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How to Open a Bank Account in Indonesia

Cekindo
02 September, 2014

Bank Account in Indonesia – One of the critical things for companies or foreigner investors wanting invest in Indonesia is opening of bank account. First thing is to understand process of opening and what type of accounts exists. There are checking accounts, savings and deposits account, so in total 3 types commonly used accounts. There are many banks in Indonesia, many of them offer foreigner currency saving (mostly in US$), checking accounts, deposits and also credit and debit cards associated with accounts.

What are the requirements to open a bank account in Indonesia?

To register an account you will be asked for letters of reference from employer or sponsor, copies of passport and temporary stay permit (KIMS, KITAS card) or permanent resident license (KITAP). For some of bank will be on the other hand a reference from previous bank enough. For company account you will be asked for Tax Registration Number of your company, and a letter issued by a company verifying that Indonesian income tax is paid might be required for checking accounts. Most of banks also require maintaining a minimum deposit in order to open a personal account in US$. However, there are some companies who run a system to write a personal check from home account, and the Rupiah cash will be issued by the company.

Company accounts choice sticks usually with selection of a checking account. It is making things easier for company, because there will be a report from the related bank, which can be used to track financial transactions. In addition, it also can be used in checking accounts payable – receivable transaction applies backward (demand deposits or giro can be withdrawn on a certain date) and to facilitate cash management for the company.

The advantages of each type of bank accounts commonly used in Indonesia:


Checking account

  • Possibility to make a payment using check or demand deposit (giro)
  • Ability to delay the payment by check backwards


Deposits account

  • Interest on deposits is higher than the savings account,
  • Deposits are withdrawn in accordance with the agreement with the bank customers ,
  • Can be transferable ( certificates of deposit )


Saving account

  • Can be used as a tool to transfer and debit facilities
  • Can be used as a tool for ATM facility
  • As a tool for amassing wealth


Common requirements to open a bank account for foreigners-

Opening if an Individual Account :

  • 21 years older or married
  • Complete and sign the application form along with supporting documents
  • Submit the copies of identity card ( ID / Passport and KIMS / Permits )
  • 4 × 6 photograph


Initial deposit :
IDR 1.000.000, USD 1.000, EUR 1.000, GBP 1.000,SGD 2.500, AUD 2.000, JPY 150.000, HKD 10.000, CHF 2.000


Company Account Opening :

  • NPWP (tax registration number), Business License,TDP (company registration) and the Certificate of incorporation
  • Complete and sign the application form along with supporting documents
  • Submit the copies of identity card ( ID / Passport and KIMS / Permits authorized officer ),

To open a bank account it can be done in about a day together with the debit card (ATM). In many cases banks request a minimum deposit to open an account. Similar documents will be required for credit card application. 



About the Author


Cekindo

Cekindo is a market entry consulting firm based in Jakarta, Indonesia. We provide one-stop services assisting foreign entities and entrepreneurs from various industries to successfully expand their market to Indonesia and beyond. Cekindo will assist you in setting up your business in Indonesia, supporting your daily operations and administrations, and representing your company in Indonesia. It is important to start your business with the right partner, thus you can focus on your main business to grow in Indonesia.

PT. Cekindo Bisnis Grup, Menara BCA Grand Indonesia 50th fl, Jl. MH. Thamrin No. 1, 103 10 Jakarta, Indonesia
Phone: +62215806889, Fax: +62215806893, Email: info@cekindo.com, Website: www.cekindo.com

 

Am based in Kenya kindly furnish me the requirements to open an offshore account with Negara bank thanks.

Bwirr11 months ago.

Please am based in USA, I want to open an account

Uche1 year ago.

 

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