Money transfers.

[harryopal1]

I have been using Wise.com (formerly Transferwise.com) for about 5 years and the transfer process is brilliantly quick. But twice when I have had a problem found that customer service has been dreadful. Won't bore you with the details but after about ten email exchanges still no nearer resolution. Transferring living expense funds from Australia to Indonesia. Any recommended alternatives to Wise.com ?

 

[snpark]

Bank account

 

[harryopal1]

Bank account

Thanks but not really. Westpac charge $32 for a transfer which takes about three days.

 

[john madden]

Harry I've sent you a DM re Kangaroo Service.

 

[snpark]

Thanks but not really. Westpac charge $32 for a transfer which takes about three days.

Why 3 days? Most banks nowadays its next day or same day
BCA and HSBC in and out both offer same day for 50rb

 

[Hawk256]

Find a bank that offerers free wire transfers. Does away with the middle man and easy to track if there is ever a problem. Sorry but I don't know about banks in Australia but Bank of America does free wire transfers in the US. Money is usually here the next day.

 

[pantaiema]

I have been using Wise.com (formerly Transferwise.com) for about 5 years and the transfer process is brilliantly quick. But twice when I have had a problem found that customer service has been dreadful. Won't bore you with the details but after about ten email exchanges still no nearer resolution. Transferring living expense funds from Australia to Indonesia. Any recommended alternatives to Wise.com ?

Although it is not exactly the same topic, there is already a thread about this which cover this topic to a some extends

Money transfer out of Indonesia (the other way). Any suggestions?

As the title suggests, what would the forumers recommendation for transferring money out of Indonesia to USD or EUR or CAD accounts? The usual bank wire transfer seems to incur somewhat unacceptably high fees in the age of Tranferwise, PayPal, Venmo, etc.

www.expatindo.org

Apart from WISE you could try a specialist Bank Accounts with zero fees debit-card for foreign withdrawal. Using this Debitcard you will get Master/Visa exchange rate with no fees. Literally the exchange rate is quite similar (if not better) than wise exchange rate.
These sort of accounts are available in the countries with advanced banking systems.

I am not familiar with Australian bankings, but here are the list available in Australia you might want to try

Debit cards with no foreign transaction fees

International transaction fees can add up to a lot of wasted money. These debit cards are great for travelling and online shopping.

www.finder.com.au

The list above might be already outdated but there is high chance you will be available to find this sort of accounts in Australia.

From the list above HSBC Everyday Global Account is listed available in Australia. This accounts along with other accounts are quite popular among frequent travellers in Europe.

 

[Hawk256]

Why 3 days? Most banks nowadays its next day or same day
BCA and HSBC in and out both offer same day for 50rb

As I found out in the past at least with transfers to and from the US over a certian amount need to have manual approval. Someone is clicking yes to process the transfer. Adds at least some delay.

 

[pantaiema]

As I found out in the past at least with transfers to and from the US over a certian amount need to have manual approval. Someone is clicking yes to process the transfer. Adds at least some delay.

I think this is standard anywhere in the world with bank transfer especially if involving foreign banks, the amount of transfer is reasonably high, it is done for the first time (or not frequent).

It is to do with KYC (Know Your Customer/Client) which is part of AML anti money laundering. They are legally required to do their part that they could reasonably do to prevent the AML. Keep in mind with bank transfer the amount of money transfer could be high.

 

[Hawk256]

I think this is typical anywhere in the world with bank transfer if the amount of transfer is reasonably high and it is done for the first time (or not frequent).

It is to do with KYC (Know Your Customer/Client) which is part of AML anti money laundering. They are legally required to do their part to prevent the AML. Keep in mind with bank transfer the amount of money transfer could be reasonably high.

I'm sure that is the case but in my experience the amounts are not that high and it continues for every transfer, month after month. I didn't know about it until there was a problem one time and a retired Bank of Indonesia director got involved to help with the problem. There are almost always correspondent banks involved as well, which I didn't know. Always thought it went bank to bank directly. When you really look at how wire tranfers work in detail, it's suprising that they work at all. Just promises of money without cash directly available in most cases.

 

[Helpful Herbert]

Why 3 days? Most banks nowadays its next day or same day
BCA and HSBC in and out both offer same day for 50rb

From Citibank Singapore it's 2,900 Rp for a transfer to Indo, although it takes 2 days for the money to come through.

 

[Samoerai]

I have been using Wise.com (formerly Transferwise.com) for about 5 years and the transfer process is brilliantly quick. But twice when I have had a problem found that customer service has been dreadful. Won't bore you with the details but after about ten email exchanges still no nearer resolution. Transferring living expense funds from Australia to Indonesia. Any recommended alternatives to Wise.com ?

4 apps to safely transfer money internationally

If you've tried it, you know that transferring money outside the US is hard and also expensive, but these four apps make it easy.

www.popsci.com

International Money Transfer Comparison (Real Deal) + 7 Best

International money transfer comparison is focused on lowest fees and while important there is much more to consider like customer service (if things go wrong).

transumo.com

 

[Bob]

Western Union is fast and pretty cheap.

 

[Jaime C]

Western Union is fast and pretty cheap.

That’s never been my experience with Western Union. Especially for larger amounts, 20k or larger.

 

[snpark]

WUMT now can direct to your own account actually even $150,000

 

[snpark]

that old pyramid, fast, cheap, good, pick any 2

 

[Rellek]

I've been using WISE for years and the customer service response is pretty awful and takes days to get an answer from a person instead of the canned messages from a Bot. One other thing, When I transfer money to Australia I have to go through a third party called "Plaid" where I allow third party access to my bank accounts for the transaction...what the hell is this all about? Anyone know? I've sent money world wide and Australia is the only Country to have this. To the OP, IMO, Australia is just difficult to deal with in general for about everything under the sun. Routine transfers from my US bank to my Indo bank typically takes seconds.

 

[flavus]

When I transfer money to Australia I have to go through a third party called "Plaid" where I allow third party access to my bank accounts for the transaction...what the hell is this all about? Anyone know? I've sent money world wide and Australia is the only Country to have this

Sadly it's commonplace now in the US too. Normally when connecting one bank account to another at a different bank; in the past US banks just make two small deposits, and ask you to confirm the amount

 

[Rellek]

Sadly it's commonplace now in the US too. Normally when connecting one bank account to another at a different bank; in the past US banks just make two small deposits, and ask you to confirm the amount

Thanks. This is for purchases or sending money to individuals. I don't trust Plaid as it allows access to my accounts by a third party which seems risky.

 

[centurion]

I've been using WISE for years and the customer service response is pretty awful and takes days to get an answer from a person instead of the canned messages from a Bot. One other thing, When I transfer money to Australia I have to go through a third party called "Plaid" where I allow third party access to my bank accounts for the transaction...what the hell is this all about? Anyone know? I've sent money world wide and Australia is the only Country to have this. To the OP, IMO, Australia is just difficult to deal with in general for about everything under the sun. Routine transfers from my US bank to my Indo bank typically takes seconds.

I have sent money from Indonesia to Australia by Wize, directly to the bank. The only things asked was the BSB code. Money came fast.