TransferWise

DenpasarHouse

davita wroteDoes TransferWise add any fees?

Yes, but when you enter the amount of currency you wish to exchange on their website they'll tell you how much you'll actually receive into your Indo account. So basically, forget about comparing rates and fees, just tell me if the total amount that lands in your account via HSBC is more or less than what TransferWise says you'll get with them. For an accurate comparison, you'll have to start your HSBC transaction and immediately check the TransferWise website.

Markit

matsaleh wroteSo, Markit, with TransferWise, did you get the same rate as was quoted when you initiated the transaction?

Yep!

davita wroteI was responding to DPSH who stated '[I]definitely better than going through the banks.' [/I] If someone can say what the exchange rate TransferWise used on Aug 19, including the fees, for a comparison...we would all be wiser. The point of the thread is an attempt to find the best way to transfer money from abroad to Indonesia....my opinion is offered and not intended to be controversial.

Yeah got that and I wasn't koshing you, just making the point that there are no other foreign banks that function like that, as far as I know, and if you don't have HSBC and easy access to Java the HSPC link is useless - they don't have a branch here on Bali (as we all know).

Markit wroteJust did my first transfer and got this message: [B]We’ll transfer Rp105,974,663.53 to Mark *****[/B] It was sent to Mark ***** on Friday 28th August, and should be there on Thursday 27th August. Congratulations! On this transfer, you saved £116.32 versus the bank! This transfer was for £5000 too. Please note the send and arrival dates. Needless to say I haven't got it yet but they did send an email promising by the 31st. We live in hope.

DenpasarHouse

Davita, thanks for the info on HSBC. I might have to look into joining HSBC later on. Next time you transfer money via HSBC go directly to the TransferWise website and enter the amount and choose the appropriate currencies. There's no need to join or go ahead with the transaction, it'll just tell you what TransferWise would give you at that specific time. It's not a perfect comparison as the TransferWise rate isn't set in stone until the transaction is processed. Probably at least a day after you start the process, as your money has to arrive in their bank account first. I'd be surprised if HSBC turn out to be better. But if so, let us know as I'd probably go out of my way to open accounts with them.

Nydave

I have checked their rates and they seem pretty good to me,73 Pounds fee for 5K was a good deal,

modelt1826

That would have been 1996 then the crisis hit in 1997 1998 with the crash of the asia curriencies

Normy

Markit with your transfer to your bni account did you use the swift/bank code BNINIDJA which is for bni operational headquarters, or were you able to use any other bni code, such as for your local branch. My account only shows that code for bni. My transfer needs to go to Renon/Sanur branch.

Markit

Normy wroteMarkit with your transfer to your bni account did you use the swift/bank code BNINIDJA which is for bni operational headquarters, or were you able to use any other bni code, such as for your local branch. My account only shows that code for bni. My transfer needs to go to Renon/Sanur branch.

You have to be careful there Normy as there is a dropdown box on the TW site with a truncated swift code but the text next to it did say Bank Negara Indon *** something or other similar - sorry I forget exactly what.

Dick Rector

I do have the same question (and the same bank-branch) Please shine some light!

DenpasarHouse

Normy wroteMarkit with your transfer to your bni account did you use the swift/bank code BNINIDJA which is for bni operational headquarters, or were you able to use any other bni code, such as for your local branch. My account only shows that code for bni. My transfer needs to go to Renon/Sanur branch.

Are you sure it definitely has to be transferred to your branch and not just the bank itself? From memory, you can't actually enter a swift code during the TW process, you can only choose the bank from a drop down list. I'd try doing a small transaction of $10 first to see if it's successful.

Markit

There is a drop down box with the bank name and the swift/bank code to choose where you want your dosh to go. You then add your account number. I did try with a small transfer of £5000 and it worked just fine. Next time maybe I'll brave a real amount!

ronb

Whether they ask a branch name or not may depend on the bank, but with Mandiri they don't ask - the account number is enough.

Normy

It seems your transfer can just go to the bank. However you cant escape entering the bic/swift code as part of the bank details. I just received an sms from my recipient. It got into her Sanur atm (Renon branch) today. Transaction done 7.30p Thursday. So happy with that. A few things you cant do. Cant edit recipient, you must delete and re-enter. Also cant use joint account. So used credit card which has a 2% fee. The total cost still came well below the other company I was using

Markit

Normy wrote Also cant use joint account. So used credit card which has a 2% fee.

I transferred from my wife and my joint account to TW and they don't care about the owners of the recipient bank account as far as I could see so don't understand this one Norm...

Markit

Transferwise is only competitive compared with PayPal from Eu/Us otherwise forget the hype.

Dick Rector

TransferNotSoWise. I registered with TransferWise about 3 weeks ago. A few days ago I wanted to transfer money from Holland to Indonesia and tried to login. "Your account is de-activated. You can't use our service to transfer money in the future." I asked why, am I a crook, something wrong with my account? "Security reasons, we can't give you information, find other ways to transfer money." Well I will.......

ronb

I did a comparison of: 1.) Transferring from Commbank Australia to Commbank Indonesia 2.) Transfering from Commbank Aust through Transferwise to Mandiri Indonesia With (1) I transferred $3,000, they add $22 and I receive (on Tue 6th) Rp29,460,000 With (2) I transferred $3,000 and receive Rp29,576,891, but I calculate if I had transferred 3022 it would have yielded Rp29,793,788. This also happened of Tue 6th. So with Transferwise I win by Rp333,788, or about $33.58, or about 1% While both transfers happened on the same day I started them, they would have been at different times so the exchange rate may have moved a bit. All the $ aboveare Aussie $. While Transferwise keeps telling you that it will take about 3 days and predicted a sum would arrive on the 8th - it was quick. At the Aussie end I was transferring from Commbank to a Transferwise account with Macquarie Bank. Aussie interbank tansfers are immediate. I assume Transferwise have an Indo account and interbank transfers between Indo banks are mostly immediate. There are different transfer methods and the RTGS method which handles large amounts may be slower, but mostly we use what Mandiri call the Online method which is immediate. So the time taken would seem to be for someone in Transferwise (UK I think) to see they had received the Aussie payment and then press the button for the Indo transfer. So, for now, I guess I will stick to Transferwise - they are certainly easy to use - the time taken to initiate the transaction would be about the same as for the Commabnk transfer.

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