Sending money from Singapore to Indonesia: the payments stack

By Polynopsis team · Last updated 29 October 2026

What it costs to send SGD 260

The World Bank surveyed 31 services sending from Singapore to Indonesia from 19 August 2025 to 25 August 2025. The average total cost, fees plus the FX margin, was 3.23% of the amount sent; money transfer operators averaged 3.12% and banks 3.87%. source

Bank and operator averages are worked out from the survey's provider types.

The send side: Singapore

• Cross-border money transfer service (Activity C under the Payment Services Act) means providing inbound or outbound remittance service in Singapore, and also facilitating remittance between entities in different countries even if monies are not accepted or received in Singapore. source
• There are three licence types: a money-changing licence, a Standard Payment Institution (SPI) licence for services below the thresholds in section 6(5) of the Act, and a Major Payment Institution (MPI) licence without those limits. The thresholds are S$3 million of monthly transactions for any one activity, S$6 million for two or more activities and S$5 million of daily outstanding e-money. source
• Base capital is S$100,000 for an SPI and S$250,000 for an MPI. Before starting business an MPI must also lodge security with MAS, as a cash deposit or bank guarantee, of S$100,000 if its monthly payment transactions average no more than S$6 million for any one payment service, or S$200,000 in all other cases. source

Licences, sponsor banks, collections, ramps and KYC providers: sending from Singapore.

The payout side: Indonesia

Licensing, local banks, stablecoin ramps, FX and KYC in Indonesia: launching payments in Indonesia.

Payout rails in Indonesia

Holiday gaps to plan for, to December 2027

Weekdays when one side of the corridor is closed. On the 4 dates when Singapore is closed and Indonesia is open, the payout balance has to already hold enough to cover them. On the 15 dates when Indonesia is closed, instant rails may still pay out.

Full calendars: Singapore and Indonesia. Size the buffer with the corridor runway calculator.

Funding the corridor

• FAST runs 24x7 at most participants, but some banks give a FAST transaction the next business day as value date if it is made after a cut-off time or on a non-business day. source
• A single FAST transfer is capped at S$200,000, so larger SGD movements go through MEPS+, which settles only on business days (Monday to Friday, excluding public and bank holidays). source
• BI-FAST participants manage cash liquidity in their BI-FAST settlement accounts, and top-ups from BI-RTGS settlement accounts can only be made during BI-RTGS operating hours, so weekend and night payouts depend on balances placed beforehand. source
• BI-RTGS runs 06:30 to 19:00 WIB on its operating days, which caps when rupiah liquidity can move between banks' settlement accounts. source
• Xendit lists a BI-FAST limit of IDR 250,000,000 per transaction; larger payouts go over RTGS with a 2 p.m. Jakarta cut-off. source

Running the corridor

Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Singapore, the payout partners and banks in Indonesia and any stablecoin in between. It warns before the Indonesia balance runs dry, holidays included. See how it works.

Related corridors

• Australia to Indonesia
• Netherlands to Indonesia
• Saudi Arabia to Indonesia
• Singapore to Bangladesh
• Singapore to China
• Singapore to India
• Singapore to Pakistan
• Singapore to Philippines
• Singapore to Sri Lanka
• Singapore to Thailand
• UAE to Indonesia
• United States to Indonesia

Sources

1. World Bank, Remittance Prices Worldwide dataset · World Bank
2. Public Holidays for 2027 (press release, 18 June 2026) · Ministry of Manpower
3. Public holidays (2026 and 2027) · Ministry of Manpower
4. SKB Libur Nasional dan Cuti Bersama Tahun 2027 · Kemenko PMK
5. Gov't announces 2027 national holidays and collective leave days · Cabinet Secretariat of the Republic of Indonesia