Both natural and legal persons are entitled to open a bank account in Indonesia.
In Indonesia, there are three commonly used bank accounts, namely saving, checking and deposits accounts.
- Frequently used account that allows real-time transfers.
- ATM card
- Payments via checks or giro (demand deposit)
- Delayed payment by retroactive checks
- Higher interest rates
- Deposits are withdrawn based on an agreement between a client and bank
How to Open a Bank Account in Indonesia
Opening a corporate bank account is one of the mandatory steps of a foreign-company incorporation process. The account must be established with a bank that is licensed as a Foreign-Exchanged Bank or Bank Devisa so that it can handle foreign currencies.
Even though most banks allow to set up a bank account after the company registration is complete, it is also possible to register a bank account during the process. Unfortunately, not all banks provide this service.
Banks apply different requirements, but a stay permit (either temporary or permanent) is required. Only with ITAS or ITAP foreign individuals in Indonesia are allowed to open bank accounts. In-depth knowledge of Indonesian regulations plays an important rule because other than ITAS or ITAP, you will also have to prepare supporting documents.
Bank Account Set Up in Indonesia with Cekindo
On top of the bank account opening for foreign citizens and legal entities in Indonesia, Cekindo can assist in the following services that require an individual approach.
Registration of a Corporate Account from Overseas
Thanks to our partnership with several banking institutions, it is possible to open a bank account while staying in a different country. Once provided with required documents, Cekindo will act on our client’s behalf and set up an account.
Business Account Set Up before Company Registration
To save time, Cekindo is here to work on customers’ behalf and start a business bank account during the establishment of a foreign-owned company is completed.
Non-Resident Bank Account
Tourists and non-taxpayers are entitled to open a bank account in Indonesia as well. Although these accounts are in enormous demand especially in tourist areas such as Bali, there are still many banks that are not willing to offer this service.Cekindo will not only recommend the banking institutions and assist during the setup. We will further consult the pros and cons of all available accounts such as for:
- maximum USD 50,000 balance
- a balance of USD 50,000 and above
- a large balance exceeding USD 1,000,000