How to Open a Bank Account in Bali – Indonesia

If you are planning to stay in Indonesia for an extended period of time, whether it’s for business or personal reasons, you may be considering how to open a bank account in the country. While debit cards and ATMs are convenient, setting up a bank account in Indonesia is beneficial for travelers. 

Opening a bank account in Indonesia can help you avoid excessive ATM and bank fees that occur during financial transactions. In addition, foreigners who already reside in Indonesia and wish to purchase properties or start a business should learn how to open a bank account as one of their first priorities.

How to Open a Bank Account in Indonesia without KITAS

Opening a bank account in Indonesia as a foreigner can be straightforward, but it depends on your visa status and the bank you choose. The good news is that Indonesia’s booming tourism industry and foreign businesses have led to various banking options. With so many banks to choose from, you’re sure to find one that meets your needs.

While most banks prefer a limited stay permit (ITAS or KITAS), recent reforms aimed at attracting foreign investment may allow you to open an account even without one. For the smoothest experience, consider applying with a larger bank like BRI, Mandiri, or BCA. It’s also helpful to learn more about the ITAS and see if you qualify for one.

Limited Balance Tourist Account

A foreigner without a permanent or temporary residency can open a limited-balance tourist account in Indonesia. This type of bank account is designed for ex-pats and tourists visiting Indonesia for a short and limited period of time..

Opening a tourist bank account in Indonesia requires a minimum balance of US$2,000 and a maximum of US$50,000. You may just need your passport to open this account, even without a KITAS. However, some banks might request proof that you have a departing flight booked to show you’re a temporary visitor.

Please note that if your account balance is less than US$10,000, high transaction fees may be charged to foreigners.

Set Up a Bank Account with KITAS

Since many banks in Indonesia will consider any sort of KITAS, this stay permit will come in handy when choosing from a bigger range of bank accounts in Indonesia, particularly those with a higher balance. Opening a bank account using KITAS means that you won’t need to set up a limited-balance tourist account for your financial transactions in Indonesia.

Unlimited Balance Expat Account

Regarding how to open a bank account in Indonesia, with KITAS, expats can have an unlimited deposit balance. However, this is not related to a fixed balance. To open this type of bank account, you must identify yourself with a valid passport and another legal document of your choice, including KITAS. Other than that, you must also show a reference document from your home country’s bank, a debit or credit card, a domicile letter, copies of residence contracts, or your spouse’s identification documents.

Special Balance Expat Account

An expat in Indonesia must open a special balance expat account if the balance exceeds USD 1,000,000. The requirements for this account are the same as those for the unlimited balance expat account.

Securing a Corporate Bank Account

Opening a corporate bank account is necessary for foreigners who would like to start a company in Indonesia, especially a foreign-owned company. The bank account setup must be done with a licensed bank, such as a Bank Devisa or a Foreign Exchange Bank, for the transaction of foreign currencies.

Establishing a corporate bank account is often done upon completing company registration. However, some banks have exceptions and allow expats to open a corporate bank account during the registration process.