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

pantaiema said:
Was this the first time transfer or it had already happened multiple times between the same two people.
Was any of the person getting involved have ever had the same delay problem when transferring money between the two with other institutions??
How much the amount of money was getting involved ??
Did each person have WISE account or it is WISE to a bank account ??? It makes a difference if it is WISE to WISE not WISE to a bank account or visa versa. If it is done regularly why not ask both to use WISE ??

These are sort of the questions that will need to be answered in order to understand the case.

If it is the first time especially with a reasonably large sum of money, if one person have experienced delay with another institution. It could happen in isolated occasion as additional check, AML check, fraud check, etc might be needed.

Sometimes it takes time if additional checks is needed. Even for people transferring money between their own accounts in different banks at the same countries and same currencies which in many cases the expectations is to happen in a matter of seconds.
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Indonesian Bank ➡️ Wise ➡️ Australian bank

The account information of the receiver is new (in the Wise account). But the sender was already verified (twice!). The amount was 10 juta.

So on Thursday morning the transfer was initiated and according to Wise would be with the receiver at 3 PM the same day. Nothing happened. The next day on Friday evening they requested a selfie with passport. Confirmation on receiving the document. On Monday no news. On Tuesday after a complaint by e-mail, a verification request again but now only for a scanned passport page. Confirmation on receiving the document.
And now it’s waiting. :frusty:
 
jstar said:
Confirmation on receiving the document.
Click to expand...

In fact it is more than that, a confirmation of verification:


865566E9-A7E8-460A-AFBA-69841A49C67A.jpeg
 
Dear Customers,

Thank you for your trust in PT Bank HSBC Indonesia (“HSBC”).

In accordance with the Minister of Finance (MoF) Regulation Number 112/PMK.03/2022 concerning Taxpayer Identification Number (TIN) for Individual Taxpayers, Corporate Taxpayers, Government Agency Taxpayers and Non-resident Individual Taxpayers issued in July 2022, regulates the 16-digits TIN valid from 1 January 2024 (“PMK 112”). This change is the responsibility of each Taxpayers to ensure that 16-digit TIN is validated to replace the existing 15-digit TIN.

Owing to this, HSBC encourages all non-resident individual customers to immediately validate their 16- digit TIN based on the following steps:

Validate 16-digit TIN independently through the website of the Directorate General of Taxes (DGT) (djponline.pajak.go.id).
Adding the number “0” in front of existing TIN for non-resident individual taxpayers.
Example:
Existing TIN → 01.000.123.4-091.000 (15 digits)
New TIN → 0010001234091000 (16 digits)
For tutorial, you can use the link provided: Tutorial Login Pajak.go.id and TIN validation - YouTube
If HSBC Customers have successfully validated their 16-Digit TIN on DGT portal, HSBC customers are advised to immediately update their data to HSBC by submitting proof of validation, which can be either:
Screenshot of validation proof with DJP logo, or
NPWP card with 16-digit TIN (can be downloaded from the Directorate General of Taxes website)
along with customer information update form. The customer information update form can be accessed through our website: Banking Customer Information Update form, Furthermore, the HSBC Customers is expected to submit this form to the nearest HSBC branch or by contacting the HSBC Call Center at 1500 700 (Premier), 1500 808 (Advance).

HSBC Customers are expected to submit the 16-digit TIN along with the supporting documents above by 30 June 2023.
 
Vicissidude said:
For IDR to USD, you can see they charge 11,687 IDR plus 0.86%.
View attachment 2957

For smaller amounts, it can be the cheaper option. If you're transferring a few thousand USD or more,
Click to expand...
Out of curiosity I did the following online test a few minutes ago for the amount IDR100,000,000
The recipient will get
WISE: US$6,677.53 (Guarantee no other fees if using WISE to WISE)
BCA: US$6,747.64 (But keep in mind this is just Exchange rate alone). There are still other fees, e.g From BCA, the beneficiary banks. Also like you precious screen the recipient might nit receive US$6,747.64.
But on the other side Banks has extra layers of security when something goes wrong.


123.JPG

BCA2.JPG
 
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pantaiema said:
Out of curiosity I did the following online test a few minutes ago for the amount IDR100,000,000
The recipient will get
WISE: US$6,677.53 (Guarantee no other fees if using WISE to WISE)
BCA: US$6,747.64 (But keep in mind this is just Exchange rate alone). There are still other fees, e.g From BCA, the beneficiary banks. Also like you precious screen the recipient might nit receive US$6,747.64.
But on the other side Banks has extra layers of security when something goes wrong.


View attachment 2961
View attachment 2963
Click to expand...

Exactly. That shows the same thing that I posted. Wise has a good exchange rate, but they also take out their 870,000 cut (when sending 100jt). So BCA is much cheaper for larger transfers.

The figures you posted have a $70 difference. Then we factor in the other bank fees.
BCA - 65rb (for same day)
Capital One - $0
Mystery correspondent bank - In my case $17. snpark says that's fixed, BCA says it's not but they can fix it at $25, if you don't feel lucky that day I guess

So about $50 cheaper in my situation to use BCA. Even better if I transfer more.

Of course, this all changes if your bank in the US charges their own incoming wire fee, as most do if you're not silver yacht club premier status or whatever.

Now, just for clarity, you keep saying both people, sender and beneficiary, having Wise is cheaper than just transferring to a bank acct with Wise (although they look the same from what I posted and what you posted). I'm just one dude. My situation is simply getting money to my own account in the US. I am sending my earnings to go into savings, invest, retirement planning, whatever. I don't need to do a bunch of small transfers. Don't need another debit card for anything. However, for someone sending monthly spending to their kid in uni abroad? Wise sounds like a great option for that.
 
Vicissidude said:
However, for someone sending monthly spending to their kid in uni abroad? Wise sounds like a great option for that.
Click to expand...
That’s it. And what people used Western Union for in the past.

Vicissidude said:
My situation is simply getting money to my own account in the US
Click to expand...
I also don’t really understand the Wise -> Wise remark. Obviously you can move money to your Wise account and keep it there, or on an ad hoc and as needed basis.

Now don’t forget that the costs are related to the country or region also; Europe and the US and East Asia can have a different cost (structure) in Wise.
 
jstar said:
That’s it. And what people used Western Union for in the past.


I also don’t really understand the Wise -> Wise remark. Obviously you can move money to your Wise account and keep it there, or on an ad hoc and as needed basis.

Now don’t forget that the costs are related to the country or region also; Europe and the US and East Asia can have a different cost (structure) in Wise.
Click to expand...
It does not work like that if they are two different people getting involved, does it ? Like in your case parents and Son.
 
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Well, from Wise to Wise is possible even between two different parties. But it only offers two advantages; obviously it’s easier to select the other person, you don’t need to enter all the info as name, address, email, phone, etc. since (s)he is already registered. A bit like WhatsApp or PayPal.

But the most important advantage, having to pay no fee, only applies if you send and they receive the same currency! And that’s practically never the case in/from Indonesia.

I thought I was smart and tried to connect Wise to a USD account I have in Europe. But it didn’t work since the moment you select $ they only accept American banks.
 
jstar said:
If you go for cash you just change and make a deposit at your own bank into your euro or dollar account, yes.

You can also do it fully electronic, but will always have to go to VIP. So you just send the amount from your BCA rupiah account to VIP’s BCA account. With certain specific details in the transaction information* and you go to Menteng with all required proof. Then you can also opt to receive the other currency electronically on the other account or receive cash.

*They had it published somewhere but I momentarily can’t find it.
Click to expand...
Okay thanks. I cannot find BCA VIP ... is it BCA prioritas? https://www.bca.co.id/en/Individu/layanan/BCA-Prioritas
 
The Wise payment is executed. Order given last Thursday, money arrived today so on Wednesday. I assume the next time we use the same bank accounts it will go faster. (Theoretically it should be one day.)
 
snpark said:
VIP is a money changer
BCA Prioritas is their HNWI account department 5b rp and above balances
Click to expand...
Thanks, I got it. I didn't know VIP is a money changer. Now I understand jstar's post regarding changing currency online and the VIP's procedure regarding that.

Regarding BCA prioritas and term & conditions, that would be interesting to apply for that.
 
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