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In the age of digitization, now all transactions have gone digital, including fund transfers that were previously done offline at branches, can now be done through a mobile banking application like Mobile.
Transfer Money To Indonesia Bank Account
There are two ways to transfer money via mobile phone: via the M-Transfer feature and via the keyboard.
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But first, make sure that the account number or other bank you want to transfer money to is registered on your mobile phone. This is necessary to avoid sending errors to unwanted accounts.
Before transferring, first make sure that the keyboard is enabled on the phone and enabled in the keyboard settings of the smartphone. See how to do it here.
You can share your transfer receipt directly from your keyboard. Easy, right? Share this useful information with your friends!
By clicking the “Lanjutkan” button, you can create an unrelated moon website menu and ensure security. There are many reasons why people send money to Indonesia, but there are only a few ways that are cheap, easy and secure.
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Expat who wants to remit money to Indonesia for purchase (car, house) or investment
The first time I asked my bank to transfer to an account in Indonesia. The experience was terrible: it was complicated, the money took several days, and the total cost was about 10% of the amount I sent. My bank charged a 29 euro transfer fee + 3.5% exchange rate fee. Finally, Bank Indonesia also received a commission.
For my second transfer, I decided to try something different and chose Western Union. The process was easy and quick, but in the end it was more expensive than a bank transfer.
Fortunately, in recent years, new players like Wise have emerged that have significantly reduced the cost of sending money to Indonesia. Even better, they are more convenient (100% online) and faster to use. The most popular and reliable is Wise (formerly known as TransferWise).
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In this article, I’ll explain each option for sending money to Indonesia, starting with the cheapest:
Founded in 2011 by one of Skype’s co-founders, Wise is a financial technology startup that was recently announced as a unicorn (valued at over $1 billion). This is a game changer when it comes to international money transfers.
Compared to traditional banks, Wise does not transfer any money. Many countries maintain bank accounts in major currencies. When you make a transfer request, for example USD to IDR, they send your US Bank account debit from their US bank account and credit your Indonesian bank account to your Indonesian bank account.
The cost of sending money to Indonesia from abroad with Wise is only 1.5% of the transferred amount (minimum payment IDR 14500).
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If you transfer $1,000, that means you’ll only pay $15 (+ credit card fees depending on your bank). There are no hidden fees and they use the official rate. This is at least 8 times less than what you pay in conventional banks.
➝ If possible, book a hotel room or purchase items from an e-commerce website
➝ You can create an accurate simulation of transfer costs in seconds on their website
➝ They tell you in advance when the money will be transferred and you can track your money in real time through the app.
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➝ 100% transparent: they tell you how much commission they received and the exchange rate used
➝ Limited number of currencies that can be transferred: EUR, USD, Pound, AUD, JPY, SGD. You can check if your local currency is supported here. Update 2021: More coins available!
➝ To transfer money, you need a bank account in Indonesia (you need to know your IBAN and SWIFT/BIC number)
➝ Transfer is not automatic and may take 1-2 days to complete (For Indonesia transfers)
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Western Union faces stiff competition, but it can be a profitable way to send money to Indonesia. Especially if you’re a traveler who’s lost your belongings and need quick cash, there are no better options (actually, MoneyGram, it’s similar).
I used Western Union a lot when I didn’t have a bank account in Indonesia. You can get money transfers from any of its agents (for example, at the post office – there are thousands of them in Indonesia).
The problem with Western Union is that it is expensive. If you want to transfer 1000 USD to IDR (Instant Agent-to-Agent Transfer), it will cost you more than 80 USD and a hidden exchange fee of around 500,000 IDR (as a note, Wise’s price is only $15).
It will be cheaper if you transfer money to a bank account in Indonesia, but it will still cost more than $40 and take a few days.
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➝ Money can be sent even if the sender and recipient do not have bank accounts
➝ If you send money to the branch, you can use the service only during working hours (closed on weekends).
On paper, Skrill has many advantages. It is faster and cheaper than Western Union (about 3% to 15% of the total amount). In addition, the recipient does not need to have a bank account in Indonesia. He can withdraw money from any Alfamart in Indonesia with his ID.
However, I found a negative review about their company. If any of you are interested in their transfer service, I thought I’d post it here:
Digital Bank Indonesia
Hi Thibaut, I signed up with Skrill and wanted to send money to my friend in Jakarta. The amount was deducted from my card and appeared in My Account in Skrill.
However, the transfer status initially showed as “pending” and then changed to “cancelled”. I tried another transfer and it also didn’t deliver to the recipient.
I have sent several emails to the Skrill support team. The number of their answers: zero. I tried contacting them on Facebook and Twitter with the same result (zero support).
In the end I had to spend about $5 to call their office in London – the person there had no idea what the problem was. When I asked how I could get my money back, he said I would have to speak to a senior manager and that it could happen within 24 hours of my initial call.
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By this time I had waited those 24 hours to call back to London and “ask” the senior manager to get my money back.
I don’t know how this all looks to you, but to me it looks like a completely unprofessional deal that is on the verge of being a scam.
The money hasn’t been delivered, no one is answering emails, international calls cost extra and I still don’t know if I’ll get my money back.
Last but not least – I looked at Skrill reviews (I should have done this before using it) – and they are full of similar stories from other customers: no payment, no support, very difficult to get your money back. “.
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My conclusion? Just follow wisdom. It’s rated 4.7 in the Apple Store and featured in the Financial Times, The Economist, Wired and more. suggested.
Some online currency exchange companies have started offering international money transfers at competitive rates. They are always more expensive than wise. This can only be useful if you want to send a lot of money (more than $10,000) to Indonesia. The most popular companies are TorFX, HiFXorOFX. I recommend you try the latter because it has an online simulation tool.
PayPal is much cheaper when you send money in the same currency to another PayPal account holder. This may be interesting in some cases, but for many people (international transfers from PayPal account to bank account) it is not worth anything. It costs $80 per $1,000 sent, including exchange rate fees and commissions.
If you know of a cheaper and more convenient way to send money to Indonesia than Wise, please leave a comment below. I wouldn’t mind saving even more on my transfers. I am also interested if you have any suggestions for sending money from Indonesia to other countries.
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