Home Blog How to Open a Local and Foreign Currency Bank Account in Indonesia? Business Setup | Company Registration | Immigration Services How to Open a Local and Foreign Currency Bank Account in Indonesia? InCorp Editorial Team 2 November 2023 3 minutes reading time Table of Contents Easing of Restrictions For Those with $50,000 and Above Requirements for Corporations and Investment Companies Opening a Bank Account Indonesia with InCorp 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) READ MORE:An Easy Guide to Opening A Bank Account in Indonesia for CorporationHow to Open A Bank Account in Bali, IndonesiaHow to Open A Bank in Indonesia as A Foreigner 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. Read Full Bio Verified by Ales Cina Consulting Manager at InCorp Indonesia Aleš manages solution delivery at InCorp Indonesia, optimizing incorporation processes and client relationships. His experience in internal auditing, retail, and sales offers valuable global insights. Aleš, with a degree in Economics and Finance from the Czech Republic, helps clients navigate cross-border business challenges, focusing on cultural and legal insights. Frequently Asked Questions What is a CV? CV (Commanditaire Vennootschap) is a proprietary business entity that houses several individuals to run a business. What is the difference between PT and CV? You can find the difference below: PT: limited liability company (shareholders are not legally liable for company liabilities) CV: a proprietary company where liability falls on the shareholders Can you provide pricing examples for company registration services? To provide you with accurate pricing information for our product registration services, we consider the complexities of your inquiries and the dynamic nature of regulations in Indonesia. As a result, the pricing for the service may vary accordingly. For detailed information, don’t hesitate to contact our consultants. How much is the minimum fund required to establish a PT PMA business in Indonesia? The investment requirement for PMA companies in Indonesia varies based on their classification under the Indonesia Industrial Standard Classification (KBLI). Generally, a minimum investment of IDR 10,000,000,000 (ten billion Indonesian Rupiah), excluding investment in land and buildings, is needed to conduct one business activity in one location. Get in touch with us. Lead Form Subscribe Full NameEmailPlease provide corporate email where possiblePhone NumberOffice SetupWhich city are you planning to expand into?JakartaSemarang/Central JavaBali/LombokBatam/SumateraSurabaya/East JavaOther ProvincesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration + Office Package (20% OFF)[SPECIAL PACKAGE] Product Registration + License Holder (20% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration + Office Service (20% OFF)[SPECIAL PACKAGE] Comprehensive Industrial Package (15% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration + Office Service (20% OFF)[SPECIAL PACKAGE] Comprehensive Industrial Package (15% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration (25% OFF) + Office Space (Private Office 30% OFF)[SPECIAL PACKAGE] Company Registration + Investor KITAS (25% OFF)[SPECIAL PACKAGE] Accounting + Tax Services+ Annual Fintax Report (20% OFF)[SPECIAL PACKAGE] Payroll Services for Executive Role (20% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration (20% OFF) + Office Service (25% OFF)[SPECIAL PACKAGE] Company Registration + Micro Finance Services (25% OFF)[SPECIAL PACKAGE] Property Assistance: Due Diligence + AJB Purchase/Lease Agreement (25% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesServices Company Registration Renting Virtual and Serviced Office Business and Import Licenses Corporate Recovery and Insolvency Closing of Company (Dissolution) Land and Property Ownership Shelf Company Local NomineeServices Accounting and Tax Reporting Audit and Review Transfer Pricing Compliance Tax RefundHuman Resource Sub Services Payroll Outsourcing Employer of Record Recruitment and HR Establishment Employment ServiceServices Business Visa Work Permit and KITAS Dependent Visa (Spouse and Family) OtherBusiness Visa Subservices Business Visa Visit Visa Visa ExtensionServices Medical Device Beauty (Skincare and Cosmetic) Food and Beverage Health Supplement Household Product Halal Certification TrademarkServices Legal Consultation Legal Agreement Service Due Diligence and Background Check Company Documents RevisionBusiness Advisory Business Advisory Services ESG Reporting & Advisory Internal Audit Risk ManagementMore Services Market Research and Analysis Local Distributor and Partner Bank AccountMessageSubmit What you’ll get A prompt response to your inquiry Knowledge for doing business from local experts Ongoing support for your business 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. More on Business Setup Is It Late to Secure Halal Certification in Indonesia? Read more Exploring the Potential of Indonesia’s Tourism Industry Read more What is a Mandatory Manpower Report and Which Companies Should Submit It? Read more