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Transferwise is now bachelor in Indonesia with Instamoney, sister company of Xendit

Instamoney
Agu 6, 2021 • three min read

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 piece of cake, convenient and at a much cheaper rate.

With this launch users will exist able to send money from the country to lxxx countries globally, including Australia, Malaysia, Singapore, Nippon, the US, the Great britain and Mainland china (via Alipay). The service, which is going alive in partnership with Indonesian remittance company, Instamoney, is available across Android, iOS and the spider web, and from today will also be bachelor in Bahasa Indonesia.

With TransferWise, enjoy:

Cheap, up to 2.5x cheaper than leading banks and non-banks in Indonesia
Fast, half of transfers arrive inside an 60 minutes
Global, transport to lxxx countries around the earth
Easy, no need to exit your dwelling or part
Transparent become the real exchange rate — similar the one you encounter on Google

Analysis conducted past Market place Enquiry Republic of indonesia shows TransferWise prices for international money transfers are up to 2.v cheaper than banks and other providers in the country. For example, sending IDR ii,500,000 to Europe (EUR) costs just IDR 39,646 with TransferWise, merely costs IDR 93,912 on average with a bank. Prices for sending IDR 2,500,000 to other popular routes are:

AUD: IDR 40,079
GBP: IDR 40,805
JPY: IDR 74,961
MYR: 42,515
SGD: IDR 43,584
USD: IDR 47,910

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 Get Pay, OVO and DANA in November last year.

TransferWise Head of APAC and Middle E Expansion, Venkatesh Saha, said:

"Sending money from Republic of indonesia has been 1 of the most-requested currency routes in the region so nosotros're delighted to be able to bring our coin transfer services to the land. Starting today, Indonesians volition be able to send coin away rapidly and conveniently through our digital-only service, at some of the cheapest rates."

According to World Banking concern data, outbound remittances have been growing steadily over the years, reaching US$ v 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 caput of Republic of indonesia Expansion, Elian Ciptono, said:

"A recent survey conducted in Indonesia showed that sending coin to family and loved ones living abroad, including for school fees, is ane the top reasons Indonesians ship money from the country. Unfortunately, the study also revealed that over 90 percentage of Indonesians also found the high cost of remittances to be a source of stress. Most money transfers are non merely expensive, but also difficult and slow. Information technology is our mission to alter this status quo and make sending money internationally equally simple as sending an electronic mail – instant, user-friendly, and somewhen free."

To send money from Indonesia to other countries, TransferWise works with Instamoney equally 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 fashion 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 amend financial solutions to the market, and ultimately, brand a positive impact in the digital experience of everyday Indonesians."

How does TransferWise work?

Sign upward and complete your first transfer in half-dozen steps:

Set up your transfer
Tell us who y'all're sending money to
Verify your identity
Choose how to pay
Pay from your banking concern business relationship
Confirm the payment

For more than details, you can also lookout how it works in xl seconds.

Ameliorate yet, invite a friend and get rewarded

Over ix million people use TransferWise. And most of them hear well-nigh us from people like you. Every friend that you lot invite to TransferWise will go a discount on their first transfer. We'll reward you for inviting a agglomeration of friends, besides.

In Indonesia,you lot'll get Rp. 500,000, in one case 3 invited friends brand a qualifying payment of at to the lowest degree Rp. 5,000,000 each. Start inviting your friends now.

A cheaper, faster manner to send money away.

In Indonesia, money tranmission services are offered by Instamoney, a Xendit visitor, which operates under Bank Indonesia money remitter license number eleven/5/DASP/2. Instamoney helps remittance companies transport real-time digital transfers into Southeast Asia via a single API integration.

TransferWise Ltd is authorised as an Electronic Coin Institution (EMI) by the UK Fiscal Conduct Authority with registration number 900507, with passporting rights beyond the EEA.