The Indonesian rupiah (IDR) is the official currency of Indonesia. One rupiah is divided into 100 sen, although they are no longer in use. The name of the Indonesian rupiah comes from the Hindi word “rupiya,” which, in turn, is derived from the Sanskrit word “rupyakam.” Indonesians, commonly and informally, refer to the rupiah as perak, which literally translates to silver.
To send money to an Indonesian bank account, you will need the receiving bank’s SWIFT code. The table below lists SWIFT codes of some popular banks in Indonesia.
|Bank Rakyat Indonesia||Jakarta||AGTBIDJAXXX|
|Bank of Central Asia||Jakarta||CENAIDJAXXX|
|Bank Negara Indonesia||Jakarta||BNINIDJAAPK|
Kevin completed his education in Australia. He continued living in the country because he got a suitable job. A few years later, upon a visit to Indonesia, he decided to buy a house there. Once he found the home he was looking for, he wanted to make the down payment for the purchase using his Australian bank account. While his bank let him send money to Indonesia, he was not sure if that was the best way forward. Upon comparing his options, this is what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||AUD $1 = IDR 10,412.07||AUD $1 = IDR 10,570.22|
|Transfer fee||AUD $0||AUD $0|
|Amount received for AUD $150,000||IDR 1,561,810,500||IDR 1,585,533,000|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||IDR 23,722,500|
Given the value of the transfer, Kevin’s bank was willing to waive off its standard currency exchange fee. However, by comparing it with specialist money exchange companies and selecting one according to his needs, Kevin ended up adding more money toward the down payment. Besides, the company he chose also let him schedule his mortgage payments so he did not have to carry out the process each month.
If you want to send money to Indonesia and get the recipient to collect it from a physical location, you may choose from popular money exchange companies such as Western Union, MoneyGram, WorldRemit, and Ria.
|WESTERN UNION IN INDONESIA|
|Jakarta Pegadaian KC Cempaka Putih Jl Letjend Suprapto Kav 10 Blok A8 Kel Cempaka Putih Timur Cempaka Putih Jakarta||Pegadaan UPC Pasar Gembrong Baru Pasar Gembrong Kel Cempaka Putih Barat Cempaka Putih Jakarta|
|Semarang Pegadaian UPC Mrican Jl Sompok Baru 104c Lamper Kidul Semarang Selatan Semarang||Pegadaian UPC Lamper Lengah Ll Lamper Tengah Raya No 562 Lamper Tengah Semarang Selatan Semarang|
|RIA MONEY TRANSFER IN INDONESIA|
|Jakarta BRI Bank-Jakarta - Cut Mutiah Branch Jl Cempaka Putih Tengah II/1D Jakarta||BRI Bank-Jakarta - Kemayoran Branch Jl Letjen Suprapto No.22E Jakarata|
|Semarang Gajah Jl Gajah No. 8 Semarang Kawasan Pertokoan Gajah Semarang||UPC Buaran Jalan Raya Banyurip Alit Banjurip Alit Semarang|
Instances of armed robberies are not uncommon, and there are been a rise in the use of weapons. When collecting money from a cash pickup location, remain vigilant and open to the possibility of petty crime such as bag snatching and pickpocketing.
Criminals have been known to get their victims to withdraw cash from ATMs forcefully. The risk of petty crime has increased around tourist areas in and around places such as Bali and Lombok. Risks increase considerably if you are travelling alone after dark, especially if you are a woman.
Remain watchful of thieves when using public transport. Book taxis only through reputable companies because unlicensed taxis tend to overcharge, and there have been reports of thefts too. When travelling by car, keep your windows rolled up and doors locked at all times.
Do not leave your food or drink unattended. Never accept food, drinks, chewing gum, and even cigarettes from strangers. They might be spiked using substances that can put you at risk of robbery and sexual assault.
When you are sending money to Indonesia, the information you need to provide varies depending on the desired transfer method.
Bank Indonesia, the country’s central bank, regulates foreign currency exchange in the country. If you plan to make a transfer of more than U.S. $100,000 from Indonesia to another country, you will need to complete a legally required underlying document. This also applies if you send more than U.S. $25,000 per month. Commercial banks that deal in derivatives-based transactions do not have to follow underlying requirements for amounts less than U.S. $1 million.