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  1. #1
    Senior Member Lelyz9's Avatar

    FasaPay, is it a better choice for me? (compared to Neteller, Skrill, or others) !!!

    (in the case FasaPay is available in your broker's payment method with free/cheaper fee)

    Information about FasaPay is not much available online in English, so having a specific thread for this might be helpful for newbies. For Neteller and Skrill thread, you could click this. Okay, here we start.

    If you're:

    I. Indonesian with IDR bank account = Yes
    Fee = Free (direct deposit/withdrawal to IDR bank account, including the currency conversion USD/IDR)
    Min deposit/withdrawal = IDR 10K (less than $1)

    II. Not Indonesian

    a. Having USD bank account and planning to deposit/withdraw min $1K (fasapay to/from USD bank account) each time = Yes
    Fee = Free (direct deposit/withdrawal to USD bank account).

    b. Planning to deposit/withdraw less than $1K each time with/out USD bank account = Maybe
    Min deposit/withdrawal is USD 1K, so you'll need the online money changer service using the "Transfer between account" method paying 0.5% fee to make the deposit/withdrawal possible.
    The online money changer service would convert whatever your origin currency to/from Fasapay money with certain % fee or with certain currency conversion rates, e.g. EUR/FasaPay.
    Just add the total fees and compare it to other services, such as Skrill or others.

    If you still find this way a lot cheaper = Yes
    If you couldn't find a trusted low fee online money changer = more expensive = No

    III. Wanting to put your money idle here for whatever future purpose = No.
    It's not a regulated financial service.

    Important rules:
    To be continued to the next post..
    Last edited by Lelyz9; 11-05-2016 at 11:13 AM. Reason: keep error-ing :P
    There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle - Albert Einstein. Hidden Content

  2. #2
    Senior Member Lelyz9's Avatar
    Important rules:
    - As usual, do verify your account first before doing any financial transaction, whether with this service or the broker.
    - Please do your homework by reading all the fees, limit, terms and conditions applied.
    - Do contact the support (both broker and this) and ask the confirmation for the information that you have had before. Save the conversation as your valid proof. Remember to ask whether this method also applicable to you based on your nationality and where you live. Not all would be able to use this as the payment method even though it's listed on the broker's website.
    - Do save your transaction details by using the screenshot (online) or cellular phone camera (physical receipt from the ATM/bank teller). It's the only way you could claim your money back if it's lost in the middle of nowhere.
    - Do monitor your money transaction by asking the support when you should receive the notification email.
    Usually it might make your transaction noticed and free from any unwanted future problem.

    Happy choosing!
    Last edited by Lelyz9; 11-05-2016 at 10:57 AM.
    There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle - Albert Einstein. Hidden Content

  3. #3
    Moderator Kolyo's Avatar
    Thanks for sharing Lelyz9. Very helpful tips as always from you Seems FasaPay is a good choice especially if you have Indonesian bank account, but with competitive charges even for US dollar accounts. I have never used them but will keep fasapay in mind. Sometimes when a given service didn't accept credit cards (very rare these days but still happens ) it is extremely difficult to make the transaction, in such situations it helps a lot, also if you are unsure about the service and don't want to give your credit card details it is always better to use a prepaid services like this. In all other cases I prefer the old school wire transfer especially in EU it is very cheap and fast now with SEPA transfers.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  4. #4
    Senior Member Lelyz9's Avatar
    You're welcome Kolyo

    It's great to have very cheap service with the bank, like SEPA in EU. It's just not all regions/countries that lucky to have it

    We here have a very expensive wire transfer fee, unknown US/EUR/GBP 5 - 30 or at the average of 20-25, depending on the correspondence banks. It's a fixed fee, not by %, so it's really expensive for small amount of money sent/received. And not all banks could allow you to do it. It's do-able but unknown by most bank officers unless we go to the main bank office/branch or the big banks.

    For small amount of money, credit card or e-wallet is better options for us. But if it's not safe, then credit card transaction is not suggested at all, too easy to be breached.

    Certain brokers (Forex) charge fee for the credit card deposit, but still make it free for e-wallet transaction. E.g. FxPro, in the past, it's free of charge using the credit card (they paid the charge/fee for us), but now, not anymore. It's still free by using certain e-wallet though. Wire transfer is free from the broker but it's charged by the banks, so it's not the full amount that we sent/received.

    So, maybe sharing this info could help others who have rather not that good yet financial institution as us here or maybe just as the additional knowledge for the newbies.

    Anyway, I thought what I experienced using this FasaPay was so ugly in the past, but once I read about the well known e-wallet's complaints so many and growing worse in their service, it became nothing. Maybe it's a new alternative for people in the future, who knows.
    There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle - Albert Einstein. Hidden Content

  5. Thanks Michael Hodges thanked this post
  6. #5
    Legendry Member milos's Avatar
    Thanks Lelyz for sharing useful information in the forum.

  7. Thanks Lelyz9 thanked this post
  8. #6
    Solid Member Trapped's Avatar
    I haven't really ever used this payment system, I can only mention, I use Skrill and it satisfies me.

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