3 Ways to Transfer Between Banks and Complete Info in Indonesia

3 Ways to Transfer Between Banks and Complete Info in Indonesia

‍

Money transfer is an activity carried out by almost all Indonesian society. When viewed in its definition, transfer is the activity of moving a certain amount of money by a bank user to another bank user, referred to as the recipient of the transfer. This transfer or sending of money can be done when both parties have accounts at the bank. Let's learn more about interbank transfers below.

‍

Anyone with an account can transfer between banks. An account itself is a tool for recording various financial transactions. Accounts function like social media accounts. Everyone is entitled to have several accounts at several banks simultaneously. Therefore, interbank transfer activities will be easier and more organized.

Currently, interbank transfers can be done in various ways. In the past, money transfers had to be done by filling out transfer forms and queuing in front of bank tellers. But now, interbank transfers have become easier. Among them are through ATM machines, online banking features, and financial applications. The transfer fees vary. Starting from Rp 6,500 through ATMs to Rp 2,500 through third-party transfer applications. Check out the detailed methods below.

‍

‍

Interbank Transfer via ATM

‍

One benefit of sending money through ATM machines is that it's more effective and efficient than having to send it through a bank teller. You don't need to queue to make transactions. The average transfer fee via ATM is Rp. 6,500 if the sender and recipient are from different banks. Here's how to send money via ATM:

‍

Find an ATM machine according to your bank account. Some types of ATM machines can be used even if they're not from the same bank, such as shared ATMs and Prima networks.
Then insert your ATM card into the ATM machine in the correct direction as guided.
Choose the Indonesian language and you will be asked to enter your ATM PIN number.
Wait a moment, then select the "Transfer" option and choose "Other Bank."
You will be asked to enter the bank code and the destination account number. If you don't know the code, you can select the "Bank Code" option on the screen.
After confirming that the bank code and destination account number are correct, you will be redirected to a screen showing the recipient's identity. Confirm and select "Correct."
Wait a moment, the process of sending money is in progress. In a few seconds, you will receive a notification on the ATM screen saying "Your Transaction is Successful."
Then you will be asked, "Do you want to make another transaction?" Press "Yes" if you want to transfer again or withdraw money. If you choose "No," your ATM card will automatically be ejected from the ATM machine. Make sure not to leave your ATM card behind due to rushing.

‍
Here are some common bank codes used by the Indonesian public:

• BCA (014)
• BNI (009)
• BNI Syariah (427)
• BRI (002)
• BRI Syariah (422)
• BTN (200)
• CIMB Niaga (022)
• Citibank (031)
• Bank Mandiri (008)
• Syariah Mandiri (451)
• Panin (019)
• OCBC NISP (028)
• Many others.

‍

Interbank Transfer via Online Banking

‍

The benefits of sending money through online banking are certainly greater than having to go find an ATM. You can send money anywhere with just a smartphone or PC and an internet connection. This interbank transfer convenience has started to spread among young and adult individuals.

‍

The method of sending money is actually almost the same as sending money through an ATM. The transfer fees are also the same. However, you need to have a specific application issued by the bank you use. For example, some banks that provide this application are BCA Mobile, BRImo BRI, Livin’ by Mandiri, BNI Mobile Banking, and so on.

‍

Interbank Transfer via Financial Applications

‍

Another way to send money is through a third party acting as an intermediary. Usually, this party is a financial application that allows you to send money at a much cheaper or even free transfer fee. Some financial applications include Flip, BI Fast, OY!, and others.

‍

Before using these applications, you are usually asked to go through several steps to verify your account and account information. This is to ensure that the account owner and the account holder are the same person. Thus, the possibility of transaction misuse can be minimized.

‍

Sending and receiving money becomes more effective and efficient with the various methods above. You can use any method according to your needs. If you want the most efficient transfer method, of course, transferring between the same banks is the solution. But if you have to send money to several banks at once like paying employee salaries, paying vendors to several parties, and debt payments, Brick is the right answer. With only a fee of Rp. 2,500 per transaction, you can complete many transactions easily.