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  • Transferring money out of Indonesia

    I will be selling a business in Indonesia & expect about a 7 billion ( 550,000 USD) payout.
    My question is: what is the process to transfer that money out of Indonesia & into an already established ( and legal) off shore account in the British Virgin Islands? Is it as simple as a SWIFT transfer? Any idea of fees?
    Also, is it to my benefit to open a USD account within my Indonesian bank and have IDR converted to USD prior to transfer?

    Thanks in advance

  • #2
    Originally posted by savorygal View Post
    (1) ... what is the process to transfer that money out of Indonesia ...

    (2) Any idea of fees?

    (3) Also, is it to my benefit to open a USD account within my Indonesian bank

    (4) and (is it to my benefit to) have IDR converted to USD prior to transfer?


    (1) I never transferred that much but I guess there is no better way than a SWIFT transfer .

    (2) Last time I checked , many banks were charging around USD5 (only sending bank fee) . Unless you pay here all costs , usually there is a correspondent bank fee (around USD20) and maybe a receiving bank fee too [in Indonesia many banks don't charge this fee , but BCA , for example , charged me (some 15 years ago) USD5] .

    (3) I know that HSBC for example , as far as I understood , it charged more for the SWIFT if you don't do the exchanging currency with HSBC . Opening an USD account is free in most banks (but you may be charged when closing it , in my bank it costs around USD5) .

    (4) Probably yes . I am almost sure your bank abroad will charge you a lot more for converting IDR to their currency or to USD or any other currency (I never saw a so cheap cost of exchanging currencies as in Indonesia , for example , in my country it costs around 5% (of the amount) to exchange our currency to USD , here exchanging IDR to USD may be as cheap as 0.11% , in the best places - see links below) .


    http://www.panin.co.id (exchange rates)
    https://www.gmc.co.id/ (money changer , Bandung) Note : GMC also do SWIFT
    http://vip.co.id (money changer , Jakarta)

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    • #3
      Sorry , forgot to tell about another way that can be even cheaper , but only if you already have accounts with these banks (otherwise I think it is not worth opening now to close it soon) . Banks like HSBC , Citibank , and maybe Standard Chartered , have an internal system to transfer money abroad when you are their clients in both sending/receiving countries . In HSBC , for example , it is free if you are a Premier client but charged if you are an Advanced (?) client (in other words , they give something for free when they are already charging you in other services) .

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