Transfer Money to Indonesia – Cheapest & Fastest with Wise
This article will show how you can transfer money back to Indonesia from overseas as fast & as cheap as possible using the Wise app.
In the following example, I will be using MYR to IDR. But if you’re sending back money to Indonesia from other currencies, the process of using the Wise app/website will be identical, except for changing the sender’s currency.
The Best Way to Transfer Money to Indonesia
I have found that Wise is the cheapest and fastest way to transfer money to Indonesia.
Let’s compare with other money transfer methods:
|MYR 2,000 Transfer Method||IDR Received||Benefits|
|Remittance Shop||Depends on the physical shop||For those who can’t transfer online|
|Maybank TT Transfer||IDR 6,446,218||No benefits|
|Western Union||IDR 6,764,800||For receivers who don’t have a bank account|
|Big Pay||IDR 6,694,060||Similar to Wise, but not as cheap|
|Wise||IDR 6,782,105||Fastest (same day) & the cheapest|
With Wise, you can expect the recipient to receive the money in Indonesia within 1 day.
The maximum amount you can send to Indonesia via Wise is MYR 30,000.
Requirements to Transfer Money to Indonesia Using Wise
- You need to register an account with Wise
- You need to know the bank details of the person receiving the money in Indonesia
- You need to be able to transfer money to Wise’s Malaysian bank account
Next, let’s take a look at the overview of how transferring money via Wise works:
Overview: How Does Wise Work?
How to Send Money From Malaysia to Indonesia with Wise
You can use Wise either through their website or by downloading their app (iPhone & Android).
Once you have signed up, click on ‘send’ on the homepage to start transferring money:
Next, select currencies that you want to convert from the drop-down menu. In this example,
- We’re sending MYR 2,000
- The receiver should receive the money in IDR
Before we continue, you can compare prices between bank TT transfer, BigPay & Western Union:
From my observation, Wise is almost always the cheapest.
Next, you’ll select who you’ll be sending the money to, either to yourself or to someone else. Here, I’m assuming you’re sending it to someone else.
On this page, Wise will ask for basic bank account information of the receiver in Indonesia:
On the next page, you can review the total amount that the recipient will receive in IDR & the Wise fee:
The next step is to online transfer the MYR 2,000 to Wise Malaysia’s bank account. You have less than 24 hours to make the transaction.
Make sure to include the reference details shown on the confirmation page.
Once you’ve made the transfer, Wise will verify. It will take from a few minutes to a few hours.
After everything checks out, Wise Indonesia will release the agreed IDR amount from the Wise Indonesia bank account.
Sign Up for Wise
I hope this article has been helpful. Sign up with Wise by clicking on the button below:
Salaam.. I would like to share my first experience of using Wise after learning from your blog here.
Previously I made foreign payments through normal bank FTT and they cost me hidden transaction fees ranging as minimum as RM100 and it goes higher depending on the receiver’s country (and the principal amount?).
3 months ago I made an open-access publication payment (240 Euro) to a Turkish bank account and the bank charged me about 50 Euro for the money to arrive in the Turkish bank.
Last week I made a publication payment to Elsevier Netherlands worth USD 700 using Wise. To my surprise, the total transaction fee was only about RM 30 and Wise notified me that the bank has received the payment yesterday 05.10.2021. It took 7 days for this successful transaction to complete.
I knew Wise since early this year but only decided to try out this platform after your Wise review.
I am very grateful to learn this method which not only cost the least but also it is very convenient.
I hope Balkoni Hijau will keep sharing such useful contents to the audiences.
Thank you for taking the time to write in Noor!