Flip Globe Serves Money Transfer to 12 Countries at Low Cost
After listening to public complaints regarding expensive overseas money transfer fees, Flip then released a feature to make money transfers to 12 countries at low costs.
Through a remittance feature called Flip Globe, this local fintech offers service fees starting at IDR 45,000 for making money transfers overseas.
For information, usually, to make transfers abroad using conventional bank services, customers must spend hundreds of thousands of rupiah.
On the other hand, the time needed is also quite long, around 10 to 24 hours of work. Meanwhile via Flip Globe only takes 20-30 minutes.
Head of Business Development from Flip, Wiena Brawijaya, said that in a digital era that eliminates international boundaries, Flip tries to meet the needs of users in sending money abroad.
“The services we offer are also easy and can be done anytime, anywhere and of course at a relatively cheaper cost, but still with the best and fastest service,” said Wiena through her statement, Monday (24/5/2021).
Currently, Flip Globe has served money transfers to 12 countries in the world such as Malaysia, Singapore, South Korea, Turkey, Japan, Australia and others. Japan and Turkey recently joined Flip, where the money transfer fee to the two countries is IDR 65,000.
The company currently also has more than 3 million subscribers on the app, and transfers trillions of rupiah each month. In addition, Flip also has a license from Bank Indonesia which makes all transactions that occur on the application and website safe and reliable.
The founder of Flip.id Listed in Forbes 30 Under 30 Indonesia
Flip.id application, which allows users to make interbank transfers without administrative fees, was founded by a young businessman named Rafi Putra Ariyyan with his two friends, Luqman Sungkar and Ginanjar Ibnu Solikhin.
The three of them are alumni of the Computer Science Department at the University of Indonesia. By establishing Flip.id, the three of them were successfully listed as part of “Forbes 30 Under 30 Indonesia” in 2021 for the category of Finance and Venture Capital along with a number of other successful young people.
The start of Flip itself started with Rafi Putra Ariyyan, a young man born in Padang, July 8, 1994, who accidentally thought of making an application for interbank transfers without administration fees, departing from complaints about an administration fee of IDR 6,500 for each interbank transfer.
This idea was then executed with his two friends in 2015. Unexpectedly, this idea received an extraordinary response. After just standing for a while, Flip has been very popular. In just the first 4 days of operation, Flip has processed up to 100 transactions and continues to increase dramatically.
Over time, they managed to solve system problems slowly in 2016. Even then, transactions running on Flip reached IDR 13 billion as of June 2016 with tens of thousands of users from various parts of Indonesia.
The Business was almost Closed due to Legal Permit
Flip was threatened with being closed by BI because it was considered illegal and did not meet the requirements for Money Transfer Business Activities (KUPU).
However, on 4 October 2016, Flip managed to get official BI permission. Since then, Flip has continued to develop to be very advanced, even to the point of being glimpsed by investors.
The company provides two services, namely Regular Flip, which provides free interbank transfers with administration fees with a maximum transfer of IDR 5 million, and Big Flip, which provides interbank transfers to multiple accounts in one go.
Flip itself has now collaborated with a number of banks in the country such as Bank BCA, Mandiri, BNI, BRIU, CIMB Niaga, and many more and has processed transactions of more than IDR 24 trillion.