TransferWise enables Indonesians to sent remittance payments to 80 different countries

Tuesday 1 December 2020 09:45 CET | News

TransferWise has announced that Indonesians and ex-pat workers will be able to send money to 80 different countries.

According to Crowdfund Insider, TransferWise users can use this option to send funds from their Android or iOS app, or via the web, to 80 different countries, which includes Australia, Singapore, Japan, US, UK, China (Alipay), and across Europe as well. The initiative comes to support Indonesian residents, as more than 90% find the high cost of remittances to be 'a source of stress', TransferWise reports. 

The company also points out that after the introduction of the Cross-Border Payments Regulation (CBPR2), banks and transfer providers tried to hide extra fees or might not have been transparent enough with how they charge customers. Therefore, thanks to the initiative, consumers will also benefit from the option of sending funds cheaper when compared to the rates offered by major banks and non-banks.

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Keywords: TransferWise, Indonesia, money transfer, online payments, unbanked, remittances, Cross-Border Payments Regulation, CBPR2, cross-border payments
Categories: Payments & Commerce
Countries: Indonesia
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