Money Transfer

mugwump

davita wroteSorry to hear about problems with TransferWise as I've often used them and found them to be first class....but haven't transferred in over a month. I once gave them the wrong sort code of my branch in Canada and the money was returned to the original bank quicker than I realized my mistake. Did you find any other currency exchangers with better rates to make a comparison?

Thought their advertised rates were good, and competitive.

harryopal

Based on advice from this forum I recently began using Transferwise and it has been much better than using transfers from my bank with their highway robbery exchange rates. It seems to be the nature of the digital era that it is becoming increasingly difficult to have problems dealt with directly rather than finding a web page with a dozen different answers to your question and none of which deals with the actual problem. Do keep us posted as to your final solution.

mugwump

In the past I recall posts dealing with money transfers and I thought that one particular firm was mentioned. Without using the search function here I made the mistake of using what seemed to be a firm that was familiar. Now after using that firm I did search here and not find it. With that preamble permit me to warn others about TRANSFERWISE, a company I used to transfer funds and found disappointing. First they were slower than my previous experiences. Perhaps all non-bank facilities are slower, but the rates advertised are less, and thus my attraction to them. Secondly this company lists reasons for problems and hasn't answered when asked via their means of doing so. Thirdly they failed to complete the transfer without explanation, and lastly thus far haven't refunded my bank account for the uncompleted transfer. Traditionally this forum has been helpful when we as members provide this kind of help, and hope this post will cause others to do the same when encountering poor options that don't live up to our expectations as we commonly seek means of functioning here as expats. BEWARE TRANSFERWISE! If they refund me I shall mention it here, but the other cautions still will stand.

davita

I'm in Jakarta and, late last night, I transferred GBP600 from my UK bank to my daughter in Australia using TransferWise and she just received AUD1043.16 in her account, in Sydney, minutes ago.

mugwump

davita wroteI'm in Jakarta and, late last night, I transferred GBP600 from my UK bank to my daughter in Australia using TransferWise and she just received AUD1043.16 in her account, in Sydney, minutes ago.

The latest is that they replied but stated that they really couldn't tell me why my transfer was cancelled because they weren't part of that dept. Since they still haven't credited my bank account with the money being transferred this isn't something I could ever endorse if they do finally repay.This fiasco has now been going on over a week!

wepro

I also use TransferWise since 2 years, transferring my money from Germany to my BCA account here in Bali. Fast transfer and much better exchange rate and lower fees than before when I used the standard bank transfer . Never got any problems.

sakumabali

Would it be also possible with transferwise to transfer the other way around? Like sending Rupiah to get EURO/USD? Thanks ;)

davita

sakumabali wroteWould it be also possible with transferwise to transfer the other way around? Like sending Rupiah to get EURO/USD? Thanks ;)

The short answer is they don't exchange Rupiah to any other currency.

davita

sakumabali wroteWould it be also possible with transferwise to transfer the other way around? Like sending Rupiah to get EURO/USD? Thanks ;)

No sir! Unfortunately they do not exchange out of Rupiah to another currency.

ronb

Like others I use them regularly, roughly monthly. They confirm when they receive the money in Australia which is instantly. They then confirm when they forward to the Indonesian account.

mugwump

ronb wroteLike others I use them regularly, roughly monthly. They confirm when they receive the money in Australia which is instantly. They then confirm when they forward to the Indonesian account.

Well I am happy to know that others have been successful with this outfit, and will report that after 8 days of waiting they finally credited my account. My transfer was from Chase Bank in U.S. to BRI in Bali...........hardly institutions on the periphery of collapse. Transferwise is listed online with a number of other like firms and are given a rating of 79 as compared to the top rating of 95. My future transactions will be with one of the others.

davita

mugwump wroteIn the past I recall posts dealing with money transfers and I thought that one particular firm was mentioned. Without using the search function here I made the mistake of using what seemed to be a firm that was familiar. Now after using that firm I did search here and not find it. With that preamble permit me to warn others about TRANSFERWISE, a company I used to transfer funds and found disappointing. First they were slower than my previous experiences. Perhaps all non-bank facilities are slower, but the rates advertised are less, and thus my attraction to them. Secondly this company lists reasons for problems and hasn't answered when asked via their means of doing so. Thirdly they failed to complete the transfer without explanation, and lastly thus far haven't refunded my bank account for the uncompleted transfer. Traditionally this forum has been helpful when we as members provide this kind of help, and hope this post will cause others to do the same when encountering poor options that don't live up to our expectations as we commonly seek means of functioning here as expats. BEWARE TRANSFERWISE! If they refund me I shall mention it here, but the other cautions still will stand.

Sorry to hear about problems with TransferWise as I've often used them and found them to be first class....but haven't transferred in over a month. I once gave them the wrong sort code of my branch in Canada and the money was returned to the original bank quicker than I realized my mistake. Did you find any other currency exchangers with better rates to make a comparison?

davita

Did they credit your BRI bank or cancelled and credited back to Chase...and give any reason? I've never had to wait 8 days but they are saying, on their website, that it may take longer during the holiday season due to bank delays. I can tell you are frustrated mugwump but it would help if we knew what caused the delay. i.e. how long did it take to transfer the money from Chase to TransferWise. They have no control over that and will not take any action until that money is in their account.

davita

Thanks for the explanation and I agree I would also be pissed off. However, I'm on many forums that discuss transferring money and you are the only one that has had an issue with the TransferWise system. Many other exchanges offer better rates but, when questioned, we find that the exchange has some hidden charges such that the actual amount received is different to what the stated rate is. TransferWise, in my opinion, lays it out very straight and works every time....except in your case which I was sorry to hear about. I'll certainly be alert to hear from others who are dissatisfied with the TransferWise product.

davita

mugwump wroteThe latest is that they replied but stated that they really couldn't tell me why my transfer was cancelled because they weren't part of that dept. Since they still haven't credited my bank account with the money being transferred this isn't something I could ever endorse if they do finally repay.This fiasco has now been going on over a week!

1. Did they confirm that they received the money from your account? 2. Did they confirm that they sent the money to the bank you authorised? If the above is correct the hiccup may be in the receiving bank system. I once gave the wrong sort code of my HSBC branch in Canada and, as I was not an account holder in that branch who received it, they returned it to TransferWise after a couple of days. I was emailed by TransferWise. I just corrected the sort code and they re-sent to the correct branch as the money had already been exchanged. My HSBC relations officer since said that she could have resolved the problem if she had known.

Harry08

Use Litecoin, Bitcoincach or Bitcoin etc. There is a Cryptocoin exchange in Kuta (Jl. Nakula No.88b, Legian, Kuta, Kabupaten Badung, Bali 80361, Indonesia) where you can sell your coins for cash or buy, if you need to send fund to someone else. All the information you need is here : https://www.bitcoin.co.id/ Don't worry, if it's a bit confusing. :) Go visit them and they will help you figure this out. Address is at the web page. Welcome to 21 century of P2P banking. Edit: Friend of mine used this service and everything worked out fine.

davita

RE: Harry08. Can you buy the bitcoin with Rupiah and exchange into another currency like USD, GBP, AUD and transfer to another bank?

mugwump

davita wroteDid they credit your BRI bank or cancelled and credited back to Chase...and give any reason? I've never had to wait 8 days but they are saying, on their website, that it may take longer during the holiday season due to bank delays. I can tell you are frustrated mugwump but it would help if we knew what caused the delay. i.e. how long did it take to transfer the money from Chase to TransferWise. They have no control over that and will not take any action until that money is in their account.

They withdrew from Chase and sent an email telling me it would arrive at BRI on the 18th. so the weekend increased some delay (I guess, not knowing how their system works) but it didn't arrive on the 18th. They then sent an email stating the transfer was cancelled, and without explanation. It was in trying to find out why the cancellation that caused the frustration. The reason has never been explained, and afterwards (as has been related) the length of time after that it took to credit my w'drawall back to my account. This was enough for me to report the incident to the forum and decide to not use Trasferwise in the future. Case closed.

Harry08

If you are in EU, I think Kraken.com is OK. Strong volumes in most used coins, SEPA transfers (fast, usually same day and cost you almost nothing). > where you can actually purchase a loaf of bread? Maybe it's good idea to contact http://bitcoinsinbali.org/ and see what they are up to. > When I open my internet bank account 'say UK or Canada or Jakarta' and click...'transfer'.... whatever I've decided to transfer to another account is less cumbersome than your method.. yes, you are absolutely correct about that. This stuff is relatively news. But can you transfer 100K EUR in 10 min from London UK to Perth AU? :)

Harry08

If using conventional banking then TransferWise is probably the cheapest way. SEPA - Single Euro Payments Area cryptocurrency - value transfer system based on p2p network. works 24/7 and has nothing to do with international banks. Google it ;)