Making payments to Indonesia, Malaysia and the Philippines – IDR, MYR & PHP FAQ’s

Clients can now make payments to Indonesia, Malaysia and the Philippines by converting funds to Indonesian Rupiah (IDR), Malaysian Ringgit (MYR) and Philippine Peso (PHP). You’ll find a list of frequently asked questions below.

1. What are the IDR, MYR and PHP payment fees?
Please speak to your Account Manager for more details.

2. What is the FX price?
Our wholesale FX rates are about 0.25% from Bloomberg rates for next day conversion. Additional points are added for conversions held for longer periods. Because all three currencies are restricted buy only currencies, we cannot provide mid-market rates.

3. What FX tenors do you support?
T+0 and T+1 (Spot). We cannot support Forwards. Please also see our FX timelines for more details.

4. What local rails do you use for domestic payments?
We select the best local rail based on the amount and the time when you book a payment:

  • IDR: all IDR payments are sent on SKN
  • MYR: all MYR payments are sent on Interbank GIRO (IBG)
  • PHP: all PHP payments are sent on PESONet

5. Do you deduct any costs from the payment being sent?
No, the recipient will receive the full payment amount.

6. Is there a limit on the maximum payment / trade size?
Yes, we have the following maximum transaction sizes:

  • IDR 350,000,000
  • MYR 100,000
  • PHP 1,300,000

7. What information do I need in order to make a payment?
For all three currencies, the following information is required in order to make a payment:

  • Beneficiary: entity type, company name or first name and last name, city, address, country, account number, BIC SWIFT
  • Payer: entity type, company name or first name and last name, city, address, country, identification type, identification value

Additionally, a payment purpose code is required for MYR payments. The list of available purpose codes is online here.

8. What currency pairs do you support?
We support three currency pairs for each buy currency:

  • USD IDR, GBP IDR and EUR IDR
  • USD MYR, GBP MYR and EUR MYR
  • USD PHP, GBP PHP and EUR PHP

9. Can I convert IDR, MYR and PHP back into another currency?
No. Payments are final and due to regulatory reasons you cannot convert back into other currencies.

10. Can I hold balances in IDR, MYR and PHP?
No, you will need to pay all funds immediately. Furthermore, please make sure you create payments on the back of each conversion so that there is no surplus balance outstanding.

11. What happens if I fail to fund in time?
We will not roll trades to the next day. Unfortunately, failure to send sold currency funds by the settlement cut-off time will result in the cancellation of your trade.

12. What happens if a payment fails?
You must correct the payment instruction and resend at the earliest. Failure to do so will result in automatic conversion of the bought currency into the sell currency within five to ten business days. Sell back will be subject to exchange rate fluctuations.

13. Do you support payment traces or recalls?
There are no traces or recalls supported currently via the network. Currencycloud payment notifications are available through our self-service portal so please speak to your Relationship Manager about accessing this functionality.

14. Does the ‘Get Basic Rates’ API call stream rates?
No, none of our providers stream rates but you can get a quote by using the ‘Get Detailed Rates’ API call.

For more information on the types of payments, payment fields and cut-off times please also visit our Payment Guides:

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