A Guide to Sending Money to Indonesia

The Best Way to Safely Transfer Money to Indonesia:

1. Compare your local banks and money transfer services

2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available

3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Indonesia. You also may need to pay for the transfer before the money is sent abroad


Exchange Rate Comparison Tool

 
 

Indonesia Money Transfer Guide

Transferring large amounts of currency

Transfering a Large Amount of IDR

If you are sending more that $10,000 between Australia and Indonesia, you should examine

1. Banks and money transfer companies that are regulated with a strong history of international payments

2. The exchange rate being offered

3. Any extra fees they charge


Our Verdict: For larger transfers, consider Transferwise. They give you the same exchange rate as you see on xe.com. They also offer a lower fee for amounts over $10,000.

Winner: Transferwise
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Moving from Indonesia to Australia

Every Australian banks will accept currency transfers to and from Indonesia. This option is a slightly quicker (by 1 day) way that lets you transfer funds overseas. However, not all banks will accept Indonesian Rupiah (IDR). And you'd most likely face disappointment if you're expecting to receive the best possible exchange rate on offer. Moreover, banks impose a high international money transfer fee.

 

An online money transfer service is the best option if you want to avoid these high fees when using a bank. This is helpful especially if you want the freedom to select a transfer provider most suited to your needs.


Winner: TorFX
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family

Friends and Family

Being away from home can be difficult as times, especially when you are missing out on eventful festivities with your friends and family. Western Union is a great option if you are seeking to send a small amount of money home. For larger amounts, reach out to providers that can offer you a fee waiver for your transfer

This is the main reason why it is of the upmost importance for you to search out providers that suits your needs, and discuss your options with a currency exchange and money transfer specialist.


Our Verdict: With the right foreign exchange specialist like OFX it is possible to get a spread of 1% or lower.

Winner: OFX
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Buying or Selling Property

Whether you are purchasing your first home or buying a property for investment purposes, it is vital to engage a provider that can give you the flexibility and support throughout the process. A provider with a strong presence in Australia and Indonesia will make life easier.


Our Verdict: TorFX is an ideal choice for property settlement transfers. A local account manager will be appointed to guide you through each step. They are fully licensed in Australia and also offer a global support network.

Winner: TorFX
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Transferring currency for business

Business Currency Transfers

Transferring money for your business? Find the best option with these 2 key points:

1. The exchange rate margin - this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get

2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders


Winner: Transferwise
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Studying Overseas

The cost of tuition fees are continually increasing. With some part time courses starting at $15 000 and full time courses even surpassing the $50 000 mark. As an international student, you would also have to factor in living expenses, accommodation and bills. At this point, we're no longer looking at a small amount.

For larger payments such as full time University fees, keep a close watch for the provider that offers the best exchange rate. For smaller payments like a part time course, observe the transfer fee that is being charged.


Winner: World First
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How much will it cost to transfer money to or from Indonesia?

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren't always obvious. Here are the most common charges to transfer money from one bank account to another

1. Standard Fees

These are the most common fee types.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.

2. Bank Surcharges

These are fees that your bank may or may not charge you for.

Money transfer bank fees

Corrospondent Bank Fees

This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.

Money transfer receiving bank fee

Recieving Bank Fee

If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.


OFX offer

Offer

Ready to go?

Get your first two transfers to Indonesia with OFX for free

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How To Transfer Money Online


Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:


Setting things up (only has to be done once)
  • Log on to their website and register your details. You'll need to have some I.D handy
  • Once your account has been approved, you'll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the "Beneficiary" or "Recipient"

Tranferring Money
  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You'll get a deal confirmation. Finally you'll need to pay them the Australian dollars before the money is sent.

1. A Bank

Banks in Australia have higher fees and uncompetitve exchange rates compared to Indonesian Banks. But this doesn't mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.
 

2. Paypal

This is a great option for anyone sending smaller amounts under $1000. The exchange rate you'll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.
 

3. A Money Transfer Company

Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you'll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don't have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Indonesia and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overeas, you'll need the following information of the bank account you are sending the money to:

Beneficiary or Recipient Details
  1. The Account Name of your Recipient (person/business you are paying)
  2. Their address
  3. The SWIFT Code of their bank
 

A note about sending money to Indonesia:

It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.



Swift Codes

Here is a list of SWIFT codes for the biggest banks in Indonesia:

Bank Mandiri : BMRIIDJA

Bank Rakyat Indonesia : BRINIDJAXXX

Bank Central Asia : CENAIDJA

Bank CIMB Niaga Indonesia : BNIAIDJA

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