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

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

  • InCorp Editorial Team
  • 2 November 2023
  • 3 minutes reading time

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)
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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:

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:

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.

Verified by

Daris Salam

COO Indonesia at InCorp Indonesia

With more than 10 years of expertise in accounting and finance, Daris Salam dedicates his knowledge to consistently improving the performance of InCorp Indonesia and maintaining clients and partnerships.

Frequently Asked Questions

    In a PMA Company in Indonesia, shareholders typically have limited liability, meaning they’re not personally liable for agreements or losses beyond their shareholding, except in certain circumstances. Liability may extend if the company isn’t properly established or if shareholders exploit the company in bad faith, engage in unlawful acts, or deplete company assets to the detriment of creditors.

    An Indonesian Family KITAS/ITAS is issued to family members. They can be a spouse and/or children under 18. It is illegal to work in Indonesia with a family KITAS/ITAS. To work legally, a Work ITAS is required.

    For business and work visas, the sponsor must be a company legally registered in Indonesia. Regarding social-cultural and retirement visas and KITAS & KITAP, the sponsor must be an Indonesian legal entity or a citizen. InCorp provides visa sponsorship should you require this service.

    A nominee arrangement is an arrangement that uses another person’s name as a subject. In Indonesia, it is prohibited. This restriction aims to prevent situations where a company is owned by one party but beneficially owned by another. According to the law, any nominee agreement between a local party and a foreign investor is deemed null and void.

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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.