ATM withdrawal fees in Indonesia
Replies: 40 - Last Post: May 16, 2012 12:32 PM Last Post By: doglovermol
May 4, 2012 9:08 PM
ATM withdrawal fees in IndonesiaHello,
Does anyone know if Indonesian banks charge foreign card owners a fee for using their ATMs? If so, are there any banks that do not, so that I can try to plan to stock up when near one.
May 4, 2012 9:35 PM
May 4, 2012 9:45 PM
2I have never been charged any fees from a BNI bank ATM. Most of the others don't charge anything as well (in fact I can't think of a time I have ever been charged by any bank's ATM that I have used, and I have used a lot of different ones) but I couldn't tell you with 100% certainty if that's true for ALL of the banks here.
FYI: exchange rates are dependent on your own bank back home, but are often based off of Bank Indonesia's rates: http://www.bi.go.id/web/en/Moneter/Kurs+Bank+Indonesia/Kurs+Transaksi/
My bank doesn't charge anything for foreign transaction fees, so the amount of money I can withdraw from an ATM at once doesn't matter at all.
May 4, 2012 10:15 PM
3I don't think the banks charge a fee (at least, I haven't noticed one), but of course, your home bank probably will charge a fee.
Don't know if you're Australian, but I just got a 28 degrees credit card, which doesn't charge a fee for overseas withdrawal, and am keen to try it out on my next trip to Indo. Might be of interested to you if you're OZ.
May 5, 2012 12:42 AM
4I'm not aware of any Indonesian banks charging fees for foreign card holders using their ATMs. BCA don't and if anyone does the fee would be peanuts. As emma33 said, you should be more worried about, and find out, what your home bank charges for offshore withdrawals.
For example if you have a Commonwealth Bank of Australia ATM card and make withdrawals at a non-CBA ATM in Indonesia you will be charged a flat $A5 plus 3% of the value of the withdrawal. A withdrawal of $A200 at a non-CBA ATM in Indonesia is therefore going to cost you $A11 ($A5 plus $A200x3%).
May 5, 2012 1:28 AM
5Like above...don't worry about the bank in Indonesia charging you.
You need to consider what your home bank charges.......how much the ATM will give you (answer-can be a very low maximum).....and how often the card won't work at all (also often in outlying parts of Indonesia-make sure you have at least 2 cards if not more).
May 5, 2012 6:42 PM
6Poster #5 is spot on. Even if you have an account with an Indonesian bank they will not charge for the use of foreign bank cards in their ATM machines.
If you are fortunate to have a foreign (which is non Indonesian from where I sit) bank account which does not charge you for use of your bank card abroad, consider yourself very lucky.
US banks charge a fortune (upwards of $20.00 per ATM transaction abroad) and transaction can even include a simple balance check! Add to that a withdrawal limit of $250.00 per transaction and a per day limit of $500.00 and those fees can add up really quickly.
It never ceases to amaze me that with their very low crediting interest rates and up in the sky bank charges (US banks often charge $50.00 for an international bank wire) that banks in the US got to the verge of utter bankruptcy.
May 5, 2012 6:56 PM
May 5, 2012 7:16 PM
May 5, 2012 7:31 PM
9No, that's not true. Their exchange rates are based off of the Bank Indonesia rates listed above. A friend and I have these accounts, and we've tested it. We get the exact amount BI lists.
May 5, 2012 8:05 PM
10Sorry to disagree. US banks have every right to use foreign exchange rates as they see fit (but within some parameters of “acceptable greed” I hope).
Sure, while you enter in IDR the amount of ATM transactions here, the amount of the withdrawal expressed by US dollars on your account in the US is solely at the discretion of the bank. BI has nothing to do with that aside from the bank to bank rate (which will not necessarily be the rate reflected in your account). While the bank here in Indonesia will get its money from the US bank based on the day’s BI rate, that is not necessarily what is likely to show up in your account…viz, the US bank gets more dollars for the IDR from YOU!
In other words, the US bank is “selling” you IDR.
Try ordering up some IDR from a US bank prior to a journey from the US to Indonesia. You won’t even get close to the BI rate in effect at that time.
On two occasions involving bank wires from the US to Indonesia that we experienced, and to be sent to our US dollar account here in Indonesia, the bank in the US converted the US funds to IDR at ridiculous rates and then sent the US funds based on THEIR selling rate! Once challenged, they “fixed their error”…ma’af, ma’af flowing like the Ayung, but their game was clear.
Sorry if my attitude is that most all US banks are criminal in their business ethics, but with over 14 years of dealing with the likes of Wells Fargo, aka Jessie James, etc. etc., I have very good reasons to have that opinion.
If your bank in the US is not charging you a transaction fee for out of country ATM withdrawals, then they are making up that loss of revenue some other way…and the most common way to do that is by currency games.
May 5, 2012 8:20 PM
11I don't really follow what you're saying. The other day, I withdrew 2 juta from BNI with my Capital One card. When I checked my account online, $217.90 had been deducted. So, as always, my rate was exactly the amount listed on Bank Indonesia's website, which my bank uses as their benchmark. I'm not sure how it would be possible to get a better rate than that.
Of course, I'm not arguing that banks aren't greedy. I'm just saying, I don't incur any extra fees or penalties in the exchange rate when I withdraw from an ATM with my Capital One account. Or at least, this is the cheapest of all ways to get money from my US Bank account, that I know of. If you know of a better way, please share!
Maybe I'm not understanding what it is you're saying.
May 5, 2012 8:38 PM
12Luke, maybe Capital One is the singular “non greed based” bank in the US…I don’t know, as I don’t bank with them.
When do they account for bank fees…at the end of your monthly statement cycle, by day, or what?
Sorry Luke, but there is no way I can believe that Capital One is not receiving its “pound of flesh” from you for your ATM use of your US bank card abroad in one way or another unless perhaps you are in some sort of ultra rich client category…personal banker sort of status, in which case they are making enough money out of your deposits with them which is the “vig” between interest they credit your balance with them, and what they loan your funds out at.
Personally I’m happier knowing what my charges as a bank fee, even when I know it’s highway robbery. The known enemy is always preferable to the unknown enemy, especially when the war is over money.
May 5, 2012 8:41 PM
May 5, 2012 8:45 PM
14"You will find that withdrawing bigger amounts saves money in general."
For certain...but the daily withdrawal limit is set by YOUR bank, not the bank in Indonesia who owns the ATM.
That amount can be very little per day...thus adding up those per transaction fees...or a lot because you own a piece of the bank.
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