Sending money abroad can be costly and confusing with all the different options. Indonesia is one of the most popular remittance destinations, receiving over USD 11 billion in inward remittances in 2020. With so many expat workers and immigrants wanting to send money back to friends and family in Indonesia, it’s important to find the best option that is fast, low-cost, and secure.
This article will cover the top money transfer companies for transferring funds to Indonesia from countries like the United States, Australia, Saudi Arabia, Malaysia, and others. We compare exchange rates and fees, transfer options, speed, coverage, and other features. Whether you want to set up regular payments or do a one-time bank deposit or cash pickup, we’ll help you find the right money transfer service to meet your needs at the lowest possible cost. Companies covered include major players like Wise (formerly TransferWise), Remitly, WorldRemit, and Western Union, as well as Indonesia-specific services like GeoRemit and Lintas.
By the end, you’ll have all the information you need to quickly and safely send money to friends, family members, or personal/business contacts located in cities and rural areas across Indonesia. It takes the guesswork and frustration out of the money transfer process so you can get your hard-earned funds where they need to go.
Indonesia’s Currency – the Indonesian Rupiah (IDR)
Indonesia’s currency is known as the Indonesian Rupiah, abbreviated as IDR. The Rupiah is the official currency of Indonesia, a country composed of thousands of islands in Southeast Asia. It is one of the world’s most unique currencies, with banknotes ranging from small denominations of 1,000 Rupiah to larger denominations like 100,000 Rupiah. The currency bears the image of prominent figures from Indonesian history and features various cultural and historical symbols. As the legal tender of Indonesia, the Rupiah plays a crucial role in the country’s economy and daily transactions, serving as the medium of exchange for goods and services across this diverse and vibrant archipelago.
What Are the Best Companies for Transferring Money to Indonesia?
When transferring money to Indonesia, several top companies offer efficient and varied services. Wise is a standout choice, facilitating transfers from Germany, the United Kingdom, and the USA in EUR, GBP, and USD, respectively, with the Indonesian Rupiah (IDR) being the received currency. Revolut offers similar services from these countries, also ensuring the recipient receives the funds in IDR.
Instarem expands the options by allowing transfers from these regions in the respective local currencies, with recipients in Indonesia having the flexibility to receive funds in either IDR or USD. MoneyGram, known for its global reach and reliability, also provides transfer services from Europe and the USA, with IDR as the receiving currency in Indonesia.
CurrencyFair offers a broader range of currency options, enabling transfers from Europe and the USA in local currencies and providing recipients with the option to receive funds in IDR, EUR, USD, or GBP. Xoom and TransferGo also provide efficient services for transferring funds to Indonesia in IDR.
Western Union, a long-established player in the money transfer sector, facilitates transfers from Europe and the USA to Indonesia, with the recipient receiving IDR. Remitly and WorldRemit offer similar services, providing flexibility in the received currencies including IDR and USD.
OFX and XE cater to a wide range of needs, offering transfers from Europe and the USA in local currencies, with a variety of receiving currencies including IDR, EUR, USD, and GBP. Lastly, Skrill offers efficient transfer services from Europe to Indonesia, ensuring the funds are received in IDR.
What Is the Fastest Way to Transfer Money to Indonesia?
When speed is a priority in transferring money to Indonesia, certain providers stand out for their rapid delivery services. Western Union and MoneyGram are often leading choices for their quick processing times, frequently making funds available within minutes or a few hours due to their extensive global networks and efficient transfer systems. Xoom, known for its affiliation with PayPal, also specializes in fast transactions, often ensuring that funds reach Indonesia on the same day. Remitly is another service that excels in speed, particularly valued for its quick and secure transfer capabilities, often allowing recipients to access funds swiftly.
Instarem also offers fast transfer services, especially efficient for bank transfers, making it a reliable choice for timely money transfers. While providers like Wise, CurrencyFair, WorldRemit, OFX, XE, and Revolut are known for their reliable and secure services, they might not always match the near-instantaneous speeds provided by Western Union and MoneyGram but still offer reasonably quick transfer times.
In summary, for the fastest transfer of money to Indonesia, Western Union, MoneyGram, Xoom, and Remitly are typically the top options, thanks to their dedicated focus on rapid and efficient transaction processing. These services are particularly beneficial for urgent transfer needs where time is of the essence.
What Is the Cheapest Way to Transfer Money to Indonesia?
When it comes to transferring money to Indonesia in the most cost-effective manner, CurrencyFair emerges as the top choice among the various providers. Known for its competitive exchange rates and low transfer fees, CurrencyFair stands out for its affordability, particularly for those who are budget-conscious. While other providers like Wise, Instarem, MoneyGram, Xoom, Western Union, Remitly, WorldRemit, OFX, XE, and Revolut also offer money transfer services, they often come with higher fees or less favorable exchange rates in comparison to CurrencyFair. This makes CurrencyFair an attractive option for individuals and businesses looking to maximize the value of their financial transfers to Indonesia. Its unique peer-to-peer exchange system allows users to get closer to the real market rate, leading to more cost savings. Furthermore, CurrencyFair’s user-friendly platform adds to the convenience, making it not only a cheaper but also an efficient choice for sending money to Indonesia.
Should You Transfer Money to Indonesia Using Your Bank?
When sending money to Indonesia, using your bank may not be the best choice due to potential drawbacks. Banks often charge substantial fees, including hidden exchange rate markups, reducing the total amount your recipient receives. Money transfer sites offer more competitive rates and lower fees, ensuring a larger sum reaches your loved ones. Additionally, bank transfers are known for their slow processing, involving multiple intermediary banks, causing delays. In contrast, money transfer sites prioritize speed, completing transfers within minutes, allowing your recipients in Indonesia to access funds promptly. Opting for money transfer services can be a more cost-effective and efficient choice for sending money to Indonesia.
How to Send Money to Indonesia? Step-by-Step Guide
Sending money to Indonesia through online transfer services is a streamlined process designed for convenience and efficiency. Here’s a step-by-step guide to help you navigate the process seamlessly:
- Choose a Money Transfer Website: Research and select a reputable money transfer service like MoneyGram, Western Union, or XE. Consider essential factors such as exchange rates, transaction fees, transfer speed, and customer reviews. Ensure that the chosen service is available in your country and offers transfers to Indonesia.
- Create an Account: Visit the selected provider’s website and locate the option to create a new account. Fill in the registration form with your personal details, including your full name, address, and contact information. You’ll likely need to provide a valid form of identification for security and compliance with financial regulations. Complete any necessary verification steps, such as confirming your email address or phone number.
- Initiate a Transfer: Once your account is set up and verified, log in using your credentials. Navigate to the money transfer section and select Indonesia as the destination country for your transfer.
- Enter Transfer Details: Specify the amount you wish to send. The website will typically display the equivalent amount in Indonesian Rupiah (IDR) based on the current exchange rate. Provide the recipient’s information, including their full name and, if opting for a bank deposit, their bank account details. Double-check all details for accuracy to prevent any delays.
- Review and Confirm: Thoroughly review all transaction details, paying close attention to the exchange rate and any applicable fees. Ensure that all recipient information is correct to avoid transfer issues.
- Choose Payment Method: Select your preferred payment method, which may include direct bank transfers, debit/credit card payments, or other online payment options. Consider the processing times and fees associated with each method and choose the one that best suits your needs.
- Complete the Transaction: After selecting your payment method, proceed to confirm and complete the payment. You will receive a transaction confirmation, often accompanied by a unique ID or tracking number that allows you to monitor the progress of your transfer.
- Track the Transfer: Use the provided tracking number to check the status of your transfer on the website. This feature enables you to know when the money has been sent, or received, or if any issues require attention.
- Customer Support: Should you have any questions or encounter difficulties during the process, don’t hesitate to reach out to the customer support team of the money transfer service. Efficient customer support can provide guidance and resolve any issues that may arise during your transfer.
By following these steps, you can confidently and efficiently send money to Indonesia using online transfer services, ensuring that your funds reach their destination securely and promptly.
How Can You Find the Best Transfer Rate to Indonesia?
When searching for the best transfer rate to Indonesia, the key is to use a comprehensive comparison service like RemitStack. At RemitStack, we specialize in comparing a wide range of money transfer providers, leveraging our extensive knowledge and expertise in the field. Our platform meticulously evaluates various factors such as exchange rates, service fees, transfer speeds, and reliability of the service providers. By considering these critical aspects, we help users find the most cost-effective and efficient option for their specific needs. Our service is particularly valuable for those who are looking to optimize their financial transactions, ensuring that they get the best possible deal when sending money to Indonesia. Whether it’s for personal or business purposes, RemitStack is dedicated to providing up-to-date and comprehensive comparisons, making the process of choosing the right money transfer service straightforward and transparent.