Take advantage of competitive exchange rates and low transfer fees when you need to send money to Indonesia.
Indonesia is an archipelago made up of more than 17,000 islands. Located in Southeast Asia, Indonesia is increasingly being discovered by tourists from the United States and around the world who are drawn to the region by its unspoilt beaches, soaring mountains and pristine rainforest. There are also more than 100,000 American citizens of Indonesian descent, so there are plenty of reasons why you might need to send an international money transfer from the USA to Indonesia. Whether you’re sending money to friends and family back home in Indonesia or just providing some financial help to a son or daughter travelling through the region, make sure to compare your options to find a cheap and secure way to get your money to where it needs to be.
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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Banks versus money transfer companies
The Indonesian Rupiah may not be one of the world’s most popular currencies for traders, but if you approach your bank they should be able to take care of the transaction for you. The problem with using your bank, however, is that they charge high fees ($40 or more for transfers in some cases) and also offer quite poor exchange rates. This is why it pays to shop around to find a reliable and trusted money transfer company. These companies specialise in international money transfers and usually offer much better exchange rates and significantly lower fees than the banks. They allow you to send funds from your bank account to an Indonesian bank account, while some providers also allow you to send funds that can be picked up from agent locations across Indonesia.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 13,741.61 IDR||1 USD = 13,899.13 IDR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2-3 business days||1-4 business days|
|Amount received (in IDR)||13,741,610 IDR||13,899,130|
As you can see, not only does the second transfer company offer a $4 saving on fees but it also allows Jenny to send more than 157,000 IDR extra to her daughter.
- Exchange rates. A difference of just a couple of cents in exchange rates can equate to hundreds of dollars once you calculate your transfer amount. Keep an eye out for companies that offer better rates than their competitors.
- Fees. Money transfer companies will usually charge you a penalty for sending your funds overseas, and keep in mind that some companies that have better exchange rates will also charge higher fees.
- Transfer methods. Some companies will only offer online transfers but others will also allow you to lodge transfers over the phone, in a branch or by using a mobile app.
- Transfer options. Forward contracts, limit orders and the ability to schedule regular payments are just a few of the options available.
- Turnaround time. Some companies can send transfers within about 10 minutes while others will take several business days. However, keep in mind that quicker transfers usually cost more.
- Minimum transfer amount. Read the fine print offered by each company to see if they impose a minimum transfer limit. A high minimum transfer limit can severely restrict your transfer options.
- Pickup methods. Bank account transfers and cash pickup from an agent are the two most common options.
- Customer service. It can be very reassuring to know that phone and email customer support will be available if you ever have a query.
How to send money to Indonesia from America
- Bank transfers. Bank-to-bank transfers are a secure way to send money to Indonesia but can be expensive.
- Online money transfer providers. Companies like WorldRemit and TransferWise offer online transfers to your recipient’s Indonesian bank account.
- Money transfer companies with cash pickup options. Western Union and MoneyGram are two companies that offer this option.
- PayPal. PayPal offers secure international money transfers to Indonesia.
- Checks. International checks from your bank are a reliable but slow transfer method.
Emergency cash transfers in Indonesia
You’ve just received a desperate phone call from your brother who has been travelling through Indonesia – his wallet has been stolen and he needs cash fast. Hopefully he’s already reported the matter to the local police, but it’s also a good idea to check whether he may be able to access some emergency cash from his travel insurance – some credit cards even include complimentary travel insurance. If you do need to send an emergency cash transfer to Indonesia, remember that you will usually be charged more for doing so. Make sure to check the exchange rate and fee that apply to your transaction before you actually send your funds.Back to topFind a money transfer location near youBack to top
Tips for picking up cash in Indonesia
It’s always a good idea to take care when you pick up cash anywhere in the world. For starters, taking an extra person along is a great way to make yourself a less attractive target for thieves, while making sure not to flash your money around in front of strangers is a tip every traveller should be aware of. Carrying around a large sum of money can be risky no matter where you are, so leave some funds in a hotel safe or deposit them in your bank account if you can. You should also hit up travel websites and blogs for some more handy money safety tips when you’re overseas.Back to top
How to send money to Indonesia
When you send money overseas you will need to provide certain details in order for a company to process your transaction. In addition to details of the amount you’re sending and who you’re transferring it to, you’ll need to supply information about yourself, including:
- Your full name and residential address
- Your phone number and email address
- Your date of birth
- Valid photo ID
After you have paid for a transfer you will be given a receipt or reference number that you can use to track your transaction. Just make sure that you do a thorough comparison of a range of money transfer companies before you send your funds – this is the best way to find an affordable and reliable provider.