Transfering money from the sale of my property out of Bali, Indonesia

Reosoh

I am abut to sell my freehold property and want to transfer the amount of the sale out of Bali, Indonesia. Preferably in one go. We talk about an amount in excess of 3 milliar IDR. What is the best, and cheapest, way to do so? Information/ personal experiences appreciated.

PERtoDPS

wise.com

Markit

Last time I looked (years ago) there was a limit of 100 juta a month on transferred dosh.

Reosoh

Wise at present has a max limit of 315 Jt per month, so transferring the proceeds will take about 12 months. With all of the risks of a worsening of exchange rate over such a long period. So this is not necessarily the best option in my mind.

Markit

You're also going to run into money laundering fun at the other end.

Reosoh

No money laundering fun, since I have always paid my required taxes in my base country, and also never "hid" the house (with its realistic value) from the taxman. The money was "white" when it left my base coutry some 10-11 years ago, and it has stayed "white" since. By reporting my Indonesian asset, and btw not being taxed on this, I can always remit the proceeds from the house sale without having to "launder" anything. Which b.t.w. is becoming almost impossible, as some have found out the hard way.

RossM

Reosoh wrote I am abut to sell my freehold property and want to transfer the amount of the sale out of Bali, Indonesia. Preferably in one go. We talk about an amount in excess of 3 milliar IDR. What is the best, and cheapest, way to do so? Information/ personal experiences appreciated.

Probably Wise or Western Union, but something worth checking on is that IF you use a bank, what percentage the bank takes on transferring money FROM Indonesia. A few years ago, when I transferred A$400,000 back to Australia, the bank charged 1%, a significant amount. I don't know if they find a way to charge that even if you use another service.

gtrken

First thing you have to do is SELL the property. Not particularly easy at this present time... Cheers Pessimistic Ken :)

matsaleh

Why not have the buyer pay the money directly to your overseas bank account? That's what I did when I sold my business in Bali.

Markit

matsaleh wrote Why not have the buyer pay the money directly to your overseas bank account? That's what I did when I sold my business in Bali.

Might I ask how that was managed with respect to the transfer of title here through the services of a local lawyer or notary? I mean they usually hold title and the monies in esgrow until everything is shipshape and with the dosh changing banks in Oz the local could have no cognizance legally of it happening.

matsaleh

Markit wrote Might I ask how that was managed with respect to the transfer of title here through the services of a local lawyer or notary? I mean they usually hold title and the monies in esgrow until everything is shipshape and with the dosh changing banks in Oz the local could have no cognizance legally of it happening.

Aah... yes, you may be right. I "over-contracted" my property with a new sub-lease between myself and the new lessee (as agreed by the owner of the property in the original contract). So, yes I suppose this would not be feasible for the sale of hak milik property, for the reason you have mentioned, unless of course, both parties agreed to the arrangement. In my case, the notary held on to the new lease documents until I confirmed the payment had been made to my bank.

Markit

matsaleh wrote Aah... yes, you may be right. I "over-contracted" my property with a new sub-lease between myself and the new lessee (as agreed by the owner of the property in the original contract). So, yes I suppose this would not be feasible for the sale of hak milik property, for the reason you have mentioned, unless of course, both parties agreed to the arrangement. In my case, the notary held on to the new lease documents until I confirmed the payment had been made to my bank.

Lets see if I understand this: 1)You had a leasehold property here on the island of the gods. 2)You sublet that to an Ozzy with the agreement of your owner (local) presumably for the rest of your original leasehold agreement. 3)The Ozzy then paid his dosh into your Oz bank account 4)You notified your lawyer/notary to complete the "sale" with the named Ozzy as beneficiary. Had you told the Ozzy to "go piss up a rope" after he paid you he would have had no recourse and his money would have been gone having no real proof (signed/notarised lease agreement) that a contract was in the offing. Does he have a friend?

Markit

matsaleh wrote You have a point, but I guess there was some trust involved. BTW, the new owner wasn't from Australia, but from Germany and we had known each other for some time before the sale.

Hat er einen Freund?

matsaleh

Markit wrote Lets see if I understand this: 1)You had a leasehold property here on the island of the gods. 2)You sublet that to an Ozzy with the agreement of your owner (local) presumably for the rest of your original leasehold agreement. 3)The Ozzy then paid his dosh into your Oz bank account 4)You notified your lawyer/notary to complete the "sale" with the named Ozzy as beneficiary. Had you told the Ozzy to "go piss up a rope" after he paid you he would have had no recourse and his money would have been gone having no real proof (signed/notarised lease agreement) that a contract was in the offing. Does he have a friend?

You have a point, but I guess there was some trust involved. BTW, the new owner wasn't from Australia, but from Germany and we had known each other for some time before the sale.

Metter

Reosoh wrote Wise at present has a max limit of 315 Jt per month, so transferring the proceeds will take about 12 months. With all of the risks of a worsening of exchange rate over such a long period. So this is not necessarily the best option in my mind.

Are you sure on this because I can't see a limit that low mentioned.

RossM

Markit wrote Lets see if I understand this: 1)You had a leasehold property here on the island of the gods. 2)You sublet that to an Ozzy with the agreement of your owner (local) presumably for the rest of your original leasehold agreement. 3)The Ozzy then paid his dosh into your Oz bank account 4)You notified your lawyer/notary to complete the "sale" with the named Ozzy as beneficiary. Had you told the Ozzy to "go piss up a rope" after he paid you he would have had no recourse and his money would have been gone having no real proof (signed/notarised lease agreement) that a contract was in the offing. Does he have a friend?

We all need a 'friend' like him!!