How can I withdraw money on Java and Bali?
Yes, in most places you can find an ATM where you can easily withdraw cash money.
With one bank card you can withdraw money two or three times a day. Depending on the type of ATM the maximum is between 500,000 rupiah to 2,500,000 rupiah at a time (around 30 to 150 euros). Your bank will charge costs each time you withdraw money (around 2 or 3 euros). This depends on your bank’s policy.
To be able to withdraw money abroad you need a bank card with a Maestro, V PAY or Cirrus logo. To avoid fraud, most banks block their bank cards, so the cards cannot be used outside of the own region (like Europe). Make sure you change the area in which you can use your card to “worldwide” before departure. Often this can easily be arranged via internet banking.
To avoid problems, it is wise not to depend on one bank card only. Many guests also bring their credit card. You can also withdraw cash at an ATM with a credit card. However, the transaction costs are higher, around 4 euros at a time.
Bank and credit card costs
To send money or to withdraw money at an ATM in Indonesia, using the services from your own bank or creditcard company, will come with high transaction costs. Next to the transaction fee, your bank or credit card company will convert the money by adding a percentage to the exchange rate. So whether you withdraw money in cash or transfer the money to an Indonesian bank account, the costs are high.
If you like to save on the costs, you can consider to use a Wise.
Wise is an online platform for sending and receiving money internationally. It was created in 2011 in the UK.
It works completely different than ordinary banks. Wise has domestic bank accounts in many different countries of the world. Wise uses these domestic bank accounts for the payments, so you save on international fees.
Debit card as a credit card
The Wise debit card is available for residents of Europe, Singapore, Malaysia, Japan, Australia, New Zealand, Canada, USA and Brazil and can be used in many countries in the world, including Indonesia.
What is a Wise debit card?
A debit card means you have to put money on the card before you can use it (with the money on the card it works like a credit card but it is not a “credit” card on which you can loan money, so you are not charged interest). You can put the money in your own currency, but also in other currencies, like the rupiah.
Wise is member of the Mastercard network, so the Wise debit card is accepted where ever (shops, hotels, ATM’s) a Mastercard is accepted.
Check the websites of Maestro (for the Mastercard netwerk) for the available ATM’s.
Why a Wise debit card?
- Real-time exchange rate
Wise processes so much international payments that they can use real-time foreign exchange rates (the mid-rate) without adding a percentage, instead of your bank who distincts between buyer-exchange rate and the seller exchange rate.
- Low fees
The fees are very low compared to regular bank cards.
So if you you like to save money on the bank costs, use the Wise debit card. With Wise you get more rupiah for your euro.
Transfer money to your Wise account, change it into any currency you like, using a fair exchange rate, and spend it like a local.
How to get it?
First you register at Wise on your computer (later you can download the Wise app on your phone).
When register Wise will ask you to identify yourself, according to the international agreements to keep international banking safe. The verification procedure is easy and quick. When your account is verified you can apply for the debit card.
How to use it?
Do you like to pay for your dinner in a restaurant? you can use your Wise debit card like any Mastercard credit card, without the high costs.
Do you need to withdraw money at an ATM? Use your Wise debit card at an ATM where Mastercard is accepted and get your money for free (or for a resonable small fee).
When you are in transit in another country and like to buy some food or drinks, you can use your Wise debit card in the local currency.
What do other travellers say?
Wise has very good reviews on Trustpilot and is easy to use.
Wise Money Transfer
Often it is easier to transfer money than to withdraw the money at an ATM, because of the daily limit and transfer costs.
When you transfer from a regular bank you pay administration costs which can be as high as 20 euros, and the exchange rate is, not in your advantage (as a buyer) and often also the recipient has to pay a fee to receive the money.
Next to the high costs it can take a long time before the money arrives in the Indonesian bankaccount.
Also in this situation Wise offers a cheap and quick way to send your money to any bankaccount in Indonesia. If the recipient has a Wise account you can easily send the money from your bank account to the local bank account of Wise.
The difference with Wise? Wise charges you the real time exchange rate and charges only a small fee for adminstration cots, and the transfer often only takes a few hours.
If the recipient doesn’t have a Wise account you can send money to his or her local bank account in Indonesia. If you have their bank details, add them in, and Wise will send the money to that account. If you don’t have their bank details, just enter their email address. If they’re on Wise, Wise find the account they want to receive money into. If they’re not on Wise, Wise will send them an email asking for their bank details. As easy as it can get.