Bank Indonesia implements IDR2,500 interbank transfer fee starting today

Bank Indonesia (BI) has launched BI-Fast Payment, a retail payment system to serve transactions instantly and efficiently which includes a cheaper interbank transfer fee.

“We have stipulated a cheaper price scheme [on BI-Fast], from Bank Indonesia to participating banks at IDR19 and from the participant banks to their customers at maximum IDR2,500 per transaction,” BI Governor Perry Warjiyo said during the online launch event today. 

The new fee is lower than the usual fee imposed to the customers through the Bank Indonesia National Clearing System (SKNBI) at IDR6,500 per transaction. Perry said that the fee was lowered due to huge demand, and that the BI-Fast system will be implemented in various banking channels depending on the availability of each participating bank.

Twenty-one banks have jumped on the system upon its launch today, including Bank Tabungan Negara (BTN), DBS Bank Indonesia, Bank Mandiri, and Bank Central Asia (BCA). The full list is available here.

More banks are slated to join BI-Fast’s ecosystem by the fourth week of January 2022.

USD1=IDR14,300