Currency Pocket be locked, converted to a Shared Pocket, or changed to a Savings Pocket?
  Currently, you cannot lock a Foreign Currency Pocket, invite others to join it, or convert it into a Savings Pocket.
• Can I use the Auto-budgeting feature to save into my Foreign Currency Pocket?
  The Auto-budgeting feature is unavailable for Foreign Currency Pockets at this time due to the currency exchange process involved.
• Can Shared Pockets and Locked Pockets be used as source accounts for purchases or destination accounts for foreign currency sales?
  No, Shared Pockets and Locked Pockets cannot be used as source accounts for purchases or destination accounts for foreign currency sales.
• Can my Foreign Currency Pocket become dormant?
  Yes, your Foreign Currency Pocket can become dormant if there are no transactions for 18 consecutive months.

 21. Simulation

The annual interest rate for the Foreign Currency Pocket is 2.75% for USD, and 0% for SGD, EUR, JPY, and AUD. The rates may change over time with prior notice.

22. Risks of Foreign Currency Pockets

• As Foreign Currency Pockets is a deposit in a foreign currency, its value is subject to exchange rate fluctuations in accordance with market conditions.
• Customer deposits are not guaranteed by LPS if:
  a. The accumulated savings amount in one bank exceeds Rp2 billion, and/or
  b. The interest rate exceeds that of LPS-guaranteed interest rate (click here for further information). The calculation of interest rates incorporates any cash benefits provided by the Bank to the customer.
• The savings account potentially turned into a dormant account if there is no transaction activity in 18 consecutive months.

23. Other Info

In accordance with Bank Indonesia regulations on the obligation to use Rupiah within the Negara Kesatuan Republik Indonesia (NKRI), all transactions in Indonesia must be conducted in Rupiah. If a customer chooses to proceed with a transaction in a foreign currency, they are required to specify the transaction purpose for the Foreign Currency Transfer.