Are you a foreign investor or company looking to expand your business in Indonesia? Understanding how to open a bank account is a crucial step you need to master. Here, we will cover everything you need to know about the process of opening a bank account in Jakarta and other cities in Indonesia.
Understanding the Types of Bank Accounts in Indonesia
Before opening a bank account, it's important to understand the types of accounts available:
Current Account: Ideal for business transactions, allowing payments by check and demand deposit.
Savings Account: Suitable for saving money with transfer facilities and ATM access.
Deposit Account: Offers higher interest rates with specific withdrawal terms.
Additionally, many banks in Indonesia offer accounts in both Rupiah and foreign currencies (typically USD), as well as credit and debit card services.
Requirements for Opening an Account for Foreigners
Banks in Indonesia have several requirements for foreigners to open a personal account:
Reference letter from an employer or sponsor
Copy of passport and temporary stay permit (KITAS) or permanent stay permit (KITAP)
For opening a current account, you might need additional documents such as:
Reference from a previous bank
Company’s Tax Identification Number (NPWP)
Letter from the company stating that Indonesian income tax has been paid
Most banks also require a minimum deposit for personal accounts in US dollars.
Can Foreigners Open a Bank Account in Indonesia?
Yes, foreigners can open a bank account in Indonesia. The Indonesian government has even simplified the process, now requiring only a passport to open a bank account.
However, general requirements for foreigners to open a bank account include:
Passport
KITAS or KITAP
Proof of address
Initial deposit (starting from IDR 1 million)
Some banks also accept other documents such as a long-term visa, sponsor letter, or NPWP.
Information Required for Opening a Bank Account
Indonesian law requires banks to implement "know your customer" procedures by collecting the following information:
For Personal Accounts:
Copy of identity card or passport
For foreigners, a copy of the Indonesian stay permit/temporary stay permit
For Corporate Entities:
Articles of Incorporation and/or Bylaws
Business license (for Indonesian companies)
Tax Identification Number (for Indonesian companies)
Benefits of Each Type of Bank Account
Current Account
Payments using checks or demand deposit
Deferred payment with retroactive checks
Savings Account
Transfer and debit facilities
ATM access
Asset accumulation
Deposit Account
Higher interest rates
Withdrawals according to agreement
Transferable certificates of deposit
Best Banks for Foreigners in Indonesia
Here are three top banks to consider for foreigners in Indonesia:
Bank Central Asia (BCA)
With 135 branches and over 850 sub-branches across Indonesia, BCA is known for its high-quality banking services.
Bank Mandiri
A state-owned bank with the second-highest assets in the banking industry, offering reliability for its customers.
Bank Negara Indonesia (BNI)
Operates domestically and internationally, including in Asia, the US, and the UK.
How to Open a Bank Account in Indonesia
Bank Indonesia regulations require all banking transactions (such as capital injections, loan administration, payment for capital equipment, and raw materials) for newly established foreign investment companies to be conducted through a specific foreign investment bank account in Indonesia. Required Documents:
Initial Investment Approval from BKPM, Articles of Incorporation, domicile letter, tax number
Power of attorney for the authorized person to open the bank account
Copy of ID/passport of the authorized person
Photo of the person opening the bank account
Minimum deposit of IDR 1 million or USD 1,000
Opening Personal and Corporate Accounts
Opening a Personal Account:
Must be 21 years old or married
Completed and signed application form
Copy of identity card (ID/Passport and KITAS/Permit)
4x6 photo
Opening a Corporate Account:
Completed and signed application form
Copy of identity card (ID/Passport and KITAS/Permit of the authorized officer)
NPWP, TDP, Business License, and Certificate of Incorporation
Steps to Open a Bank Account in Indonesia
Choose the bank where you want to open the account.
Go to the bank branch to apply.
Submit the required documents and fill in your personal details.
Deposit the required account balance.
Receive your Indonesian bank account number, other information, and debit card.
Optionally install the online banking system.
How to Open a Bank Account Without KITAS
Now, it is possible for foreigners to open a bank account in Indonesia without KITAS by using just a passport. The government has simplified this process to attract more tourist transactions. Opening a bank account in Indonesia doesn't take long and can be done in a day with a debit card application. Typically, some banks require a minimum deposit to open an account. For a credit card application, similar documents will be required.
If you need further assistance, contact us now to discuss more and get professional guidance.
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