Transfers and Cash Withdrawals via QRIS: Service Fees Explained

Bank Indonesia (BI) launched a new feature for the Indonesian Quick Response Code Standard (QRIS) called "QRIS Tuntas" on Thursday, August 17, 2023. This feature allows users to conduct transactions such as cash withdrawals, transfers, and cash deposits.

Bank Indonesia Governor Perry Warjiyo stated that the transaction fees are significantly lower compared to other Payment Service Providers (PSPs). "Fees are set based on agreements with the industry," Perry said, as reported by *Kontan.co.id* on Thursday, August 17, 2023.

Perry explained that fees are only charged for transactions between different banks/PSPs. Transactions within the same bank/PSP are free.

For cash withdrawals via QRIS Tuntas, a fee of Rp6,500 per transaction will be charged. Perry considered this cheaper than inter-PSP ATM withdrawals, which can reach Rp7,500. "Cash withdrawals at agents can even range from Rp10,000 to Rp20,000," Perry clarified.

Meanwhile, transfers using QRIS Tuntas incur a fee of Rp2,500, the same as BI-Fast transfers. However, transfers below Rp100,000 are charged only Rp2,000 per transaction.

Cash deposits via QRIS Tuntas are charged Rp5,000 per transaction. This is also considered cheaper than cash deposits via QRIS agents, which currently range from Rp10,000 to Rp20,000.

Perry stated that the lower transaction fees for QRIS Tuntas aim to reach the unbanked population who frequently use electronic money. "Furthermore, inter-PSP cash deposit services have been very limited," he concluded.

According to BI's website, the implementation of QRIS Tuntas will be effective from September 1, 2023, at the earliest, and November 30, 2023, at the latest.

(See also: This is the Difference in QRIS Service Fees for Micro, Small, and Large Businesses)