Easy Ways to Send/Receive Moneys Overseas

There are 2 easy ways I found so far to transfer money to outside countries easily.

1. Creating Paypal Overseas Account.
   Paypal is expanding its network rapidly to countries all over the world. You can see the complete list of countries where you can open your account. Some countries might have certain limitations on the things you can do. Also, different countries have different requirements for withdrawal. For instance of Paypal Indonesia, I need to have the minimum balance of $10 for withdrawal and I’ll be charged a transaction fee of $1.6 if the withdrawal amount is less than $150. 

   Make sure that you create a separate account for each countries you want to transfer your money. You will be asked the country/region of you account when you sign up. Remember, this setting can’t be changed. Once you set one account to particular country, you can’t change it to another one.

   You will also need the local bank account for whatever country you open your new account at, so make sure you have one. You can always use someone else’s local bank account, so it doesn’t have to be yours.

2. Adding Your Overseas Account as One of Your Bank Transfer Profile.
   This option is not available for all banks. I know, in U.S., Bank of America and Chase have this feature available. 

   In Bank of America, you can add a profile account to transfer money to. It can be to another Bank of America account or to outside Bank of America. For outside Bank of America account, you can set either the account inside U.S. or outside U.S. For outside U.S. bank account, you need to have the foreign bank’s SWIFT Code.

   I actually just sent a test transfer to my family back home using my Bank of America account.The process was pretty easy and straight forward. Some information needed from the destination bank: swift code, account holder name, account number. If everything goes fine, you will get this confirmation email.
   
   and after few days, you will get another email saying that the transfer has been successfully sent.
   

   To get your bank’s swift code, look it up at http://www.swiftcodesinfo.com/swift-code/index.php
   Here are the list of popular banks swift codes in Indonesia:

• ABN AMRO Bank: ABNAIDJA
• Hagabank: HAGAIDJA
• Bank Artha Graha: ARTGIDJA
• Bank Bumiputera Indonesia: BUMIIDJA
• Bank Mandiri (not Bank Syariah Mandiri): BEIIIDJA
• Bank Niaga: BNIAIDJA
• Bank Negara Indonesia (BNI): BNINIDJA
• Bank Rakyat Indonesia (BRI): BRINIDJA
• Bank Bukopin: BBUKIDJA
• Bank Central Asia (BCA): CENAIDJA
• Deutsche Bank AG: DEUTIDJA
• Bank Mizuho Indonesia: MHCCIDJA
• Hongkong and Shanghai Banking (HSBC): HSBCIDJA
• Bank Internasional Indonesia (BII): IBBKIDJA
• Bank Indonesia: INDOIDJA
• Lippobank: LIPBIDJA
• Bank NISP: NISPIDJA
• Bank Rabobank International Indonesia: RABOIDJA
• Bank Tabungan Negara (BTN): BTANIDJA
• Bank UOB Indonesia: UOBBIDJA
• Bank Maybank Indocorp: MBBEIDJA
• Bank Chinatrust Indonesia: CTCBIDJA
• Bank Sumitomo Mitsui Indonesia: SUNIIDJA
• Bank OCBC Indonesia: OCBCIDJA
• Bank DBS Indonesia: DBSBIDJA
• Bank Mega: MEGAIDJA
• Bank of China, Jakarta Branch: BKCHIDJA
• Bank Syariah Mandiri (not Bank Mandiri): BSMDIDJA

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Updates 06/06/2011:

• It seems that the list of popular Indonesian bank SWIFT codes above are outdated (taken from 2008). For the list of current SWIFT Code, please check http://www.swiftcodesinfo.com/swift-code/index.php

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