Upd. 04/10/24

A Guide to Transferring Money to Bali: Options and Tips

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Transferring money to Bali is simple with various convenient methods available, from traditional bank transfers to modern mobile apps and cryptocurrency. This guide explores the most effective ways to send funds securely and efficiently.

Bank Transfers

International Bank Transfer

You can transfer money directly from your bank account to a bank account in Bali.

Required Information:

Recipient’s full name (exactly as listed on their account)
Bank account number (use IBAN if applicable)
Bank name and address
SWIFT/BIC code
Purpose of payment

Steps:

Access your bank through a local branch or online banking.
Provide the required details (recipient’s name, bank details, SWIFT/BIC code, purpose of payment).
Review and confirm the transfer. Ensure all details are correct.
Check for any fees and verify the exchange rate.
Transfers typically take 1 to 5 business days.

Payment Systems

PayPal

The recipient must have a PayPal account.

Create an Account: Sign up at PayPal or log in to an existing account.

Verify Your Account: Link and verify your credit card or bank account to lift limits and secure your transactions.

To transfer money, you’ll need the recipient’s PayPal-associated email address in Bali.

How to Transfer Money via PayPal:

Log in to your PayPal account.
Go to the "Send & Request" section.
Enter the recipient’s email address.
Specify the amount and currency.
Choose the payment method (PayPal balance, linked card, or bank account).
Confirm the transfer and send the money.

PayPal applies fees for international transfers, so be sure to check the fee before confirming. Transfer times can vary from a few minutes to several days, depending on the payment method and the recipient’s country.

Wise (formerly TransferWise)

Register on Wise: Sign up at Wise or log in to an existing account.
Complete Verification: Provide the necessary documents for identity verification.

To make a transfer, you'll need the recipient’s full name, account number, SWIFT/BIC code, and possibly the bank’s address.

Steps to Transfer via Wise:

Log in to your Wise account.
Select "Send Money".
Enter the amount and currency (e.g., Indonesian Rupiah - IDR).
Provide the recipient’s bank details (name, account number, SWIFT/BIC code).
Choose your payment method (bank transfer, card, etc.).
Review the details, including fees and exchange rate.
Confirm and complete the payment.

Wise is known for its low fees and transparent exchange rates, which are displayed before confirming the transfer. Transfers typically take 1 to 3 business days, depending on the currency and destination country.

Comparison: PayPal vs. Wise

PayPal: Ideal for quick transfers between PayPal accounts, but international transfers may come with high fees.
Wise: Offers low fees and favourable exchange rates for bank transfers, though transfers might take slightly longer.

Both PayPal and Wise offer secure and efficient ways to transfer money to Bali. Choose the method that best fits your needs based on speed, fees, and exchange rates.

Money Transfer Services

Western Union or MoneyGram allow you to send money to be collected at various locations in Bali.

Western Union

Information You’ll Need:

Recipient’s Full Name: As it appears on their ID.
Recipient’s Country and City: Where they will collect the money.

Ways to Send Money:

In-Person: Visit a nearby Western Union office.
Online: Use the Western Union website.
Mobile App: Install the Western Union app on your phone.

Steps for Sending Money:

In-Person:

Visit a Western Union office.
Fill out the “Send Money” form with the recipient’s details.
Pay for the transfer using cash or card.
You will receive a receipt with the Money Transfer Control Number (MTCN).

Online:

Log in or create an account on the Western Union website.
Enter the recipient’s country and transfer amount.
Provide the recipient’s full name.
Choose a payment method (credit card or bank account).
Confirm the transfer and get the MTCN.

How the Recipient Collects Money:

The recipient must visit a Western Union location in Bali with their ID and the MTCN.
They will need to fill out the "Receive Money" form and present the MTCN and their ID to collect the funds.

Selected Western Union Locations in Bali

BPD Bali KCP Mengwi: Komp Pasar Bringkit, Mengwi, Badung, Bali. Phone: +62-361-411223.
Pegadaian UPC Kapal: Jl Raya Kapal No 25, Br Muncan, Kel Kapal, Kec Mengwi, Badung, Bali. Phone: +62-361-728728.
BRI Unit Lukluk: Jl Raya Abianbase, Badung, Bali. Phone: +62-021-1500017.
Remiten Kuta Square 2: Kuta Square Blok E No 1, near Quiksilver Premium, Badung, Bali. Phone: +62-361-4741948.

For more locations and details, visit the Western Union website.

MoneyGram

Required Information for the Transfer:

Recipient’s Full Name: As listed on their ID.
Recipient’s Location: Country and city.

Ways to Send Money:

In-Person: Visit your nearest MoneyGram office.
Online: Use the MoneyGram website.
Mobile App: Download and use the MoneyGram app on your smartphone.

Steps to Send Money:

In-Person at a MoneyGram Office:

Go to a nearby MoneyGram office.
Complete the "Send Money" form with the required details.
Provide the recipient’s name and the transfer amount.
Pay for the transfer using cash or card.
Receive a receipt with a reference number for tracking the transfer.

Online:

Log in to your MoneyGram account, or create a new one if you don't have one.
Choose the recipient’s country and enter the amount to send.
Provide the recipient’s full name.
Select your payment method (credit card or bank account).
Confirm the transaction and send the money.
You will receive a reference number to track the transfer.

Receiving Money in Bali:

The recipient must visit a MoneyGram office in Bali with their ID and the reference number.
They will need to fill out a "Receive Money" form and provide the reference number along with their ID.

MoneyGram Office Locations in Bali

Nusa Dua: Jalan By Pass Ngurah Rai No. 074, Nusa Dua, Denpasar, 80361. Phone: +62-215563388.
Renon: Jalan Prof. Mohammad Yamin 11 A, Renon, Denpasar, 80226. Phone: +62-215563388.
Kuta: Jalan By Pass Ngurah Rai #88, Kuta, Denpasar, 80361. Phone: +62-62361285250.
Sanur: Jalan Hang Tuah No. 48, Sanur, Denpasar, 80227. Phone: +62-361286885.
Ubud: Jalan Raya Ubud No. 79, Ubud, Gianyar, 80571. Phone: +62-62361977495.

For the latest information on addresses and operating hours, check the MoneyGram official website or use online maps for accurate navigation.

Comparison: Western Union vs. MoneyGram

Western Union: Widely available with extensive coverage, though it may be slightly more expensive.
MoneyGram: Often offers lower fees and competitive rates, providing a cost-effective alternative.

Cryptocurrency Transfers

If both you and the recipient have cryptocurrency wallets, you can send funds using cryptocurrency, which can then be exchanged for local currency.

How to Exchange Cryptocurrency in Bali

1. Cryptocurrency ATMs (Bitcoin ATMs):

Bali has several cryptocurrency ATMs where you can exchange crypto for cash, such as:

Bali Bitcoin ATM: Located at Jalan Sunset Road No. 88, Seminyak, Kuta, Badung, Bali.
Central Kuta Money Exchange: Multiple branches in Bali, with some offering cryptocurrency ATM services.

2. Cryptocurrency Exchanges:

Use online platforms that facilitate the exchange of cryptocurrency into Indonesian Rupiah (IDR).

LocalBitcoins: Connects you with local buyers willing to trade cryptocurrency for cash.
Paxful: A peer-to-peer platform where you can find offers to exchange crypto for cash in your area.

3. Local Exchanges:

Indonesian cryptocurrency exchanges allow you to trade crypto for IDR and withdraw funds to local bank accounts:

Indodax: Indonesia’s largest cryptocurrency exchange, supporting trading and withdrawals in IDR.
Tokocrypto: Another popular Indonesian exchange, offering various cryptocurrencies and IDR conversion.

4. Local Exchange Points:

Some currency exchange offices in Bali may offer services to exchange cryptocurrency for cash. It's best to check directly with the exchange points for availability.

Cryptocurrency Exchange Procedure:

Create an Account: Sign up on a platform or exchange like Indodax or LocalBitcoins.
Fund Your Wallet: Add cryptocurrency to your wallet via the exchange or peer-to-peer (p2p) platform.
Choose an Exchange Method: Select how you want to exchange (ATM, p2p, or local exchange).
Complete the Exchange: Follow the platform’s instructions to exchange cryptocurrency for cash or transfer funds to a bank account.

Safety Tips:

Always verify the platform’s reputation by reading reviews and feedback.
Be cautious when exchanging cryptocurrency with individuals, particularly on p2p platforms.

Helpful Links for Finding Cryptocurrency ATMs and Exchanges

CoinATMRadar: Find Bitcoin and cryptocurrency ATMs.
Paxful: A global p2p exchange for cryptocurrency.

These methods will help you safely and efficiently exchange cryptocurrency for cash in Bali.

Mobile Apps

Revolut or Similar Apps: Mobile apps for international transfers are a fast and convenient way to send money to Bali.

Revolut App

Install and Log In:

Download the App: Get Revolut from the App Store or Google Play.
Create an Account: Follow the in-app instructions to register.
Log In: Use your credentials to access your account.

Add Funds to Your Revolut Account:

You can add money to your Revolut account by linking a bank card or using a bank transfer.

Transfer to a Bank Account in Bali:

Open the Revolut app and go to the "Payments" section.
Select "Bank Transfer".
Enter the recipient’s details: Full name.
Account number or IBAN.
SWIFT/BIC code of the recipient’s bank.
Specify the amount and currency for the transfer.
Review and confirm the transfer details before sending.

Transfer to Another Revolut User:

In the Revolut app, go to the "Payments" section.
Select "Revolut User".
Enter the recipient’s phone number or email (linked to their Revolut account).
Specify the transfer amount and currency.
Confirm and send the transfer.

Track and Confirm the Transfer:

Monitor the status of your transfer in the "History" or "Payments" section.
Receive confirmation from the recipient when they receive the funds.

Additional Information:

Revolut offers free or low fees for international transfers, though the recipient’s bank may charge additional fees.
Transfer times can vary, from a few minutes to several business days, depending on the currency and the recipient’s bank.
Revolut uses the interbank exchange rate for currency conversion, which is generally more favourable than traditional bank rates.

Translated from the original article by BALICHATEXCHANGE.

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