How to get robbed by the banks - Making transfers

harryopal1

Well-Known Member
Joined
Aug 4, 2016
Messages
2,710
It was through using this web site that I was alerted to using Transferwise as an alternative to forwarding funds to Indonesia through my Westpac bank. (I think it was Davita first brought this to my attention.)

As most Australians will be aware there is a Royal Commission of enquiry being conducted into banking practices that has exposed the greed and dishonesty of those institutions which we used to regard as the pillars of society.

This is one of the recent headlines:
Banking royal commission: Fees for the dead and cash bribes — the greatest shocks (so far)
For those interested here is the full story.
http://www.abc.net.au/news/2018-09-08/banking-royal-commission-biggest-scandals/10214238

So as a matter of interest I went back to review money transfers I made using my Australian bank from February 2017 to November 2017 and I found that the Westpac bank had helped themselves to an extra $1790 of my money by exchanging money at their almost criminally low rates. So for those looking at moving to Bali and transferring funds... check the amount that would come out this end if you use your bank and then check the difference with Transferwise. I have since saved $1900 by not using my Australian bank for transfers.

And, thanks again, Davita
 
How does Transfer wise work? I have been using Western Union last 2 months until I get a European account set up and they are even worse for fees and rates...
 
Good morning William King,
It is a brilliantly simple system to use.

https://transferwise.com/?utm_source=invite&utm_medium=android&utm_content=&utm_campaign=3for50

This link will take you to an opening page where you can put in a theoretical transfer amount and it will show you immediately what the fees would be and the amount that will come out the other end. Sometimes the fee may be more than a bank but the rates are so much better than it is much cheaper overall. It also has a link on that page and gives you comparisons of outcomes with other institutions. They are having a promotion at the moment with first $500 transfer without charge.

It is a simple sign up system.
 
You transfer to transferwise and they transfer to the destination account.
 
Only works for getting money into Indonesia and not out of it though.
 
You transfer to transferwise and they transfer to the destination account.

Yep, and that’s where I’m a little concerned. I transfer in my home country to a local bank account. And then I rely on them to transfer in INDONESIA from their bank account to my BCA. If something goes wrong, what are my legal options? (Indonesian judicial system? EU rules?)

Something else; the TransferWise rates are based on average BUY/SELL. My European banks and BCA offer rates which are rather close. Perhaps it’s mainly an Australian bank issue?

And if I have a € account with Permata or so it’s a no brainer; I withdraw € banknotes there and exchange at VIP. That gives me an advantage of €45 on €5.000 compared to TransferWise.
 
Yep, and that’s where I’m a little concerned. I transfer in my home country to a local bank account. And then I rely on them to transfer in INDONESIA from their bank account to my BCA. If something goes wrong, what are my legal options? (Indonesian judicial system? EU rules?)

Something else; the TransferWise rates are based on average BUY/SELL. My European banks and BCA offer rates which are rather close. Perhaps it’s mainly an Australian bank issue?

And if I have a € account with Permata or so it’s a no brainer; I withdraw € banknotes there and exchange at VIP. That gives me an advantage of €45 on €5.000 compared to TransferWise.

Transferwise is by no mean always the best option but it does beat certain banks sometimes.

I recall correctly, having HSBC accounts overseas and in Indonesia also offers virtually unbeatable international transfers between the two.
 
Yes HSBC is very quick if you want to send money from UK to Indonesia, I can usually get it next day from any UK bank to my HSBC Indonesia because they basically just send it through HSBC UK (obviously)
 
Last time in Indonesia we used HSBC and it worked well to transfer, in same currency, both in and out of the country with some relatively larger sums. The problem is then their high exchange rates. And at the branch I attended I had some of the worst customer service I have had period.

I closed our accounts in both countries and will not be using them again. I am sure the bank will survive without me and I know I will survive without them.
 
Transferwise is by no mean always the best option but it does beat certain banks sometimes.

I recall correctly, having HSBC accounts overseas and in Indonesia also offers virtually unbeatable international transfers between the two.

Citi and JP Morgan also have special transfer programs between different country accounts. The best part is that it is instant.

For those in the United States, Schwab and Capital one have no international ATM fees with better transfer rates than anything I have used.
 
Since I have Citibank accounts in other countries, I looked into that once. It’s very convenient indeed but I also saw it was very expensive and required an upgrade to gold status accounts etc.
 
I found the best rates was via carrying rp80mil in cash out of the country each time I went back (every 3ish mths?).
Along with atm withdrawals there and some occasional transfers, I average a reasonably good rate.

I wanted to do a test, and it did not have rupiah and suggested "others".
I then clicked it, and it said it will email me when more currencies are available? U sure they do rupiah?

New currencies are coming soon to TransferWise.
Want to be first to know?
Enter a few details below and youll receive an email when theres good news.
 
I wanted to do a test, and it did not have rupiah and suggested "others".
I then clicked it, and it said it will email me when more currencies are available? U sure they do rupiah?

I use transferwise a lot as well to send money from Australia to here and yes rupiah is available..

I'll add in that beyond having a Gold etc account with HSBC or CitiBank no standard Australian bank can beat the rates or the low fees from Transfer Wise, that I have come across yet. The only time I've seen high fees from Transferwise is if I went to transfer a huge amount instead of the smaller amounts, so I've just stuck with sending smaller amounts lower fees and it gets here faster, I've had it show up in under 30 mins quite a few times. However I do believe that they are making changes to how the fees work, and I do believe they are getting lower for the more you send. Still only one day to send $20k aussie isn't that long of a wait...
 

Attachments

  • 1k.JPG
    1k.JPG
    48.5 KB · Views: 423
  • 20k.JPG
    20k.JPG
    47.2 KB · Views: 486
Last edited:
I found the best rates was via carrying rp80mil in cash out of the country each time I went back (every 3ish mths?).
Along with atm withdrawals there and some occasional transfers, I average a reasonably good rate.

I wanted to do a test, and it did not have rupiah and suggested "others".
I then clicked it, and it said it will email me when more currencies are available? U sure they do rupiah?

With both your "rp80mil in cash" and Transferwise comments, are you talking about transferring money out of Indonesia? If so you are correct, Transferwise does not support transferring from IDR to other currencies, but they definitely support several currencies transferred to Indonesian IDR accounts.

If you are carrying 80jt out on flights, where do you exchange it at your destination? Is 80jt chosen because it's under the mandatory reporting amount for your destination? I know for travel to the US cash above $10k must be declared, which would be roughly 150jt currently.
 
I found the best rates was via carrying rp80mil in cash out of the country each time I went back (every 3ish mths?).
Along with atm withdrawals there and some occasional transfers, I average a reasonably good rate.

I wanted to do a test, and it did not have rupiah and suggested "others".
I then clicked it, and it said it will email me when more currencies are available? U sure they do rupiah?

Zavia, if you use this link
https://transferwise.com/au/?utm_source=invite&utm_medium=android&utm_content=&utm_campaign=3for50

It opens on a page with two white panels one saying "you send" the other "recipient gets". On the right side of each of these panels is a v . I you click on those it will then offer a wide variety of currencies by scrolling down past the major currencies and this includes rupiah. You can then post an amount you might send and you can see immediately the charges, what you send and what the recipient receives. This can be done without signing up or registering.
 
Actually my wife taking care everything related to money including the amount in my wallet:smile:. What I know, we have HSBC premier bank account in Indonesia in four different currency including rupiah. My salary goes to Euro account. From here, she will exchange to different currency depend on our need and the exchange rates she negotiated with the banks. Regularly our account manager call her and inform her the best rates.
Similarly here in my host country, we also have HSBC premier bank account in local currency and Euro. Transfer is very easy (at no or very minimum bank fees)
Of course in Indonesia we also have BCA and bank mandiri.
 
With both your "rp80mil in cash" and Transferwise comments, are you talking about transferring money out of Indonesia? If so you are correct, Transferwise does not support transferring from IDR to other currencies, but they definitely support several currencies transferred to Indonesian IDR accounts.

If you are carrying 80jt out on flights, where do you exchange it at your destination? Is 80jt chosen because it's under the mandatory reporting amount for your destination? I know for travel to the US cash above $10k must be declared, which would be roughly 150jt currently.
Zavia, if you use this link
https://transferwise.com/au/?utm_source=invite&utm_medium=android&utm_content=&utm_campaign=3for50

It opens on a page with two white panels one saying "you send" the other "recipient gets". On the right side of each of these panels is a v . I you click on those it will then offer a wide variety of currencies by scrolling down past the major currencies and this includes rupiah. You can then post an amount you might send and you can see immediately the charges, what you send and what the recipient receives. This can be done without signing up or registering.

Yea, I'm taking rupiah out of the country back home.

I have a forex guy, gives me almost middle rate (ref i use is google). Not more than 1% off from the middle rate. I give him the cash along with a withdraw slip from my ocbc account, my IDs, and im good.

Indonesian requirement for declaration is 100mil. I dont think the other countries has much issues if you bring it in with proof of working in indonesia.
 
Yea, I'm taking rupiah out of the country back home.

I have a forex guy, gives me almost middle rate (ref i use is google). Not more than 1% off from the middle rate. I give him the cash along with a withdraw slip from my ocbc account, my IDs, and im good.

Indonesian requirement for declaration is 100mil. I dont think the other countries has much issues if you bring it in with proof of working in indonesia.

If you have read any of my posts you may have concluded that I am a bit thick. So you will excuse my asking, what is the advantage of taking rupiah out of the country?
 

Users who viewed this discussion (Total:0)

Follow Us

Latest Expat Indo Articles

Latest Tweets by Expat Indo

Latest Activity

New posts Latest threads

Online Now

No members online now.

Newest Members

Forum Statistics

Threads
6,745
Messages
113,847
Members
4,040
Latest member
webtekdigital
Back
Top Bottom