There are numerous instances of people sending money to Indonesia from different parts of the world. These include Indonesians who live out of the country and send money back home as well as people paying for products or services they have purchased from Indonesian businesses. Then, there are also instances of people sending money out of the country. Fortunately, you no longer need to rely on banks, and you get to choose from several international money exchange companies instead.
Transfer Money to Indonesia
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Indonesian rupiah (IDR) is the official currency of Indonesia. One rupiah is divided into 100 sen, although they are no longer in use. The name of the Indonesian rupiah comes from the Hindi word “rupiya,” which, in turn, is derived from the Sanskrit word “rupyakam.” Indonesians, commonly and informally, refer to the rupiah as perak, which literally translates to silver.
To send money to an Indonesian bank account, you will need the receiving bank’s SWIFT code. The table below lists SWIFT codes of some popular banks in Indonesia.
|Bank Rakyat Indonesia||Jakarta||AGTBIDJAXXX|
|Bank of Central Asia||Jakarta||CENAIDJAXXX|
|Bank Negara Indonesia||Jakarta||BNINIDJAAPK|
Popular Currency Corridors
Foreign currency from different parts of the world makes its way to Indonesia regularly, and the Indonesian rupiah also leaves the country on a regular basis. In 2016, more than U.S. $8.97 billion was sent from other countries to Indonesia in remittances, and U.S. $838 million was sent from Indonesia to other countries.
The amount of money that flowed in and out of the country in 2016 across popular currency corridors is listed in the corresponding tables. The figures are in U.S. dollars.
|United Arab Emirates||AED-IDR||$768,000,000|
How Do I Compare Companies When Sending Money to Indonesia?
When sending money to Indonesia from any other country, or to transfer money from Indonesia, the aspects that require your attention are basically the same.
- Rates and fees. When you send money to Indonesia, the cost of your transfer depends on the existing exchange rate and all associated fees. Offering fee-free transfers while offsetting the cost by providing less-than-favorable exchange rates is not uncommon. To keep the comparison simple, simply look at how much money will get to the recipient with the transfer amount remaining the same.
- Processing time. If you need to send money to an Indonesian bank account, the process may take one to five or more working days. The actual turnaround time depends on where you live, the company you select, and the receiving bank. If your top priority when sending money to Indonesia is speed, consider turning to a company that will let the recipient collect transferred funds from a physical location. Most such transfers tend to go through almost straight away.
- Making your payment. When sending money to Indonesia, you get to pay for your transfer in different ways, although this depends on the company you select. The most common way is through a bank account transfer. Finding companies that accept payments via debit and credit cards is easy. Some even let their customers turn to region-specific payment methods such as POLi, SOFORT, and iDEAL.
- Customer support. You may get local phone support depending on where you live and the company you choose. Several companies provide online support, either via email or chat, or both. Online platforms such as Feefo and Trustpilot give you insight into what previous customers of most such companies have to say about their services.
How to Transfer Money to Indonesia?
How you initiate your money transfer to Indonesia depends on the service provider you select.
- Online. Most banks that transfer money to Indonesia give their customers the ability to start the process online. However, since banks tend to fare poorly when it comes to exchange rates and fees, you might want to compare your bank’s offerings with those of leading money exchange companies.
- Over the phone. Some companies that facilitate fund transfers to Indonesia let you get started by speaking to their representatives over the phone. Some even provide access to dedicated currency brokers.
- In-person. While your bank might let you transfer money to Indonesia in person, compare it with companies that let you send money from physical locations.
Kevin completed his education in Australia. He continued living in the country because he got a suitable job. A few years later, upon a visit to Indonesia, he decided to buy a house there. Once he found the home he was looking for, he wanted to make the down payment for the purchase using his Australian bank account. While his bank let him send money to Indonesia, he was not sure if that was the best way forward. Upon comparing his options, this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||AUD $1 = IDR 10,412.07||AUD $1 = IDR 10,570.22|
|Transfer fee||AUD $0||AUD $0|
|Amount received for AUD $150,000||IDR 1,561,810,500||IDR 1,585,533,000|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||IDR 23,722,500|
Given the value of the transfer, Kevin’s bank was willing to waive off its standard currency exchange fee. However, by comparing it with specialist money exchange companies and selecting one according to his needs, Kevin ended up adding more money toward the down payment. Besides, the company he chose also let him schedule his mortgage payments so he did not have to carry out the process each month.
Cash Pickup Locations in Indonesia
If you want to send money to Indonesia and get the recipient to collect it from a physical location, you may choose from popular money exchange companies such as Western Union, MoneyGram, WorldRemit, and Ria.
|Western Union in Indonesia|
|Jakarta Pegadaian KC Cempaka Putih Jl Letjend Suprapto Kav 10 Blok A8 Kel Cempaka Putih Timur Cempaka Putih Jakarta||Pegadaan UPC Pasar Gembrong Baru Pasar Gembrong Kel Cempaka Putih Barat Cempaka Putih Jakarta|
|Semarang Pegadaian UPC Mrican Jl Sompok Baru 104c Lamper Kidul Semarang Selatan Semarang||Pegadaian UPC Lamper Lengah Ll Lamper Tengah Raya No 562 Lamper Tengah Semarang Selatan Semarang|
|Ria Money Transfer in Indonesia|
|Jakarta BRI Bank-Jakarta - Cut Mutiah Branch Jl Cempaka Putih Tengah II/1D Jakarta||BRI Bank-Jakarta - Kemayoran Branch Jl Letjen Suprapto No.22E Jakarata|
|Semarang Gajah Jl Gajah No. 8 Semarang Kawasan Pertokoan Gajah Semarang||UPC Buaran Jalan Raya Banyurip Alit Banjurip Alit Semarang|
Safety Tips for Picking Up Cash in Indonesia
Instances of armed robberies are not uncommon, and there are been a rise in the use of weapons. When collecting money from a cash pickup location, remain vigilant and open to the possibility of petty crime such as bag snatching and pickpocketing.
Criminals have been known to get their victims to withdraw cash from ATMs forcefully. The risk of petty crime has increased around tourist areas in and around places such as Bali and Lombok. Risks increase considerably if you are travelling alone after dark, especially if you are a woman.
Remain watchful of thieves when using public transport. Book taxis only through reputable companies because unlicensed taxis tend to overcharge, and there have been reports of thefts too. When travelling by car, keep your windows rolled up and doors locked at all times.
Do not leave your food or drink unattended. Never accept food, drinks, chewing gum, and even cigarettes from strangers. They might be spiked using substances that can put you at risk of robbery and sexual assault.
What Information Do I Need to Transfer Money to Indonesia?
When you are sending money to Indonesia, the information you need to provide varies depending on the desired transfer method.
- Bank account. Your service provider will need the recipient’s complete name, a bank account number held in the same name, the name of the receiving bank, and the bank’s SWIFT code.
- Cash pickup up. All you need to provide in this case is the name of the recipient along with a desired cash pickup location. The recipient may collect the money by presenting an acceptable form of ID along with a reference or transaction number.
Regulations When Transferring Money To and From Indonesia
Bank Indonesia, the country’s central bank, regulates foreign currency exchange in the country. If you plan to make a transfer of more than U.S. $100,000 from Indonesia to another country, you will need to complete a legally required underlying document. This also applies if you send more than U.S. $25,000 per month. Commercial banks that deal in derivatives-based transactions do not have to follow underlying requirements for amounts less than U.S. $1 million.
You may send money to Indonesia in a simple and cost effective way by following a few easy steps. Compare your top alternative across different parameters, and look for coupons because they can lead to even more savings.
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