How Foreigners Open Bank Accounts in Indonesia

how to open a bank account in indonesia

Corporate Entity

Opening a corporate bank account is one of the mandatory steps of a foreign-company incorporation process. The account must be established with a bank that is licensed as a Foreign-Exchanged Bank or Bank Devisa so that it can handle foreign currencies.

Even though most banks allow setting up a bank account after the company registration is complete, it is also possible to register a bank account during the process. Unfortunately, not all banks provide this service.

Foreign Individual

Banks apply different requirements, but a stay permit (either temporary or permanent) is required. Only with ITAS or ITAP foreign individuals in Indonesia are allowed to open bank accounts. In-depth knowledge of Indonesian regulations plays an important role because other than ITAS or ITAP, you will also have to prepare supporting documents.

opening bank account in Indonesia

In Indonesia, there are three commonly used bank accounts, namely saving, checking, and deposits accounts.

Savings account

  • Frequently used account that allows real-time transfers.
  • ATM card

Checking account

  • Payments via checks or giro (demand deposit)
  • Delayed payment by retroactive checks

Deposit account

  • Higher interest rates
  • Deposits are withdrawn based on an agreement between a client and a bank

Open a Bank Account in Indonesia with InCorp

On top of the bank account opening for foreign citizens and legal entities in Indonesia, InCorp Indonesia can assist in the following services that require an individual approach.

Registration of a Corporate Account from Overseas

Thanks to our partnership with several banking institutions, it is possible to open a bank account while staying in a different country. Once provided with the required documents, InCorp Indonesia will act on our client’s behalf and set up an account.

Open a Bank Account in Indonesia before Company Registration

To save time, InCorp Indonesia is here to work on customers’ behalf and start a business bank account during the establishment of a foreign-owned company is completed.

Pandu Biasramadhan

Senior Consulting Manager at InCorp Indonesia

An expert for more than 10 years, Pandu Biasramadhan, has an extensive background in providing top-quality and comprehensive business solutions for enterprises in Indonesia and managing regional partnership channels across Southeast Asia.

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Disclaimer: The information is provided by PT. Cekindo Business International (“InCorp Indonesia/ we”) for general purpose only and we make no representations or warranties of any kind.

We do not act as an authorized government or non-government provider for official documents and services, which is issued by the Government of the Republic of Indonesia or its appointed officials.

We do not promote any official government document or services of the Government of the Republic of Indonesia, including but not limited to, business identifiers, health and welfare assistance programs and benefits, unclaimed tax rebate, electronic travel visa and authorization, passports in this website.

What Our Clients Say

China Fortune Land
Development Co,. Ltd
After comparing several consultants, I found InCorp Indonesia is a international and professional organization with good understanding of local market. InCorp Indonesia helped our company to set up our first Indonesian entity, and also helps with day-to-day operation. InCorp Indonesia showed high level of professionalism. Jump start the business in Indonesia, take care of routine process, therefore we can focus more on our core business.
Desmi
Cekindo provided outstanding services in registering our representative office in Indonesia in a timely manner. Their financial services have been helping us a lot — our local employees feel secure working for our company. Cekindo became our reliable partner with quick response on our needs. Their flexibility and full support of our business in Indonesia are the main reasons to continue in our cooperation.
PT AESK
We chose Cekindo because we considered Cekindo as a professional company with a good attitude and a streamlined business model. Cekindo met all our expectations as it created the atmosphere of accountability and transparency. The most significant added values that we received from cooperation with Cekindo are the time we saved and mistakes we avoided.
Sedbergh, Ltd.
We were searching for suitable partner for the begining of our operation on Indonesian market. After short exploration and recommendation from our business partners we decided for Cekindo. Local knowledge, orientation at our business problematics, contacts and language. In a friendly approach combined with professional service. Consultation before the project – avoids so much unnecessary act of “foreigners” worse overview of the Indonesian legislative.
LEC GROUP
We were searching for suitable partner for the begining of our operation on Indonesian market. After short exploration and recommendation from our business partners we decided for Cekindo. Local knowledge, orientation at our business problematics, contacts and language. In a friendly approach combined with professional service. Consultation before the project – avoids so much unnecessary act of “foreigners” worse overview of the Indonesian legislative.
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