Are you in need of or planning to send money from India to Indonesia? Or are you lost in the crowd of money transfer companies, promising themselves to be the best while sending money from India to Indonesia? Moreover, you might also have been worried about worried about choosing the best financial partner for sending money to Indonesia from India.
If any of the above answers are yes, smile 😀, you have landed on the perfect page. With so many options, transferring money from India to Indonesia may be quite complex. The exchange rate between the Indian Rupee and the Indonesian Rupee also changes often.
Moreover, any financial service provider that is perfect today might not be the same after a year. Therefore, it is advised at the beginning that everyone must do their research before choosing their financial partner. In this blog, we will explain everything you should know to send money from India to Indonesia including costs, time, ease, convenience, etc. Let’s begin with some background regarding why people send money from India to Indonesia.
Why Do People Send Money From India To Indonesia?
There are several reasons why people need to send money from India to Indonesia. Some of the most popular reasons are:
- The primary reason for the people sending funds to Indonesia from India is to make business payments. (Especially B2B purchase, Trading, and outsourcing Services )
- Another major reason is to send for the living expenses of friends, family, and relatives.
- University fees for students
- Visa immigration fees
- Salary payment for freelancers and employees
- Payment by travel agencies and tour operators.
What Details And Documents Are Required To Send Money From India To Indonesia?
The required documents and details might vary from the chosen financial service provider. However, analyzing all the most common details and documents required are:
Documents:
- Pan Card of the remitter
- Identification document
- Declaration form
- Other KYC Forms (Depends upon the chosen service provider)
Details:
Bank Name and address of beneficiary
- SWIFT code
- Beneficiary’s name
- account number
Send Money From India To Indonesia:- A Step-By-Step Guide
Sending money overseas is itself a challenging task. You need to be extra careful not to lose the money. Also, you need to be aware of several rules of the countries you are willing to send money. Below are the certain steps one should follow while sending the money to Indonesia from India. It is not a compulsion to follow these steps but it is assured that following these steps will make your international money transfer process easy and efficient.
Step 1: The initial step of sending the money to Indonesia is to research and choose the most reliable money transfer service provider. (Walcybank can be one alternative to check out for).
Step 2: Make sure to open an account with the provider if this is your first time transferring money through them. You may receive a confirmation email as well as a confirmation SMS on your phone. This verifies that you are the one who is creating your account.
Step 3: In the third step you will need to provide proof of address and your identification document with a photo. By submitting this information, you may avoid fraud and protect the security of your account.
Step 4: Provide your payment method, to complete the payment for your transaction. To pay for the transaction, you should generally make use of your bank account in India.
Step 5: Add the receiver and specify who will get the money (it’s safe to use your Indonesian account).
Step 6: Select the payment delivery method and confirm where the payment will be received. Usually, funds are received in a bank account. Thereafter, add the transfer amount and start the transaction.
Which Is The Best Way To Send Money From India To Indonesia?
Ever thought Which is the best way to send money from India to Indonesia?
Well, this might be subjective. Person A might believe method 1 is the best while Person B might think Method 2 is the best. However, there are several factors to consider before choosing the best option. In terms of money transfer service, factors like transaction costs, transaction Time, convenience, and transparency play a critical role. Analyzing all the above-mentioned factors below mentioned are the top 4 best ways to send money from India to Indonesia.
Using the Global account of Walcybank
Comparing the benefits and drawbacks of different types of money transfer alternatives like bank wire transfers, other neobanks, and money transfer companies. Using Neobanks seems to be the first choice for any business or individual to send money from India to Indonesia. Be it a cost factor or factors related to convenience, transparency, or transfer speed, Walcybank is always at the top.
Using other Neobanks like Wise and Revolut
After Walcybank, using other neobanks comes at the second of the list. It is because, of the transparency and cost-effectiveness the neobanks offer. You can do your research, but, undoubtedly, no other institutions can offer better markup rates and FX rates than Neobanks. Due to the reduced operational costs of neobanks due to the no physical presence, they can offer cheaper rates.
Using banks
The third in the list comes the use of Banks. If you are cost cost-conscious person it might not be the best option but if you are looking for a reliable and fast transfer, a bank wire transfer can be the best alternative for you. Additionally, if you have trust issues with modern newly formed neobanks, it is suggested food you opt bank to transfer funds. However, be prepared for the several hidden and unexpected costs.
Money transfer companies like World Remit and Western Union.
The last on the list comes the money transferring companies like World Remit and Western Union. If you do not care about cost and transfer speed but you need the most convenient option, money transfer companies are the better alternatives. With these companies, you can send money to several places with minimum hassle. You also do not need to provide many details. However, sometimes it might take a long time for the transaction to complete.
The Cheapest And The Best Way To Transfer Money To Indonesia From India?
As mentioned already alternatives for sending money to Indonesia from India are plenty in the market. There might be many companies that claim themselves the cheapest but what about reliability? Nobody wants their funds to vanish or be lost. Similarly, nobody wants their transaction to take an unnecessarily long time. If I’m not wrong, everyone needs such a way of money transfer service which will not only save your cost, but also your time, and effort.
That’s why the neobanks have emerged. Neo banking is a type of banking concept in which the basic financial services provided by traditional banks can be provided online with additional features. These days most of the neobanks are also used to make international payments convenient, smooth, and quick. Additionally, the cheaper cost, plays the role of competitive advantage for them, making the one of the cheapest and the best ways to transfer money to Indonesia from India.
To date, more than 300 neobanks have been registered worldwide, making the customer complex to choose the best alternative. Remember, not all banks are the best. The best and cheapest option depends upon the selected country and the currencies. In terms of transferring money to Indonesia from India, using Walcybank would be the smartest decision.
Know the cheapest way to transfer money abroad.
Conclusion
All in all, transferring money from India to Indonesia is easy if you have the right information and tools. Traditional banks, neobanks, and money transfer services are the major options to make this process easier. It’s important to evaluate each method based on cost, speed, convenience, and reliability.
Neobanks like Walcybank have become popular for their competitive rates and user-friendly platforms, making them great choices for personal and business transactions. However, you are advised to research and compare different providers to find the best option for your needs.
Moreover, you can stay updated on the market by analyzing the regularly fluctuating FX rates. By following the necessary steps and understanding the required documentation, you can ensure a smooth transfer process. Whether you’re sending money for business, supporting family, or paying for education, choosing the right financial partner is a must.
Know everything about overseas payment | Know about B2B payments | Know about Swift Payment Network | Know about opening a foreign currency account.
FAQs
How to send money from India to Indonesia without charges?
You cannot send money to Indonesia without charges. However, choosing the best options will also not cost you a fortune. With Walcybank, you can easily send money to Indonesia at a low cost.
How to send money from India to Indonesia online
There are several alternatives to choose between while sending money from India to Indonesia online. Choosing Walcybank can be the one option.
Which is the fastest way to send money from India to Indonesia?
The transfer speed depends upon the amount of money you are transferring and the medium you are using. Usually, wire transfers and Transfers using neobanks are faster.
Can I use an INR in Bali?
No, you are advised to exchange INR into Indonesian currency before going to Bali. You might face challenges if you carry your INR in Indonesia.
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