Unbelievably Easy Ways to Make Money Transfers to Indonesia

money transfers to indonesiaIndonesia is a beautiful place. With temples, shopping, resorts and culture it has something for everyone. If you’re making money transfers to Indonesia, you could be doing it for a number of reasons. You might be sending money home to family, making a business payment, purchasing property or planning a big move.

No matter the reason, we want to help you find the best way of sending money to Indonesia.

For a quick comparison table of exchange rates and fees, click here.

What will this guide cover?

This guide will cover:

  • Personal transfer – sending money to family or friends in Indonesia
  • Business transfer
  • Buying or selling a property in Indonesia
  • Studying Overseas
  • General costs of sending money to Indonesia
  • Your options to send money to Indonesia
  • Information you’ll need for the transfer
  • General information

Personal transfer from Singapore to Indonesia

You can set up a personal transfer from Singapore to Indonesia through a number of methods:

You can use your bank:

This is very convenient, however not the most valuable way to send money internationally. Banks will generally charge a high international transfer fee and not offer a competitive exchange rate. Keep in mind that not all Singaporean banks will support Indonesian Rupiah (IDR) but they will accept currency transfers to and from Indonesia.

Money transfer companies:

These companies will offer you a better exchange rate and lower fees. Here are some providers that transfer money from Singapore to Indonesia:

Business transfer from Singapore to Indonesia

When it comes to making a business transfer from Singapore to Indonesia, there are two factors to keep in mind;

  1. The exchange rate margin: This is the difference between the wholesale exchange rate that you’d find on google or XE and the rate you actually get for the transfer.
  2. Additional business products they offer such as forward exchange contracts, foreign currency accounts and limit orders.

Any of the companies above can be used to make business transfers. When you register your account, you’ll generally be asked the nature of the transfers you’ll be sending. We like HiFX for business transfers, their rates and fee structure allows you to maximise your international payments and receipts. They also offer foreign exchange accounts which means that you can hold the funds in a foreign currency and convert them at a time that is more favourable for you.

Buying or selling property in Indonesia

It’s stressful buying or selling property. It’s even worse if you’re trying to do it internationally. You might be trying to buy property in Indonesia or sell it and transfer the funds back to Singapore. Either way, we’d recommend trying to find a company with international presence so that you can easily get support if you need it throughout the process.

Our choice would be TorFX for property settlement transfers, as you are assigned a local account manager that will be licensed and have a strong global support network to guide you when needed.

Studying overseas

As much as we would like them to, tuition fees aren’t getting any cheaper. They can seem even more expensive if you’re transferring from overseas to pay for them. Annual payments to universities or other education providers, along with all other expenses, can really add up, particularly abroad. As these payments can be large, you need to know the best method of payment before moving your funds.

  • For larger payments, the most important factor to keep in mind is the exchange rate.
  • For smaller payments, you should keep an eye on the transfer fees as these can really impact how much your transfer costs you proportionately.

There are many methods of transferring funds abroad, but we would HiFX as they are great for saving on those hefty costs when paying for expenses such as bills.

General costs for sending money to Indonesia

Calculating the costs can be difficult, as nearly all fees, charges and exchange rates are dependent a number of factors. These include where you’re sending it, how you’re sending it and how the funds will be received. The most common fees are as follows:

  1. A transfer fee
  2. Exchange rate margin: the different you will pay between the wholesale exchange rate on xe.com and the rate you will actually get
  3. Bank fees: The fees that you bank will charge for sending the money to the correct account overseas.
  4. Receiving bank fees: The fees the receiving bank will charge you for converting into the correct currency.

Your options to send money to Indonesia

There are various methods of sending money to Indonesia. We’ve outlined a number of them below:

Via your bank

Using your bank is an easy and quick way to transfer funds as you don’t need to set up any additional accounts. The funds can normally be sent successfully within 3-5 business days depending on your bank. However, banks will generally have uncompetitive exchange rates which make them unattractive if you’re sending large amounts of money abroad.

Check with your bank and research the fees and exchange rates based on the amount you plan to send over.


Paypal is also extremely convenient and a highly popular way of transferring money abroad. It is also by far the quickest with transfers sometimes being completed within minutes. This means it is great for smaller amounts under $1000SGD as although the exchange rate is equal to that of the banks, the fees are slightly less. It’s particularly handy if you are paying from your own Paypal account directly into another Paypal account.

A money transfer company

This is our preference for making transfers internationally. With competitive rates, lower fees and guaranteed security. Additionally, there are an overwhelming amount of money transfer companies to choose from. In general, these companies are your best option when transferring larger amounts of money. For example, anything between $1000 – $1,000,000SGD. Different companies will have various minimum and maximum transfer amounts set, and the transfer itself will usually take around a business day longer than banks or Paypal.

You will need to create an account with the company before sending the money – you can do this online:

  • Register your details on the website. You will need I.D handy for this.
  • Account needs to then be approved, and you’ll receive your login details.
  • Enter the bank details of where you are sending the money, that is, the ‘Beneficiary’ or ‘Recipient’
  • You will get a quote based on the fees and exchange rate for sending the money.
  • Once you’re happy with the quote provided to you, you can confirm the transfers and fund it from your local account.

Information you’ll need for the transfer

You’ll need the details of the bank account you are sending the money to i.e. the beneficiary or recipient details. These details will be:

  • Account name of your Recipient
  • Their address
  • Their SWIFT code

SWIFT codes

Swift codes for the biggest banks in Indonesia:

Bank Mandiri : BMRIIDJA

Bank Rakyat Indonesia : BRINIDJAXXX

Central Asia Bank : CENAIDJA

Bank CIMB Niaga Indonesia : BNIAIDJA

General Information

When it comes to making the choice on how to send money internationally, it’s important to note that there are pros and cons to all of your options. PayPal and Western Union don’t offer competitive rates and will charge fees that can be nasty, but they are the fastest option with the transfer generally completed within a day. Banks are your most convenient option as you can transfer directly from your account. Money transfer companies are the most cost-effective method, once your account is set up and you organise a transfer, the money will generally be received a day or so after it would if you used PayPal or a bank.

Check the details of your chosen method, as all will have their own restrictions, fees and charges. Banks and Paypal will not have a minimum amount, but most money transfer companies will so check before you register and send.

Case Study

Mathew and his wife Madi own a home in Bali, Indonesia and they fly there up to three times a year from Singapore as Mathew works out of Indonesia in some parts of the year.

Mathew liked to withdraw cash from their Singaporean account and carry it with them when they’re in Bali but Madi was aware of the fees they were being charged for using their Singaporean debit cards to do so. She knew there must have been a cheaper way. She researched and realised opening an Indonesian account would be beneficial due to the frequency of their trips over there. Madi set up a bank account in Bali, and now whenever they visit they utilise OFX to transfer from their Singaporean account to their Indonesian account and can withdraw directly from that. It meant they saved time, money and stress.

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