Transferwise to BCA

PERtoDPS

Hello all Just curious if anyone is still sending money from Australian bank to here, specifically BCA and how long it takes to clear? I'm using WU and finding with the points system and [B][I]if and only if using the app the rate is quite good[/I][/B][I][/I] if just walk in to WU agent the fees are very high. Or is there some other payment system I am missing? I read somewhere about kangaroo money transfer anyone know about this one? The money being available at the Indonesia end within 24 hours is important to me.

spicyayam

I believe Transferwise offers the best rates and so forth. It is quick from my experience. I find any problems to be with the local banks who can sometimes sit on the money. During long holidays like Idul Fitri you need to wait until after the holiday to get the money into your account.

harryopal

I did a Transferwise to BCA transaction week before last and the funds were available to for use in my account within 6 minutes. It might be possible that a first time transaction could take longer. Sitting on money is one the thing banks love to do. The temporary availability of other people's accumulated money enables the bank to have a kind of slush fund for short term high interest earning transactions.

PERtoDPS

Yes I’m well aware that banks like to sit on money, if it’s a day or two ok but if we’re talking a week plus I’m leaving the person at the other end potentially without food it’s a problem. That said, spicyayam makes a good point about holidays, I asked the question because I’ve heard of Balinese banks sitting on money for an unusual amount of time (eg 2 weeks), although doesn’t seem to be the case with Transferwise.com

harryopal

Well, as I said.... "funds were available to for use in my account within 6 minutes. It might be possible that a first time transaction could take longer. "

JohnnyCool

Hi all. I have a question on behalf of a good friend of mine. He is going to be issued with a sizable Australian [B]bank cheque [/B]from his bank there. Yeah - I know. Who actually uses [I]bank cheques[/I] these days? We haven't been able to find any local bank that will accept one. Any ideas?

harryopal

Unless he had already closed his account he could process the cheque through his account and then remit the funds. Or was this a payout cheque from the bank when closing his account?

JohnnyCool

harryopal wrote Unless he had already closed his account he could process the cheque through his account and then remit the funds. Or was this a payout cheque from the bank when closing his account?

Thank you. He's been living in Bali for many years and has now applied to "cash" in his super funds early. His "bank" is some kind of credit union and issues Commonwealth Bank. He doesn't have a CBA account.

JohnnyCool

Thanks again, harryopal I'd already suggested that he open a CBA account. There's a CBA in Denpasar. I'll let you know how it all pans when I can.

harryopal

If the payout amount is significant it would be worth his while to open a CBA account as the difference between a bank transfer and a Transferwise transfer would warrant the extra bit of messing around. If he were to use Skype he can call the CBA at the cost of a local call and one would hope, with a bit of goodwill, they would assist him in opening an account. Giving the Id requirements he might be able to cover that by sending to the bank by EMS post whatever documentation might be required. Probably not a good idea to tell the bank he is intending to use Transferwise as the banks may see extra income with an account that will be remitting funds overseas. And again, depending on the amounts, it might even be worthwhile going to Darwin to open an account. Hopefully he has an Australian friend whose address he can use for bank purposes.