Finance

Opening A Bank Account in Indonesia: We Make It Easy for You

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September 26, 2019

Opening A Bank Account in Indonesia: We Make It Easy for You

Opening a bank account is one of the mandatory steps for every foreign company, the process of opening a bank account could be a little complex if you don’t understand the regulatory. In this article, we will break down the steps to open a bank account for both foreign companies and foreign nationals, what type of account will be used for business transactions, and also show how Viettonkin can help you to get the account opened without much effort and time from your side. Here are the things you need to know to open a bank account in Indonesia.

Types of Bank Account in Indonesia

There are three types of accounts that are commonly used in Indonesia, which are savings accounts, checking accounts, and deposit accounts. Numerous banks in Indonesia offer both Rupiah and foreign currency (commonly USD) for savings accounts, checking accounts, deposit accounts, as well as credit and debit card accounts. Each type of accounts has its own advantages.

The Differences and Advantages of Each Type of Bank Account

Savings AccountChecking AccountDeposit Account
Frequently used account that allows a real-time transferDelayed payment by retroactive checksHigher interest rates
Use ATM cardPayments via check and giro (demand deposit)Deposits are withdrawn based on an agreement between the client and the bank
Can be used as a tool for transfers and debitsAbility to delay payments by check retroactivelyDeposits can be transferred (certificates of deposit)
Is a tool for amassing assets

Opening Bank Account for Foreign Nationals

There are three types of accounts for foreign nationals based on the balance that will be deposited on, which are:

  • For the maximum US $ 50,000 balance

This type of bank account is limited by a balance of minimal US $2,000 and maximal US $50,000. It is possible to open this account only with a passport without having to submit another document and without KITAS. One must only reckon with higher fees when the balance does not exceed the US $10,000.

  • A balance of US $ 50,000 and above

The local bank account is not related to a fix balance and therefore a useful opportunity when the balance exceeds the US $50,000. To open this type of bank account, it requires a passport and another document depending on the bank regulatory. This document could be a reference from the bank in the country of the foreigner, a rental agreement contract, a wife’s identity document, or a credit card.

  • A large balance exceeding US $ 1,000,000

This type of account is only available for a balance that exceeds the US $1,000,000. The requirements to open this account correspond to those of the local bank account and therefore differ only by the different taxation and the prioritized account openings.

Opening Bank Account for Foreign Companies / PT PMA

The requirement to open a bank account for foreign companies in Indonesia varies slightly from bank to bank. Here are the required documents in nearly all banks after the company/PT PMA registration is complete in order to set up an account:

  • Copy of Tax Card (NPWP)
  • Copy of Company Domicile Letter
  • Copy of BKPM Investment Registration Letter (SIUP)
  • Copy of Deed of Establishment (AKTA)
  • Copy of ID Card of all the board directors, shareholders, and authorized signers
  • Copy of Company Registration Letter (TDP)
  • Copy of PT deed of establishment’s approval from the Ministry of Law and Human Rights (Pengesahan KEPMENHUMHAM)

Opening A Corporate Bank Account from Overseas

Viettonkin is also possible to help you open a bank account while you are not physically in Indonesia. In order to do that, we will need:

  • Your requirements for the account
  • Letter of authorization
  • Documents listed above

Opening A Bank Account for A Representative Office

To set up a corporate bank account for a representative office in Indonesia, most banks need to see these three documents to make it happen:

  • Business License (in a form of SIUP or other forms of license from the government authority related to the business of the company)
  • Copy of Company Registration Certificate (TDP) (if any)
  • Copy of Tax ID (NPWP)

Major Banks in Indonesia

For additional reference, we will give you the name and information about major banks in Indonesia.

Government-owned Banks

Mandiri
Bank Mandiri was established in 1998, as part of the bank restructuring program of the Government of Indonesia. In July 1999, four state-owned banks were amalgamated into Bank Mandiri. The history of these four banks can be traced back to over 140 years, and together they had contributed to the beginning of the Indonesian banking sector.
More information: https://www.bankmandiri.co.id/

Private-owned Banks

BCA
Established in 1957, BCA is Indonesia’s third-largest bank by assets and biggest by market value. In 2016, BCA overtook DBS Bank of Singapore as Southeast Asia’s biggest lender by value.
More information: https://www.bca.co.id/
OCBC NISP
Bank OCBC NISP (previously known as Bank NISP) or further mentioned as “Bank” is the fourth oldest bank in Indonesia, established in 1941. In 1997, OCBC Bank – Singapore selected Bank NISP to become a local partner in the establishment of Bank OCBC NISP (later renamed as OCBC Indonesia)
More information: https://www.ocbc.com/group/group-home.html
 
Yes, we can make it easy for you. Contact us now!

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