(Big) Money transfer?

Hay,
How do you expats bring in a lot of money to Indonesia? For example if I want to buy a car or house. Do you just open an account in a Indonesian bank and transfer from your home country? Do first need to be in Indonesia? Thanks folks.

[Tracey]

Danny, I am more than happy to offer you my services!!!

You could deposit all of your BIG money into my bank account & I will look after it for you... :shock: :lol: :lol: :lol: :lol: :lol: :wink: :shock: :?:

[Roy]

A little advice. First, chose a really good bank...one that has offices overseas like BCA (Bank Central Asia) or Lippo. Two...never transfer more than US $9,000.00 in any one single transaction. "Bells and whistles" go off if you transfer US $10,000.00 or more in a single wire. Moreover, you will be buried in paper work if you transfer $10K or more.

BCA is particularly fair with international wires. They charge me only RP 10,000 (about US $1.10) per incoming transfer, and they are very prompt in crediting such incoming wires to my account...usually about three days maximum, and more often less. They also have internet banking, so one can have instant access to his/her account, and track wire transfers.

My final advice is NEVER put all your eggs in one basket. Multiple accounts with various banks is the only way to go.

Thanks for your reply.

[Feelhip]

Roy,
How do you do then if you want to buy a villa in Bali? As you said, it seems unsafe to transfert more then 10 KUS$ at a time.

Philippe

[Roy]

Dear Philippe,

When I bought my house some years back, I did it with installments, several payments spread out over several weeks. As I understand the US tax code, the IRS requires a filing for transfers out of the US in amounts of US 10K or more as well.

[Bert Vierstra]

I never heard of problems about transferring "house kind of amounts" between europe and Indonesia...

[Feelhip]

Thanks Roy, Bert. By the way I am in Boston for the time being, but I am French....and my saving as well.
I still have a few years (not many) before retirement. Plenty time to check how to do this kind of transfert safely.

[Roy]

Bert, it's not a "problem" per se, it's just the paper work and filing that's required. I've heard that this can actually delay the processing time for the wire to be credited.

I don't have many single transactions in my business that are at US 10K or more, but when I do, I always have my clients break up the sum into individual wires that are no greater than $9,000.00 per wire. This is especially true for wires generating from the US.

One of my friends calls it, "staying off the radar screen."

[mimpimanis]

I have only made one large transfer of 5000 pounds to BCA. It was a nightmare, the money vanished for weeks. London said it had been sent, Mataram said it had not arrived. It was very stressfull & frustrating. In the end it came down to one letter in a name being wrong. Even though the account details were correct, it could not be transfered & we had to cancel one & do the whole thing again.

Before that, & since that I always bring cash into Indonesia. I change it at a reliable moneychcnger, in Lombok. They take my bank book & pay it into my account while I wait, so I dont have to walk out of the building with a plastic bag full of cash. Pounds dont take up much room. Rupiah do ;-)