Announcement

Collapse
No announcement yet.

Indonesian Banks, information & pensions..

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Indonesian Banks, information & pensions..

    Hi all,

    Actually this is on behalf of my father who is an Indo expat of 30 years, and should now be enjoying his UK Pension. However, due to the 'unique' nature of Indonesia banks they are unable to pay his Indonesian banks. So i'm hoping that someone maybe able to fill in the gaps so I can provide the UK Pension service with the final bank details they require. He has spoken at length to his bank (Permata) but they don't seem particularly clued up.

    It seems the core issue is that Indonesian banks do not use IBAN code, and this has caused issues. They have all the other details, Swift codes etc.

    But what is required instead is a '7 digit bank code' and 'SKN code'. Unfortunately when asked for more details about what these are the Pension Service is unsure.

    So - those with UK Pensions - have you had similar issues? Can you advise your workaround? Or, do you know what the 7 digit bank code / SKN is - and how to get it from the branch in questions?

    Thanks in advance!

  • #2
    Re: post #1
    Hi moonchildBee and welcome.

    I've been receiving the UK OAP for 15 years but it's paid into my offshore (Channel Isles) HSBC account. I did that when I lived in USA and received the increased indexing. When I advised I live in Indonesia the indexing stopped.

    I then global transfer (free) what I need to my Jakarta HSBC GBP account. I exchange that when the rate is good...like now! I could have it sent directly to my HSBC Jakarta GBP account but too lazy to go thru' the process.

    I think your dad's problem may be he doesn't have a GBP account and they are reluctant to send and exchange at the same time. I know that funds can be transferred from UK as I've received into my HSBC bank from other financial companies, using Swift code, but always in GBP. I find it better sometimes to use TransferWise to do the exchange part, rather than the bank, as TW gives a better rate.

    Comment


    • #3
      Thanks Davita for response and welcome.

      Rather frustratingly he does have a UK account, but doesn't have online access which frustrates me as i'd happily organise the Transferwise part of it. I'm looking at workarounds, but it's frustrating.

      The best solution I can find currently is to find out what this is that stopping the UKPA being able to transfer into his Indo account - they've tried twice, and been returned twice.

      Comment


      • #4

        Indonesian banks use the Swift system to transfer money and I've used it often...so I cannot understand why Permata doesn't work. Here is the swift code for Permata Jakarta bank...BBBAIDJA and this should be followed by your dads personal account number.
        However I'd suggest setting up a separate GBP account and have the GBP transferred as the banks exchange rate is not so good as most money changers rate or TransferWise.

        Comment


        • #5
          Yup, I have the SWIFT & AC number. It's the '7 digit bank code' and 'SKN code' that is now required on top of that sadly

          Comment


          • #6
            Originally posted by MoonchildBee View Post
            ... They have all the other details, Swift codes etc. But what is required instead is a '7 digit bank code' and 'SKN code'...

            I guess there is a misunderstand because as Davita did transfer to Indonesia , I also did transfer to Indonesia (from South America) , using no other bank code in addition to the SWIFT code (usually 8 letters) . Cannot tell the problem as I don't receive UK pension .


            ------------------------------

            Reading https://www.gov.uk/state-pension-if-you-retire-abroad , I guess it would be better to receive in an UK bank (your account , for example - see below that it is possible) and later transfer to Indonesia with TransferWise , for example , because as they pay in the currency of the country where you receive , the exchange rate may not be good (as generally it is not) .

            [... You can use:
            • an account in your name
            • a joint account
            • someone else’s account - if you have their permission and keep to the terms and conditions of the account
            • .......
            • You’ll be paid in local currency - the amount you get may change due to exchange rates....]

            Comment


            • #7
              I think someone is just giving you problems as the SKN system is the settlement/clearing system for low value funds (below Rp100M) between the street banks and the Central Bank of Indonesia...it has nothing to do with personal banking accounts.

              The 7 digit bank clearing code for Bank Permata is....0130307

              Comment


              • #8
                Originally posted by Davita View Post
                ... However I'd suggest setting up a separate GBP account and have the GBP transferred as the banks exchange rate is not so good as most money changers rate or TransferWise.

                It is a good idea , even better if you have an account in Panin Bank , which has an even better exchange rate . But unfortunately , according https://www.gov.uk/state-pension-if-you-retire-abroad , it seems that UK State Pension does not transfer In GBP to Indonesia (they state they will pay "in the local currency", unless I am not interpreting it correctly) .

                Comment


                • #9
                  Originally posted by Davita View Post
                  ... I then global transfer (free) what I need to my Jakarta HSBC GBP account. I exchange that when the rate is good...

                  Davita , I suppose you know that HSBC's exchange rates are not good . I also have a HSBC Indonesia account (but in USD) , and I withdraw USD bank notes from the account there to exchange at a good money changer or at Panin Bank (it fits well because Panin only accepts new notes , and HSBC always gives me new notes) .


                  http://www.panin.co.id (exchange rates)

                  Comment


                  • #10
                    Originally posted by marcus View Post


                    Davita , I suppose you know that HSBC's exchange rate are not good . I also have an HSBC Indonesia account (but in USD) , but I withdraw USD bank notes from the account there to exchange at a good money changer or at Panin Bank (it fits well because Panin only accepts new notes , and HSBC always give me new notes) .


                    http://www.panin.co.id (exchange rates)
                    I agree that the normal HSBC rate isn't as good as other methods of exchange but, as a Premier member, they offer a better rate over the phone. This rate may also be lower than money exchangers or TransferWise but are secure as I don't need to carry notes nor waste a few days for the exchange to take place.
                    If I need to transfer a large amount I use TransferWise.

                    Recently we needed GBP for a trip to Australia (I don't keep an AUD account) and did just as you recommend.....took crisp cash and changed in a money exchange in Adelaide.

                    Comment


                    • #11
                      Originally posted by marcus View Post
                      It is a good idea , even better if you have an account in Panin Bank , which has an even better exchange rate . But unfortunately , according https://www.gov.uk/state-pension-if-you-retire-abroad , it seems that UK State Pension does not transfer In GBP to Indonesia (they state they will pay "in the local currency", unless I am not interpreting it correctly) .
                      It does state you will be paid in a local currency but I'm not so sure it means they will NOT pay into a GBP account in a foreign bank. The Pension is transferred in GBP, as they don't do foreign exchange, but I think they infer the foreign bank will change to local currency.

                      I've recently had a few investments from UK financial service companies remitted to my GBP account in HSBC in Jakarta as that is the only bank I can verify myself as a resident. The new Common Reporting Standards (CRS), which come into effect in RI next April, mean the bank has to know its client.

                      My UK HSBC account, where my pension is paid, is actually in the Channel Islands...I've never been to the Channel Islands but I created the account in 1974 when I left UK to become an expat. Different rules then!

                      Re: MoonchildBee....you need to advise your dad....when he receives his pension make sure he answers their request to see if he has died already. I missed that letter as I was on holiday and they assumed my demise and cancelled my pension.... I had to provide evidence that I wasn't dead to have it re-instated.

                      Comment


                      • #12
                        Originally posted by Davita View Post
                        ... but are secure as I don't need to carry notes nor waste a few days for the exchange to take place...

                        How I do :
                        - Leave x USD in my Panin Bank USD account ,
                        - When rate seems good , I go to HSBC , withdraw x USD , then go to Panin (5 minutes away) , deposit x USD and also withdraw/exchange to IDR the x USD that was already in the USD account (all very quick , most of the times in 10 minutes) .

                        I don't have an IDR account in Panin , but if I had , I could just call them to exchange x USD from my USD account and put it in my IDR account . They said I could do it online in the internet banking too .

                        Comment


                        • #13
                          Thank you all, this is all critically important information. It appears that UKPA require information over and above anyone else. I'm working on all kinds of solutions, so please keep ideas coming.

                          Davita - can I ask where you got the 7 digit clearing code - as I got a different one!! I definitely don't want to give them the wrong one.

                          Also, it's interesting that you all use Transferwise - I do in the UK, so it seems to get the thumbs up for rates and also ease of transfer. My current thinking is to try and get him access to his UK bank account (which he hasn't used in years, but exists), get him online banking, and a Transferwise Account.

                          Comment


                          • #14
                            Originally posted by MoonchildBee View Post
                            ... it's interesting that you all use Transferwise ...

                            No , I never used it . Maybe you can find an even better company : https://moneytransfercomparison.com/

                            Remember that TransferWise does tranfer + currency exchange . In Indonesia one can find very cheap way to exchange (like here http://www.panin.co.id) , so you can look for a cheap company that just does transfer .

                            Comment


                            • #15
                              Here are all the Permata bank 7 digit clearance codes...you will note I gave 0130307 which is for Permata Banks in central Jakarta. You should select the one that your dad has an account.

                              http://www.istanto.net/indonesian-ba...ta-tbk-jakarta

                              For ease of helping your dad, who I understand from another thread is unwell, I would think your last sentence is your best solution as you could easily do that for him from afar..... "My current thinking is to try and get him access to his UK bank account (which he hasn't used in years, but exists), get him online banking, and a Transferwise Account."

                              Comment

                              Working...
                              X