New remittance destinations for TransferWise’s Indonesian customers

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • TransferWise has announced a set of new destinations for its customers in Indonesia following a trial – these destinations include Australia, Japan, the UK and the US.
  • “Since the start of our beta a few months ago, we’ve onboarded thousands of users. Their feedback has helped us improve the experience for you,” the company said.
  • Customers will be able to access a range of benefits as a result of participating with TransferWise, including increased transparency around exchange rates as well as faster transfer speeds.

Online money transfer customers of the financial technology firm TransferWise in Indonesia will now be able to send money abroad to a new set of locations.

Clients of the firm, which operates globally, will now be able to transfer cash to various destinations such as the UK and the US.

Also on the list is the busy European market, while Asian countries such as Japan and Singapore will also be included.

Other Asia-Pacific countries represented include Australia and China – transfers involving the latter will be transmitted via Alipay.

In all, customers of the firm will now be able to transfer cash to 80 different nations around the globe.

The move came about following a decision to launch a beta programme several months ago, the company said.

It is happening against a backdrop of expensive cross-border payments provision in the Southeast Asian country.

According to reports, over nine-tenths of the Indonesian population consider the expensive price of many payment services a problem.

It is understood that TransferWise’s service could more than halve the cost of transfers.

The cash transfer service will be available on a mobile phone app that can be accessed either via Android or iOS.

In a statement to the press, the company, which is based in London, said that it had trialled the new service with users.

“Since the start of our beta a few months ago, we’ve onboarded thousands of users. Their feedback has helped us improve the experience for you,” it said.

One of TransferWise’s main plus points is the speed with which a transaction can arrive.

It is believed that most transactions end up being received by customers in under one hour.

The company also emphasised that it will offer customers benefits in terms of transparency.

Exchange rate details are published on the company’s website, and customers can find out there what the so-called ‘real’ rate is, rather than one mediated by others.

Indonesia is a major market for remittances and similar services.

According to figures from the World Bank, the country has received over US$11bn in remittances in recent years – suggesting that it is a key transfer destination for expats around the world.

TransferWise is one firm among many in the cross-border payments market – if you would like to know more about how TransferWise operates and what services it can offer to its customers, just visit this link.


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