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?
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?
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 1 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?
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?
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?
  • Right now, all you need to do is contact us and ask to register as business account.
Can my company create an account with Transfez?
  • Yes, a company can open an account with us. Just contact us and ask to register as business account.
Can I use a personal account for business purposes?
  • No, personal accounts must be used only for individual or personal purposes. However, as a personal account, you can send money to business. (person to business transaction).
Can I make a batch payment through Transfez?
  • We are working on it. Please stay tune!
How does Transfez referral program work?
  • When 3 of your friends successfully made transfer of a minimum IDR 3,500,000 using Transfez with your referral code, you will be rewarded IDR 750,000. Referral Terms and Conditions click here.
How many friends can I refer?
  • You can refer as many friends (aka referees) as you like! The more you can refer, the more you can get the bonus.
Can I refer a friend more than once?
  • No, you can refer a friend only once. Once a friend sign up, he/she cannot use your referral code anymore to get the bonus.
How will my friends receive the referral bonus?
  • A free transfer fee will be applied to your friends’ accounts as soon as they set up an Transfez account using the referrer code you have shared.
When will I receive the referral bonus?
  • Your bonus will be credited to your account once three of your friends (referee) successfully completes their first money transfer of a minimum IDR 3,500,000.
When can I claim my bonus for a referral?
  • You can see your referral activity at Invite page. You can also claim your referral bonus once you hit the milestone at the Invite page. Your bonus will be transferred to your Indonesian Bank account.
Still have more to ask?
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Prudential Centre Lt 22
Kota Kasablanka
Jl Casablanca Raya Kav 88
Jakarta Selatan
Indonesia

We’d love to hear from you!

Questions/partnerships:
hello@transfez.com

Licensed & under the
supervision of:
Bank Indonesia & PPATK

Member of the
association of:
APPUI


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.