Banking in Indonesia
Banks in Indonesia
Best banks in Indonesia
List of Banks in Indonesia
Local Banks in Indonesia
- Bank Mandiri
- Bank Rakyat Indonesia (BRI)
- Bank Central Asia (BCA)
- Bank Negara Indonesia (BNI)
- Bank Tabungan Negara (BTN)
- Bank CIMB Niaga
- Bank OCBC NISP
- Panin Bank
- Bank Danamon
- Bank BTPN
Foreign Banks in Indonesia
- Bank of America
- Bank of China
- Citibank
- Deutsche Bank
- JPMorgan Chase
- MUFG Bank
- Standard Chartered
How to Open a Bank Account in Indonesia?
In order to set up a bank account in Indonesia, you usually need the following documents and the banks require your physical presence.
- Your passport
- Application form
- Proof of address in Indonesia (utility bill, lease agreement or letter from the British embassy
- Copy of your visa
Can I open a Indonesia bank account online?
Due to documentation requirements, it isn’t possible to open a Indonesia account online, it requires your physical presence.
How much money do you need to open a bank account in Indonesia?
It varies from bank to bank, usually they require you to hold a minimum balance in the account every month or the bank can close your account.
Can foreigners open a bank account in the Indonesia?
Yes, a foreigner can open a bank account in Indonesia but the type of account you can open will depend on your status as a foreigner. If you have been living in the country for more than 180 days, you’re classified as a resident alien.
Opening a bank account in Denpensar is a surprisingly straightforward procedure and can be done even if you’re on a tourist visa.
Banks that allow foreigners to open an account include Citibank, Deutsche Bank and Standard Chartered. The banks only require a passport and minimal paperwork.
Opening a bank account in Denpensar is a surprisingly straightforward procedure and can be done even if you’re on a tourist visa.
Interest Rate of Banks in Indonesia
Banks in Indonesia are currently offering 0% to 5% on savings accounts in Indonesia and the inflation rate has been around 2% for the last five years. The interest rate you receive needs to be higher than the inflation rate for your money to retain its purchasing power.
Currency of Bank Account in Indonesia
- Indonesian Rupiah (IDR), US Dollars (USD) or Euros (EUR)
The banks usually will issue a Debit card (Mastercard or Visa card). It may be possible to set up a new bank account with just a tourist visa. However, you need to visit all the banks in person with your current bank statements and proof of address in Indonesia.
It may be prudent to open a local bank account in Indonesian Rupiah (IDR), where you place small amounts of money & open an international bank account for security, where you hold the majority of your money in an international currency such as USD or EUR.
This is because, if you open up an international currency account in Indonesia, they will usually charge you for holding a foreign currency account.
Many Brits open local bank accounts in Indonesian Rupiah, then hold an offshore account in EUR or USD for security, for example, a bank in the Isle of Man.
Many British expats in Indonesia then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad).
What is Proof of Address?
This is usually a utility bill, letter of proof of residence from your landlord or letter from the British embassy confirming your address in Indonesia.
How Much is the Indonesian Rupiah Worth?
1 USD = 1,4218 IDR 1 GBP = 19,029 IDR
*10/11/21
Want to Open an International Bank Account?