Money Transfer Application: Solutions for Your Dynamic Business

Published on
December 28, 2023
Written by
Ekky Pramana

The rapidly evolving technology and internet have compelled the banking industry and financial institutions to continuously evolve and embrace digitization in their operations to keep up with the times. With the increasing prevalence of digital payments and cashless lifestyles, banks and other financial institutions must innovate to provide convenience to their customers. One way to achieve this is by introducing digital banking applications or mobile banking transfer apps. Through these applications, banks aim to facilitate digital payments, including money transfers via mobile phones, making it easier for their customers.

According to data from Statista, Indonesia is the fourth-largest country in terms of smartphone users, with approximately 190 million smartphone users. Additionally, based on data from Bank Indonesia, as of August 2023, the volume of digital banking transactions (including transactions through the internet, mobile apps, and phones) in Indonesia reached IDR 5,098.6 trillion, marking an increase of 11.9% compared to the previous year. Considering this data, it is undeniable that mobile banking transfer applications are a crucial product and service that banks must offer to their customers. With affordable mobile internet packages in Indonesia and a large number of smartphone owners, mobile banking transfer apps can reach a broader range of the population compared to traditional internet banking.

What is a bank transfer application?

A bank transfer application, often referred to as a digital banking application, is an application or system that facilitates users of a bank or financial institution to transfer money through a mobile phone or other gadgets in real-time without the need to visit a bank branch or ATM.

In addition to facilitating money transfers through a mobile phone, using a bank transfer application allows you to check your account balance, view transaction history, pay bills, top up digital wallets or phone credit, and even make investments. Digital banking applications also assist you in monitoring your account activities online and can directly download transaction reports.

Currently, almost every bank and financial institution has released money transfer applications that you can download for free.

Benefits of Money Transfer Applications

In addition to supporting an active and dynamic lifestyle, bank transfer applications have become a popular and convenient solution for individuals and companies to manage and monitor their finances quickly, practically, and in real-time. Here are some benefits that users of bank transfer applications can experience:

Convenient and Fast

With a bank transfer application, you can make transfers anywhere and anytime through your mobile phone, making it convenient for busy individuals with limited time. Additionally, you don't need to worry; typically, money transfer applications also provide transaction receipts that you can save on your device or share with relevant parties.

Free/Low Transfer Fees

To attract customers, banks or financial institutions often offer various attractive promotions for transactions made through mobile banking transfer applications, such as lower-than-usual interbank transfer fees, free interbank transfers, and cashback for each transaction. Customers can save money through these promotions and conveniences.

Accessible 24/7

In addition to saving time by avoiding visits to the bank or ATMs, through mobile money transfer applications, you can conduct financial transactions anytime and anywhere, 24 hours a day, 7 days a week. This flexibility allows you to manage your financial transactions according to your busy schedule.

Easy to Track

Money transfer applications on mobile phones typically come with online account transaction details, allowing you to check your account activity anytime and anywhere without manually printing your checking account. Some digital banking applications also enable you to review financial transactions up to three years back, allowing for longer-term record-keeping.

Strong Security Features

To ensure the security of your digital banking transactions, money transfer applications usually come with robust security features. In addition to PIN protection, most transactions also include one-time password (OTP) security features, preventing unauthorized use by others.

What are the popular money transfer applications in Indonesia?

As digital payments continue to grow in Indonesia, the popularity of e-wallets or digital wallets has also increased, becoming a part of daily life for the people. It's not surprising that many digital wallets in Indonesia offer the convenience of transferring money via mobile phones. According to data from Bank Indonesia, in 2021, the value of electronic money transfers in Indonesia reached IDR 38.71 trillion, with a transaction volume of 469.91 million, marking a growth of 92.1%. This has made e-wallets one of the popular money transfer applications in Indonesia. So, what are the popular mobile money transfer applications in Indonesia?

Mobile Banking Applications

Transferring money through mobile banking applications or digital banking applications issued by various banks in Indonesia is one of the most widely used methods among the Indonesian population. Almost every bank in Indonesia, whether public or private, has its own application, such as M BCA and MyBCA from Bank BCA, OCTO Mobile from CIMB Niaga, BRImo from Bank BRI, and Livin’ from Bank Mandiri.

Besides being directly linked to users' bank accounts, mobile banking applications typically have higher daily transfer limits compared to e-wallet applications, making it convenient for users, especially for business transactions.


According to a survey by Daily Social, OVO is the most popular digital wallet in Indonesia. OVO offers users the convenience of free money transfers between OVO accounts up to IDR 5 million per day and transfers to Indonesian bank accounts up to IDR 20 million per month with competitive service fees.


Like OVO, GoPay is another popular e-wallet in Indonesia. GoPay, like other digital wallets, facilitates free money transfers between GoPay accounts and to Indonesian bank accounts with a daily transaction limit of IDR 5 million.


DANA is another popular e-wallet in Indonesia, offering transaction limits starting from IDR 2 million for non-premium accounts and IDR 20 million for premium accounts. DANA users can receive up to IDR 20 million per month for non-premium accounts and IDR 40 million for premium accounts. Additionally, DANA provides users with the convenience of receiving payments through QRIS.


LinkAja is a fintech product formed by 10 BUMN (state-owned enterprises) affiliates, such as Telkomsel, Pertamina, and Jiwasraya, to facilitate digital financial transactions and help Indonesians adapt to a cashless lifestyle. In addition to easy money transfers, LinkAja also offers convenience for bill payments, payments at various merchants and marketplaces, as well as payments for public transportation such as TransJakarta.


For those needing to transfer money internationally, WISE has become a popular application. Besides its ease and speed, WISE offers competitive service fees, with the cost depending on the amount of money being sent.


PayPal is another popular method for receiving money from and transferring money internationally. PayPal is generally more popular outside Indonesia, and your PayPal account can be directly linked to your bank account. However, in Indonesia, PayPal can currently only be linked to your credit card.

Tips for Using Money Transfer Applications Safely

Despite having many benefits, there are certainly some risks associated with transferring money through applications on your mobile phone. To avoid phishing risks, fraud, leakage of your personal data, and others, there are several things you can pay attention to when transferring money through mobile applications, such as:

Ensure Your Internet Connection is Secure

When about to transfer money, make sure you are using a secure connection, and your data is well-encrypted. Avoid accessing money transfer applications via public Wi-Fi networks to prevent potential data theft. Also, ensure that the website of the bank transfer service provider starts with https, indicating that the page has good security.

Use Two-Factor Authentication (2FA) for Your Security

For your security and to prevent misuse, ensure that you use or activate Two-Factor Authentication (2FA) in the money transfer applications. As a form of data verification, as part of the two-step verification, the application will usually ask for the PIN you set initially and will also send a One-Time Password (OTP) to ensure the authenticity of the transaction, or use other verification methods.

Set a Strong Password

Ensure you choose a strong and secure password for your money transfer application. When creating a password, make sure it is strong, usually consisting of uppercase letters, lowercase letters, numbers, and special characters. Also, avoid using your name and birthdate as a password for your security, and update your password regularly.

Update the Application Regularly

To enhance security and user convenience, money transfer application service providers typically release updates regularly. Make sure to check for updates to the money transfer application periodically, and ensure that the latest updates are well-installed on your mobile phone or gadget.

How to easily transfer money with Aspire

As a reliable partner in developing your business, Aspire provides convenience for transferring money to numerous accounts seamlessly, just like transferring money through your mobile phone. With Aspire, you can input hundreds or even thousands of destination bank accounts into the dashboard in the form of a CSV file, reducing the possibility of errors in manual typing and the tiring copy-paste process.

Not only that, but Aspire also transparently displays all transaction fees charged to you for every financial transaction, eliminating any unexpected charges that may burden your business. Supported by real-time notifications, you can monitor each transaction directly, reducing the risks of fraud and misuse, and facilitating your record-keeping for business transactions. To learn more about how Aspire can further assist your business, find out more here.

Ekky Pramana is a seasoned writer specialising in business finance and management. With a writing history at Tech in Asia, Teknoverso, and various other publishers, he leverages his market expertise to empower and educate first-time founders in managing their businesses better.
Ekky Pramana
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