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.


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.