Funds transfer from Indonesia to US

[iwir 337]

We're on K-1 visa process now and we expect to get the POE realistically around September. I'm the beneficiary from Indonesia and want to transfer my savings in local currency to my fiance's bank account in the US. Our plan is once I get the proof of residency, I want to open my own account and he would open a joint account and add me to it. How to make a transfer without expensive fee and how was/is your arrangement for your finance when you were/are moving? I'm interested if you're from Indonesia so I have something to relate to. Thanks!

Edited April 2, 2018 by iwir

[usmsbow 801]

My wife and her best friend use Transferwise when transferring money between Indonesia and the US. Here is a whole thread on the topic (that also mentions Transferwise):

 

 

 

 

[iwir 337]

On 4/3/2018 at 11:16 PM, usmsbow said:

My wife and her best friend use Transferwise when transferring money between Indonesia and the US. Here is a whole thread on the topic (that also mentions Transferwise):

 

 

 

 

@usmsbow I have checked transfer wise and rupiah is not included in their service. You can transfer from USD to rupiah. But not the other way around. My situation is I want to transfer my savings in rupiah to USD account in the us. Maybe you can recommend something else? Thanks

Edited April 4, 2018 by iwir

[Chris Duffy 1,257]

Expensive Fee?  What do you consider expensive?

 

 I transferred around $30K from a bank in USA to Philippines,  It was like a $25 wire fee was my only cost.

[Chris Duffy 1,257]

I am US Citizen, I keep most of my bank accounts as I am the only person on the account due to the amount of money in these accounts.

 

I do have one shared bank account with my wife, we opened it a few weeks after she landed in USA while still a fiancé, I keep it for USCIS and doing ROC.

 

My wife didn't bring any money with her, only what she had in her pockets.

[iwir 337]

@Chris Duffy oh wow! I can never do that. I will still keep my bank account here and transfer most of it to the US once I can open my own bank account there. The joint account is for paying utilities and household bills just like any other couples not only because of immigration requirements. Keeping my own independence is important to me and moving with some money in my pocket is just unthinkable. At least I will keep my Indonesian credit cards with me and pay the bills from my Indonesian bank account. But that's again it's just me. Different folks different stroke. I'm just thinking about exchange rate and the lowest transfer fee I can get when I want to transfer some of my money to an US bank account once I move. But thanks for sharing your experience

Edited April 6, 2018 by iwir

[usmsbow 801]

On 4/4/2018 at 4:38 PM, iwir said:

@usmsbow I have checked transfer wise and rupiah is not included in their service. You can transfer from USD to rupiah. But not the other way around. My situation is I want to transfer my savings in rupiah to USD account in the us. Maybe you can recommend something else? Thanks

 

Sorry, you're right, it only works transferring USD to rupiah. Have you checked with your Indonesian bank to see what they charge to wire money to the US? It probably is around $25-40. Also, when I brought back about $12K to the US, I did it via traveler checks. No fee, and better exchange rate than regular cash. I don't know if banks still offer those though (I did that back in 2004). 

 

And just a FYI for the future: when filing taxes with the IRS, you'll have to acknowledge your Indonesian bank account (assuming you keep it open). Not a big deal, but just something to remember. 

 

 

Edited April 6, 2018 by usmsbow

[vistajones 62]

I opened a dollar account with Bank danamon (they dont charge monthly fee if the balance is more than 100$). To transfer money it's 40$ to make sure the receiving account get the full amount but somehow wells fargo and capital one still take their 15$ out.

 

If you have BCA/other national bank id assume, i managed to take money out from atms in the US, with minimal fee and better exchange rate.However you cant take more than 1000$ a day (depends on your account policy) I like this alternative better.

 

Im planning on keeping my indonesian credit card open as well. 

Edited July 8, 2018 by vistajones