The practice to send money abroad or what we know as remittance is an important aspect of a nation’s economy.
In fact, according to Finder, Indonesia received around US$11.7 billion in 2019. The amount alone is accountable for 1.1% of the country’s GDP.
Why Is Remittance Important?
Remittance is a crucial part of a nation, especially those who are still in their developing state. Covering a significant portion of the nation’s GDP, inflow remittances have a great impact in helping Indonesia’s national economy to grow further. Fortunately, Indonesia has gone through a great improvement during the last decades. According to the World Bank’s statistics, in 2019, Indonesia received $11.900 million remittance inflows a significant surge compared to $8,900 million in 2017.
World Bank noted that China, Thailand, Japan, South Korea, and Jordan are the top 5 countries Indonesian sends money to, whereas Saudi Arabia, Malaysia, United Arab Emirates, Singapore, and the Netherlands are the countries that send most remittance to Indonesia. This number clearly shows the distribution of the origin of expatriates as well as Indonesians who live abroad.
Furthermore, for local residents, remittance enables financial support that translates to livelihood for migrant workers’ families. For instance, in Lombok Timur, Indonesia, impoverished families rely on remittance to afford food and other basic necessities when they can’t harvest their fields. Unfortunately, many of these migrants use unreliable channels that disadvantage them financially.
If you’re an expatriate living in Indonesia, you’ll also find that service from Western Union and local bank transfers are inefficient and costly. The fund takes three to five days to arrive and you need to pay around $15 to $30 for a single transaction. Not to mention that now there’s a worldwide pandemic, you can’t queue at the bank due to the large-scale social restriction (PSBB) and the possible infection risk.
Knowing these facts, it’s crucial to know the best way to send money overseas. You might wonder where to find the fastest way to send money abroad or the best rate transfer money overseas. Look no further, here’s a solution for you.
Transfez: Remittance Digitalized
The best way to transfer money overseas, Transfez is a licensed remittance app that helps you to send money back home without the hassle of lining up in the bank, filling in complicated forms, and paying expensive fees for each transaction.
Available both in Android and iOS, Transfez is supported by Indonesia’s leading overseas organizations such as Indonesian Students Society in several countries, expatriates community, and trusted by thousands of happy users.
Efficient and Inexpensive
Unlike conventional way transfers that require 3-5 days to process your fund, Transfez will send your money within minutes or one day tops. Additionally, you won’t have to spend bucks for transaction fees and rate. Send your money abroad with the flat transaction fee start from Rp 45.000, and the exchange rate is very competitive.
To make it better, Transfez transaction covers five main continents with up to 47 countries, including Europe, Singapore, Japan, India, Philippines, UK, and South Korea, with many more to come. No matter where your family is, you can always support them through Transfez’s reliable and helpful service.
Unsure about using Transfez service? Worry not. The fastest way to send money overseas, Transfez proudly holds the license from both Bank Indonesia and AUSTRAC to ensure your utmost security. In addition, the process is fast, fully transparent, and you can track your money easily through the user-friendly application.
Don’t forget to use “INDOTRANSFEZ” code to get a free transaction fee upon your first Transfez experience. Make sure to share it with your fellow expatriates while you’re at it!