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US Dollars transfer

Minuteman

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I've had a foreign based savings/investment account for a number of years. It is a bit stagnant no so planning to shift it all over to an account here. Any problems with the feds for that? It is savings, not income. Cheers
 

snpark

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No no problems
just give a heads up to the receiving bank to expect and where from, source of funds etc
 

harryopal

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If you haven't already seen the posts about transferring funds to here from overseas check out Transferwise as a forwarding agency rather than bank to bank. The banks give appallingly low exchange rates. Without committing yourself you can go to the Transferwise web page and see exactly how much it will cost,the exchange rate and the amount that would be received at your Indon bank. If you are talking of some thousands of dollars you will save yourself hundreds.
 

Minuteman

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If you haven't already seen the posts about transferring funds to here from overseas check out Transferwise as a forwarding agency rather than bank to bank. The banks give appallingly low exchange rates. Without committing yourself you can go to the Transferwise web page and see exactly how much it will cost,the exchange rate and the amount that would be received at your Indon bank. If you are talking of some thousands of dollars you will save yourself hundreds.
Assuming you mean $ account to Rp account? It will be $ to $ so just the normal transfer fee.
 

Nimbus

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Assuming you mean $ account to Rp account? It will be $ to $ so just the normal transfer fee.
Confirm that your bank here would not do the despicable act of double exchange. They exchange the incoming transfer into Rp as they receive it, then exchange it back into $ in your account. Of course you end up losing money in the process. A long time ago my parents closed their account with a bank that did this. I can't think of a good reason why anybody would do it, except to gain extra profit deceptively.
 

harryopal

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I guess most of us grew up naively believing that banks were commercial centres of honest practice. An Australian Royal Commission of enquiry into banking practices has just shown a whole range of dishonest practices including continuing charges against the accounts of deceased clients and charging clients for services not provided. To increase loan turnovers, many bank officers were completely falsifying incomes of applicants to ensure loans. It seems the bonus system which rewards profitability has been a major stimulus of greed and deceit.
 

waarmstrong

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Confirm that your bank here would not do the despicable act of double exchange. They exchange the incoming transfer into Rp as they receive it, then exchange it back into $ in your account. Of course you end up losing money in the process. A long time ago my parents closed their account with a bank that did this. I can't think of a good reason why anybody would do it, except to gain extra profit deceptively.
From your experience, please name the bank or banks in question who practice double exchanges.
 

waarmstrong

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I guess most of us grew up naively believing that banks were commercial centres of honest practice. An Australian Royal Commission of enquiry into banking practices has just shown a whole range of dishonest practices including continuing charges against the accounts of deceased clients and charging clients for services not provided. To increase loan turnovers, many bank officers were completely falsifying incomes of applicants to ensure loans. It seems the bonus system which rewards profitability has been a major stimulus of greed and deceit.
In the USA, Wells Fargo was recently sanctioned and heavily fined for just those sorts of practices. I start with the presumption that all bankers are scum until definitively shown to be otherwise.
 

waarmstrong

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I am giving TransferWise a shot with a USD to USD transfer from a local US bank to an Indonesian USD account. Its a test run using a relatively small amount. The fee is small, but so far, I am not impressed with the performance. The transaction was started on the 18th, the US account was finally debited on the 23rd, but the cash has not yet appeared in the Indonesian account. I will let you know when (if?) the money shows up and if there are additional charges by my Indonesian bank.
 

Nimbus

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From your experience, please name the bank or banks in question who practice double exchanges.
I don't remember, this was in the bad old days, not too long after the financial crisis.
 

waarmstrong

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I am giving TransferWise a shot . . . . . . I will let you know when (if?) the money shows up and if there are additional charges by my Indonesian bank.
I just got an email from TransferWise saying the money will be in the Indonesian account by April 30 -- almost two weeks in all and 7 days longer than the suggested when the process started on the 18th. Glad I don't need the cash by a date certain.
 

harryopal

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I wonder what the delay is. My experiences have been the first couple of times it took a couple of days but more recently just within half an hour or so.
 

snpark

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No offence but these days I am amazed by the number of grown adult "expats" who seem to have no idea about the basics of international banking, offshore accounts etc.
Yes I appreciate some people are not so savvy and yes there are now faster online options, but every week on every forum, FB group etc I see "expats" asking the most basic of banking questions about "how to send money from x to y"
Nothing personal, but these things are some of the most basic things any expat should know from his or her first "posting"
Granted, this is my field of "expertise" but every adult should at least know what is a telegraphic transfer, SWIFT, MT103, how to send money bank transfer from UK to Indonesia, vice versa, etc and the most fundamental rule of all - the best investment you can have is CLEAR YOUR CREDIT CARD IN FULL MONTHLY.

If I told you I can make you 20%++ on your money guaranteed every year, you would take it?

Use your cards for everything, keep your own money in the bank making you interest.
Pay and clear the card every month in full - voila, no 20% interest from the bank. You get a great credit history with your bank for your spending power, get the highest credit rating, black cards, millions of airmiles, etc etc and your own money is always accessible and making you interest.

Winner winner nasi goreng dinner.
 

jstar

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I think one of the big issues is that there are two standards (SWIFT vs BIC/IBAN, even when SIFT=BIC). And many online banking apps or systems don't support the other standard so well.

If you have countries (as Indonesia or Australia) where they use branch or location codes, a transfer becomes even more complex; some require you to put it in front of the account number, others have an additional field for that etc.

In an international transfer, I always put a telephone number in the description. And have the receiver (often myself) contact the bank after a few days. Otherwise it sometimes gets stuck in the 'hold' queue.
 

Supir Angkot

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I need help too, how do i transfer money from my dream account to my real life account?
 

Minuteman

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I'm aware of dealing with international banking procedures. My request for info was reference the gov't (tax) getting involved. I'm transferring a savings, not earned income. So if something like US$ 50,000 is transferred to a US$ account in an Indonesian bank, would it be subject to tax payments?

I'm having my wife check with the staff at the bank for info, just wondering if anyone has had experience with this type of situation.
 
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jstar

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Depends a bit if you're married with a WNI and have a prenup, @Minuteman .

If there is no pisah hartah, your spouse could get nasty questions when a bigger amount pops up.
 

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