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  • Money Transfer To Indonesia

    Well, from Europe I use Revolut. It's a UK based internet bank which charges nothing, really nothing for international transfers. I use them every month to send money to my wife in Bogor.
    There is another financial institution I know of, N26, which is based in Germany that seems to provide the same services but so far I have only used Revolut as they fit the bill perfectly for me.
    It's actually working with your smartphone and the account is paired with it. So you do everything from your phone. Some reviews in France were a bit scary but I did give it a careful try in the beginning. So far I have nothing to complain about and it has been working flawlessly.

    The only thing is that you have to use their premium services which are priced at 9.90 Euros per month.



  • #2
    Originally posted by scottocs View Post
    Well, from Europe I use Revolut ... which charges nothing, ... it has been working flawlessly.

    The only thing is that you have to use their premium services which are priced at 9.90 Euros per month.

    From other countries to Indonesia , there are other good options (Transferwise , for example) .

    We would appreciate if you give us more details of how you do it with Revolut (an example of how much you did transfer , how much your wife in Bogor did receive and which was the exchange rate for that moment at one of the online fx companies) . I did read information on Revolut website but I didn't like very much .
    Last edited by marcus; 02-01-19, 09:00.

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    • #3
      From https://www.moneysavingexpert.com/ba...ency-exchange/

      Sending Money Abroad :
      ........
      What will it cost?
      1) Fee
      The obvious charge.
      A multitude of fees, charges or commission can apply both to the sender and the recipient. Many providers impose multiples of small additional charges to disguise the real cost of the service.

      2) Exchange rate.
      The hidden charge.
      Many companies claim to be 'commission-free' and then dampen the exchange rate so you get less bang for your buck. It's often difficult to get hold of the exact rate and compare it, as some providers don't publish daily rates which change throughout the day.

      The best way to compare :
      A multitude of fees and exchange rates make transferring money seem like a complicated minefield. Quite simply, it boils down to one very simple key question:

      After all charges, how many euros/yen/dollars will I get?

      It sounds simple but sometimes it's hard to get an answer. Exchange rates change throughout the day, and possibly by the minute. In order to compare providers properly, you'll need to do it all in one go.


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


      From https://www.thisismoney.co.uk/money/...sh-abroad.html

      Transferring Money Overseas
      ........
      Which firm offers the cheapest rates?*
      Transfer company / Euros received for transferring £1,000 into a French account (including fees)
      xe.com / €1,184.17
      Xendpay / €1,180.35 (not including optional £4.50 fee)
      TransferWise / €1,175.02
      Currency Fair / €1,174.30
      Azimo / €1,171.37
      Western Union / €1.171.94
      Moneycorp / €1,165.16
      Halo / €1,160
      PayPal / €1,135.21

      *Rates as of April 27 2017, including any compulsory fees.


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


      From https://www.nerdwallet.com/blog/bank...ternationally/ , April 2018

      Best Ways to Send Money Internationally :
      ........
      Best customer experience :

      - Transferwise
      Easy sign-up process

      - Xoom
      Multiple delivery options


      Cheapest :

      - Transferwise
      Best exchange rates
      Jump down for more details

      - OFX
      No fees charged by OFX


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


      From https://moneytransfercomparison.com/all-providers/

      Top Money Transfer Service Providers, ...

      1) World First (minimum EU$1'000)
      2) Currencies Direct
      3) X torfx (minimum EU$500)
      4) Moneycorp
      5) Currency Solutions
      6) Global Reach Group
      7) OFX
      8) Halo Financial
      9) Transferwise
      10) Payoneer
      11) Currency Index
      12) Lebara Money Transfer
      13) Key Currency
      14) CurrencyFair
      ......

      Comment


      • #4
        Originally posted by marcus View Post


        From other countries to Indonesia , there are other cheaper options (Transferwise , for example) .

        We would appreciate if you give us more details of how you do it with Revolut (an example of how much you did transfer , how much your wife in Bogor did receive and which was the exchange rate for that moment at one of the online fx companies) . I did read information on Revolut website but I didn't like very much .
        Alright Marcus,

        I am going to give you info for this month as an example. My wife's BCA account is registered as a beneficiary at Revolut so when I want to send her money I just tap on her account and enter the amount I wanna send. I like the simplicity of it all as I find it convenient and fast.

        On December 13, I sent 1250 Euros for example. Her account was credited on December 14 with 1245.6 Euros that were converted by BCA to 20,497,593.6 Rupiahs which gives us a rate of 16456 Rupiahs for 1 Euro on that day.

        On december 21, I sent 500 Euros. Her account was credited with 495.6 (so on each transaction 4.4 Euros are charged it would seem... I am not sure by which bank, Revolut or BCA) on December 26 that were converted to 8,222,558.82 Rupiahs which gives us a rate of 16590 Rupiahs for 1 Euro.

        If I look at the mid rates on https://www.poundsterlinglive.com/be...h-history-2018, it seems reasonable but I have to admit I haven't really compared with other services.

        BTW, what didn't you like on the Revolut website? I do not pretend to have chosen the best solution and I am always interested to learn of alternatives...

        Comment


        • #5
          Originally posted by scottocs View Post
          (I) ... I sent 1250 Euros for example. Her account was credited .. with 1245.6 Euros that were converted by BCA to 20,497,593.6 Rupiahs ... I sent 500 Euros. Her account was credited with 495.6 (so on each transaction 4.4 Euros are charged it would seem... I am not sure by which bank, Revolut or BCA) ...

          (II) BTW, what didn't you like on the Revolut website? ...

          (I) Thanks for the examples . So , from that it seems the cost between Revolut & BCA is a fixed value of 4.4 Euros , independently of the amount of money transferred . Very low cost indeed !

          The cost from Euro to Rupiah from the BCA website is around 0.3% (unless you get a better rate than the one stated there) .

          (II) I think that Revolut website does not give enough information . This is why your information is very useful for people who want to do the same as you .


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

          Could you tell us :

          (x) Is your account in BCA a Rupiah account or an Euro account ?

          (y) If an Euro account , is it possible to withdraw Euro notes from the account without fee ?
          If so you could reduce the currency conversion cost to around 0.1% if you convert the Euros in a very good money changer like http://vip.co.id . Besides that , you can have more flexibility in choosing the best moment to make the conversion (I do that with my USD account at HSBC as HCBC has a very bad exchange rate) .
          Other way to reduce the currency conversion cost is to choose another bank with a better cost , like Panin Bank (http://www.panin.co.id) .

          Comment


          • #6
            Originally posted by marcus View Post


            (I) Thanks for the examples . So , from that it seems the cost between Revolut & BCA is a fixed value of 4.4 Euros , independently of the amount of money transferred . Very low cost indeed !

            The cost from Euro to Rupiah from the BCA website is around 0.3% (unless you get a better rate than the one stated there) .

            (II) I think that Revolut website does not give enough information . This is why your information is very useful for people who want to do the same as you .


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

            Could you tell us :

            (x) Is your account in BCA a Rupiah account or an Euro account ?

            (y) If an Euro account , is it possible to withdraw Euro notes from the account without fee ?
            If so you could reduce the currency conversion cost to around 0.1% if you convert the Euros in a very good money changer like http://vip.co.id . Besides that , you can have more flexibility in choosing the best moment to make the conversion (I do that with my USD account at HSBC as HCBC has a very bad exchange rate) .
            Other way to reduce the currency conversion cost is to choose another bank with a better cost , like Panin Bank (http://www.panin.co.id) .
            Actually N26 uses TransferWise to complete FX transactions but I haven't used their service yet as it is a bit more difficult to fund a N26 account. With Revolut, you top up your ac with your credit card and it's immediate, with N26 you have to do a transfer from your bank first.
            Probably, the best solution would be to get a Revolut card for my wife as the costs would become really minimal in that case. But the direct transfers work pretty well so far and don't cost us that much. The only problem is that since last summer, the Euro has gone down and the difference for 1000 Euros is about 1 million Rupiahs so far which is quite a lot indeed.

            So we've been thinking about having a Euro account which brings us to your other questions:

            (x) As far as I know, BCA only offers the possibility to open a Dollar AC, either in USD or in SGD. They do not have multi currencies accounts.

            (y) We've been contemplating to open an account with another bank and waiting for news from HSBC. But as you point out HSBC might not be the best solution. I looked at OCBC as well which might be interesting but didn't know about Panin Bank solutions. I'll have to compare, the idea being to transfer Euros when the Euro is low and Rupiahs otherwise.

            But to come back to the Revolut subject, it seems to me it's all in all a pretty good and cheap solution when traveling or transferring money and it's simple and straightforward. Be aware though that the account is paired with your smartphone and that you cannot do anything without it. The website is there just for info and you can't do squat from it. Everything goes through your phone app. I surely wouldn't put all my money on it and only use it for convenience. Price might seem a bit steep at nearly 10 Euros per month though...

            Comment


            • #7
              Originally posted by scottocs View Post
              (a) ... With Revolut, you top up your ac with your credit card ...

              (b) So we've been thinking about having a Euro account ... waiting for news from HSBC. But as you point out HSBC might not be the best solution ...

              (c) But to come back to the Revolut subject, it seems to me it's all in all a pretty good and cheap solution ... Price might seem a bit steep at nearly 10 Euros per month though...

              (a) To me it seems strange to accept credit card for that as they will receive cash sometimes some 45 days later , unless there is a fee for that too .

              (b) If you have a big investment in HSBC in order to get a Premier account , you can send Euros for free to an Euro account in HSBC Indonesia , but then you better take the Euros to convert elsewhere . For smaller investments there you get the Advance account and you are charged USD7 (fee per transfer) for doing that .
              I am happy with the USD account in Panin , but I think they only open foreign currency accounts for people with the NPWP (Indonesian tax number) . I guess they have account in Euros too .

              (c) I agree that Revolut seems good . Lets say that you send 1'500 Euros once per month : fixed cost = 9.9 + 4.4 = 14.3 Euros (0.95% of 1'500 Euros) . EUR to IDR cost around 0.3% . Total cost around 0.95% + 0.3% = 1.25%

              According to https://transferwise.com/ , if you send now 1'500 Euros , you receive Rp24'558'355 . At Google search , the rate EUR/IDR = 16'520 , so cost would be 0.9% (not checked by a real transfer though) .
              Last edited by marcus; 13-02-19, 11:05.

              Comment


              • #8
                Originally posted by scottocs View Post

                Actually N26 uses TransferWise to complete FX transactions but I haven't used their service yet as it is a bit more difficult to fund a N26 account. With Revolut, you top up your ac with your credit card and it's immediate, with N26 you have to do a transfer from your bank first.
                Probably, the best solution would be to get a Revolut card for my wife as the costs would become really minimal in that case. But the direct transfers work pretty well so far and don't cost us that much. The only problem is that since last summer, the Euro has gone down and the difference for 1000 Euros is about 1 million Rupiahs so far which is quite a lot indeed.

                So we've been thinking about having a Euro account which brings us to your other questions:

                (x) As far as I know, BCA only offers the possibility to open a Dollar AC, either in USD or in SGD. They do not have multi currencies accounts.

                (y) We've been contemplating to open an account with another bank and waiting for news from HSBC. But as you point out HSBC might not be the best solution. I looked at OCBC as well which might be interesting but didn't know about Panin Bank solutions. I'll have to compare, the idea being to transfer Euros when the Euro is low and Rupiahs otherwise.

                But to come back to the Revolut subject, it seems to me it's all in all a pretty good and cheap solution when traveling or transferring money and it's simple and straightforward. Be aware though that the account is paired with your smartphone and that you cannot do anything without it. The website is there just for info and you can't do squat from it. Everything goes through your phone app. I surely wouldn't put all my money on it and only use it for convenience. Price might seem a bit steep at nearly 10 Euros per month though...
                Somehow it could be very painful if you're just paying all of your hard-earned money in taxes and fees by those big brands. I had personally been using Payoneer but due to their huge fee, I recently moved out to PayPal and now it's doing the best for me. I'm currently using their Business Account but is better than ever.
                Learn all about Payoneer MasterCard here.

                Comment


                • #9
                  From what I see , Payoneer seems expensive and Pay Pal also does not look good .


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


                  From https://www.payoneerhow.com/payoneer-fees/

                  [Payoneer Prepaid MasterCard :
                  Card Annual Activation $29.95
                  ATM Withdrawal $3.15

                  Payoneer Receive Payment Fees:
                  Global Payment Service 1%
                  Direct Payments From Customers Up to 3%

                  Payoneer Bank Transfer Fees
                  Normally Payoneer charges only $5.95 or $9.95

                  Payoneer Exchange Fees
                  Normally when you withdraw payments from your Payoneer account in a different currency via a bank account, there’s 2% conversion/exchange rate set by Payoneer, however, the Payoneer MasterCard conversion/exchange fees is 3.5% of the total amount you withdraw.


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


                  As I could not find fees in https://www.paypal.com/id/webapps/mpp/home , I am copy/pasting what one of the Forum's member (Sergei) wrote here @http://www.livinginindonesiaforum.org/forum/general/laws-visas-money-matters-and-documents/9547-receiving-money-from-paypal in Apr 2011

                  "... According to PayPal fee policies, PayPal will charge 0.5% (or 1% or 2% based on recipient's country) of the amount, excluding currency conversion. You can also use their handy calculator for a quick estimate. Currency conversion costs additional 2.5%.
                  According to withdrawal fees page, withdrawal from PayPal to Indonesian bank account should be free for amounts larger than Rp.1,500,000. Depending on the bank there could be an additional fee from there.

                  So if I were to send $5000 CAD to myself instead of getting Rp. 45,229,144 (based on today's rate), I'd get Rp. 43,877,923, paying Rp. 1,351,221 or 3% in fees.


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


                  From http://transumo.com/transferwise-vs-paypal/ , Apr 2017
                  [... Conclusion. Overall, if you are looking to send money as cheaply as possible then Transferwise is usually going to be cheaper than PayPal. It does not make money off the exchange rate and only charges a small percentage of the overall transfer as its fee. ... However, that doesn't mean that PayPal doesn't have its place ...
                  PayPal total cost = Exchange Rate + Fees = (2.5 + 0.5) to (4 + 7.4) = 3% (min) to 11.4% (max)
                  By contrast the fee for using Transferwise is 0.5% for most major currencies. However this can increase if you use different currencies. For example, sending GBP (UK) to CNY (China) will be charged at a rate of 1.5%...]
                  Last edited by marcus; 18-02-19, 10:23.

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