Sending money to Indonesia

[harryopal1]

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

I have a BCA account and debit card so can use it shopping or cash withdrawals from ATM or bank. Personally I prefer bank withdrawals as ATMs are part of automation processes that displace employees.

 

[snpark]

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

No. They transfer to you instantly. Because they already "have" the money that was sent

You still need a bank account.

 

[snpark]

PayPal also pretty quick. I have mine linked to my bca credit card and bank

Last week I sent €250 to a friend in Zurich

I went to PayPal entered her email address and sent her the money. It got deducted instantly from my credit card (and not as a cash advance but as a purchase) and straight into her bank account.
It was literally seconds.
Useful as a plan B if you both have a PayPal

Again final part needs bank account etc both sides.

These are not cash collection in office etc like WU or moneygram

Even western union now can get it in your bank account. Last month had 90jt sent from Dubai WUMT into my BCA within minutes and also after bank hours

 

[Helpful Herbert]

Citibank Singapore $ to Local bank in Indonesia Rp works very well for me. Zero fees on Singapore side, 2,900Rp on the Indonesian side. Exchange rate given is normally similar to the xe.com rate (although you need to check first, as they sometimes only update in during office hours). Normally takes 1-2 working days to arrive. Definitely cheaper than using Wise.

 

[Samoerai]

No. They transfer to you instantly. Because they already "have" the money that was sent

You still need a bank account.

Yes, I understand. Just checking, because it could be a smart way to not 'be detected' by tax office. With a Wise-card one can take rupiahs from ATM machine directly from Wise-account in foreign currency. If you understand my English.

 

[Helpful Herbert]

Yes, I understand. Just checking, because it could be a smart way to not 'be detected' by tax office. With a Wise-card one can take rupiahs from ATM machine directly from Wise-account in foreign currency. If you understand my English.

The tax office does not spend its time trawling through people's bank accounts. It doesn't have direct access to that data. If an individual gets audited (chance of that is probably less than 0.01% for a normal person) then they could be requested to provide their bank account statements for checking. I believe transactions over 1M must be reported by each bank to the central bank, maybe that is what you are referring to?

Also, my bank only makes statements available for a year or two, after that I don't think they can be accessed any more. Although I guess in a well run bank the data must all be archived somewhere.

 

[Samoerai]

Exchange of financial data according to the Common Reporting Standard (CRS)
More than 100 countries have made agreements on the automatic exchange of financial data of individuals and organizations in accordance with the Common Reporting Standard (CRS).

 

[snpark]

Specifically targeting instant transfer apps etc such as wise and so on for money laundering and tax evasion

 

[snpark]

How does tax work with my Wise Account? | Wise Help Centre

We know tax can be complicated and stressful, but here’s a breakdown of how tax works with your Wise account. Wise is required to follow local tax laws in every country we operate in. That means in...

wise.com

 

[snpark]

What information do you report to tax authorities?​

The answer to this changes based on which country you’re in. Certain Wise entities must comply with the global anti-tax evasion regimes, FATCA and CRS, due to the type of products they offer.

For example, our newest product, Assets, causes a subsidiary of Wise, TINV Ltd., which provides the Assets product to fall within the scope of FATCA and CRS as a Custodial Institution. Customers that participate in Assets who are deemed to be reportable persons will be reported to HMRC in line with the Automatic Exchange of Information.

Wise Australia Pty Ltd, another subsidiary of Wise, is also subject to FATCA and CRS due to the Authorised deposit-taking institution (ADI) licence it holds.

Wise is working directly with the Electronic Money Association (EMA) and the Organisation for Economic Co-operation (OECD) to ensure our processes and products combat any tax evasion. As and when Wise is obligated to collect and report customer tax and financial information to tax authorities we will do so.

In addition to tax requirements, other regulations may require Wise to collect certain data, like transactions over a certain threshold, and report it to regulatory bodies. Our Terms and Conditions of each entity provide more information about the what we may need to report to different tax authorities.

Who do I have to report my taxes to?​

Customers are required to disclose and pay any necessary taxes associated with transfers made through our systems, or on cash received into their Wise Account.

The triggering of a tax liability and/or reporting obligation will depend on your tax residency, the nature of the income, and potentially the amount. We recommend you seek tax advice if you're unclear on the tax implications of a specific transaction.

 

[Helpful Herbert]

Exchange of financial data according to the Common Reporting Standard (CRS)
More than 100 countries have made agreements on the automatic exchange of financial data of individuals and organizations in accordance with the Common Reporting Standard (CRS).

CRS reports opening and closing balances for the year. It does not send a complete list of transfers you have made.

 

[Samoerai]

CRS reports opening and closing balances for the year. It does not send a complete list of transfers you have made.

I hope not. That would be a violation of my privacy rights.

 

[snpark]

No such thing as privacy these days

People walking into restaurants and bars with camera and flash on zooming in and out of tables and posting it online.

Sometimes I feel like walking up to their table and standing there recording them eating for 20 seconds with the bright flash on then posting it online. See how they feel.

Or handing them a big Mac and saying "helping the poor people here tonight by giving away food for Ramadan"

 

[Samoerai]

Yes, I understand. Just checking, because it could be a smart way to not 'be detected' by tax office. With a Wise-card one can take rupiahs from ATM machine directly from Wise-account in foreign currency. If you understand my English.

I just checked some options that I don't use in my Wise account. A digital card and a physical card. The physical card I understand, well described in the terms and conditions. You can use the card to withdraw e.g. rupiahs as long as you have money in your account. What I don't understand is how one can use the digital card. How does that work? Anyone with experience?

 

[Samoerai]

I just checked some options that I don't use in my Wise account. A digital card and a physical card. The physical card I understand, well described in the terms and conditions. You can use the card to withdraw e.g. rupiahs as long as you have money in your account. What I don't understand is how one can use the digital card. How does that work? Anyone with experience?

Wait .. one cannot use the physical card in Indonesia Wise also not trust Indonesia.

 

[snpark]

I just checked some options that I don't use in my Wise account. A digital card and a physical card. The physical card I understand, well described in the terms and conditions. You can use the card to withdraw e.g. rupiahs as long as you have money in your account. What I don't understand is how one can use the digital card. How does that work? Anyone with experience?

Obviously for online only and no cash transactions

 

[Dallol14]

Thanks for all the replies. Citibank is of no use to Canadian residents, only US residents. Wise seems a good option, but does one have recourse if the transfer goes awry?

 

[harryopal1]

Like so many large companies the customer service, if something goes wrong, is poor. Difficult to find means of addressing problems. There is https://wise.com/help/ but as soon as you open it says, "we are busier than usual...." etc. Great service delivery but appalling back up when it comes to problems. Nonetheless I still use Wise.

 

[Samoerai]

I have been using Wise now for more than 3 years, never had a problem. One time, 3 years ago, I wanted to send a large sum of money and the support desk asked me where the money came from and asked me to upload the proof. I did and that was it.

But it is always prudent to check the reviews.

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[Helpful Herbert]

Thanks for all the replies. Citibank is of no use to Canadian residents, only US residents. Wise seems a good option, but does one have recourse if the transfer goes awry?

I'm talking about Citibank Singapore not Citibank in the US or Canada. They don't have any restrictions on nationality or residence as far as I know.