Which is Better for International Payments in Indonesia_ FinTech or Banks_

Which is Better for International
Payments in Indonesia: FinTech or
Banks?
Rate of Change
It's no secret that bank fees for cross-border transactions can pile up quickly and become
prohibitively expensive for firms, particularly those who conduct these transactions regularly. FX
rate expenses and transaction fees are the two main components of cross-border transaction
costs.
Banks with a long history
Banks utilize their own foreign exchange rates, which are frequently higher than the true
mid-market rates, resulting in a loss of money for every dollar transmitted through the banks.
Banks can make marginal gains when facilitating foreign transactions by having varying buy and
sell rates. After all, banks are businesses that need to make money in some way, and this is just
one of them.
Indonesian Wallex

Businesses can get mid-market FX rates through Wallex Indonesia. Cross-border transactions
should not result in your company losing a lot of money; every dollar you earn is legally yours,
and Wallex Indonesia's FX rates are transparent and accurate, allowing you to get the most out
of every dollar.
Fees for Transactions
Banks with a long history
Transaction fees are the following expense encountered while doing cross-border transactions.
When transferring money from a business bank account, banks in Indonesia normally charge
USD 25 for intermediary bank charges, plus an additional service charge of IDR 50,000. In
Indonesia, certain banks charge a percentage of the total amount transferred. The cost of
sending money across borders with a bank will pile up over time and repeat transactions,
leaving a significant dent in your wallet. Banks in Indonesia frequently charge monthly
administration fees for business bank accounts.
Indonesian Wallex
Wallex Indonesia, on the other hand, levies a flat cost of IDR 100,000 for every transaction.
There are no percentage-based fees, therefore transfers involving big sums of money won't be
prohibitively expensive. When combined with the fact that there is no maximum transfer amount,
your potential savings increase proportionally to the amount of money transmitted. Furthermore,
there is no monthly administration cost with Wallex Indonesia, so you'll have one less
maintenance expense to worry about when you use Wallex Indonesia.
Speed
Traditional Banks with High Speed
It's crucial to understand how banks transfer money across borders in order to understand the
transfer speeds they provide. SWIFT is used by banks all across the world to move money from
one country to another, and Indonesian institutions are no exception. SWIFT is a payment
network that enables businesses and people to receive and send payments even if the other
party uses a different bank. Each network member institution is assigned a unique ID code that
allows banks to connect with one another and ease transactions.
Indonesian Speed Wallex
Transfers out of Indonesia are simple and worry-free with Wallex Indonesia. Our technology
connects companies to a global network of payment partners, removing the need for

middlemen. The ultimate effect is straightforward: enjoy faster processing times while avoiding
unneeded expenses. With our platform, a transfer from Indonesia to Singapore can be
completed in as little as a day, giving your company more time to focus on the important things.
Wallex Makes Cross-Border Payments Easier
With Wallex, you can expand your business and streamline your payments. Get in touch with
one of our FX experts to find out how we can help you save time and money as you grow your
company.