You don’t want to deal with a stressful and costly process when you want to send money to Indonesia. Compare the transfer fees and exchange rates of the options available to you to get the most Indonesian rupiahs for your euro.
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Compare money transfer services that send to Indonesia
Use the table below to check out which money transfer company could be best for you. Enter how much you want to send in the calculator and you’ll be able to compare the fees, exchange rates and features of each company.
Online money transfer providers typically offer the strongest exchange rates and lowest fees to send money to Indonesia. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Banks, PayPal and other options are available but come with high fees, weaker rates and longer turnaround times.
Digital money transfer services
Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Indonesian bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in Indonesia – often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly when possible.
The Indonesian rupiah isn’t a popular currency, so your local bank probably won’t be able to exchange EUR for IDR. If your bank does support the Indonesian rupiah, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s crunch the numbers: Sending €1,000 to Indonesia
Let’s say you need to send €1,000 to family in Indonesia. Here’s what you might face as far as fees and exchange rates as of 12 November 2020.
Digital money transfer service
€20 + additional correspondent bank fees
1 EUR = 16,661 IDR
1 EUR = 16,225 IDR
1 EUR = 15,830 IDR
Slowest and most expensive
The bank option ends up being the slowest way to send money to Indonesia and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with IDR 831,070 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Indonesia in as little as 15 minutes.
How to send money to Indonesia online
Sign up and send money to Indonesia with a digital money transfer specialist in four steps:
Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Indonesian bank account details.
Confirm transfer details. Double check your payment method, expected fees and destination.
Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Indonesia. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to Indonesia
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Indonesia to meet your needs:
Exchange rates. The EUR to IDR relationship fluctuates often, so using a service that allows you to lock-in exchange prices may help you save money down the line.
Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Indonesian rupiahs you’re sending.
Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Indonesia.
Minimum limits. Average incomes vary widely between Ireland and Indonesia, which means companies with high minimums transfers may not be your best choice.
Transfer methods. Whether you want money sent to an Indonesian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send emergency cash transfers to Indonesia
When it’s more important to send money to Indonesia quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Indonesia without a bank account
If you don’t have a bank account, you can still use cash transfer services to send money to Indonesia. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.
Indonesia’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Indonesia’s exchange rate is flexible compared to the euro, which means it sometimes shifts hundreds rupiahs or more per dollar in a day, if not more. Factors that influence the exchange rate include interest rates, economic stability and inflation.
EUR to IDR: Historical rate chart
Updated: 12 Apr 2021 14:00:28 UTC
Documents needed for sending to and receiving money in Indonesia
To send money to Indonesia from Ireland, you’ll need government-issued ID and other documents, while documents needed to pick up money in Indonesia may be different by company.
Documents to send money from Ireland
To send money to Indonesia from Ireland, you’ll need documentation and details that include:
Identification. Most services require a driver’s licence, passport or other government-issued ID.
Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Indonesian bank account and routing number.
Documents to receive money in Indonesia
To pick up money in person, documentation can include:
Transfer number. The person sending you money can forward the transfer’s confirmation details – called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
Government-issued ID. An Indonesian passport, an Indonesian National ID card, an Indonesian driver’s licence or similar government-issued ID.
Proof of address. Indonesian residents may have to prove their address using a utility bill or something similar.
Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
What to watch out for
Sending cash to Indonesia may subject you to both taxes in Ireland and taxes in Indonesia, depending on your sending and receiving situation. If you’re sending a large amount, be sure to file all outgoing transfers with HMRC on your taxes to make sure you won’t face fines later on.
It shouldn’t cost a fortune to send money to Indonesia. Compare transfer companies that specialise in foreign currencies for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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