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Here it is the benefits of a foreign exchange account

JAKARTA. It turns out, not everyone is right to have a foreign exchange account. What is the chapter?

According to Aidil Akbar, a financial planner from Akbar Financial Check Up, foreign currency accounts are only suitable for people who have foreign currency needs. For example, they need foreign currency to pay for children’s studies abroad, frequent trips abroad, or business people who make payments in foreign currency.

Currency selection also cannot be arbitrary. Aidil suggested, if you do not have special needs for certain currencies, then you should choose US dollars or Euros.

But if you have a need for certain currencies such as funding for college children in Japan, then you need to choose a yen account. It is for them that a foreign currency account will be useful in making transactions.

There are several important benefits. First, avoiding losses due to the difference between buying and selling foreign exchange rates. Second, when abroad you can withdraw cash at various ATMs, so you don’t have to bother going to money changer.

Third, business people who need to export / import can take advantage of a foreign currency account, as well as hedging aka hedging the funds. So, when there is fluctuation in the exchange rate, you can still make payment obligations smoothly.

However, for people who have no interest or need for foreign exchange transactions, according to Aidil, it is better to have a rupiah account. “Because the foreign currency account has only 0.25 percent interest. Tiny! Apart from that, there are limits on cash withdrawals, the imposition of a commission fee if you make cash withdrawals above a certain amount, the transfer fee is greater, ”explained Aidil.

So, forex accounts are not what you expect returns.