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 priorities.

Can Foreigners Open Bank Accounts in Indonesia?

Foreigners can open a bank account in Indonesia. The process is significantly easier if they have a KITAS or KITAP (permanent residence permit). With these permits, individuals can open a bank account anywhere in Indonesia.

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 your chosen bank. The good news is that Indonesia’s booming tourism industry and foreign businesses have led to various banking options. With so many banks, you’re sure to find one that meets your needs.

While most banks prefer a limited stay permit (ITAS or KITAS), recent reforms to attract 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. Learning more about the ITAS and seeing if you qualify for one is also helpful.

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 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.

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

Set Up a Bank Account with KITAS

Since many banks in Indonesia will consider any KITAS, this stay permit will come in handy when choosing from a more significant 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 with a valid passport and another legal document of your choice, including KITAS.

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.

How to Open a Bank Account Online? 

When you consider opening a bank account online, the process can be quick, convenient, and free, allowing you to manage your finances from anywhere. Here’s a simple guide to help you get started:

What Documents Do I Need to Open a Bank Account?

To open a bank account online or at a branch, you’ll need:

• Valid Photo ID: A government-issued ID like a driver’s license or passport.
• Personal Information: Your birthdate, phone number, etc. 
• Initial Deposit: Some banks may require this, but not all.

If opening a joint account, you’ll also need ID card and information for all account holders. If you’re under 18, a parent or guardian must co-sign. Undocumented applicants may need additional documents like proof of residency and a valid foreign ID.

Process of Opening a Personal Bank Account in Indonesia as a Foreigner

If you are a foreigner and wonder how to open a bank account in Indonesia, you can follow these steps: 

1. Gather all the required documents, such as your passport, KITAS, NPWP, and others.
2. Choose from several local and international banks in Indonesia, including Mandiri, BCA, Permata Bank, BRI, Standard Chartered, and HSBC. Visit your chosen bank and complete the application form.
3. Make the initial deposit to activate your account. Once your account is active, you will receive your Indonesian bank account number.
4. Collect your ATM card and checkbook.
5. Download the bank’s official app to set up internet banking on your mobile device.

Keep in mind that not all banks have staff who are fluent in English. If you are uncomfortable speaking Indonesian, you should bring an interpreter. If you cannot find an interpreter, consider visiting the bank’s main branch or head office for assistance.

Which Bank Should You Choose to Open a Bank Account?

Indonesia has many different banks, including Mandiri Bank, Bank Central Asia (BCA), Citibank, Bank Danamon, Maybank, Permata Bank, Hong Kong Shanghai Banking Corporation (HSBC), and Bank Negara Indonesia (BNI).

Among these, Bank Mandiri stands out as the largest bank in Indonesia in terms of assets and the number of branches. It has a presence in every city and town, making it convenient for customers to seek assistance when needed. 

BNI is also among the largest banks and is the first bank established by the Indonesian government. However, Permata Bank is the most accessible option for foreigners looking to open a bank account in Indonesia.

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.