Send Money to Indonesia

GCEN
Margin Rate: 1.5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
HIFX
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
IFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: Not FCA Regulated

Countries in Indonesia

Send money transfer to Indonesia

There are few restrictions on transferring money to Indonesia. Care should be taken if those funds need to be returned however. Money transfers from Indonesia related to the settlement of foreign trade, incoming or outgoing offshore grants, bank deposits held in foreign currency, or offshore loans may be completed in foreign currencies. However, if the local currency is involved it can become more complicated

The reporting onus on transfers to Indonesia rests with the financial institutions in country who must report all overseas transactions to the central bank, Bank Indonesia, regardless of the amount.

For individuals this is likely to be irrelevant but business needs to be careful sending funds to Indonesia. While the government has relatively few currency restrictions for incoming personal funds, Indonesia’s business environment can be very complicated and hard to navigate, largely due to opaque bureaucratic processes and local partnership requirements. Foreign direct investment (FDI) is heavily restricted in certain sectors such as forestry, public transport, and media, and we recommend consulting the latest list issued by the central bank and Ministry of Foreign Affairs before undertaking significant funds transfer to Indonesia.

For simple transfers to Indonesia, there are different options available:

Provided the recipient has a bank account in Indonesia a bank transfer will be the easiest method of sending cash. If an account is being opened, care should be taken as to which bank is used. There are certain Western high street banks operating in Indonesia as well as local banks. For business, two of these local banks account for some 95% of transactions as other banks clear through them. While foreign currency accounts are available, funds can only be withdrawn in local currency and inflation is a factor that needs to be borne high in the mind.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and they allow you to transfer money to Indonesia. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to Indonesia. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing.

The usual downside however is that with most brokers there are minimum levels involved so they may be only suitable for businesses or individuals moving more significant sums of money. There are also comparatively fewer brokers dealing in Indonesia than other more established economies.

Bank Note System
The country’s monetary unit, the Indonesian Rupiah (IDR), often uses the abbreviation Rp. One rupiah is equivalent to 100 sen, however, sen have largely fallen out of use due to inflation. The central bank issues banknotes in values of Rp1000, Rp2000, Rp5000, Rp10,000, Rp20,000, Rp50,000 and Rp100,000. Coins are available in values of Rp50, Rp100, Rp200, Rp500 and Rp1000.

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