Remittances Boost Indonesia’s Economy, Transfez Plays a Part Too

Discussions around the economy are endless. Both domestic and international factors contribute significantly to Indonesia’s economic condition, one of which is remittance, or the act of sending money abroad.

We all know that remittances are one of the key contributors to national foreign exchange reserves. Many Indonesians are familiar with the process of sending money overseas. However, there are still many who complain about the lack of ease when transferring funds from Indonesia to other countries.

According to CNBC, Bank Indonesia’s Deputy Governor Sugeng stated that remittances from Indonesian migrant workers generated foreign exchange income of USD 8.8 billion. This number is expected to grow, in line with the increasing demand for remittance services in countries employing Indonesian migrant workers.

Look at How to Send Money to All Countries

However, behind this encouraging trend lies a concerning fact: 7% of remittance senders—mostly migrant workers—still use informal couriers (known as “jastip”) to send money through trusted individuals. Indirectly, this practice can harm the country’s potential to boost its foreign exchange reserves.

Sugeng also added another important point: 62% of remittances are now processed digitally, yet 30% of remitted funds fail to reach bank accounts, forcing recipients to withdraw the money in cash. This reflects a continuing lack of access to formal financial services in parts of Indonesian society.

Recognising these challenges, Transfez emerges as a solution for Indonesians and expatriates looking for an easy way to send money abroad.

Transfez offers several key advantages that benefit a wide range of users, such as:

Unmatched Convenience

Sending money abroad is now as easy as making a local bank transfer. All you need is a smartphone to send money effortlessly to 50+ countries from Indonesia.

Fast Transfers

Transfez also stands out for its speed. While most international transfers typically take days, with Transfez, your money can arrive in real time.

Super Affordable Fees

In addition to speed, Transfez offers affordable transfer fees, starting from just IDR 45,000, with no hidden charges.

For over a year now, Transfez has proven that international transfers no longer need to be complicated. Just download the app on App Store (iOS) or Play Store (Android), and you can send money to 70+ countries across 5 continents—right from your phone, anytime, anywhere.

For first-time users, enter the referral code “FREETRY” to enjoy free fees on your first transfer!

Download Transfez App

Transfez App can help you transfer money abroad more quickly and efficiently. Transfez Business can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.

We hope that with Transfez, more Indonesians will experience easier access to global financial services, contributing to the growth of Indonesia’s economy and supporting the country’s foreign exchange reserves