Opening a bank account in Indonesia

Hi, Julien, I don't think it's difficult for expats to open a bank account in Indonesia as there are many expats are working/living in Indonesia. If you have a plan of opening a bank account in Indonesia, I recommend you to open it at Bank Mandiri, a leading bank in Indonesia. All you need are your valid passport or  temporary stay visa (KITAS) and Rp 500,000 (around USD 50) for the first deposit. And it doesn't take for a long time to open it up, less than an hour I guess. Hope it Helps you out.

Hi Julien,
The Bank in Indonesia has a list countries that cannot open the account in Indonesia. As I know, the list is dynamic. However, if you are not from conflicted country, that would not be a problem.

Regarding loan, in 2005 there was a regulation that prohibit foreigner as a debtor. I am not sure whether the regulation is still on. You might want to check with the bank officer.

You could try international bank such as HSBC (if you wish to to transfer to & from other countries, HSBC Premier has free "me-to-me" transfer around the word. However, min.balance for Premier account is 500 million rupiahs. Anyway, they have HSBC Regular account with 20 million min. balance without "me-to-me" facility).
This bank does not have lots of ATM, but you can withdraw from "ATM Bersama" Network at no charge. ATM Bersama network consists of almost all banks' s ATM in Indonesia.

Hope it helps.

Good luck

I have two accounts.
I did use BNI because it was the only bank in the town at the time. I keep it open because it's handy for money transfers and ATM queues are usually short.

My main bank is now BCA. Very busy bank but you get a good range of services.
One thing to note is paying by debit card in shops. Most larger stores have BCA machines only.

Hi Julien,

All the above advise are correct!  Basically as an expat you must have KITAS (permit for living).  As far as I know now passport is no longer valid.  The minimum deposit mostly bank is RP 500,000 (Five Hundred Thousand Rupiah).  Strongly recommended bank are Mandiri, BCA, Bank of Indonesia (BI), and Bank Rakyat Indonesia (BRI). 

Hopes this info is helpful.


Cheer
Desy

hi its BNI is international can i widraw money in the other country? thanks

mas fred wrote:

I have two accounts.
I did use BNI because it was the only bank in the town at the time. I keep it open because it's handy for money transfers and ATM queues are usually short.

My main bank is now BCA. Very busy bank but you get a good range of services.
One thing to note is paying by debit card in shops. Most larger stores have BCA machines only.

HI Its BNI is international can used the atm in other country? thanks

So far, as I review this thread started by Julien three years ago, the responses still remain accurate.  For example, foreigners in Indonesia are normally required to have a residency visa (KITAS) in order to open a bank account, and the top international banks here are BII and BCA.  If the KITAS is “in process” then either BII or BCA will be willing to open the account for a foreigner...but it is advisable to bring your Indonesian partners with you to the bank when trying to first open the account. 

I opened my first account (as a foreigner) way many years ago under a sosbud visa, and I hear from reliable folks that this is still possible here with some banks.  The reluctance, or requirements surrounding foreign bank accounts of course centers around concerns of illegal money laundering. 

As for loans to foreigners from Indonesian banks…without a solid business (for example a PMA), this is generally not very “doable” even with gobs of collateral. 

Banking in Indonesia has come leaps and bounds forward since the days I first moved here, and the fees and professionalism is as good as anyone should expect…even better in several regards.  For example, my bank, (which is BCA) only charges $15.00 for an outgoing international wire whereas my bank in California charges $50.00 for the same thing.  Moreover, with my VISA card with BCA, they always call to check on any charge we make with that card that exceeds US $100.00.  Then again, reading a BCA monthly VISA card statement is like being blind and forced to read the Rosetta Stone.   

Ubudian wrote:

So far, as I review this thread started by Julien three years ago, the responses still remain accurate.  For example, foreigners in Indonesia are normally required to have a residency visa (KITAS) in order to open a bank account, and the top international banks here are BII and BCA.  If the KITAS is “in process” then either BII or BCA will be willing to open the account for a foreigner...but it is advisable to bring your Indonesian partners with you to the bank when trying to first open the account. 

I opened my first account (as a foreigner) way many years ago under a sosbud visa, and I hear from reliable folks that this is still possible here with some banks.  The reluctance, or requirements surrounding foreign bank accounts of course centers around concerns of illegal money laundering. 

As for loans to foreigners from Indonesian banks…without a solid business (for example a PMA), this is generally not very “doable” even with gobs of collateral. 

Banking in Indonesia has come leaps and bounds forward since the days I first moved here, and the fees and professionalism is as good as anyone should expect…even better in several regards.  For example, my bank, (which is BCA) only charges $15.00 for an outgoing international wire whereas my bank in California charges $50.00 for the same thing.  Moreover, with my VISA card with BCA, they always call to check on any charge we make with that card that exceeds US $100.00.  Then again, reading a BCA monthly VISA card statement is like being blind and forced to read the Rosetta Stone.   

Hi,

Thanks for the info and have a nice day.


Best Regards,
Eagles

It is very difficult for a foreigner to get any type of loan at any bank in Indonesia, and if you are married to an Indonesian it will be hard for your Indonesian spouse to get any type of loan at an Indonesian bank (even if you have lived in Indonesia for 20 years).
The Financial Services Authority's (OJK's) easing of banking regulation No. S-246/S.01/2015, should actually be called suggestion (not regulation) because no bank in Indonesia has changed their requirements for foreigners to open a bank account. No. S-246/S.01/2015 was part of the President Joko Widodo reform package to improve the economy will have no effect because although it was passes it was never implemented.

“…and if you are married to an Indonesian it will be hard for your Indonesian spouse to get any type of loan at an Indonesian bank (even if you have lived in Indonesia for 20 years).”

That's the first time I've heard that.  Any particular Indonesian banks where this is the case?   And if you know, what's the reasoning behind it?

Another alternative to commercial banking is community banking.  Many villages have community banks set up under their adat, and the interest rates on deposits are always higher than with commercial banks.  Our own community bank gives an annual interest of 12% on a one year certificate of deposit…which is impossible to find elsewhere.   

Another unique twist to banking here in Indonesia is called an arisan.  Google it if you're curious.

The rules are consistent with the culture. The majority of people in Indonesia do not like foreign owned businesses to operate in Indonesia and do not want foreign workers in Indonesia Philip Mores has until the end of the year to divest 10% of the company to Indonesian ownership, foreign owned banks have 5 years do divest more than 50% ownership of their banks to Indonesian ownership, refrigeration companies must divest different percentages based on their location, and on and on  Any foreign business that opens in Indonesia  will eventually lose at least 51 % ownership in the company- it is just a matter of time.

I understand, but what's that got to do with an Indonesian spouse married to a foreigner not being able to borrow money from an Indonesian bank? 

As I wrote earlier, I've never heard of that before.

I asked at an HSBC bank about opening an account. Apart from a KITAS they also needed my tax number, and if I don't have one they wanted my indonesian spouses tax number. I don't know if all HSBC banks require that or if it was just that one branch. Anyway, we now use Mandiri and BCA.

Yes, that is true. Your Indonesian wife or husband must have a KTP that shows she is single to make it much easier to get bank loans at many (maybe all) banks.  It takes foreigners years before they get the message- "The banks do not want to lend foreigners money."   At least they do not make you unhappy by telling you directly.

I have found this true even when you have 100 to 1000% collateral to back up the loan.  In one case when I wanted to get a 70 million rupiah loan my Indonesian wife was rejected so I had her sign ithe ownership title  over to her unmarried student sister who was able to get the loan very easily. My inflow of money at that time was very high and no debe. I have had many experiences to support my statement over the years.

An interesting story but completely the opposite experience for us when we built our new compound almost ten years ago.  My wife (Balinese) was easily able to get a 100 million loan from BCA, but we only needed it for a year.   

I noted that you're on Java, so I'm wondering if the banks take different positions on this depending on the Province where the loan is to be made.  That would most likely account for why I've never heard of this before.