SWIFT/BIC codes in Indonesia: banks starting with M

Bank SWIFT codes for Indonesia

Our directory lists 355 banks and financial institutions in Indonesia. A SWIFT code tells the banks handling a transfer exactly which bank should receive the money.

Each bank has its own page with its main code and if there are any, branch codes. Further down you can read how codes from Indonesia are built, how to send money there without overpaying and how to check a code before you pay.

International payments to Indonesia and the BIC

Indonesia is not part of the SEPA area, so European euro rules do not apply. Payments from abroad usually travel over the SWIFT network, and the BIC of the receiving bank is required.

Not every country uses the IBAN. Check with the recipient which details their bank requires for payments from abroad – many banks give clear instructions for this. On the way to Indonesia, a transfer may go through correspondent banks.

What the letters in a Indonesia BIC mean

SWIFT/BIC codes follow one international format: 8 characters. The first four letters identify the bank, the fifth and sixth characters are the country code and characters seven and eight give the location.

For banks in Indonesia, characters five and six are the two-letter ISO code of Indonesia. A code with other letters in that position belong to another country.

The last three characters, if present, identify a specific branch; XXX means the head office. Choose a branch code just if the recipient explicitly gives you one.

What a transfer to Indonesia really costs

When you transfer money to Indonesia with a regular bank, the stated fee is rarely all of the cost. You pay the transfer fee, sometimes fees from correspondent banks and, above all, the exchange rate markup when currencies differ.

The markup on the rate tends to be the largest cost item, even though it is not listed as a fee. An easy check: set the offered rate against the mid-market rate and look at the difference.

For many currency pairs, a transfer service is less expensive than a traditional bank transfer. GoldexPay compares these providers side by side so you can see the amount that reaches the recipient before you commit.

Tracking a payment to Indonesia

How fast a payment arrives in Indonesia depends on a few things: the currency, the number of banks in between, cut-off times and time zones. Public holidays in Indonesia or in the sending country add extra days, because banks do not process payments on those days.

When a payment takes longer than expected, ask the sender to contact their own bank for a trace – the receiving bank often cannot see a payment that has not arrived. Specialist transfer services usually show tracking in their app so you can follow the payment.

Most SWIFT codes in Indonesia: Bank Negara Indonesia - Pt (Persero)

Of the 355 banks in Indonesia, Bank Negara Indonesia - Pt (Persero) is listed with the largest number of SWIFT codes. The head office uses BNINIDJAXXX.

A large number of codes usually reflects that the bank registers branches and departments separately, not necessarily that the bank is the biggest in the country. If not the recipient asks for a branch, the head office code BNINIDJAXXX works for transfers to this bank.

Getting paid from abroad into an account in Indonesia

To receive an international payment into a Indonesia account, the person paying you has to have more than the SWIFT code. In practice that means: your name as your bank knows it, your IBAN or account number, the SWIFT/BIC code of your bank and sometimes your address.

Find the bank in the list above – your bank statement is the final word. It helps to include the name and city of your bank as well because some forms have separate fields for it.

Do not be surprised if the amount credited is smaller than what the sender paid. Charges on incoming payments vary from bank to bank. Agree with the sender who covers the fees before the money is sent.

Verifying a SWIFT code from Indonesia

Have the recipient send you the account details directly from a recent statement. An incorrect BIC can cause a delay, a returned payment or additional charges – compare it with the code in our list.

This list is based on public sources and is updated regularly. Even so, banks merge, rename themselves or change codes, so information can be out of date. Use our data as a starting point, not as the final word: the bank details from the recipient come first. GoldexPay is an independent comparison site.

Watch out for invoices with changed bank details. A valid BIC tells you nothing about who owns the account – scammers use the codes of real banks.

SWIFT codes in Indonesia: banks under :letter

The letter filter limits the list down to banks from Indonesia that begin with :letter. The figures for Indonesia on this page cover every bank we list and not only this letter.

Many institutions are listed under their legal name, so the letter can differ from what you expect. Try the full list for Indonesia when you are not sure the exact name.