Online money changer

[Smallworld]

Does anyone use any, and if so can you give any recommendations?

 

[Davita]

Re: post # 1
I've been using TransferWise and am very satisfied with them but they don't sell Indonesian Rupiah only buy.
What I like is they show the exchange rate, and their fee, but then show exactly what you will receive and when to expect it....very often I've received faster than they predicted.

https://transferwise.com

 

[Smallworld]

Re: post # 1
I've been using TransferWise and am very satisfied with them but they don't sell Indonesian Rupiah only buy....

https://transferwise.com

I did have a look on this transferwise. Yes this would be just perfect! If I only could buy and sell IDR. No need to transfer money abroad option. It is nice but not necessary what I need.
+ Polish language - wow
+ phone app
+ FCA regulated

I though it is only for transferring the money not for holding it on some virtual account.

Hold & manage money.
You can hold and manage money in 29 different currencies. This lets you avoid exchange rate movements and prep for future transfers.

Sadly IDR is not mentioned.

 

[Davita]

Not sure what you mean.
TransferWise principally is for online transferring and exchanging from one currency in an account into a different currency in another account.
i.e. I just did a dummy run on my accounts and this is the result....

TX/EX GBP 1,000 from my UK Account to Indonesia I would receive IDR 18.486,498 in my Jakarta Account in 4 hours.
I use HSBC Premium to freely transfer from one account to another in a different country in the same currency.

 

[Zavia]

Interesting, but in my case I wanna get IDR out, haha.

 

[Smallworld]

Earthquake!

 

[Smallworld]

Not sure what you mean.....

What I meant was this (but should include IDR):

Hold & manage money.
You can hold and manage money in 29 different currencies. This lets you avoid exchange rate movements and prep for future transfers.

 

[Davita]

What I meant was this (but should include IDR):

I'd make a guess that TransferWise has to comply with each countries law....it's possible Indonesia has some rules on transferring IDR.

 

[Smallworld]

I'd make a guess that TransferWise has to comply with each countries law....it's possible Indonesia has some rules on transferring IDR.

You are probably right Davita.

OK, I've setup my borderless account with them. I'll give it a go. Such a shame I have so little money left in UK. Waiting for ID verification.

 

[Davita]

A feature I like is you can input a target exchange rate on any currencies and they email when that target is reached.

 

[brian@bekasi]

TransferWise is good for small amounts but their fee on large amounts makes the banks more attractive.

 

[Davita]

TransferWise is good for small amounts but their fee on large amounts makes the banks more attractive.

I have an HSBC Premium account in Jakarta in GBP, CDN and IDR. No matter the amount I exchange TransferWise always nets a larger amount in IDR than the HSBC manager can get me when I exchange from GBP or CDN.
In addition TransferWise shows exactly the amount I'll receive on their page before I decide to send. I have to call the bank to get their best manager's rate. However, if I accept the bank's rate it is instantly exchanged where TransferWise can take a few days, depending if weekend/weekdays or holidays.

 

[brian@bekasi]

I have an HSBC Premium account in Jakarta in GBP, CDN and IDR. No matter the amount I exchange TransferWise always nets a larger amount in IDR than the HSBC manager can get me when I exchange from GBP or CDN.
In addition TransferWise shows exactly the amount I'll receive on their page before I decide to send. I have to call the bank to get their best manager's rate. However, if I accept the bank's rate it is instantly exchanged where TransferWise can take a few days, depending if weekend/weekdays or holidays.

Depends on the bank. Last year while transfering 70,000 AUD to Indonesia transferwise fee was in excess of 600 AUD. The mid rate at the time was 10605 and my relationship manager at BNI gave me 10598 which was far greater than expected. My TT fee in australia was 20 AUD and BNI charge a flat rate of 50,000 IDR. After doing my maths I was better off using BNI than transferwise. Smaller amounts are different and transferwise is a cheap option.

I have had very bad experiences with HSBC and their exchange rates are amongst the worst in town even for premier account holders. I know I am repeating myself because I said this on a previous thread.

 

[Davita]

Depends on the bank. Last year while transfering 70,000 AUD to Indonesia transferwise fee was in excess of 600 AUD. The mid rate at the time was 10605 and my relationship manager at BNI gave me 10598 which was far greater than expected. My TT fee in australia was 20 AUD and BNI charge a flat rate of 50,000 IDR. After doing my maths I was better off using BNI than transferwise. Smaller amounts are different and transferwise is a cheap option.

I have had very bad experiences with HSBC and their exchange rates are amongst the worst in town even for premier account holders. I know I am repeating myself because I said this on a previous thread.

That is a great deal and much better than I've seen elsewhere.

 

[brian@bekasi]

That is a great deal and much better than I've seen elsewhere.

I know and was far greater than expected. It was a very pleasant surprise as I look at anything above 10,000 IDR as a bonus.

For fortnightly pension transactions I just get their published rate or sometimes a little better which is usually 80 to 120 IDR below the mid rate. Depending on the time of transaction.