TransferWise, a leading global technology company for international payments and remittances, is now live and available in Indonesia with Instamoney, a Xendit company. This enables Indonesians and expats to make international money transfers from Indonesia easy, convenient and at a much cheaper rate.
With this launch users will be able to send money from the country to 80 countries globally, including Australia, Malaysia, Singapore, Japan, the US, the UK and China (via Alipay). The service, which is going live in partnership with Indonesian remittance company, Instamoney, is available across Android, iOS and the web, and from today will also be available in Bahasa Indonesia.
With TransferWise, enjoy:
Analysis conducted by Market Research Indonesia shows TransferWise prices for international money transfers are up to 2.5 cheaper than banks and other providers in the country. For example, sending IDR 2,500,000 to Europe (EUR) costs just IDR 39,646 with TransferWise, but costs IDR 93,912 on average with a bank. Prices for sending IDR 2,500,000 to other popular routes are:
This launch is a further build up for the company in Indonesia, which enabled transfers to the country in 2016, and further enabled inward remittances to popular Indonesian wallets Go Pay, OVO and DANA in November last year.
TransferWise Head of APAC and Middle East Expansion, Venkatesh Saha, said:
“Sending money from Indonesia has been one of the most-requested currency routes in the region so we’re delighted to be able to bring our money transfer services to the country. Starting today, Indonesians will be able to send money abroad quickly and conveniently through our digital-only service, at some of the cheapest rates.”
According to World Bank data, outbound remittances have been growing steadily over the years, reaching US$ 5 billion in 2019. This comes as the number of Indonesian students studying abroad has also increased, with 35% more Indonesian students overseas than over a decade ago, according to ICEF Monitor.
TransferWise head of Indonesia Expansion, Elian Ciptono, said:
“A recent survey conducted in Indonesia showed that sending money to family and loved ones living abroad, including for school fees, is one the top reasons Indonesians send money from the country. Unfortunately, the study also revealed that over 90 percent of Indonesians also found the high cost of remittances to be a source of stress. Most money transfers are not only expensive, but also difficult and slow. It is our mission to change this status quo and make sending money internationally as simple as sending an email – instant, convenient, and eventually free.”
To send money from Indonesia to other countries, TransferWise works with Instamoney as a local partner. Instamoney is licensed and supervised by Bank Indonesia.
Instamoney COO & co-founder, Tessa Wijaya, said:
“We’re thrilled to work with TransferWise to bring a faster, cheaper and more convenient way of sending money from Indonesia to the country. TransferWise and Instamoney both share an ambition to build a new standard in finance and international transfers, to bring better financial solutions to the market, and ultimately, make a positive impact in the digital experience of everyday Indonesians.”
How does TransferWise work?
Sign up and complete your first transfer in six steps:
- Set up your transfer
- Tell us who you’re sending money to
- Verify your identity
- Choose how to pay
- Pay from your bank account
- Confirm the payment
For more details, you can also watch how it works in 40 seconds.
Better yet, invite a friend and get rewarded
Over nine million people use TransferWise. And most of them hear about us from people like you. Every friend that you invite to TransferWise will get a discount on their first transfer. We’ll reward you for inviting a bunch of friends, too.
In Indonesia, you’ll get Rp. 500,000, once 3 invited friends make a qualifying payment of at least Rp. 5,000,000 each. Start inviting your friends now.
A cheaper, faster way to send money abroad.
In Indonesia, money tranmission services are offered by Instamoney, a Xendit company, which operates under Bank Indonesia money remitter license number 11/5/DASP/2. Instamoney helps remittance companies send real-time digital transfers into Southeast Asia via a single API integration.
TransferWise Ltd is authorised as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority with registration number 900507, with passporting rights across the EEA.