LinkBack URL
About LinkBacks
I have a Bni account in my name all I needed was someone that already had an account to vouch for me,
But the account is soley in my name,
Only took 30 min and I find they have one of the widest range of ATMs and a pleasure to deal with
Are you sure that your friend has not opened the account which has your name on it? They are happy to put anything as the account name. If your firiend has opened the account, then some time later, he or she could close it or in other ways change it. Not that it is likely at all.
im certain its in my name i was sure to check , but "my friend" is actually my long term partnerOriginally Posted by ronb
so she has all my money anyway haha lol
Not sure how this works. I transfer sterling all the time via the internet into my Rupiah account and have done for many years without a problem.
Regards Jimbo
I have my pay paid monthly into my Permata bank. ITs US $ and over 10K a month. No problems, although as of about 3 months ago, every time i go into the bank , they are waiting for me to sign a form of "acceptance" that i have recieved this money. When i ask them what it is all about, they tell me its just for "internal" banking records. I never used to have to do this, and am a bit concerned that I have to now as ive heard there are going to be changes to expats doing their banking in INdo, inbound transfers over 10K were going to be tracked and possibly taxed. So far no taxing, but they are beginning to keep records and make you sign.
I use PErmata Bank, dont have a KITAS or anything like that, have a triple currency account (US, OZ, RP). Internet banking is integrated, i can send and recieve money via the internet, i have phone banking via my android phone, can pay bills through my phone banking, and do balance checks and other interesting little things through my phone via sms. Didnt cost a cent to set up, but have to maintain a minimum balance of 500$ OZ in the oz account, 100$ US in the US, nothing in the Rp.
If you have a balance over 50K in your account at Permata you become a "priority" member and when going into branches get to push the "priority" button on the number dispensing machine and never have to line up. Also allowed into branches before and after closing time (within reason).
I have freinds with other accounts, none of them as good in my opinion, the only downfall with permata is there arent as many branches and ATMs around as the biggger banks.
Hi Jimbo,
I will check with the bank again. They did say I could use Danamon internet banking, but I found that there was a block when I tried, and when I asked at the bank, they seemed a bit unsure. But they returned to tell me that moving sterling to rupiah needed to be done at the counter at the bank... a government banking rule to control money flows apparently.
As for the money transfers, the proposal to start charging tax on such transfers in Europe is worrying. Do you, or anyone in the Balipod, have any ideas what is being planned? How it effects expats in Indonesia?
Barekarma
Exchange cost
Hi, Barekarma! Do you know what this "exchange cost" is called in Indonesia? When I asked my bank (branch) about it, they didn't know. Also, do you know if it is same for all currencies?
as far as BCA is concerned...different costs for different currencies and also costs depends to wich country the transfer is made.
exchange costs is called exchange rate at the BCA bank...unless you mean something different then the costs of changing currency for example transfering EUro into Rupiah.
I did found something though that suggest a baseprice of 5 USD for foreign money coming into the an IDR account at BCA bank.
and if sending IDR into an IDR account at the BCA a basiccost of 35K rupiah.
don't read between the lines..i think the words are clear enough...:)
I was also pondering what "exchange cost" meant. I think I have figured it out.
The image has a bit of spread-sheet. I looked up exchange rates from several banks for US$ a short while ago. I have written in the Buy and Sell price, calculated the mid-rate, calculated the difference (Sell-Buy) and then expressed it as a %age of the mid-rate. And it is true that Commonwealth and BCA are nearly 3%, BRI, Mandiri and Danamon are close to 0.5% and BNI and Mega are in between.
Interesting. For a $5000 transfer you could be as much as $70 better off using Danamon, BRI or Mandiri.
You may wonder why the mid-rate differs. Some banks are only updating once a day I think while others are updating more frequently - so the differences may reflect exchange rate movement through the day.
Last edited by ronb; 01-03-2012 at 05:00 PM.
Hi Donfeugo,
The exchange cost, in my terms, is exactly what ronb explained. The percentage difference between the mid-rate quoted on exchange rate sites (like xe.com) and what the bank wil actually give you. So you can look at the mid-rate on your PC, watch how the currency is moving, and work out how much you should actually get when you complete the transaction.
In my experience, at Damamon Bank branch, it takes about 10mins for them to actually set up the transfer. They give you a quote, you say yes, they then start the process, then they give you another quote just before they click the "action" button. The rates quoted are rarely the same. If you are very luckly, the second exchange rate quote it is higher...often it is lower. If you are transfering a lot of money that difference can be significant (say, the cost of a new fridge!)
As for the exchange cost being the same for all currencies, I don't know. But maybe you can do a simple speadsheet calculation for a range of currencies and different banks. I know that Danamon were very interested in seeing my own speadsheet, as they appeared not to have that information at the branch.
Hope that helps, Barekarma
Posting Permissions
Reply With Quote