What a US$10,000 payment to Indonesia really costs: bank wire vs Wise vs Storspay

Short answer. On a US$10,000 payment in Indonesia, a bank wire typically delivers about Rp168,197,051 once the sending fee, the correspondent-bank cut and the receiving bank's FX spread are counted. Storspay charges US$100 (1%) and delivers Rp177,143,702 at the mid-market rate — about Rp8,946,652 more in the recipient's account — and it lands the same day instead of three to five days later.

Where the money goes on a wire

A wire to Indonesia has four costs and only one of them is printed on the confirmation: your bank's outgoing fee (US$25–45), the correspondent bank's lifting fee (US$15–30, deducted in transit), the receiving bank's inward charge, and — the big one — the FX spread, usually 2–4% below the mid-market rate, applied at a rate you did not see when you sent. Add them up and 5–7% of the payment is gone, which on US$10,000 is US$500–700.

Why a consumer transfer app is not the answer for a business

Consumer transfer apps charge less than banks — on a US$100 send to Indonesia you might pay around 1.5% all-in — and their rate is close to mid-market. But they are built for one person sending to one person: no batch payroll from a business balance, no invoice reference on every line, no receipt a bookkeeper can file, and many will not onboard a platform or an agency that pays third parties at all.

What Storspay does differently

One business balance funded in USD, CAD, GBP or EUR; one 1% line at the mid-market rate; the exact rupiah figure shown before you confirm; a batch for the whole team; a receipt with the invoice reference on every payment. The same balance pays Nigeria, Kenya, Mexico and 26 other countries at 2%, so a company with a mixed team runs one payroll, not four.

What is different about Indonesia

Indonesia is Southeast Asia's largest economy and a bank-account market: salaries and supplier invoices are paid to BCA, Mandiri, BNI or BRI accounts, and the domestic BI-FAST rail moves money in seconds. Rupiah amounts are large (a US$1,000 invoice is roughly Rp 18 million), so the exact figure matters and a rate that is a few per cent off is visible to everyone. Storspay quotes the mid-market rate, shows the 1% on its own line, and the recipient's bank sees an ordinary domestic credit in rupiah.

How a payment to Indonesia works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (BCA, Bank Mandiri, BNI, BRI, CIMB Niaga, Permata and the other BI-licensed banks) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the rupiah that land, or type the rupiah figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over BI-FAST and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in Indonesia has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to Indonesia, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 17,893.30 IDR); the calculator on the homepage shows today's. Large payments are split automatically under the local channel cap, under one reference and one fee.

See what your team in Indonesia receives →

Questions businesses ask before the first payment to Indonesia

Is 1% really the whole cost?

Yes. The rate is the mid-market rate and the 1% (minimum US$2) is the only line. The recipient's bank does not charge for a domestic credit; if they ask their bank for an export certificate, that bank may charge its own small fee.

What rate do you use?

The mid-market rate at the moment you confirm, locked for that payment and printed on the receipt. The calculator on the homepage shows the live rate.

How does Storspay compare on a US$500 payment?

The 1% is US$5 — above the US$2 minimum — and the recipient gets Rp8,857,185. A wire's fixed fees alone would eat 10% of a payment that size.

Which Indonesian banks can you pay?

Any bank licensed by Bank Indonesia — BCA, Mandiri, BNI, BRI, CIMB Niaga, Permata, Danamon and the rest. You enter the account number and the bank; Storspay verifies the account name before you confirm.

Why does the rupiah amount look so large?

Because the rupiah is a small unit — roughly Rp 18,000 to the dollar. Storspay shows the full rupiah figure with the mid-market rate on the same screen, so you and the recipient read the same number.

Can I pay a GoPay, OVO or DANA wallet?

Not today. Storspay pays bank accounts in Indonesia; e-wallets are on the roadmap. Most wallet users also have a bank account at BCA, Mandiri, BNI or BRI.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.