Wise (formerly TransferWise)

[Dave70]

Is Wise withdrawing its services from Indonesia?

From 23 May 2024, customers with a registered address in Indonesia will no longer be able to hold a Balance in their Wise account. This is because of local regulations, according to Wise.

Is the Indonesian government giving them a hard time? I know Indonesia aims to become OECD member, how can the country join the elite club when even Wise is having difficulty doing business here?

 

[nd_eric_77]

I signed up with the Wise app last year and was disappointed to learn that I could only send money with it (ie: not receive). I suspect that this is related to the way that much of (outbound) international e-commerce is effectively impossible from here. If you move overseas, good luck ordering anything from your favorite Tokopedia vendor! I do hope to still be able to use Wise to transfer money out, as both of my kiddos will be overseas within the next few months.

 

[Shadrach]

I signed up with the Wise app last year and was disappointed to learn that I could only send money with it (ie: not receive). I suspect that this is related to the way that much of (outbound) international e-commerce is effectively impossible from here. If you move overseas, good luck ordering anything from your favorite Tokopedia vendor! I do hope to still be able to use Wise to transfer money out, as both of my kiddos will be overseas within the next few months.

This is the first I've heard of this. I also have a friend that started a Wise account from here last year, and have been using it to transfer money from their account in the States to here, to cover monthly expenses. I do hope that they will still be able to continue using Wise to do this. Do you think they will be cut off, even if the funds are coming from their account in the States?

 

[snpark]

It says maintain a balance. In other words send and receive. But can't keep funds there as an account "stored"
Transactions only. No deposits

 

[Dave70]

It says maintain a balance. In other words send and receive. But can't keep funds there as an account "stored"
Transactions only. No deposits

Yes, you are correct, only send and receive.

However, you can only send international transfers through Wise that are funded externally, such as from a bank account or e-wallet. If that's the case, I'll just transfer directly from my bank account, no need to do it through Wise.

As for receiving, you can only receive money from other Wise users via your registered email address. I guess that means you receive the fund through Wise into your bank account. I'll just ask the sender to remit directly to my bank account, no need to use Wise.

Wise is also cancelling any existing Wise Card, so Wise will be useless for Indonesian customers.

 

[Dave70]

I signed up with the Wise app last year and was disappointed to learn that I could only send money with it (ie: not receive). I suspect that this is related to the way that much of (outbound) international e-commerce is effectively impossible from here. If you move overseas, good luck ordering anything from your favorite Tokopedia vendor! I do hope to still be able to use Wise to transfer money out, as both of my kiddos will be overseas within the next few months.

Didn't you receive email about the changes from Wise?

 

[LRB]

Potential long term option: I registered my Wise account in the UK and have been using it for about seven years to send money home. In the UK, it's services have changed from simply a transfer service to that of a "neobank" (like Revolut). I was able to get a card a couple of years ago and I often use it in place of my NatWest card when travelling. You can set up multiple balances on the mobile app in different currencies including IDR. You don't have a full account in IDR in the same way that you do with GBP/EUR/USD where you can send domestic balances in that country and have a sort code and account number. But you can store value in IDR there are withdraw that rupiah from the ATM.

It might be worth changing your account registration to your home country and then topping up your balance. If you have the card, you can top your GBP/USD/AUD balance etc. from your home country. Switch the balance to IDR in the app (possible with a number of currencies) and then withdraw here using the card. There would be a small fee for the change of currencies (quite minimal when compared to bank transfers from traditional banks).



Potential short term option: If you want to negate the services of banks, you can also use cryptocurrencies to instantly transact value but this comes with risk. You would just need an app like Pintu connected to your Indonesian bank account. Purchase a currency like Cardano ADA or Fantom FTM and send it to the exchange Kraken that you can connect to your home country bank account. Funds will arrive in ten minutes and can be withdrawn fast (15 mins processing time on average). This of course is an uninsured way of sending money and is as yet unregulated. I don't think the government here really understands it yet. Please note that I am only suggesting the possibility of using a blockchain to transact value and not suggesting the way of the cypherpunk to any users.

The process for me works like this: purchase ADA on Pintu using IDR >> Send ADA to Kraken >> swap ADA for GBP >> withdraw GBP to bank account. This process works equally well in reverse. (note: you need Pintu and Kraken accounts to do this and I am not recommending that you use their services, it's just an option).


Note: These are simply options that you have at your disposal, I understand that you might not like crypto or be visiting your home country soon. Just trying to help, not soliciting opinions on my financial ideas.

 

[harryopal1]

I made transfer yesterday using Wise with money from my Australian bank to a BCA account. Once the details entered the actual transfer took just a few seconds.

 

[Teabag]

I just got scammed yesterday with my wise visa card. Suddenly, at 18:00 I got a msg, that 900 USD had been charged. I never used my plastic wise card in Indonesia, only in Europe and I was never in the US with this card nor did I ever by anything in USD. For online shopping I use the wise digital card, which I delete and renew every now and then.

10 Minutes after the scam I opened a dispute in the wise app, at about 18:10 and I also wrote a email to the wise support team, explaining the situation. They answered right back, that the case is under investigation.

At the next morning, about 10:00 I got a message from Wise again, stating that they are checking with Visa/Mastercard for fraud and in the same time, I got my money back to my Wise account.

From the scam to the solution and payback of money, it took about 12 hours. that's great and I fully trust Wise.

As from now on, I will not use my new plastic card again, better go to a ATM and take some money to pay cash in restaurants. For online shopping I will use solely the digital card and delete it right after payment.

This is the first time in 30 years of debit card use where I have been ripped off. I took all the precaution, was never careless and I can not explain or understand how this could happen. Maybee hackers stole the data from the debit card company directly.

take care guys

 

[Hawk256]

I just got scammed yesterday with my wise visa card. Suddenly, at 18:00 I got a msg, that 900 USD had been charged. I never used my plastic wise card in Indonesia, only in Europe and I was never in the US with this card nor did I ever by anything in USD. For online shopping I use the wise digital card, which I delete and renew every now and then.

10 Minutes after the scam I opened a dispute in the wise app, at about 18:10 and I also wrote a email to the wise support team, explaining the situation. They answered right back, that the case is under investigation.

At the next morning, about 10:00 I got a message from Wise again, stating that they are checking with Visa/Mastercard for fraud and in the same time, I got my money back to my Wise account.

From the scam to the solution and payback of money, it took about 12 hours. that's great and I fully trust Wise.

As from now on, I will not use my new plastic card again, better go to a ATM and take some money to pay cash in restaurants. For online shopping I will use solely the digital card and delete it right after payment.

This is the first time in 30 years of debit card use where I have been ripped off. I took all the precaution, was never careless and I can not explain or understand how this could happen. Maybee hackers stole the data from the debit card company directly.

take care guys

Almost a bi-yearly thing to happen in the US. Numerous times it has happened to me or people I know. In a period of one year, I had it happen twice. In one case the card was only used online once to buy airline tickets direct from the carrier and nowhere else. Within 6 months, the number was leaked and getting charges in South America. Got the replacement for that and used it while traveling in the US for a couple of weeks. Within 3 months, that number was out as well and had never been used online. My current one is going on 2 years safe but hasn't been used at all and I keep it locked through the app just in case. With that being said, it doesn't seem to be as big a problem in other countries. Makes me wonder.

 

[harryopal1]

I just got scammed yesterday with my wise visa card. Suddenly, at 18:00 I got a msg, that 900 USD had been charged. I never used my plastic wise card in Indonesia, only in Europe and I was never in the US with this card nor did I ever by anything in USD. For online shopping I use the wise digital card, which I delete and renew every now and then.

10 Minutes after the scam I opened a dispute in the wise app, at about 18:10 and I also wrote a email to the wise support team, explaining the situation. They answered right back, that the case is under investigation.

At the next morning, about 10:00 I got a message from Wise again, stating that they are checking with Visa/Mastercard for fraud and in the same time, I got my money back to my Wise account.

From the scam to the solution and payback of money, it took about 12 hours. that's great and I fully trust Wise.

As from now on, I will not use my new plastic card again, better go to a ATM and take some money to pay cash in restaurants. For online shopping I will use solely the digital card and delete it right after payment.

This is the first time in 30 years of debit card use where I have been ripped off. I took all the precaution, was never careless and I can not explain or understand how this could happen. Maybee hackers stole the data from the debit card company directly.

take care guys

Great that you got such prompt and effective response. A couple of years ago I got scammed when I had tried to check a small transfer and found it nigh impossible to make contact with Wise. I tried the Wise facebook page and outlined the problem. This was picked up by scammers who replied purporting to be Wise personnel. Scammers succeeded in taking $2700 (ouch!) I eventually got $900 back but was very unhappy at the difficulty in making contact with Wise in the first instance.
Glad that it seems they have improved the contact service and that you got your money back.

 

[Teabag]

Great that you got such prompt and effective response. A couple of years ago I got scammed when I had tried to check a small transfer and found it nigh impossible to make contact with Wise. I tried the Wise facebook page and outlined the problem. This was picked up by scammers who replied purporting to be Wise personnel. Scammers succeeded in taking $2700 (ouch!) I eventually got $900 back but was very unhappy at the difficulty in making contact with Wise in the first instance.
Glad that it seems they have improved the contact service and that you got your money back.
View attachment 3862

Yes, they have now in the Wise app a section for reporting fraud and open a dispute right in the app.

 

[Wayan]

Hello altogether,
I'm new in this forum. As an Indonesian client of Wise I think I have the same challenge like others. Now I need a new account with an European IBAN. After research a bit I already found f.e. bank Bunq from Netherlands. They offer IBAN-accounts for people living abroad. Anybody has any experiences with them or other (maybe better) providers?
Thanks for your attention
Wayan

 

[Samoerai]

Hello altogether,
I'm new in this forum. As an Indonesian client of Wise I think I have the same challenge like others. Now I need a new account with an European IBAN. After research a bit I already found f.e. bank Bunq from Netherlands. They offer IBAN-accounts for people living abroad. Anybody has any experiences with them or other (maybe better) providers?
Thanks for your attention
Wayan

Only people living in one of the EEA- countries (European Economic Area) can open a Bunq account. As an Indonesian you need to have residency in one of those European countries. If you have, then you can open an account using your Indonesian passport.

However, if I read the post in Bunq_Together (forum) one can open an account using an Indonesian passport. Not sure if the app will work in Indonesia.

 

[Wayan]

Only people living in one of the EEA- countries (European Economic Area) can open a Bunq account. As an Indonesian you need to have residency in one of those European countries. If you have, then you can open an account using your Indonesian passport.

Thanks for the prompt response. I have a German passport but no residency there nor in Europe. What's the key: the passport (nationality) or the residendy?

 

[Samoerai]

Thanks for the prompt response. I have a German passport but no residency there nor in Europe. What's the key: the passport (nationality) or the residendy?

Signing up for an account, the app wil only work in EEA countries as it asks for a telephone number.

 

[Wayan]

Ya, just got the similar answer from the bunq support. Mmmhh ... virtual IBAN providers (PayDo, Ibanize, ...) are a way?

 

[Balifrog]

Signing up for an account, the app wil only work in EEA countries as it asks for a telephone number.

i have an account in HKG, in France and here in Bali, and one opened with Wise while in Bali.
All declared with my Bali adress and Indo phone number.
All 4 apps work without problem.

 

[Samoerai]

i have an account in HKG, in France and here in Bali, and one opened with Wise while in Bali.
All declared with my Bali adress and Indo phone number.
All 4 apps work without problem.

Interesting!

According to Bunq's terms & conditions that should not be possible.
Did you open an account in France prior to opening an account in HKG and Bali?

Wayan can try to open an account in Indonesia with his local HP-number.

 

[Balifrog]

Interesting!

According to Bunq's terms & conditions that should not be possible.
Did you open an account in France prior to opening an account in HKG and Bali?

Wayan can try to open an account in Indonesia with his local HP-number.

Oops, I forget the details.
The account in France is over 50y old, opened it when living there, and always kept it when I moved overseas.
The one in HKG was opened 15 y ago when I started working there.
The one in Bali a few years ago.

When I settled down here I change my data for the French and HK account,, giving them my Bali adress and phone.