Moving AUD$50,000 to Indonesia

mrtempeh on 18/01/2017 - 11:23
Last edited 24/01/2017 - 23:22 by 1 other user

Morning all. I need to move AUD$50,000 to Indonesia and am looking for the best money saving way.
I get the best rate if I exchange cash over there but what are the rules and regulations for lager amounts of cash into indo? Anybody have done this recently? Thoughts and advice appreciated, cheers

Edit: it's fifty thousand au.
The rate of XE and OFX are well below the advertised rate, the cash rate if I exchange at the reputable local dealer is the best.
The cost per transaction with XE is 25 au plus low exchange rate, the no fees for OFX but also low exchange rate.
Normal bank transfers are not an option due to high fees and bad exchange rate, input appreciated :)

Financial

Comments

  • kolorijo on 18/01/2017 - 11:39

    You have to declare if you are bringing more than $10.000 to Indonesia, however I have not done this myself so someone else might be able to shed some light on that.

    If you have 5 people including yourself travelling to Indonesia then each one of you can carry $10.000.

    If not, then a TT bank transfer would be the most efficient way.

  • purplelady on 18/01/2017 - 12:02

    Have you tried Phillip Au? They used to do money transfer to Indonesia, dunno about now. From memory, their rate is not bad, so saves you the hassle?

  • Cheap Charlie on 18/01/2017 - 12:30

    May or may not be an option, I note there seems to be a lot of Common Wealth Banks in Indo.
    If you are a Comm bank AU customer, perhaps this simplifys the issue?

  • poboy on 18/01/2017 - 13:18
    +1

    Maaf, harganya pas.

  • Skramit on 18/01/2017 - 14:20
    +7

    $50.000 or $50,000.00?

    • purplelady on 19/01/2017 - 11:30

      50,000 is written as 50.000 in Indonesian language that's why. So in this case, it is $50,000

  • John on 18/01/2017 - 14:23

    I usually deal with my in law. I transfer the AUD to their account here in Oz and they transfer the IDR to my account there in Indo based on XE rate. Win-win situation. Helps if you have relatives like that but otherwise find a friend who can do this arrangement with you. Someone you can trust obviously.

  • CLoSeR on 18/01/2017 - 15:00
    +1

    Citibank Plus Transaction account includes free international bank transfers, that's what I've used in the past.

    • purplelady on 19/01/2017 - 11:31

      i didn't know this. Do you know what happens if it's from Indonesian Citibank account to Australian Citibank Plus?

      • CLoSeR on 19/01/2017 - 12:16

        No, the fee free international transfer is for the Citibank Plus Transaction acct in Australia. No idea about accounts from other countries. You'd have to check with Citibank Indonesia.

    • mrtempeh on 21/01/2017 - 11:49

      Hi CloSeR, I have a city bank plus account, I have checked but unfortunately they don't do Indonesian rupiah…did anyone use citybank for this in the past and how did they go about it?

      • CLoSeR on 21/01/2017 - 13:12

        Why can't you transfer AUD to Indonesia? Edit: I just checked and yes you can transfer funds to Indonesia. I don't see what the problem is.

        • mrtempeh on 22/01/2017 - 11:37

          Thanks closer , when I hit the transfer info and ask for a quote it says Indonesian rupiah not available.
          Would an option be to load the 50.000 and draw daily limit from ATM ? Take a lot of time and I have to deal with currnecy fluctuations. Pls advice how to do the transfer. Thanks CloSeR

  • m0b1liz3 on 18/01/2017 - 15:39

    I was also going to suggest getting an XE account. You should also have an account in Indonesia. I used this method to transfer back moderate amounts of money to Canada. (Over 100k but usually less than 10k at a time). You can just use your online banking and bpay with XE linked to your Indo account.

  • Randxyz123 on 18/01/2017 - 15:49
    -1

    Are you transferring $50.000 or $50,000???

  • TimApple on 20/01/2017 - 11:12

    How about https://transferwise.com/au?

    EDIT: Never mind, they're charging $739 AUD. Ridiculous.

  • Peck on 22/01/2017 - 16:10

    You can carry as much cash as you like as long as you declare it. This is a part of international money laundering and counter- terrorism agreements

  • mrtempeh on 23/01/2017 - 11:19

    Peck , have you actually done this? What is the procedure upon arrival in Indonesia?
    Cheers

  • mrtempeh on 03/02/2017 - 11:27

    Ok so I have decided to transfer the cash into my citybank plus, upped my daily limit to $3000 and trot every morning to my local BNI bank ATM.
    It also has a cash deposit machine so I draw out of the ATM( better rates than the banks and the local exchange guys and No fees)and deposit it straight into my local BNI account. Savings are very good this way and not only keep my wallet fit :)
    Cheers for the input guys

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