Money Transfer

davita

I googled SEPA but it only transfers money in Europe....not much good for those on this thread looking to transfer in/out of Rupiahs.

mugwump

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

We see now what is happening to Bitcoin! After stating this case was closed have to back off and report another chapter. The latest involves the planned transfer of US$ to my dollar account at BCA in Bali from my Chase account in US. Chase will charge me $50. flat with no additional fees for an international transfer regardless of the sum. Transferwise would charge 1% of the amount transferred up to $5000. then .07% additional for every $1,000. over that amount. Hell, they aren't as competitive as banks! Anyone that chooses to check this out should go to their site and do the math.

davita

mugwump wroteWe see now what is happening to Bitcoin! After stating this case was closed have to back off and report another chapter. The latest involves the planned transfer of [COLOR=#ff0000]US$ to my dollar account at BCA in Bali from my Chase account in US[/COLOR]. Chase will charge me $50. flat with no additional fees for an international transfer regardless of the sum. Transferwise would charge 1% of the amount transferred up to $5000. then .07% additional for every $1,000. over that amount. Hell, they aren't as competitive as banks! Anyone that chooses to check this out should go to their site and do the math.

I think we are talking about different things here...'transfer' and 'exchange'. I have HSBC Premier accounts in Canada, UK, Hong Kong and Indonesia and can 'transfer' on-line, [COLOR=#ff0000]free of charge[/COLOR], staying in the same currency...... similar to what you stated your Chase account charges US$50. I've never used TransferWise for anything other than to 'exchange' between currencies as, imo, they give a better exchange rate than my bank. i.e. I've just done a dummy run to transfer/exchange from my GBP to my IDR account GBP1,000....see below. I also use TransferWise when I'm paying into someone else's account in a [COLOR=#ff0000]different[/COLOR] currency to the account I'm paying from as I found this rate better than any other. [SIZE=5][B]How much would you like to transfer?[/B][/SIZE] You send [LIST] [*]1,000 GBP [*]7.45 GBP Our fee [*]- 7.45 GBP Total fees [*]992.55 GBP Amount we'll convert [*]18,129.70090 Guaranteed rate [/LIST] Recipient gets.....IDR 17,994,635 Should arrive by Wednesday, December 27 Over the next couple of weeks, your transfers may take a little longer to go through due to local bank holidays. Please set up any time-sensitive transfers accordingly, and have a safe, happy, and restful holiday yourself!

Harry08

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

Yes you can. That same place can get it done for you. When you have bitcoin (or any other cryptocoin) you can send that around the world for a tiny fee in one hour or less. There is a but... if you use Bitcoin, the fees are slightly higher at the moment because of massive increase in transfers. DO NOT! send BTC with 0 transaction fee. It will be stuck for a very long time. This is also why I use next best thing - Litecoin or BitcoinCash. Lets say you need 10 million IDR and the guys Cryptocoin in Kuta have the cash available, while you are walking over there, I initiate the transfer from the other side of the planet and by the time you arrive, you have your LTC, BCH or BTC in your wallet and all you need to do now is trade it with Cryptocoin guys to local currency. Remember, if you transfer coins to wrong address, there is no way to get your coins back. If you lose your "wallet" or pass-phrase, your cryptocoins are gone forever. Here are few nice wallet app's I like to use: Electrum-LTC, Electrum for BTC or Coinomi - supports several coins. Avoid wallets where your secret key is kept at third party website and your app is only for accessing that key. Dont keep your coins at exchange wallet. OK, I am going to stop here. You can find all that from the web.

davita

Harry08 wroteYes you can. That same place can get it done for you. When you have bitcoin (or any other cryptocoin) you can send that around the world for a tiny fee in one hour or less. There is a but... if you use Bitcoin, the fees are slightly higher at the moment because of massive increase in transfers. DO NOT! send BTC with 0 transaction fee. It will be stuck for a very long time. This is also why I use next best thing - Litecoin or BitcoinCash. Lets say you need 10 million IDR and the guys Cryptocoin in Kuta have the cash available, while you are walking over there, I initiate the transfer from the other side of the planet and by the time you arrive, you have your LTC, BCH or BTC in your wallet and all you need to do now is trade it with Cryptocoin guys to local currency. Remember, if you transfer coins to wrong address, there is no way to get your coins back. If you lose your "wallet" or pass-phrase, your cryptocoins are gone forever. Here are few nice wallet app's I like to use: Electrum-LTC, Electrum for BTC or Coinomi - supports several coins. Avoid wallets where your secret key is kept at third party website and your app is only for accessing that key. Dont keep your coins at exchange wallet. OK, I am going to stop here. You can find all that from the web.

Wow! Harry thank you for the info.. 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.. I also question what advantageous exchange does one get to buy from fiat currency into crypto (bitcoin) and then back into any currency where you can actually purchase a loaf of bread?

davita

Harry08 wroteyes, 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? :)

I don't have any EU account in London so I'd have to exchange from GBP-EU first. However, using my HSBC Premier account I can freely transfer GBP on-line to any bank in Australia in under 10 secs..... but I'd then have to accept the Australian banks exchange rate to AUD. Does this system exchange from GBP to EU in London then to AUD in Perth in 10 mins....and at what rate? I use TransferWise, which gives a much better rate than the bank, but that takes a day or two depending on holidays. i.e. I'm in Jakarta/Bali and recently used TransferWise to transfer/exchange GBP600 from UK to Australia and the recipient received AUD1043.16 the following morning...see post #5

Normy

I have used Transferwise 21 times in past 12 months to send money from an Australian bank account to people in Indonesia. Payments are made to recipients accounts usually 2 or 3 business days. . I haven't recently compared their fees with other organisations. About 6 months ago they introduced a drop down menu to show the reason for sending money to Indonesia. 10 choices. Guess its all to do with money laundering and security. The only problem I have is passing the 'captcha' test. Sorry you have had a bad experience with them.

Normy

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.

mugwump

Normy wroteI have used Transferwise 21 times in past 12 months to send money from an Australian bank account to people in Indonesia. Payments are made to recipients accounts usually 2 or 3 business days. . I haven't recently compared their fees with other organisations. About 6 months ago they introduced a drop down menu to show the reason for sending money to Indonesia. 10 choices. Guess its all to do with money laundering and security. The only problem I have is passing the 'captcha' test. Sorry you have had a bad experience with them.

Hi Normy, Well I think what happened in my case was perhaps different from the usual purposes and thus experience of others, because now I have seen that others that have been happy and can reflect upon what I did that was different. Transferwise is undoubtedly ok with smaller sums transferred to recipients with internet usage, and where money is being exchanged to another currency. In instances where money is being sent in larger sums (over US $5000.) and NOT being changed to another currency THEY are not any more competitive than banks. Thanks to all that have responded. That certainly expresses a basic principle of the strength and purpose of this forum.

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