How to Open a Local and Foreign Currency Bank Account in Indonesia?

Whether you’re a foreigner who wants to live and do business here or someone who travels frequently in the country for conferences, opening a bank account Indonesia or savings account Indonesia is helpful and, sometimes, a necessity.

A long time ago, having a foreigner open bank account in Indonesia is complicated due to a long list of requirements. For instance, it is mandatory to submit either KITAS (temporary stay permit) or KITAP (permanent stay permit). These are non-essentials for those who have only business visas.

Easing of Restrictions

Fortunately, the Financial Services Authority (OJK) issued a circular on 15 September 2015, easing some of the stringent conditions and requirements on opening domestic bank accounts. Its goals are to invite more foreigners to open bank account Indonesia, stabilize the value of rupiah, and reduce the country’s local currency’s volatility against the dollar.

Based on the new OJK circular (S-246/S.01/2015), you can now open a bank account with a value of no more than $50,000 with the following requirements:

• Initial deposit of $2,000
• Passport

In case the bank asks for proof of residency, you can submit a citizenship identity card, driver’s license, student card, employment card, or health insurance card.

For Those with $50,000 and Above

To curb terror funding, corruption, and other big crimes, Indonesia has strict rules and regulations against money laundering. For this reason, banks would normally ask you to present more documents once your offshore company bank account Indonesia contains $50,000 and above:

• Passport
• Any of the following documents (residency permits, reference letter from the bank from your country of origin, domicile letter, lease agreement copy, identity card of the spouse living in Indonesia, or copy of the credit or debit card)

Requirements for Corporations and Investment Companies

Due to the nature of the business and the amount of money that flows through the account, there are additional requirements for corporations and investment companies that want to open bank account Indonesia.

Under the rules of Central Bank of Indonesia, investment companies should provide:

• Initial investment approval from the BKPM
• Domicile letter
• Tax number (as more likely you will open a checking account)
• Copy of the passport of the person who will own the account
• Power of attorney if another person is authorized to open the account

If the owner of the bank account is a corporation, the bank may require:

• Business licence
• Taxpayer identification number
• Articles of association

Opening a Bank Account Indonesia with InCorp

Despite the easing of restrictions, open bank account Indonesia for foreigners can still be daunting and confusing. Our company is here to assist you so you can have it as quickly as possible. We can help you with:

• Company registration
• Business visa and work permits
• Business licences
• And more! (Please check our list of services here.)

We have a knowledgeable team of specialists who can guide you through the entire process. Also, you can already begin working on your requirements even if you’re still in the country of your origin.

If you pick any of our virtual offices, shared offices, and service office packages, you will also receive a domicile letter plus FREE consultation on business registration.