Transfer of money from Oz for land purchase

Wolverine

Hi, whats the cheapest & easiest way to transfer a large amount of money for the purchase of land to the Notary, as I'm in Bali atm, straight from my NAB Bank directly to Notary trust account?

harryopal

Wolverine wrote Hi, whats the cheapest & easiest way to transfer a large amount of money for the purchase of land to the Notary, as I'm in Bali atm, straight from my NAB Bank directly to Notary trust account?

Wise.com You can see what you would get and the charges without subscribing. If sending from Auz anything more than $9000 requires bank notification for checking against money laundering etc. However, you can make successive payments. I don't know what kind of delays may or may not occur with a single large amount.

matsaleh

harryopal wrote Wise.com You can see what you would get and the charges without subscribing. If sending from Auz anything more than $9000 requires bank notification for checking against money laundering etc. However, you can make successive payments. I don't know what kind of delays may or may not occur with a single large amount.

The most you can send in one transaction via Wise to Indonesia is IDR 490 million (about AU$47,500 at today's exchange rate). The fee for this transaction would be AU$243.63. I'm sure it's cheaper to send bank to bank for a large transaction.

matsaleh

[USER=23451]@Wolverine[/USER], the transaction fees may be higher with Wise, but Wise' exchange rate may be better. I'd suggest you do a dummy run making the transfer with NAB and check the final amount that will be received in Indonesia before sending, and compare with Wise. Sometimes, the extra fees with Wise are worth wearing, because their exchange rate is always better. As far as I know, NAB will give you the exchange rate they intend to use, before you complete the transaction.

spicyayam

Maybe try contacting head office and see if they can get you a better rate from their forex department. I heard that it is possible.

Wolverine

matsaleh wrote The most you can send in one transaction via Wise to Indonesia is IDR 490 million (about AU$47,500 at today's exchange rate). The fee for this transaction would be AU$243.63. I'm sure it's cheaper to send bank to bank for a large transaction.

Which means l would need to do atleast 3 transactions so the fees would mount up, seems l might be better off to organise 1 transaction from NAB to Notary,...also, is there a preferred Indonesian bank that expats tend to use, l want to open an account...regards Jeff

harryopal

I have had no problems with transfers to BCA.

Wolverine

harryopal wrote I have had no problems with transfers to BCA.

My Indo friend is taking me to CIMB bank Monday