Please, what is the cheapest way to transfer 10.000 Australian dollars to Indonesia from Australia

Melati

Somebody is planning to send us 10.000 Australian dollars from Australia to Bali, please could you advice us what would be the best way to send that quantity of money?. We have pay pal account but I think the commission is high, I hear a lot about transferwise but never use it. Terimakasi, have a beautiful evening.

JackStraw

Melati wrote Somebody is planning to send us 10.000 Australian dollars from Australia to Bali, please could you advice us what would be the best way to send that quantity of money?. We have pay pal account but I think the commission is high, I hear a lot about transferwise but never use it. Terimakasi, have a beautiful evening.

Transferwise is the best bet in my opinion (other than cryptocurrency) but just to keep it simple, Transferwise is the way to go.

harryopal

JackStraw wrote Transferwise is the best bet in my opinion (other than cryptocurrency) but just to keep it simple, Transferwise is the way to go.

Yes, I second that. But send as Rupiah as if it is exchanged by your bank here the rates might not be so good. Without registering you can immediately see what it would cost and the conversion to Rupiah would be by logging on to transferwise.com . Whatever you do don't transfer using an Australian bank. Lost a lot of money with terrible bank exchange rates.

harryopal

Oops. I forgot to mention my advice fee so for sending $10,000 my charge will be a very reasonable 10%. Need any other advice?

Melati

harryopal wrote Oops. I forgot to mention my advice fee so for sending $10,000 my charge will be a very reasonable 10%. Need any other advice?

hahaha you made me laugh! thanks for that harryopal! good one

Juggler

I sent some AUD over the other day ....the rate was 10704...wowo

Melati

Juggler wrote I sent some AUD over the other day ....the rate was 10704...wowo

Juggler, did you use transferwise? yes that it is quite high righ? usually has been always around 9.000

Juggler

Melati wrote Juggler, did you use transferwise? yes that it is quite high righ? usually has been always around 9.000

current rate is 10549. it is the cheapest way to do it and the AUD is quite high now

Juggler

ge an app called xe or o to xe.com......live rate are there and xferwise is very cloe to live rate

Melati

Our friend send us already one hour ago, 1.000 australian dollars first and she paid only 6,67 Australian dollars commission from transferwise, and the rate it was 10.541,5 one australian dollar. She paid 11,23 AUD from her bank. Very easy, quick and cheap! she is so happy about knowing this as well, me as well, neither of us has used it before. So nice feeling to learning new things! thanks a lot for your help, have a beautiful evening.

PERtoDPS

Glad you figured it out Melati. I agree transferwise is number 1 however Western Union is usually close behind in the rate, you go in to an agency in Australia and send cash and then the receiver is given an MTCN number which they can pick up at many banks/Western Union agents in Bali.

Melati

PERtoDPS wrote Glad you figured it out Melati. I agree transferwise is number 1 however Western Union is usually close behind in the rate, you go in to an agency in Australia and send cash and then the receiver is given an MTCN number which they can pick up at many banks/Western Union agents in Bali.

thanks for letting me know PERtoDPS, it is always nice to know different ways to do it.

Juggler

Melati wrote Our friend send us already one hour ago, 1.000 australian dollars first and she paid only 6,67 Australian dollars commission from transferwise, and the rate it was 10.541,5 one australian dollar. She paid 11,23 AUD from her bank. Very easy, quick and cheap! she is so happy about knowing this as well, me as well, neither of us has used it before. So nice feeling to learning new things! thanks a lot for your help, have a beautiful evening.

hey rate now 10835....outstanding

Gulali

I've been using moneygram from the U.S to do transfer to Indonesia and other countries. After the pandemic began we can now do it all online. They received it most instantly. There is a maximum amount on each transaction and each 30 days though. The fee is free if you do it from bank to bank or bank to moneygram location. What I do, I made a few transactions to make it under the maximum amount. You can check their maximum amount and rates and the monthly maximum amount on their website. Moneygram.com

PERtoDPS

Gulali wrote I've been using moneygram from the U.S to do transfer to Indonesia and other countries. After the pandemic began we can now do it all online. They received it most instantly. There is a maximum amount on each transaction and each 30 days though. The fee is free if you do it from bank to bank or bank to moneygram location. What I do, I made a few transactions to make it under the maximum amount. You can check their maximum amount and rates and the monthly maximum amount on their website. Moneygram.com

I think you'll find much like WU the "free" fee is actually that the MG exchange rate is lower than the real exchange rate, which is where those companies make their money.

travelinggems

Have you tried Bitcoin or a stablecoin like USDT or USDC? Fast, cheap & easy.

Markit

travelinggems wrote Have you tried Bitcoin or a stablecoin like USDT or USDC? Fast, cheap & easy.

You mean PonziCoin?

Markit

JackStraw wrote So what do you consider "green" energy in your opinion? Just out of curiosity...

Windmills, hydropower and lighting my farts (could run a small kampung).

PERtoDPS

travelinggems wrote Have you tried Bitcoin or a stablecoin like USDT or USDC? Fast, cheap & easy.

If you're doing it that way I've been selling USDT on the Tron network (TRC 20) as gas fees have been ludacris lately. This way is much cheaper fees and same result.

JackStraw

Markit wrote You mean PonziCoin?

If Bitcoin is a Ponzi, then surely we have to add the mighty US Dollar (or any fiat currency) into the conversation. Fiat money, issued and controlled by the banks is the quintessential definition of a pyramid scheme. Fiat is controlled by a very small group of insiders. Without exception, banks have manipulated the supply and distribution for their own benefit. There is no transparency to speak of and users have no say in policy. But back to Bitcoin, I really don't think it is a Ponzi. Bitcoins are essentially a commodity with a fixed rate of issuance. It is not a ponzi because after you've acquired bitcoins, there is no promise extended that you can redeem them for any value and there are no dividends paid to those who hold bitcoins. Bitcoins are traded, so the exchange rate can rise or fall, so there are those who will buy or sell bitcoins to speculate on the price.