Transfer USD from Indonesia to Italy in Euros

Brian86

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Aug 12, 2018
Messages
23
Ah...that means I have to convert all my salary from USD to IDR and then from IDR to Euro? Seems too complicated....
Yes, and you will lose some value with each conversion. I would hope to simplify with just one bank and never converting any money twice. Choose a bank that can have both IDR and USD accounts, has good USD to IDR exchange, and good international USD wire transfer. I don't know which is best, perhaps HSBC. Deposit your USD to USD account, convert the amount you need for local spending to IDR in your IDR account, wire transfer USD to your Italian bank and let them convert it to Euro.
 

Ruserious

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Aug 31, 2016
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337
I work for an MNC and im paid in rupiah. My contract is in USD but it is converted at the rate of the day and sent to me in rupiah.
 

giova73

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Mar 4, 2020
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Yes, and you will lose some value with each conversion. I would hope to simplify with just one bank and never converting any money twice. Choose a bank that can have both IDR and USD accounts, has good USD to IDR exchange, and good international USD wire transfer. I don't know which is best, perhaps HSBC. Deposit your USD to USD account, convert the amount you need for local spending to IDR in your IDR account, wire transfer USD to your Italian bank and let them convert it to Euro.
Yes, I think this is the best solution...one bank for all the stuff (domestic and International wire transfer) without changing money by myself in https://www.vip.co.id/en/....I think is useless to change my USD to Euro via VIP service due the HSBC I don't think they have Euro account, isn't it?
 

giova73

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Mar 4, 2020
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13
Yes, and you will lose some value with each conversion. I would hope to simplify with just one bank and never converting any money twice. Choose a bank that can have both IDR and USD accounts, has good USD to IDR exchange, and good international USD wire transfer. I don't know which is best, perhaps HSBC. Deposit your USD to USD account, convert the amount you need for local spending to IDR in your IDR account, wire transfer USD to your Italian bank and let them convert it to Euro.
Oh I just checked in HSBC website and it is possible to open an Euro account....How about if I change all my salary in https://www.vip.co.id/en/ (which so far for what I understand they have the best exchanging rate) and then I'll open 2 account one in IRD and another one in Euros? I think this solution will be prefect due I will convert only one time....what you suggest? Is good idea?
 

jstar

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It will work with most big banks. The only thing to consider then is if you want a debit & credit card etc. for the Indonesian expenses. Esp. for debit card BCA and Mandiri could make sense.

Something else to think about since you can get e-money cards for MRT / Parking / Toll roads without a bank account: Nowadays, the e-wallet systems as OVO and DANA are so amazingly popular you can pay almost anywhere with those. Even in supermarkets. So then theoretically you would not even need an IDR account anymore, in the rare cases you can't use it, you pay cash or with your foreign credit card.
 

Brian86

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Aug 12, 2018
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Nowadays, the e-wallet systems as OVO and DANA are so amazingly popular you can pay almost anywhere with those. Even in supermarkets. So then theoretically you would not even need an IDR account anymore, in the rare cases you can't use it, you pay cash or with your foreign credit card.

OVO has a maximum balance of 2 juta, and WNA can't get it raised (or at least the requirements were very prohibitive). I have no qualms about carrying 2 juta in my wallet, so I find I only use OVO for Grab (and use BCA for storing larger IDR balances). Of course I prefer accounts with no fees, but the fees are minimal and often covered by the (also minimal) interest.
 

giova73

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Mar 4, 2020
Messages
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It will work with most big banks. The only thing to consider then is if you want a debit & credit card etc. for the Indonesian expenses. Esp. for debit card BCA and Mandiri could make sense.

Something else to think about since you can get e-money cards for MRT / Parking / Toll roads without a bank account: Nowadays, the e-wallet systems as OVO and DANA are so amazingly popular you can pay almost anywhere with those. Even in supermarkets. So then theoretically you would not even need an IDR account anymore, in the rare cases you can't use it, you pay cash or with your foreign credit card.
Actually I really no need huge amount of IRD for my daily expenses...let's say 1 juta is more than enough for me. I was thinking to open only the account in USD in HSBC bank to do the wire transfer (I choose that bank due I can do online transfer by myself) and exchange every months100$ to IRD in the VIP. I no need any debit card or credit card....in case I can use my N86 if need.
 

snpark

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Sep 30, 2016
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ok listen pretty much everyone is suggesting the same thing, open a local IDR bank account AND a foreign currency one, no offence but I don't know why you keep questioning us. You will need a local bank account at some point even if its just a place to keep rupiah, and a local debit / atm / credit card is always useful

I suggest BCA for IDR and then go to HSBC and open a USD and or EUR account and even IDR if you want. It costs the same (nothing) and the monthly fee is absolute peanuts.

Take your cash USD to the money changer, dump those IDR into your local accounts, and put some into the USD account or put some of the USD into HSBC before you convert the rest, up to you

But just open a local IDR and HSBC for forex. Simple
 

giova73

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Mar 4, 2020
Messages
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ok listen pretty much everyone is suggesting the same thing, open a local IDR bank account AND a foreign currency one, no offence but I don't know why you keep questioning us. You will need a local bank account at some point even if its just a place to keep rupiah, and a local debit / atm / credit card is always useful

I suggest BCA for IDR and then go to HSBC and open a USD and or EUR account and even IDR if you want. It costs the same (nothing) and the monthly fee is absolute peanuts.

Take your cash USD to the money changer, dump those IDR into your local accounts, and put some into the USD account or put some of the USD into HSBC before you convert the rest, up to you

But just open a local IDR and HSBC for forex. Simple
I am sorry if I still asking but I am pretty confused. I just want to understand clearly if I don't break the law if I'll put my USD into the HSBC before I convert the rest of my USD into IRD and placed in my local account (BCA) Thanks
 

R Cameron

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Jul 19, 2016
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853
I am sorry if I still asking but I am pretty confused. I just want to understand clearly if I don't break the law if I'll put my USD into the HSBC before I convert the rest of my USD into IRD and placed in my local account (BCA) Thanks

There is a law that all payments are to be made in IDR, but I'm nearly certain only the employer would face legal trouble.
 

giova73

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Mar 4, 2020
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Hey guys, just to update this post and what I have done.
I have changed my USD to IRD and IRD to Euros via VIP money changer and send wire transfer with them without open any bank account, they even no asked me for my Kitas or my npwp. I do not open bank account due I am leaving soon and this is the fast solution and I think they have best exchange rate and very low fee for the transfer. Thank you for all your answer. Cheers^^
 

jstar

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Jul 31, 2016
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Thanks for the update! Hope all is fine with your family in Italy.
 

snpark

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Sep 30, 2016
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money changer only need passport
yes now eur to idr is 17 and usd 15+
good times
 

BPNBound

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Feb 6, 2019
Messages
58
I have HSBC and I have 3 accounts USD, AUD and IDR with an IDR debit card and also a mastercard. One stop shop.
 

make_batik_great_again

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Nov 27, 2019
Messages
190
VIP money changer seems to be a great deal for people living in Jakarta. On Lombok, I was looking for a money changer which offers competitive exchange rates, but I was not yet successful (although avoiding touristy places where you are probably more likely to get bad exch. rates and/or fees).

If anyone knows a good money changer around here, I would be interest :)
 

snpark

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Sep 30, 2016
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For bali all I can say is I have plenty of Indonesian Balinese friends and can ask them
 

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