How to Open a Bank Account in Bali, Indonesia

How do foreigners open a bank account in Bali, Indonesia, without a KITAS? What are the limits and requirements? Find out here.

Whether it is for business or family reasons, if you know that you will be staying in Indonesia for a long period of time, you are probably thinking of opening a bank account. The reason is simple – to avoid the excessive ATM and bank fees that incur every time whenever there is a financial transaction.

In addition, foreigners who wish to purchase properties or start a business in Indonesia should make starting a bank account should be one of the first priorities.

To open a bank account in Indonesia as a foreigner is not so difficult to do, but your experience will highly depend on what permits you hold, and which bank you choose.

The good news is that with the huge draw of tourism and dynamic foreign businesses in Indonesia, there is a wide array of options in terms of financial and banking structures.

In addition to that, if you want the least hassle, it is advisable to apply for a bank account with larger banks such as BRI, Mandiri, or BCA.

In this article, we will let you know how to start a bank account as a foreigner and how Cekindo can assist you in this process.

How to Open Bank Account without KITAS

Although banks highly prefer a limited stay permit (ITAS, also known as KITAS), a foreigner without an ITAS may be able to open a bank account under some circumstances. This is due to the recent reform initiatives in Indonesia that make the process more lenient in order to boost the country’s foreign investments and GDP.

Get to know more about an ITAS and understand if you are an eligible candidate

Limited Balance Tourist Account

A foreigner without a permanent or temporary residency can open a limited balance tourist account. This is a bank account that caters to expats and tourists visiting Indonesia for a short and limited period of time.

A limited balance tourist account is also sometimes referred to as a tourist bank account. It requires a limited minimum balance of US$2,000 and a maximum balance of US$50,000.

You may just need your passport to open this account, even without a KITAS. However, one thing to bear in mind – foreigners might be charged high transaction fees if your account balance is less than US$10,000.

Starting Bank Account with KITAS

Since a lot of banks in Indonesia will consider any sort of KITAS – a required document to secure a bank account – this stay permit will come in handy when choosing from a bigger range of bank accounts in Indonesia, particularly those with a higher balance.

Of course, foreigners with a KITAS have no issues opening a limited balance tourist account.

Unlimited Balance Expat Account

An unlimited balance expat account allows an expat to have a higher balance. It is not related to a fixed balance and in order to open this account, an expat or a foreigner must identify themselves with a valid passport and another legal document by choice.

This additional document could be a KITAS, a reference document from their home country’s bank, a debit or credit card, a domicile letter, copies of residence contracts, or their spouse’s identification documents.

Special Balance Expat Account

For a balance exceeding US$1,000,000, an expat in Indonesia is required to open a special balance expat account. The requirements for this account are the same as the unlimited balance expat account.

Securing a Corporate Bank Account

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

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

Special Conditions for Cekindo’s Clients

Thanks to its vast network of contacts, Cekindo has negotiated faster process bank establishment and lessened requirements for its clients. We will recommend our partner banks and apply for the bank account on your behalf. This bank account can be in available currency, most commonly IDR or USD.

Talk to us now, and we will advise you on how to open a bank account in Indonesia efficiently.

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Pandu Biasramadhan

Pandu is the Consulting Manager at Cekindo. He has extensive experience in working with government agencies. Notably, he has provided market-entry solutions for enterprises in Indonesia and managed regional partnership channels in Southeast Asia. At Cekindo, Pandu aspires to lead the consulting team to provide top-quality market-entry services and maintain a portfolio of global clientele. His specialty is market-entry advisory and business process outsourcing.