Australian Money Transfers

PaulDG888

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Nov 4, 2019
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Hi all,

I have been using TransferWise to transfer money to my fiancee’s bank here in Indonesia (Sumatra), have not had any issues with my bank account (Police Bank).
I have money in trust in my sisters bank account (St George) and she tried to transfer a large sum to me via my fiancee’s bank using transferwise and they blocked it saying that that have had some scams reported about transferwise and have have red flagged that company now.
My question is there any other reputable transfer companies for large sums with low fees where I’m not going to have issues with Australian banks.
Any help or information would be appreciated, i am currently in Sumatra so i cant just pop into the bank and give them a rocket.

Cheers
Paul
 

john madden

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Kangaroo service have been useful to me for more than 10 years now. But they have a 5k per day limit. You also need to register with some ID. Have a look at them.
 

PaulDG888

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Nov 4, 2019
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Thanks John for the info
Was looking to do larger transfers to save on fees I.e. 30k at a time approx
 

Anfooshi

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Thanks John for the info
Was looking to do larger transfers to save on fees I.e. 30k at a time approx
I also use transferwise successfully for transfers to Indonesia and my bank in the USA. My backup plan for large transfers would be Citibank, since they have branches in Indonesia and the USA. I heard Citibank to citibank would be free but have not confirmed this. It's easy to open a savings account with electronic checking capabilities online but dont mention you will be transferring internationally or you will be asked to go into the branch.
 

Jaime C

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Wire transfers might be cheaper for large amounts. Usually under $50.
 

R Cameron

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Wire transfers might be cheaper for large amounts. Usually under $50.
But make sure you check the exchange rate and compare with xe.com and transferwise. I have seen multiple times when the fee was low like that, but the exchange rate was about 5% worse than Transferwise rates.
 

Jaime C

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But make sure you check the exchange rate and compare with xe.com and transferwise. I have seen multiple times when the fee was low like that, but the exchange rate was about 5% worse than Transferwise rates.
I always transferred USD->USD, so not a problem. I don’t think they have AUS denominated accounts in Indonesia, though.
 

harryopal

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It might be worth checking the difference between a Transferwise rate of exchange in Rupiah and the rate your bank will give you here when you want to withdraw rupiah. I suspect the Idon bank rate might not compare favourably and many banks also add a fee when changing your dollars.
 

waarmstrong

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We have never been charged a conversion fee when changing funds from our USD account into Rupiah at either Panin or Mandiri. (Panin has a competitive exchange rate; Mandiri, not so much.) I don't know of any Indonesian Bank that charges such a fee. Care to name names, Harry?
 

waarmstrong

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As of late we have been using Transferwise to move money from our bank in the USA to an Indonesian Bank USD account. In the case of both Transferwise and the conventional wire transfer method, the fees are higher when there is not an opportunity to gouge on the rate of exchange -- the bastards. But at least you know the true const of the transfer when dollars to dollars is the path.
 

harryopal

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I have no vested interest in Transferwise other than I find it has worked well for me. But, as they say, whatever floats your boat.

"I don't know of any Indonesian Bank that charges such a fee. Care to name names, Harry? "

I'm not familiar with Indonesian bank charges just going on experience with Australian banks which have been caught out this last year for unethical practices and NAB having looted millions by charging customers for services which they didn't provide and continuing to charge accounts of deceased customers.
 

waarmstrong

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Thanks for the clarification. I will keep your comments in mind and take care, in the unlikely event I have need of Australian banking services.
 

jstar

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The exchange rates and administrative costs have never been so bad for me but I opened a € account regardless. And then an exchange office as VIP gives the best rates.

Btw, there are many alternatives for Transferwise, like WorldRemit and Revolut and N26 (the latter are online banks). Perhaps these are not blocked by your bank?
 

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