Has anyone declare money before ?

[KellogFrosties]

Hello there,
I would to bring about 900 million IDR into Bali from Singapore
I tried contacting western union and the amount is to large to send
I do not have a bank account in bali . Hence I cant transfer to that account
This money is going to be use for purchasing a leasehold on a property .
I know I can sign the lease , fly back to Singapore then transfer the money to the property owner
but I want to avoid this situation.
I am planning to declare this money when I fly over but am worried about the customs even though I know there no taxation.
What do normally people do ?

 

[mugwump]

Of course you must declare on the import duty form that you do not have more than 100 million in your possession, but I have never known of anyone being searched for money. Currency is not revealed by x-ray machines, and I understand that people often have large pockets.
Another means would be to contact Jero at 03617921731, she is a long time money changer in Ubud and I have used her for the purpose you mention. She has a dollar account with her Indonesian bank with which you can transfer US $, and then convert to rupiah upon your arrival. For the benefit for any naysayers of this avenue of exchange it is admitted that there is a matter of trust involved, but by speaking with her you may find a means of assuring your funds.
I personally have used her for this purpose many times, and my name is Don.....also a total stranger.

 

[Markit]

Whatever you decide to do please, please do not run around Bali with nigh on 100,000 dollars stuffed into your swimsuit. You are asking to get robbed.

Jump on a cheap flight SG to Bali

Open a bank account at any BNI

Go home and transfer the dosh

Cost if you do - $200

Cost if you don't - $100,000?

You might even be able to open a Indo bank account from SG or a line of credit supported by your account in SG?

 

[kiwi]

Declaring money over certain amount was pushed throughout the world by our friends in (starts with U and ends in A) to stop money laundering, as long as you are able to prove it is yours and comes from legitimate sources there is no issue if declared. If in most countries you do not declare and it is discovered the money is confiscated and you then have to go about proving it is yours etc.
It is a lot to be carrying around and I would be looking to do something along the lines of Mugwump's suggestion.

 

[spicyayam]

It does sound risky. Although I am always surprised by the people you see at banks withdrawing cash and stuffing it into a backpack. I know of people who have transferred the money to the notary, who holds it in escrow until the transaction is finalized. Or maybe your Singapore bank can help send the money while you are in Bali.

 

[ferdie]

Totally BS, a couple days ago I heard someone tried to bring about 80.000 USD and ended up confused on how to get it back without getting legal consequences :biggrin:

There are a few Indonesians in SG who would do currency swaps in SG, USD or SGD in exchange to rupiahs transferred to an Indo bank account but for an amount that big, you have to look harder or split them into different people.

There are soooo many ways to get your money to Bali in a safe and normal manner, why did you have to put yourself to risk just for a leasehold payment?

Markit's method would cost a little but eventually you would need an Indo bank account if you lease a place here

 

[ferdie]

It does sound risky. Although I am always surprised by the people you see at banks withdrawing cash and stuffing it into a backpack. I know of people who have transferred the money to the notary, who holds it in escrow until the transaction is finalized. Or maybe your Singapore bank can help send the money while you are in Bali.

Then you haven't seen the OB in my old office back in Jakarta, once he was sent with 700,000 USD cash in his crappy bag on a motorcycle around Jakarta, my old boss were to cheap to pay the transfer fee :greedy_dollars:

 

[KellogFrosties]

Hello everyone
Thanks for replying.
I think I will just fly over sign the lease and fly back , transfer the money to the owner.
I cant open a Indonesian Bank account in Bali because I do not have a limited stay visa nor a sponsor ( I also do not know the possible implication that it may cause in the future)
I already contact my banks in SG and they only told me that will get me a letter of recommendation to set up a bank account and then I can start the transfer. (UOB)
So to not take risk I guess I fly back and do the transfer even though the fees are high and rates are bad