Aust to Bali bank transfer advice

T

thinking_about_it

Member
Sep 20, 2011
39
0
6
Australia
I am looking for advice re the best way to transfer money from Australia to Bali.

I did a test IMT (online transfer) last night and the CBA gave an exchange rate of only Rp9400.

Is there an alternate way to transfer money and get a better exchange rate?

I did the test transfer as IDR but there was an option to send AUD perhaps that would get a better rate? I did the test transfer as IDR as the minimum transfer is AUD500 vs Rp1,100,000. It also said if sending AUD the receiver may incur fees at their end?

Look forward to hearing what others do.

Thanks
 
Markit

Markit

Well-Known Member
Sep 3, 2007
9,484
1,313
113
Karangasem, Bali
The best rate is for bank transfer but you will be charged about $20 per transaction. It seems to be always a few hundred more than the advertised daily rate.

Alternatively you can open a US dollar (Oz$, Euro ??) account and transfer that way 1 for 1 but with the same charges - only upside is you can then wait for the rate to go up, which it seems to be doing quite regularly now, and then make your exchange.
 
R

Robsail

New Member
Jun 21, 2012
19
0
1
Try OzForex ,they have very competitive rates ,and offer a very good multicurrency account MasterCard,although not IDR unfortunately.
Can transfer all currencies to most countries. I recently sent USD to a USD account in Bali ,using AUD. very happy with rate compared to major banks

Regards

Rob
 
P

phil170258

Member
Feb 13, 2011
178
0
16
we transfer from aus Commonwealth account to Indo Commonwealth $AUS account in aus dollars (cost is $22). Then go into bank at Legian (or ring up if you can get through) and ask for their 'best rate' (this only applies for amounts > $2000) this is usually pretty close to street rate. then go online, use this rate code to transfer AUS$ to IDR in Indo commonwealth idr acct.

sounds complicated but works really well.
 
no.idea

no.idea

Member
Feb 22, 2011
862
2
16
Sanur
I do ANZ (Australia) to BII in Sanur. I transfer sums of $10,000 per time. This costs $32 and is transferred in Australian dollars. I then negotiate with the BII as to the exchange rate here.
My reason for using BII is nothing to do with economics. It is simply because they are close by and have parking at the front of the bank.
 
Fred2

Fred2

Well-Known Member
Oct 13, 2010
1,182
83
48
Surabaya/Australia
I use a little button thing from the bank in Australia, just go online & do the transfer to my BII Australian dollar account. Cost is $10.00aus, Go to BII & get them to ring for the best exchange rate, if I like the rate I exchange.
 
T

thinking_about_it

Member
Sep 20, 2011
39
0
6
Australia
Just an update for anyone in the same situation. Still trying to work my way through the best option for me. I am sure that after I have completed the process once it will be easy but as someone new to international transfers it is a bit daunting.

I have signed up for both OzForex and Bamboo accounts. I am now going to work out which has the best exchange rate and go from there.
Both were relatively simple to sign up for - OzForex I filled in an online form and then received a call to confirm my registration & with Bamboo I sent off a form with a certified copy of my drivers licence and then they sent me an sms to confirm my registration.

My test transfer has also been received in Bali. I sent Rp1,100,000 from my AUD CBA account to a Rupiah Bank BPD account. It cost me AUD138.76 all up (116.76 + 22 transfer fee). The CBA only offered an exchange rate of 9420.76.
Rp1,092,500 was then received in the Indonesian bank account. So it would appear that a fee of Rp7,500 was charged. I just did this to check the bank account number etc before transferring a bigger sum of money but was a worthwhile test as it showed the fees charged by the banks. I think an online transfer money exchange company is the way to go for a better rate.

I now have to work out what additional charges OzForex and Bamboo will charge (if any) at the Indonesian end of the transfer.

Right now OzForex is offering a rate of Rp9697.8442 with no fee for transfers over AUD10,000
And Bamboo is offering a rate of Rp9900 with a flat AUD5 transfer fee.

The rate of Rp9900 sounds too good to be true and I wonder what costs will be involved to at the Indonesian bank account end? However the website does state

"10. ANY OTHER CHARGES OTHER THAN $5 PER BENEFICIARY?
No other charges, the amount will be received in full by your beneficiary in Indonesia."

Can anyone confirm this from prior experience with transferring funds to Indonesia with Bamboo Exchange?

Thanks again.
 
T

thinking_about_it

Member
Sep 20, 2011
39
0
6
Australia
Final update:

I decided to go with Bamboo Exchange (thankyou @gtrken for the suggestion).

I transferred AUD20,000 at a rate of Rp9,800 with no fee as it was my first transfer - usually the transfer fee is a flat AUD5.

I transferred the money from my Aust CBA account to Bamboo's Aust NAB account on Monday and then they transfer it to the Indonesian bank account. The funds were then received in Bali yesterday (Thursday).

As per their website (which I thought was too good to be true) the full amount of Rp196,000,000 was received in the Indonesian bank account with no receiving bank fees (20,000 x 9800).

I couldn't be happier with Bamboo's email communication and I am glad that I looked around and found an alternative to an IMT with the Commonwealth Bank. (9800-9400) x 20,000 = Rp8,000,000. Approx AUD800 difference so it was worthwhile looking around.

Hope this information helps someone else in the future!
 
G

gtrken

Active Member
Nov 4, 2007
410
182
43
66
Perth W Australia
thinking_about_it said:
Final update:

I decided to go with Bamboo Exchange (thankyou @gtrken for the suggestion).

I transferred AUD20,000 at a rate of Rp9,800 with no fee as it was my first transfer - usually the transfer fee is a flat AUD5.

I transferred the money from my Aust CBA account to Bamboo's Aust NAB account on Monday and then they transfer it to the Indonesian bank account. The funds were then received in Bali yesterday (Thursday).

As per their website (which I thought was too good to be true) the full amount of Rp196,000,000 was received in the Indonesian bank account with no receiving bank fees (20,000 x 9800).

I couldn't be happier with Bamboo's email communication and I am glad that I looked around and found an alternative to an IMT with the Commonwealth Bank. (9800-9400) x 20,000 = Rp8,000,000. Approx AUD800 difference so it was worthwhile looking around.

Hope this information helps someone else in the future!
Click to expand...

Your welcome and I am surprised that many other people do not use them as well. I have transferred a considerable amount of money with them and NEVER had a problem plus they do get the money there quickly with no other fees. One of the rare occasions where too good to be true actually is not ( if you get what I mean..)

Cheers
Ken
 
ronb

ronb

Well-Known Member
Aug 14, 2007
2,241
57
48
Ubud, Bali
So how does someone living in Indonesia get registered with them seeing that they want ID verified by a JP or Australia Post employee or someone else you are not likely to find here.
 
T

thinking_about_it

Member
Sep 20, 2011
39
0
6
Australia
good question.. they only transfer from Australia to Indonesia (& not Indonesian accounts to Australian accounts) so maybe they assume that you would be in Australia at some stage?
I had my ID certified by a Dentist (other occupations are listed on the form) maybe look at the list and see if you know anyone with one of those occupations holidaying in Bali soon?
 
You must log in or register to reply here.
Top Bottom