Learn the New Rules for Interbank Transfer Fees and the 2 Cheapest Ways
Learn the New Rules for Interbank Transfer Fees and the 2 Cheapest Ways
Sending money or making transfers is no longer an uncommon activity. Whether it's through ATMs directly or using specialized financial apps. Almost all methods of sending money will incur transfer fees, especially if the sender's and recipient's bank accounts are different. Let's delve into the discussion about interbank transfer fees below, along with a list of amounts from cheapest to most expensive.
Transfer fees are relatively small charges that the sender must pay to the bank for sending money to a different bank account. The amount is considered small because on average, the sender will be charged around Rp. 6,500. This amount will be automatically deducted from the sender's account.
Indeed, the amount isn't significant if the sender only transfers money a few times a month. However, this transfer fee becomes a burden for account holders who need to send money several times a day. Hence, there are now many tips for cheap and free interbank transfers emerging. One of them is through third-party applications or infrastructure that offers low-cost or even free interbank transfer fees. Let's take a look at the details below.
1. Flip
Flip is a financial application that supports making transfers more affordable. For those who want to avoid interbank transfer fees, they should try using this app. You can send money to more than 100 banks without incurring interbank transfer fees. All money transfer steps are done online, thus enhancing effectiveness and efficiency.
However, using Flip still has its drawbacks. Because it goes through a third party, the money transfer process takes longer. It takes about 20 minutes for the recipient to receive the transferred money. It could even take hours if the destination bank is crowded with users. Therefore, this app might not be recommended for recipients in urgent need of funds. Here's how to use Flip to send money for free between banks:
- Download the Flip app. Then, register for an account. During this registration step, you'll be asked to provide personal information, such as your phone number and email. Make sure to enter the OTP code before it expires.
- Once you have a Flip account, log in again and click on the "Transfer" option. Then select the "Bank Account" menu. Then press the "+ New Destination" option. Then select the "Destination Bank". There's a search feature if you have trouble finding the bank name you're looking for.
- You'll then be asked to enter the account number. After that, select "Check Account". You'll get information about the account owner. Make sure the name matches.
- Then enter the amount of money to be sent. At the bottom of the amount entry line, there's an option to "Save this destination" if you want to transfer to this account again in the future.
- Then click "Continue" and you'll be redirected to the confirmation screen. If all the information is correct, click "Continue" again. There's also an option for "+ Other Destination" if you want to send to another account simultaneously.
Immediately after completing these steps, you must select a transfer method within 24 hours. If not, your previous transfer step will be automatically canceled. You can use the method of transferring money directly from your bank account or through a virtual account. Both methods will send money without further confirmation for a maximum of 10 minutes for bank account method and real-time for virtual account method.
2. BI Fast
BI Fast is an application that serves as a supporting feature to facilitate the payment system managed by Bank Indonesia. Although it's not a standalone application, you can experience the advantages of BI Fast through banks that have officially partnered. Through BI Fast, you can make retail payment transactions with an interbank transfer fee of only Rp 2,500.
As of now, there are approximately 42 banks registered to use BI Fast. Even through BI Fast, you can send money to recipients with just their phone number and email. Additionally, you can use it through counters, internet banking, and mobile banking. Although the implementation is gradual, some banks have fully provided the benefits of BI Fast.
For more information, you can find it on the official website of the bank you're using. This is because the policies and implementation times of each bank may differ. The same goes for the steps you need to take to enjoy the interbank transfer fee of Rp 2,500.
From these two applications, which one suits your needs the most? There are indeed many financial applications that offer cheap or free interbank transfer fees. They not only offer benefits but also have their own drawbacks, including longer steps for the sender. However, they have secure technology, meaning the likelihood of misuse is very small, if not nonexistent. Especially for business owners who need to send money to various banks simultaneously, these apps provide an efficient solution regarding the money transfer process. You'll even be assisted in verifying accounts to prevent errors.
