FAQ | Transfez | Trusted Indonesia Remittance Company

faq

FAQ

Frequently Asked Question

Is Transfez a licensed service provider?
  • Transfez is a brand of PT. Indo Koala Remittance, a remittance company licensed and regulated by Bank Indonesia

    • You can check our license here

    Is it safe to send money through Transfez?
  • Your safety is our priority. We maintain complete transparency to give you better control over your transaction and our thorough verification processes ensure that your money reaches the right person. We are regulated by Bank Indonesia regulation: 19/10/PBI/2017 with license no. 13/77/DASP/30 and PPATK regulation: PER-12/1.02/PPATK/06/13.
    • How do I create an account with Transfez?
  • It’s very easy. You just need to sign up with your email or Google/Facebook account through our app.
    • Why is it important to complete my profile?
  • You need to complete your profile to send money with us and as a financial institution, we need to verify the identity of all our customers according to local regulations of the countries where we operate.
    • Why do I have to give out my personal credentials in order to make a transaction?
  • As a regulated financial entity, Transfez has a commitment to be subject to the Anti Money Laundering and Prevention of Terrorism Funding regulation of Bank Indonesia and PPATK. Your data will be screened to make sure that we are not in any way breaking the laws.
    • How important is the accuracy of details I provide to Transfez?
  • As a financial institution, we need to know who is transferring money with us and verify their identity. For this reason, when you create your profile, please use your real name (no nick name or initials), accurate address, phone number and an email where you can be reached.
    • How long would it take for the profile verification process until I can do my first transaction?
  • The verification is only need to be done one time when you complete your profile for the first time. Once you completed your profile, it will take up to 1 x 24 hours of working days before you can use our service for the first time. But it is worth to mention that in average it took us less than 1 hour to verify your profile.
    • Can I change my email or mobile number?

    Please contact our Customer Service to change your email and mobile number.

    How do I add a recipient to my account?
  • If you are a verified user, you can log in and click on “recipient” tab, or “create recipient” while setting up a transaction. If you are signing up, you can “create recipient” while setting up your first transaction
    • I have been asked for additional documents even after I complete my profile, why?
  • As a policy, we require you to share your latest copies of your documents. In case, the documents you have shared are outdated and have expired, we will need you to share them again before we can process a transaction for you.
    • Is it secure?
  • Not only do we have a remittance license from Bank Indonesia, we also have years of experience in the remittance business, successfully help clients moving millions of dollars.
  • We hold the trust of our customers in very high regard, and will make sure to transfer your money securely in every transaction.
    • When I am instructed to fill in my credentials, will the information remain private?
  • Your privacy and trust are important for us. We collect your data in order to process your order and manage your account, in addition to fulfill our obligation to send reports to related authorities. We may send you emails and notifications on certain news and/or offers we might have--upon your consent.
  • Transfez has an encryption system that has layers of protection that ensures your data’s safety. Information exchange over servers are also encrypted using SSL on servers located in Indonesia.
  • Please provide your information only to our officers or representatives to prevent security issues regarding your data.
  • More information, kindly read our Privacy Policy and Transfez Service Agreement.
    • How much fees do Transfez charge?
  • Our fees differ from countries and corridors of transfers. The fees are subject to change and can be reviewed at any given time on the Transfez currency converter.
    • Why are the transaction fees at Transfez so different than banks and other operators?
  • At Transfez, our aim is to make the international transfer feels like domestic in terms of fees, speed and convenience. Unlike banks and other operators, we managed to have liquidity in each of the countries through our partner and banks and will execute your transfer through liquidity of currency in every destination country that we serve, making our fees much cheaper than banks.
    • Do we really save money by using Transfez?
  • Absolutely. At Transfez, we do not have any hidden fees. What you see is what you receive. All fees are already included and there will be no additional cost charged by the banks in the receiving countries or even hidden fees in the currency exchange. If you want to compare, try by comparing how much money you need to send in Rupiah (including all the fees) so that the receiver can receive the same amount in full. You will be amazed.
    • Can I lock in an exchange rate with Transfez?
  • The exchange rate is provided when you set up a transfer. Although we will have a feature that will allow you to lock a certain exchange fees for hours or days later for B2B transfer, currently we do not provide a facility to lock in exchange rates in advance.
  • However, once you set up a transfer, the rate will be locked for 3 hours. Transfez reserves the right to cancel any transaction if the money is not credited to Transfez within 3 hours.
    • Why do the rates not change on weekends or at certain other times?
  • The Forex market is operational during market hours on business days in the particular country. Therefore, the rates may not update when the forex markets are closed on weekends and holidays.
    • For how long are the rates locked once I set up a transaction? Is there a time limit for me to make my payment?
  • Please make the transfer within 3 hours. Your transaction will be terminated if the transfer was made after the time limit, and you would have to redo the transaction process. Your money will be returned in the meantime. Our transactions are time-sensitive due to possibilities of currency change/volatility, which is why we would appreciate that payments are paid within the given time period.
    • What is the meaning of each transaction status?
    • Waiting Payment

      • We are still waiting your payment or still under verification of your payment. If you already made a payment, please verify your payment in Activity menu.

    • On progress

      • We already received your payment and your transaction is being processed.

    • Completed

      • We and/or through our partner succeed to send your money to your recipient’s bank account. In some cases, with certain bank and/or certain countries, funds will be recorded in the recipient bank mutation maximum 1 x 24 hours after the transaction has been declared successful.

    • Failed

      • Your transaction is failed.

    • Cancelled

      • You cancel the transaction that has been created or you did not make a payment within the given time range.

    • Refunded

      • The funds have been successfully returned to your bank account.

    My recipient still not receive the money within 1 x 24 hours after status completed. What should I do?

    Please contact our Customer Service for any issues you face.

    My transaction is failed. Why?
  • Failed transaction can occur due to several reasons, such as: invalid recipient details, transaction limit has been reached, your recipient bank has declined the transaction, barred recipient, unsupported recipient, unexpected errors, and Transfez reserves the right to decline the transaction due to customer that listed in sanction list.
    • Does Transfez offer forward contracts?
  • No, we currently do not offer forward contracts.
    • How long is the refund process for my failed transaction?
    • Submission of refund of failed transactions must be done through the application.
    • Refunds can only be made when your transaction has been declared a failure and your payment has been verified by Transfez.
    • Refund time of failed transactions is 2 x 24 hours on weekdays from the time you submit a refund.
    • If you have not received a refund within the specified time, please contact Customer Service.
    How can I pay for my transactions?
  • In order to use our services, you can make your payment through bank transfer. As soon as you have made and confirm your payment, a notification will be sent to you via app/email.
    • Do you receive payment in cash?
  • No we do not accept cash deposits. Currently we only accept payment through Bank Transfer. Please stay tuned and subscribe to our social media platforms to be the first to know when there are new developments!
    • Does Transfez accept credit card or debit card?
  • Sorry. Currently we do not accept credit cards and debit card. Please stay tuned and subscribe to our social media platforms to be the first to know when there are new developments!
    • Can I transfer my money using someone else’s bank account?
  • No. In order to keep the process safe and secure, we will not accept payments made from unregistered bank accounts. You can only transfer using your own bank account.
    • Can I send money through somebody I have a joint bank account with?
  • Yes. As long as your name reflects as one of the account holders, you can send money through a joint account.
    • What happens if I were to send money using someone else’s account?
  • Transfez will return the money to you if we detected that the money does not come from your registered account. Help us to keep this environment secure by only using your registered account to make transactions.
    • I have entered wrong recipient details. Can I change it?

    You can contact our Customer Service via email or chat for any issues you face before we begin to process your transaction.

    How do I set up a transfer with Transfez?

    Download our app, login to your Transfez account and submit a transfer. The platform will walk you through the process. If you have any queries, please contact our Customer Service.

    What happens if my payment to recipient is rejected?
  • We will notify you via email and notification apps about your rejected transfer.
    • I have sent incorrect amount. Can I change it?

    You can contact our Customer Service for any issues you face.

    When will my recipient receive the payment?
  • Once the money is sent out by Transfez, it depends on the processing time of the receiving bank. You can check the estimated time arrival when make a transaction.
    • Do I need to contact Transfez when I make a payment?

    You can confirm your payment in Activity menu by selecting the transaction. After that, we will take care of things for you. However, in case of any queries or problems, you can contact our Customer Service.

    Once I have transferred my money, will Transfez provide proof that the transaction was successful? How can I keep track of my money transfer?
  • Once you have completed the process, we will send you a notification, and you can track your money throughout its journey through the app in Activity menu.
    • How do I cancel my transfer with Transfez?

    You can contact our Customer Service. Please note, once the funds have been transferred to the recipient, the transaction cannot be cancelled.

    I have successfully made a transaction with Transfez, but I did not get any notification that my money is sent. What should I do?

    Please contact our Customer Service, who will be happy to assist you.

    I contacted Transfez’s customer service but no one is answering.

    We will provide a response to your inquiries swiftly and no longer than 2 x 24 hours.

    Please contact us through whatsapp and/or email cs@transfez.com --based on your convenience.

    What is the current currency availability in Transfez?
  • The currency we accept is IDR in Indonesia, but will be able to send to over 70 countries and your recipients will accept it with their local currency.
    • From which countries can you send money using Transfez?
  • Currently you can send money from Indonesia only.
    • To which countries can you send money using Transfez?
  • You can send money to the following countries using Transfez:
    • Asia Pasific : Bangladesh, China, India, Malaysia, Myanmar, Nepal, Pakistan, Philippines, Singap0re, South Korea, Sri Lanka, Thailand, Vietnam.
    • Europe : Aland Islands, Austria, Azores, Belgium, Canary Islands, Cyprus, Estonia, Finland, France, French Guinea, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Madeira, Malta, Mayotte, Monaco, Netherlands, Portugal, Saint Barthelme, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia, Spain, United Kingdom.
  • Soon we will add:
    • Asia Pasific : Australia, Japan, New Zealand, Cambodia.
    • Africa : Benin, Burkina Faso, Cote d’Ivoire, Ethiopia, Ghana, Guinea-Bissau, Kenya, Mali, Niger, Nigeria, Senegal, Togo.
    • America : USA, Bolivia, Brazil, Chile, Colombia, Cuba, Dominican Republic, Haiti, Mexiko, Nicaragua, Peru, Venezuela.
    • Europe : Croatia, Czech Republic, Denmark, Norway, Poland, Romania, Sweden.
    • Middle East : Saudi Arabia, UAE.
    What is IFSC Code? What if I do not have my recipient’s IFSC Code?
  • An IFSC Code is an alphanumeric code that identifies a particular bank-branch participating in the two main Electronic Fund Settlement Systems in India. You can contact the recipient and get the IFSC code of the bank where they have an account.
    • What are Swift Codes, IBAN Numbers, BSB Codes, and Sort Codes?
    • SWIFT Code is a unique identification code for financial and non-financial institutions.
    • IBAN Number is an international system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions.
    • BSB Code is a Bank State Branch (BSB) code used in Australia to identify a bank’s branch.
    • Sort Codes are codes the British and Irish banking industry uses to identify banks when routing money transfers.
    When will Transfez provide transfer services for business?
  • Although we are now open for B2B transfer to selected corridors, Transfez is currently working hard to align our business with other countries’ regulations so that we can provide you with a better way to transfer money across many continents for your business transactions.
  • Please stay tuned and subscribe to our social media platforms to be the first to know when there are new developments or please contact us if you need transfer services for business.
    • Can I open a Transfez account for business or company?

    Yes, you can register using this form.

    Can I request for a product demo?
  • Yes, you can click the request demo button in the Transfez Business page.
    • Can I use a personal account for business purposes?
  • No, personal accounts must only be used for personal to personal transaction or personal to business transaction.
    • Can I make batch payment using Transfez Business?
  • Yes, you can use batch payment for an easier transaction.
    • Does Transfez provide local disbursement?

    For local disbursement, please fill in the form here or contact us to help you with the registration.

    What are Transfez user groups and roles?
    • Super admin

      • As super admin, you will have complete access inside Transfez Business platform. The difference between super admin and admin is that super admin can assign someone to become admin inside the platform.

    • Admin

      • As admin, you will have full access inside Transfez Business platform. You can freely invite company members to use Transfez Business, set their team, role and permissions inside the platform.

    • Approver

      • As approver, you can access all features inside Transfez Business platform except for the user management. You can create a transaction, add funds to the Transfez wallet, oversee all transactions created inside Transfez platform, and so on. Approver will need to approve a transaction submitted by a maker before the transaction is being processed. This user role have no access to invite someone to Transfez Business platform.

    • Maker

      • As a maker, you have the ability to see all statements, account details and create transactions. But the maker is unable to add funds to the Transfez wallet. If a maker creates a transaction, the particular transaction needs a further approval from approver before the transaction is being processed.

    • Viewer (Bookkeeper)

      • As bookkeeper, you will have read-only access to the records in your company account; such as company-wide transactions listed in the Transfez Business platform, all of the cards issued for the company, and so on.

    How do I change my personal details?
  • Click on the Account tab then change your personal details
    • How to change my phone number/email address?
  • Please contact our Customer Support team
    • How to change my expired ID into new ID
  • Please contact our Customer Support team or email to compliance@transfez.com
    • What is a rate reminder?
  • Rate reminder is a feature where you can set any fix rate that you want for your transactions and you will receive push notifications once your desired rate is available
    • Does Tranfez have any regular promotion?
  • Yes we do. You can check by tapping Send Money and find any voucher that’s available for your transaction on the homepage or calculator page.
    • How to use coupons / promotion from transfez?
  • You can use them by going to the Send Money page and use one that applies to your transaction
    • How can I pay my transactions?
  • You can pay through manual transfer or to a virtual account. If you use manual transfer, please screenshot your payment receipt and upload it through our apps afterwards. If you use a virtual account, please wait for your payment to be verified for approximately 10 minutes.
    • How can I use a Virtual Account?
  • On the Payment Method page, choose Virtual Account and copy and paste the 16 digit virtual account number. When you’re ready to transfer, send the money to the virtual account number.
    • What’s the benefit of using a virtual account for payment?
  • You can use a virtual account for faster verification (maximum of 24 hours). Your payment will be verified within minutes.
    • Can I repeat my transactions?
  • Yes you can. If you have completed a transaction before, you can go to the Activity page and see your previous completed transaction. Click on one of the transactions and it will direct you to the calculator page where you can change the amount if you need.
    • How do I verify my recipient in South Korea?
  • All recipients in South Korea are obliged to verify their identity according to the local regulations once on the first transaction. There will be no verification needed for your next transactions. Your recipient needs to follow the instructions below:
    1. There will be a verification link will sent through recipient’s SMS
    2. Select Verify, then choose ID they used to open bank account (Korean Registration Number/Driving License/Alien Registration Card/Passport/Business Registration License)
    3. Enter ID Details, then click Next
    4. Upload ID photo, then click Next
    5. Enter the last 4 digit number of their bank account to confirm
    6. Our payout partner will send KRW 1 to the recipient’s account. Please check your transaction history (recipient) and input 4 unique codes after the letter ‘S’ e.g.: S1234
    7. Verification will be within 24 hours (on banking days) and your money will be deposited into the recipient’s bank account once they are verified.
  • Notes:
    1. Please make sure the recipient number is active to receive the verification link. Your money will be deposited once they are verified.
    2. Recipient should be 14 years or older
    What is SWIFT code?
  • A SWIFT code or number is usually required to process payments between different countries. It’s used to identify the country, bank and branch of the recipient’s account and to ensure your money’s going to the right place. SWIFT code usually consists of 8 to 11 digits to represent your bank branch.
    • swift-code
    What is ABA/ACH Routing Number?
  • A routing number is a nine-digit code used to identify a financial institution in the United States. Banks use routing numbers to direct the exchange of funds to and from one another. You can typically find the routing number on the bottom left corner of most personal checks.
  • ACH (Automatic Clearing House) routing numbers are usually used for one-time or recurring basis digital transactions of small payments.
  • While ABA (American Bankers Association) routing numbers are for helping transfer funds accurately from one account to another. They are standardized and consist of nine digits, typically starting with two digits between 00 and 12.
    • What is IFSC?
  • IFSC (Indian Financial System Code) is an 11-digit code to help in digital transactions that identifies the bank branches that participate in online money transfer and to track the money moving process.
  • The first four letters in IFSC represent a bank’s name. Next character is 0 (zero), which is reserved for future use. The last six characters are the branch code.
    • What is IBAN?
  • IBAN (International Bank Account Number) is used by overseas banks to identify your account when making or receiving cross-border transactions. It is also used for checking if the transaction details are correct. IBAN uses a two-digit country code followed by 34 alphanumeric characters to help quickly identify an individual, their country, their bank, and their bank account number.
    • What is a BSB Number?
  • A BSB (Bank-State-Branch) is a six-digit number that identifies banks and branches across Australia.
  • BSB numbers consist of three, distinct parts in the following format: XXY-ZZZ
  • XX = The parent financial institution
  • Y = The state where the branch is located
  • ZZZ = The branch location
    • What do I need to know before sending money to China with Transfez?
    1. Who can I send money to in China?

      2. You can send money to individuals who have a UnionPay bank card or Alipay ID. Their bank account must be opened with a Chinese national ID card. You can’t send money if they use a passport, driver’s licence or military document to open a bank account.

    2. What information do I need about my recipient?

      3. For UnionPay, you’ll need their full name in PinYin (A–Z) only and their 16–19 digit UnionPay card number.

      For Alipay, you’ll need their full name in PinYin (A–Z) only and their Alipay ID.

    3. How much can I send per one transaction?

      4. For UnionPay:

      • Maximum limit per transaction is 31,000 CNY
      • Maximum limit per recipient per day* is 10,000 USD, or equivalent in CNY
      • Maximum limit per recipient per year* is 50,000 USD per recipient, or equivalent in CNY

      For Alipay:

      • Maximum limit per transaction is 50,000 CNY
      • Maximum limit per recipient per year is 500,000 CNY, with maximum of 5 transfers for each recipient per calendar month*

      *This is your recipient limit in total that day or year, from any exchange services — not only limited to Transfez.

    4. How long does it take for the money to arrive?

      5. For UnionPay:

      • Once Transfez receives and converts your money, it is usually deposited on the same working day. Conversion can take up to 2 working days.
      • If your recipient has reached the daily receiving limit, the money will arrive on the next day.

      For AliPay recipients:

      • Recipients have to link their bank card to the Alipay ID. Once Transfez receives and converts the money, it is usually deposited to your recipient’s bank account in a few minutes. Conversion can take up to 2 working days.

      You can always check the calculator page to see how long it will take for your money to arrive.

    5. Which banks don’t accept payments from abroad?
      • China Merchants bank
      • China Minsheng bank
      • Industrial Bank Co
      • Shanghai Pudong Development Bank
      • Bank of Nanjing
    How do I send money to Alipay?
    1. Log in to your Transfez account and create a transaction to CNY.
    2. Choose who you're sending to and enter your recipient's name and Alipay ID.
    3. Choose a reason to send money, your relationship with the recipient, and confirm your details.
    4. Pay for your transfer.
    5. Ask your recipient to check for a push notification from Alipay.
    What Chinese government regulations do I need to know about Alipay transactions?
    1. It is prohibited to facilitate any cryptocurrency or crypto-assets. All transactions for any purchase, sale, transfer, or the exchange of BTC, ETH, USDT, USDC, LCH, BCH, XRP, Initial Coin Offerings, token sales, Non-Fungible Tokens, and DeFi will be rejected.
    2. Due to the cryptocurrency regulation created by the Chinese government, Alipay has limited its users to receive money from other countries max. 5 times a month. (Please make sure that the fifth sender/recipient is one of previous senders/recipients from transactions in the last 30 days).
    What are the requirements for sending money to Alipay?
    1. Make sure the recipient’s phone number is active and valid.
    2. Recipient’s names must be in Pinyin format (e.g. Feng Qi Xiang).
    3. Recipients will get a notification to verify the transaction. Please make sure they choose the same purpose of the transaction and relationship with the sender.as the one you enter in Transfez.
    4. Recipient’s Alipay account must be verified before receiving money.
    How do I receive money through Alipay?

    You can receive money for free through Alipay when the sender transfers money using Transfez. Follow the steps below to set up your Alipay account to receive money.

    1. Log in to Alipay and complete real-name authentication.
    2. Find 跨境汇款 (Global Remittance) and link your bank card to your Alipay ID.
    3. Give your name and Alipay ID to the sender. You can use either your mobile number or email address.
    4. You’ll get a notification once the sender has transferred the money.
    How do I send money to a UnionPay?
    1. Log in to your Transfez account and create a transaction to CNY.
    2. Choose who you're sending to and enter your recipient's name and UnionPay ID.
    3. Choose a reason to send money and confirm your details.
    4. Pay for your transfer.
    5. Ask your recipient to check for a push notification from UnionPay.

    Notes:

    1. Your recipient will receive money in real-time within China’s State Administration of Foreign Exchange (SAFE) operating hours ( Mon-Sun: 7am - 9:45pm GMT+8 )
    2. Currently, we only support payout to UnionPay cards opened from 14 banks which cover around 60% of UnionPay cards in China.

      3. Supported banks: (Industrial and Commercial Bank of China Limited, Bank of China, China Construction Bank, Bank ofCommunications, China Everbright Bank, Hua Xia Bank, Harbin Bank, Bank of Shanghai, Fujian Rural Credit Cooperative, Linshang Bank, Hunan Rural Credit Cooperative, Qinghai Rural Credit Cooperative, Guangdong Rural Credit Cooperative, Henan Rural Credit Cooperative)

    3. For UnionPay beneficiaries you must fill in their full name, in PinYin (A–Z) only, and their 16–19 digit UnionPay card number.

    China limits its international transactions to ¥50,000 per transfer for all remittance services. If a transfer has been canceled, make sure you haven't exceeded receiving limits in China.

    Still have more to ask?
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    Copyright © PT Indo Koala Remitance 2019 - All rights reserved | Service Agreement | Privacy Policy

    Transfez is a financial technology product from PT Indo Koala Remittance, a licensed remittance company in Indonesia. We are under the supervision of Bank Indonesia and PPATK under the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulation: 19/10/PBI/2017 and regulated by Bank of Indonesia as a remittance company with license number: 13/77/DASP/30.