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

[Vicissidude]

HSBC Global Money Account

Is there a minimum balance requirement for yours? It could be worth looking into if/when they expand to include IDR, but I assume it would be for those with fatter wallets.

 

[pantaiema]

Is there a minimum balance requirement for yours? It could be worth looking into if/when they expand to include IDR, but I assume it would be for those with fatter wallets.

I currently only have less than EUR100 in my AC. You could convert as low as USD1.
If you are familiar with WISE, REVOLUT it works like that e.g. creating multiple currency wallets. But WISE, REVOLUT are not banks and if you are not careful you might get a good exchange rate but you will be paying more fees if you are converting and withdrawing reasonable amount of currencies/money multiple times within a month. I believe these sort of accounts are launched to target the Nomads, as there are increasing number of people working remotely from home in another country.

 

[snpark]

Click the box same day 30rb
Then bca charge 35rb
Then all charges to be paid by sender (you)
Since bca don't charge you, there's nothing to charge because they absorb
If you let the receiver pay his side charges he will get less what you send
There is / was a box for receive full amount
It also tells you the exact amount you will be deducted and they will receive to make sure you have enough. E.g. you click to send €10000 it was say 161jt whatever's and you confirm

That's Bca
Hsbc has a million options and reasons and who will pay what charges etc.

 

[pantaiema]

I'm reviving this old thread even though I don't think these two members are still active. Does anyone know what was meant by

?

I just happen to be in the exact situation that Asun described. I recently opened a Capital One 360 account in the US for the $0 incoming wire fees. I tested it out with BCA (via KlikBCA) and sent $100. BCA charged Rp 35rb + optional 30rb for same day service, which is fine. But I only received $83 on the other end.

If that's a flat $17 fee that BCA charges the receiving bank, that's a reasonable amount (but I would still of course like to save a few bucks!). However, if it's even partially a percentage type fee, well that won't work too well for larger transfers. I'll have to clarify with BCA after the weekend and I'll report back.

In any event, is there some other way to "link" those two accounts, as Steveandpenny mentioned? Is there a better/cheaper way or bank over here that you've had experience with and recommend for sending money to the US?

Now, before anyone recommends Wise (formerly Transferwise), they've hiked up their fees in the last couple years, which increases with larger amounts. For example, if you want to send 100jt, they charge ~870,000. Topremit (Indonesia's Wise-type app) has a cheap 75rb fee and first one is free, but you lose about 1jt with their crap exchange rate. 1% adds up quick if we're talking 100jt or more.

"BCA charged Rp 35rb + optional 30rb for same day service, which is fine. But I only received $83 on the other end."

For that reason people should not just read the headlines fees such as Rp35k + Optional Rp30k which intend to confuse people. What is matter is how much money you send and how much money the other end (you or another party) will receive after all of the fees and exchange rate are taken out from the equation.

I am not quite sure but people will doubt if US$17 you have lost is flat fees, keep in mind you are just sending US$100, so that US$17 equates to 17% which is huge. It is difficult for the remitter banks to guarantee a flat fee, as the other end, e.g. the beneficiary bank is not within the remitter bank controls. Unless if it is within the same banking group or they have a pre-arrangement cooperation/contract with the beneficiary bank.

If you are sending say USD$100k, it might not be $17k (e.g. 17%) that is extortionate amount of fees. But I also highly doubt that you would only be paying flat fees of US$17 either. There might be a minimum fees and variable fees (?).

 

[jstar]

HSBC can be a pain in the ass sometimes months later they call asking about why you sent $500 to Dubai etc and I'm like that was January why you asking now? They really overkill sometimes. Maybe because they are a foreign bank here

The banks get audited of course. Also on their internal (approval) processes and if they execute them well. To avoid terrorist sponsoring, money laundering, etc.* There is a governmental organization, Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), which has been created for that purpose. So it was probably panic when they called you.

But as I stated before, don’t believe for one second that “Bank Indonesia holds your funds and refuses to release them, sorry Mister”. The BI provides guidelines, also on technical implementation, and assist and controls. They don’t hold your money ’in between’ in their account as some people here seem to think or get to hear from their bank.

NB: Obviously the central banks do make sure the international payments do meet the requirements. And that accounts are debited and credited. And a transfer can be blocked. For clearing see also SEPA, and TARGET2 for instance.

*see:

Anti-Money Laundering and Counter-Terrorism Financing

www.bi.go.id

 

[snpark]

"BCA charged Rp 35rb + optional 30rb for same day service, which is fine. But I only received $83 on the other end."

For that reason people should not just read the headlines fees such as Rp35k + Optional Rp30k which intend to confuse people. What is matter is how much money you send and how much money the other end (you or another party) will receive after all of the fees and exchange rate are taken out from the equation.

I am not quite sure but people will doubt if US$17 you have lost is flat fees, keep in mind you are just sending US$100, so that US$17 equates to 17% which is huge. It is difficult for the remitter banks to guarantee a flat fee, as the other end, e.g. the beneficiary bank is not within the remitter bank controls. Unless if it is within the same banking group or they have a pre-arrangement cooperation/contract with the beneficiary bank.

If you are sending say USD$100k, it might not be $17k (e.g. 17%) that is extortionate amount of fees. But I also highly doubt that you would only be paying flat fees of US$17 either. There might be a minimum fees and variable fees (?).

Its a flat fee $17
Hsbs is $35
Some banks usually $25

Not %
Duh
Its a flat fee transaction

Today one client sent me €50,000
Bca will NOT be taking 17%
Tomorrow I will tell you what have in my pocket

 

[pantaiema]

Its a flat fee $17
Hsbs is $35
Some banks usually $25

Not %
Duh
Its a flat fee transaction

Today one client sent me €50,000
Bca will NOT be taking 17%
Tomorrow I will tell you what have in my pocket

It is a great discussion to find the most efficient way to transfer money from ID to other country and visa versa.
But this earlier post seems to contradict this

People could easily see that EUR25 and another (EUR 9 ?) is not $17, do not they. And presumably the amount is not huge like I mention previously US$100k?.
Whatever fee they call it, how good the exchange rate they self proclaimed it, it does not really matter. What matter is how much money you send and how much money the other end (you or another party) will receive after all of the fees and exchange rate are taken into consideration.

 

[snpark]

Lucky you have money to transfer and the people receiving it should be grateful to get it so tell them to suck it up

 

[Samoerai]

I just found this website for finding the cheapest way to transfer money:
https://www.monito.com/

 

[jstar]

Currently: 4 working days. (Six days including the weekend.) And still no funds transferred.

tell them to suck it up

That did not go down very well with my 21 year old niece who‘s studying abroad and who really needed the money fast.

.

 

[Samoerai]

View attachment 2950

Currently: 4 working days. (Six days including the weekend.) And still no funds transferred.



That did not go down very well with my 21 year old niece who‘s studying abroad and who really needed the money fast.

.

What about the fee charged by Wise? Is it compared to others small(er)?

 

[jstar]

Difficult to compare since it’s different per country. At the end it is comparable to the most profitable money exchange in Jakarta, VIP.

 

[Vicissidude]

For IDR to USD, you can see they charge 11,687 IDR plus 0.86%.

For smaller amounts, it can be the cheaper option. If you're transferring a few thousand USD or more, the bank will be cheaper, as you can see above.

 

[jstar]

That’s not bad. But with the money changer (which is currently closed btw) you’d get $100 more. If you do this very often, a USD account at BCA or Mandiri or so might make sense (you can avoid cash altogether, rather easy).

 

[snpark]

View attachment 2950

Currently: 4 working days. (Six days including the weekend.) And still no funds transferred.



That did not go down very well with my 21 year old niece who‘s studying abroad and who really needed the money fast.

.

No offense but tell her to manage and organise better. I mean I don't know the reason but to ask for money and expect it "immediately" is a bit rich no pun intended. Tell her ok you will send and she will have it tomorrow ? Or maybe better she should have access to an account from there for such emergency? Just saying.

 

[centurion]

There is cost of SWIFT that is around 25 USD. On top of it are the bank fees. This makes transfers workable from 1000 USD up. Payment costs are shared, on the receiver, or on the sender's side.
For less, you can use Wize, WU, or other payment systems.

 

[pantaiema]

View attachment 2950

Currently: 4 working days. (Six days including the weekend.) And still no funds transferred.



That did not go down very well with my 21 year old niece who‘s studying abroad and who really needed the money fast.

.

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 had experienced delay with another institution in the past. 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. This could happen if it is the first time involving large sum of money as it might triggger the AML algorithm.

 

[pantaiema]

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, the bank will be cheaper, as you can see above.

This has always been the case. Money apps for a relatively small transaction. Bank or Specialist Money exchange brokers for a larger amount. If you google it there are a lot of information regarding money brokers.

I personally would not transfer more than USD5k in one go. Keep in mind It could always be done with several batches with a smaller amount.

Also one needs to keep in mind Banks is controlled by a more tighter regulations and highly likely to have compensation scheme in place which work like an insurance when something goes wrong.

The major advantages of using money apps over the banks that support multiple currencies account wallet is that :

It will be significantly cheap and quick if both parties are using the same apps. and transferring a relatively small amount.

It will be useful if it is used for regular transaction between the same two people if both are using the same apps. Also it trains the algorithm to recognise transferring between the two same person so next time there will be less check taking place.

Because it normally comes with international debit cards, this is particularly useful for nomads, as they could withdraw cash in foreign countries and feel like at home. Certainly this is in addition to Zero fees for foreign transaction credit cards.

 

[Samoerai]

That’s not bad. But with the money changer (which is currently closed btw) you’d get $100 more. If you do this very often, a USD account at BCA or Mandiri or so might make sense (you can avoid cash altogether, rather easy).

I don't have a multiple currency bank account. How does it work? One goes to a money changer, change rupiahs to dollars and then ..? Deposit the dollars to your multiple currency bank account at an BCA office?

 

[jstar]

I don't have a multiple currency bank account. How does it work? One goes to a money changer, change rupiahs to dollars and then ..? Deposit the dollars to your multiple currency bank account at an BCA office?

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.