Opening a bank account in Semarang will be useful for foreigners planning to reside in the city for long, and also for businesses for seamless transactions. To many foreigners who are unfamiliar with the business landscape in Indonesia may find opening a bank account complicated.
However, with the right assistance from experts, the process can be simple and fast. You just need to fulfill some important requirements that may vary from bank to bank, and you are all set.
In short, opening a bank account in Semarang is a regular activity done by many expats in order to save on the extravagant bank and ATM fees.
In this guide, Cekindo will tell you everything you need to know on opening a bank account in Semarang and what documents you need to provide.
Opening a Bank Account in Semarang: The Reasons
There are many reasons foreigners want to open a bank account in Semarang:
- Avoiding excessive ATM and bank fees
- Starting a business or purchasing properties in Semarang
- Ease of business transactions
Bank Account Types in Semarang
There are three common types of bank accounts in Semarang: checking, saving and deposit accounts.
Though there are several banks in Semarang, the larger banks are Mandiri, BRI and BCA:
- Checking account: the payments are done through giro or checks with delayed payment by retroactive checks.
- Saving account: the most frequently opened account with real-time transfers; an ATM card will be provided.
- Deposit account: this account has a higher interest rate and the amount can only be taken out upon the agreement between the bank and the client.
Requirements for Opening a Bank Account in Semarang
As mentioned, both foreign individuals and corporations can open a bank account in Semarang and the requirements are different.
Basically, a foreign individual or expat will have to have a temporary stay permit or permanent stay permit (ITAS or ITAP) to open a bank account in Semarang.
As for foreign corporate entities, opening a corporate bank account is compulsory if foreigners would like to start a foreign-owned company in Semarang. Also, the corporate bank account must be established with an Indonesian bank that is under the license of Bank Devisa or Foreign Exchange Bank.
Opening a Bank Account in Semarang without a Stay Permit
Even though a limited stay permit (ITAS or KITAS) is required for foreign individuals to open a bank account in Semarang, there are certain circumstances that foreigners are able to open one without the ITAS or KITAS as well. This can be done through the limited balance tourist account, or tourist bank account.
In other words, foreigners can open this type of account in Semarang without a KITAS or ITAS.
However, only tourists or foreigners visiting Semarang for a short period of time are allowed to apply for one.
The requirements for getting a limited balance tourist account is as follows:
- Minimum balance of US$2,000
- Maximum balance of US$50,000
- A valid passport is required
- For account balance less than US$10,000, high transaction fees may apply
Opening a Bank Account in Semarang with a Stay Permit
Foreigners with a KITAS can open an account quite easily in Semarang and have the opportunity to choose a bigger bank for higher balance.
If you have a KITAS or ITAS, you are allowed to open an unlimited balance expat account or a special balance expat account.
The requirements for getting an unlimited balance expat account are:
- Higher balance of deposit
- A valid passport is required
- A KITAS is compulsory
- Other supporting legal documents
The requirements for getting a special balance expat account are:
- For balance over US$1,000,000
- A valid passport is required
- A KITAS is compulsory
- Other supporting legal documents
How Cekindo can Assist
As one of the fastest growing countries globally, Indonesia is one of the hotspots for personal and corporate banking.
At Cekindo, our representatives with in-depth knowledge of company registration and banking have helped hundreds of our clients with opening a bank account in Semarang successfully, as well as all other areas in Indonesia, such as Jakarta and Bali.
If you need further guidance on how to open a bank account in Semarang, contact us through the form below.
