Cost of Sending Money from Singapore to Indonesia: Bank Transfer vs. E-Wallet App Comparison

When making a money transfer from Singapore (SGD) to Indonesia (IDR), your main focus is not only on speed but also on the cost of sending money from Singapore to Indonesia. Conventional banks may feel secure, but the thing to watch out for is the hidden cost. Often, the funds you send are cut more than you expected, making the total transfer highly inefficient.

You have the right to know the true cost of the transfer. This cost is not just limited to the flat fee announced by the bank, but also the massive loss from the poor exchange rate. Every Rupiah lost due to an unfair rate is your family’s right.

Therefore, we will conduct a complete analysis of the cost of sending money from SG to ID for both bank transfers and through digital applications like Transfez. The goal is simple: to show which method is the most transparent, the most economical, and the most profitable.

How Much Does It Cost to Send Money from SG to ID?

The cost of sending money from Singapore (SG) to Indonesia (ID) using the Transfez application is only SGD 5 (The conversion value may change depending on the rate). Transfez itself offers a more profitable and transparent real-time rate for the sender. Don’t forget to look at the value the recipient will receive in Indonesia as a comparison with other platforms.

Cost of Sending Money Through Conventional Banks

If you are still using a bank in Singapore (DBS, UOB, OCBC) to send money to Indonesia, you are unknowingly paying three different types of fees, plus a massive loss from the exchange rate.

Three Main Bank Cost Components (SWIFT)

Banks use a global transfer network called SWIFT, which involves many parties. Here are the fees they impose:

1. Sender Fee (Outgoing Fee): This is a flat fee charged by the Singapore bank. It usually ranges between SGD 20 to SGD 35 per transaction. This fee must be paid upfront.
2. Correspondent/Intermediary Fee: This is the most annoying hidden fee. Intermediary banks (global banks that facilitate the transfer) will deduct funds mid-transfer. You cannot predict the amount, and this is why the amount of funds that reaches Indonesia is often less than what you calculated.
3. Recipient Fee (Incoming Fee): Sometimes, the recipient bank in Indonesia also charges a small fee for receiving the international transfer.

The Biggest Loss: The Buy/Sell Rate

Believe me, the biggest loss when calculating the cost of sending money from SG to ID is not the fees above, but the exchange rate. Conventional banks always use a selling rate that is very far below the mid-market rate (the global market mid-rate). This rate difference is the bank’s biggest profit, and your biggest loss.

Cost of Sending Money Through Digital Applications (Transfez)

This is the modern solution designed to overcome the losses above. Digital applications like Transfez eliminate the SWIFT network and focus on cost transparency.

Transparent Cost Structure: Only a Low Flat Fee

Transfez has obtained official permission from Bank Indonesia (BI) and eliminates the involvement of intermediary banks. As a result, you only have to pay one fee:

• Only a Flat Fee: Transfez only charges a small flat fee per transaction. This fee is very low and does not change even if you send a large amount.

Rate Advantage (The Biggest Saving)

Transfez’s most significant advantage lies in the exchange rate.

• Transfez offers the best SGD to IDR rate that is much better than the conventional bank rate because they approach the mid-market rate.
• Using Transfez means you are looking for genuinely cheap money transfer from Singapore. This exchange rate difference allows you to save hundreds of thousands of Rupiah per transaction.

Read Also: Comparison of Money Transfer Fees from Singapore: Which is the Cheapest and Most Transparent?

Can Transfer Directly to E-Wallet: No Additional Fee

If you send funds to an e-wallet (GoPay, DANA, OVO), Transfez still charges a low flat fee. There is no additional top-up fee on the recipient’s side.

Read Also: Send Money to Indonesia Without a Bank Account? Yes, Via E-Wallet with Transfez

Money Transfer Limit from Singapore Based on Regulations

Although cheap, you must comply with legal transfer limits.

1. Platform Limit (Transfez)

The limit is regulated according to Anti-Money Laundering (AML/CFT) standards from both the Monetary Authority of Singapore (MAS) and Bank Indonesia (BI), guaranteeing a legal transaction.

• Maximum transaction at Tier 1 is SGD 1,500 (Rp 19,000,000).
• Maximum transaction at Tier 2 is SGD 3,000 (Rp 38,000,000).
• Maximum transaction per year is SGD 30,000 (Rp 383,000,000).

2. E-Wallet Sending Limit from Singapore to Indonesia

If your destination is an e-wallet, you must always remember the SGD transfer to e-wallet limit. The maximum e-wallet balance limit (GoPay Plus, DANA Premium, OVO Premier) is Rp 20,000,000. If you send funds exceeding this limit, the transaction will fail.

3. Time Cost (Speed)

In addition to monetary cost, there is a “time cost.” Waiting 3 business days for a bank transfer is a loss. Transfez eliminates this cost by offering real-time speed to e-wallets.

FAQ Costs and Rates

• Are there hidden fees if using Transfez? No. All flat fees and rates are displayed upfront. Transfez does not deduct funds mid-transfer.
• Does the transfer cost differ between sending to BCA and sending to GoPay? In Transfez, the fee you pay as the sender is the same flat fee, regardless of whether the final destination is a bank account or an e-wallet in Indonesia.
• Is this cheap transfer legal? Yes. Transfez is a formally licensed financial institution in Indonesia (Bank Indonesia) and is regulated by the Singapore financial authority.

It is time for you to stop wasting money on non-transparent and expensive cost of sending money from SG to ID via banks. Transfez provides the most optimal solution: a low flat fee, the best SGD to IDR rate, and real-time speed directly to the family’s account or e-wallet.

Download the Transfez App to Send Money from Singapore to Indonesia

Don’t just send money send your love home. Transfez is a money transfer app created by Indonesians who understand your needs in Singapore. The process is secure, the exchange rates are competitive, and most importantly: you can rest assured knowing your family will confirm receipt immediately. Show your love without the hassle! Download Transfez on your phone now (available on Android & iOS)! #SantaiTapiSampai