Nowadays, it is impossible to ignore that the increasingly integrated technology brings convenience to various aspects of our daily lives and activities. A form of technology that facilitates our daily lives is interbank money transfer apps. Unfortunately, most existing interbank transfer service providers burden users with hefty transfer fees. Meanwhile, there are also some applications that offer interbank transfer facilities for free to attract users.
As a business owner, free interbank transfers are highly beneficial for your company in reducing transaction costs, because the types of activities and transaction volumes typically involve substantial amounts. Many business-related activities will require you to make interbank money transfers, such as purchasing raw materials from suppliers or paying employee salaries with accounts from various banks in Indonesia. It would be wonderful if we could transfer money for free through various money transfer applications, wouldn't it? The financial transaction process becomes more cost-effective and, of course, easier. Read on to learn more about various free interbank transfer applications in Indonesia!
What is a money transfer mobile app?
A money transfer mobile app is a specialized software designed to facilitate the process of sending and receiving money digitally between individuals, businesses, or financial institutions. By using money transfer mobile apps, users can conduct electronic financial transactions without the need to visit a bank and without involving physical cash or paper checks. Certainly, using free interbank transfer mobile apps can greatly simplify day-to-day financial transactions. Moreover, interbank transfer applications also save you time as there's no need to go to an ATM or wait in line at a bank.
Read on below to see the features that can be found in a money transfer app:
Money Transfer
Users can send money or make bank transfers to recipients through bank accounts or electronic payment platforms that are available in Indonesia. This transfer can be done between banks or between platforms, depending on the capabilities offered by the mobile apps that are being used.
Bill Payments
Money transfer mobile apps typically provide bill payment services, such as electricity, water, telephone, internet, or credit card bills. Users can easily pay their bills through these mobile apps.
Purchase of Goods and Services
Some money transfer mobile apps also integrate services for purchasing goods and services, such as airline tickets, train tickets, mobile phone credit, and more.
Receiving Money
In addition to sending money, users can also receive money from others, either in the form of peer-to-peer transfers or payments for goods or services offered.
Checking Balances and Transaction History
Money transfer mobile apps typically provide information about users' account balances, as well as a transaction history.
Security
Money transfer applications also typically come with strong security measures, including two-factor authentication, data encryption, and protection against fraud.
Free interbank transfers as a popular feature for consumers and businesses
To carry out various financial transactions, many digital platforms offered by conventional banks provide interbank transfer services. However, most of these platforms impose administrative fees on users. Typically, the transfer fees charged would amount to Rp6,500 for a single transaction. There is also the option to use BI-Fast, which generally incurs a transfer fee of Rp2,000. It might not sound like a significant amount, but when you’re in the process of conducting business transactions, and you have to make dozens of transfers in a day, you will need to allocate a considerable budget just for transfer fees. With the availability of free interbank transfer services, it will undoubtedly help save on your company's operational costs. So, what are the other advantages and benefits of using interbank money transfer mobile apps?
Easy Access
The free transfer feature is usually offered through digital banking mobile apps or electronic wallet apps that are easily accessible via mobile phones or other digital devices. This is certainly very convenient for users, as they don't need to visit a bank branch to make transfers, allowing them to do so anytime and anywhere.
Special Promotions and Customer Loyalty Programs
Many banking and digital payment platforms offer various attractive promotions that can greatly benefit your business, such as the offer of free interbank transfers.
Business Efficiency
As a business owner, free local interbank transfers can enhance the cost efficiency of your business. You can easily make payments to suppliers and pay employee salaries on time without worrying about administrative fees.
Financial Transparency
Using interbank money transfer mobile apps also fosters financial transparency within a company. As a business owner, you can easily track various transactions by examining the transaction history that is readily available on the app.
A List of Interbank Transfer Mobile Apps You Can Use
Aspire
Aspire is a cloud-based platform designed to provide convenience to business operators in Indonesia in managing the financial aspects of their businesses. Established since 2018, Aspire has served more than 15,000 businesses worldwide. All aspects related to company finances, including expense management, debt and receivables, payments, fund transfers, and various other functions, can be efficiently organized through a simple dashboard.
One of the advantages of using Aspire is the significant number of free interbank money transfer transactions available. Of course, it depends on the type of business account you choose. For the BA Lite option, you can enjoy a total of 200 free interbank money transfers, while the BA Pro option provides you with the benefit of 100 free transfers per month.
Other advantages of using Aspire include:
- Automating the expense bill recording process.
- Setting up approval workflows for payment disbursements.
- Scheduling mass and integrated payments.
- Obtaining real-time fund budget information.
- Reimbursing claims and expenses.
- Creating business accounts for payments in foreign currencies to the Indonesian Rupiah.
Flip
Flip is an app that facilitates free interbank money transfers, both domestically and internationally. Conceived by three graduates from Universitas Indonesia: Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solihin, Flip operates under PT Fliptech Lentera Inspirasi Pertiwi and was founded in 2015. This app is secured to use, as it has obtained official legality and registration from Bank Indonesia.
There are several advantages you can enjoy by using Flip, including free interbank transfers, sending transaction receipts via email and the app, dual security systems, free balance for new users from referral codes, and the recipient's account does not need to have Flip to receive the funds.
Jenius
Jenius is a digital banking app from Bank BTPN that has been in operation since 2016 and is used by more than 10 million users in Indonesia. With a full range of features from savings and deposits, to loans, this app is considered one of the pioneers of digital banking in Indonesia.
With Jenius, you don't need to visit the bank to open a Jenius account because the entire process can be done online. You only need to download the Jenius app, then fill in your data, and upload a photo and your ID card (KTP). The entire registration process can be done online, and after completing these steps, you can activate your account through the Jenius app.
Another advantage is that the cost of online interbank money transfers through Jenius is relatively low compared to other bank transfer fees. The transfer fee through Jenius is only Rp3,000, and the number of free transfers will be adjusted based on the minimum balance you have in your account, ranging from 15 to 50 times.
Jago
Formerly known as Bank Artos Indonesia, later changed its name to Bank Jago after being acquired by Gojek. With Bank Jago, it’s easy to create an account in the Jago app. You only need to download the app from the App Store or Play Store, enter the requested personal information, and go through the final step, which is verification. During the verification step, the bank's verification team will promptly request a video call in less than 5 minutes. It's practical and doesn't take much time, and you don't even need to visit a branch or outlet to activate your account. This process can even be done in the middle of the night.
Some benefits you can get when using the Jago app include a relatively large quota of free interbank money transfers. Similar to Jenius, the number of transfer quotas is determined by the balance in your account. You can get anywhere from 25 to 150 transfers per month, and when you run out of quota, the transfer fee is Rp3,000.00.
One of the drawbacks of the Jago app is the lack of forex features or the ability to buy or save foreign currencies, which would be useful if you have to travel abroad or send and receive money in foreign currencies. Fortunately, you can link your Jago debit card to your PayPal account, which can be used for international transactions.
DANA
DANA is a digital wallet application introduced by PT. Espay Debit Indonesia Koe in 2018. Currently, this application has been downloaded by more than 50 million users through the Google Play Store. One of the main features provided by DANA is the ability to transfer money to other DANA users and also to bank accounts. You can make transfers to various bank accounts free of charge up to 10 times in one month. After reaching this limit, each additional transaction will incur an administrative fee of Rp4,500.00.
In addition to being used for free bank transfers, the DANA app also supports payments to merchants both offline and online, investments, and various other purposes. DANA Business also provides payment gateway services to facilitate payment systems for businesses.
Aspire offers conveniences beyond free interbank transfers
As mentioned earlier, Aspire is a financial technology application that has the ability to help you manage your business finances effectively. Besides assisting in budget management and financial reporting, Aspire offers numerous benefits, and free interbank money transfers are just one of them.
As a business owner, you are offered two types of business account packages. First, there is the BA Lite option, which can be obtained for free just by opening an Aspire account. With BA Lite, you can enjoy 200 free multi-currency bank transfers (USD, SGD, and IDR), transparent international money transfers, a corporate debit card, and other benefits like a 1% cashback with no transaction limits. To find out more about Aspire and gain valuable insights into business financial management and running a company, you can explore the Aspire blog!
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.