Want to know how to send money from abroad to Indonesia or vice versa (from Indonesia to abroad)? Now it’s easier to send money between countries using Wise or formerly known as Transferwise.
I’ve been living abroad for the past few years, either for work or college. Well, there is definitely a need to send money, whether from an Indonesian bank account to a foreign bank account or vice versa.
I’ve tried several ways like Paypal, Western Unionand also Payoneer. But after meeting wiseit turned out to be very easy, the money arrived quickly in the account, and also the exchange rate was better.
Well, I will explain in more detail about how to transfer money or money from abroad and vice versa using Wise and also its advantages over other methods.
What is Wise?
Wise or better known by his old name, Transferwise is a company from England that provides money transfer services between countries.
Currently, Wise has more than 4 million subscribers worldwide.
Wise makes it easy to make transactions or make money transfers because it can be done through the website directly or the application on IOS and Android smartphones.
The reason why choose Wise to send money from abroad to Indonesia or vice versa?
As I mentioned earlier, I have tried various ways to send money from abroad to Indonesia. Wise this is the best, the reason:
- Easy to use because it can be directly from a web browser or just download the Transferwise application on your Smartphone
- The process is fast and it reaches the destination bank account right away (less than 30 minutes)
- Lower fees (2.5x cheaper than banks and other providers)
- Better exchange rates
- Can send money from or to 80 countries in the world.
- You can use e-wallets such as Gopay, Dana and OVO for overseas transfers.
Maybe many of you are already familiar with Paypal. Paypal is popular for buying and selling transactions online.
Indeed, paypal is easy to use. You just enter the e-mail address of your paypal account and you can transfer money.
However, the transaction fee is quite high (5.4% + USD 0.3) to withdraw money from a Paypal account is subject to a fee and also the exchange rate in my opinion is quite expensive.
Western Union is also more complicated, because the recipient has to come to a place, for example the post office to pick up the money sent.
No need to worry about Wise because this method is safe and reliable. Many have used Transferwise because it is fast, easy, and low-cost.
You can send money from these countries or currencies to Rupiah:
- Euro
- British Pound Sterling (GBP)
- Indian Rupee (INR)
- Singapore Dollar (SGD)
- US Dollar (USD)
- Australian Dollar (AUD)
- Hong Kong Dollar (HKD)
- New Zealand Dollar (NZD)
- Japanese Yen (JPY)
- Malaysian Ringgit (MYR)
- United Arab Emirates Dirham (AED)
And many more, just check other currencies and exchange rates on Wise directly!
Check Exchange Rates on Wise
On average, large banks in Indonesia can receive funds from abroad. Just make sure you have details such as the bank’s SWIFT code, OK!
How to send money from abroad to Indonesia or vice versa with Wise
Okay, in this section I will explain how to send money from abroad to Indonesia using Wise or formerly known as Transferwise:
1. Enter the Wise site via this link or you can download the Wise application on the Google Play Store or Apple Store.
2. Enter the amount of money you want to transfer. Since I am in Singapore, I will give an example of wanting to transfer money from Singapore to Indonesia in the amount of SGD 1,000.
Wise will tell you directly the cost and also how much the exchange rate will be. Well, you can see that the fee is only SGD 5, and also what the exchange rate or amount will be received by the recipient.
3. Fill in the form about the recipient’s bank details: beneficiary name, beneficiary bank, and also beneficiary bank account number.
4. Fill in your personal data: country, name, date of birth, address, city, postal code, and telephone number.
5. Check or review return the transfer amount information and also the destination bank account.
6. Because you’re a new user, you have to verify yourself first. Upload your ID, you should just use a passport. Verification takes 2-3 days.
7. Select the option for payment for transferif in Singapore you can use PayNow, Debit Card, and also Credit Card.
So, all you have to do is wait for the verification process to be approved and the money will enter the recipient’s bank account. To transfer money from Indonesia to abroad, you can watch this video for the tutorial.
Check Exchange Rates on Wise
Conclusion
So, now if you want to send money or transfer money from Singapore to Indonesia, send money from Malaysia to Indonesia, or even send money from America to Indonesia, or vice versa (send money from Indonesia to overseas), you can just use Wise.
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