Sending money to Indonesia

[Dallol14]

HSBC is closing operations in Canada, and no longer will I be able to move money to HSBC Indonesia. None of our other banks are able to use their global transfer facilities to transfer into Indonesia (due to Indonesian regulations I guess). Wiring money can be dicey. What is a secure inexpensive solution? Americans must have a similar problem. If you have an answer, I would appreciate it.

 

[snpark]

What you want to do? Send money from Canada to an Indonesian account? How much how often?

 

[harryopal1]

Wise.com do transfers to Indonesia. Charges lower than banks and you can have Wise send Indonesian rupiah so that you get a much better rate than offered by the banks. Transfer usually completed in seconds. You can open the website without having to sign up and you can check the costs and amount your Indon bank would receive.

 

[Hawk256]

HSBC is closing operations in Canada, and no longer will I be able to move money to HSBC Indonesia. None of our other banks are able to use their global transfer facilities to transfer into Indonesia (due to Indonesian regulations I guess). Wiring money can be dicey. What is a secure inexpensive solution? Americans must have a similar problem. If you have an answer, I would appreciate it.

My US bank (Bank of America) can transfer money to Indoneisa with no problems. I don't know why any other bank wouldn't be the same. Wise will work and a lot of people use it but I try to keep solutions as simple as possible. The less hands in the cookie jar, the better.

 

[harryopal1]

For say a transfer of $1000 how do costs, exchange rate and speed compare between Bank of America and Wise?

 

[Hawk256]

The exchange rate varies just like any service. It's not always the best but it is competitive. As long as you are changing curriences there is no charge for the transfer itself. Put in the transfer order one day and the money is in the Indoneisan account the next morning. *Note: I have never received a transfer in seconds, no matter what service I use and from what I have learned about transfers from the US to Indonesia, it is practially impossible for amounts over $600 US to transer without a manual step involved from the receiving bank as well. YMMV however.

 

[Samoerai]

Transfering EUR from a bank in Holland to a bank in Indonesia is still complicated and costly, using BIC code, adress of bank branche, choosing SHA or OUR. The bank will ask a fee of 6 euro no matter how much one wants to transfer + 25 euro transfer cost. The exchange rate is also not good: transfer 10 juta will cost you 622 euro. With Wise only 597 euro.

 

[harryopal1]

I make monthly transfers from Australia to an Indonesian account and with Wise it is usually here in well under one minute.

 

[harryopal1]

Just made a transfer and once clicked "transfer" it was here in my account in 5 seconds.

 

[Samoerai]

Transfering EUR from a bank in Holland to a bank in Indonesia is still complicated and costly, using BIC code, adress of bank branche, choosing SHA or OUR. The bank will ask a fee of 6 euro no matter how much one wants to transfer + 25 euro transfer cost. The exchange rate is also not good: transfer 10 juta will cost you 622 euro. With Wise only 597 euro.

At the moment, transfering 1000 euro, the exchange rate of Wise is 16.878 and the fee is 7,49 euro. Transfering 1000 euro with Revolute the fee is 10 euro and the exchange rate is 16.678 ....

 

[harryopal1]

I am not crash hot with maths but that suggests you are about 222,000 IDR better off with Wise. How long does the Revolute take to put the money into a local account?

 

[Samoerai]

I am not crash hot with maths but that suggests you are about 222,000 IDR better off with Wise. How long does the Revolute take to put the money into a local account?

Indeed, Wise at the moment is a better choice. I don't use Revolute, the reviews are not so good. Transfer takes at least 24 hours or longer, because of the normal money transfer methode with e.g. SWIFT. As far as I know Wise transferring method is very different.
The local money ( a certain amount of money), e.g. Rupiah, is already at bank accounts of Wise in Indonesia. So when a transfer is initiated, Wise simply transfers the amount of Rupiahs from their Indonesian bank account to the recipient's Indonesian bank account. That's why it is super fast.

 

[snpark]

Indeed, Wise at the moment is a better choice. I don't use Revolute, the reviews are not so good. Transfer takes at least 24 hours or longer, because of the normal bank transfer with e.g. SWIFT. As far as I know Wise transferring method is very different.
The local money ( a certain amount of money), e.g. Rupiah, is already at bank accounts of Wise in Indonesia. So when a transfer is initiated, Wise simply transfers the amount of Rupiahs from their Indonesian bank account to the recipient's Indonesian bank account. That's why it is super fast.

Basically uses the old Indian Halwallah system

 

[harryopal1]

Basically uses the old Indian Halwallah system

Halwallah? Enlighten us, please.

 

[Samoerai]

Basically uses the old Indian Halwallah system

The person who invented this system is a genius!

 

[Samoerai]

Halwallah? Enlighten us, please.
View attachment 3487

 

[snpark]

Trust

You come to me and say I need send $100 to Usa
I tell your friend in USA to go meet my friend and he will give it to you

Very common in middle east and India specifically
Especially with money changers

 

[harryopal1]

Thanks for the explanations. When I transfer money to Wise it goes into their Australian account so no need for Swift.

 

[snpark]

Thanks for the explanations. When I transfer money to Wise it goes into their Australian account so no need for Swift.

And they pay you from their indonesian account.

 

[Samoerai]

Thanks for the explanations. When I transfer money to Wise it goes into their Australian account so no need for Swift.

So, how do you 'ambil uang rupiah'? Do you have a Wise-card and take money from ATM in Bali?