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  • Writer's picturedinda krismonica98

How To Open A Bank Account In Indonesia As A Foreigner


Are you a foreign investor or company looking to expand your business in Indonesia? Understanding how to open a bank account is a crucial step you need to master. Here, we will cover everything you need to know about the process of opening a bank account in Jakarta and other cities in Indonesia.


Understanding the Types of Bank Accounts in Indonesia

Before opening a bank account, it's important to understand the types of accounts available:

  • Current Account: Ideal for business transactions, allowing payments by check and demand deposit.

  • Savings Account: Suitable for saving money with transfer facilities and ATM access.

  • Deposit Account: Offers higher interest rates with specific withdrawal terms.

Additionally, many banks in Indonesia offer accounts in both Rupiah and foreign currencies (typically USD), as well as credit and debit card services.


Requirements for Opening an Account for Foreigners

Banks in Indonesia have several requirements for foreigners to open a personal account:

  • Reference letter from an employer or sponsor

  • Copy of passport and temporary stay permit (KITAS) or permanent stay permit (KITAP)

For opening a current account, you might need additional documents such as:

  • Reference from a previous bank

  • Company’s Tax Identification Number (NPWP)

  • Letter from the company stating that Indonesian income tax has been paid

Most banks also require a minimum deposit for personal accounts in US dollars.


Can Foreigners Open a Bank Account in Indonesia?

Yes, foreigners can open a bank account in Indonesia. The Indonesian government has even simplified the process, now requiring only a passport to open a bank account.

However, general requirements for foreigners to open a bank account include:

  • Passport

  • KITAS or KITAP

  • Proof of address

  • Initial deposit (starting from IDR 1 million)

Some banks also accept other documents such as a long-term visa, sponsor letter, or NPWP.


Information Required for Opening a Bank Account

Indonesian law requires banks to implement "know your customer" procedures by collecting the following information:

For Personal Accounts:

  • Copy of identity card or passport

  • For foreigners, a copy of the Indonesian stay permit/temporary stay permit

For Corporate Entities:

  • Articles of Incorporation and/or Bylaws

  • Business license (for Indonesian companies)

  • Tax Identification Number (for Indonesian companies)


Benefits of Each Type of Bank Account

Current Account

  • Payments using checks or demand deposit

  • Deferred payment with retroactive checks

Savings Account

  • Transfer and debit facilities

  • ATM access

  • Asset accumulation

Deposit Account

  • Higher interest rates

  • Withdrawals according to agreement

  • Transferable certificates of deposit


Best Banks for Foreigners in Indonesia

Here are three top banks to consider for foreigners in Indonesia:

  1. Bank Central Asia (BCA)

  • With 135 branches and over 850 sub-branches across Indonesia, BCA is known for its high-quality banking services.

  1. Bank Mandiri

  • A state-owned bank with the second-highest assets in the banking industry, offering reliability for its customers.

  1. Bank Negara Indonesia (BNI)

  • Operates domestically and internationally, including in Asia, the US, and the UK.


How to Open a Bank Account in Indonesia

Bank Indonesia regulations require all banking transactions (such as capital injections, loan administration, payment for capital equipment, and raw materials) for newly established foreign investment companies to be conducted through a specific foreign investment bank account in Indonesia. Required Documents:

  • Initial Investment Approval from BKPM, Articles of Incorporation, domicile letter, tax number

  • Power of attorney for the authorized person to open the bank account

  • Copy of ID/passport of the authorized person

  • Photo of the person opening the bank account

  • Minimum deposit of IDR 1 million or USD 1,000


Opening Personal and Corporate Accounts

Opening a Personal Account:

  • Must be 21 years old or married

  • Completed and signed application form

  • Copy of identity card (ID/Passport and KITAS/Permit)

  • 4x6 photo

Opening a Corporate Account:

  • Completed and signed application form

  • Copy of identity card (ID/Passport and KITAS/Permit of the authorized officer)

  • NPWP, TDP, Business License, and Certificate of Incorporation


Steps to Open a Bank Account in Indonesia

  1. Choose the bank where you want to open the account.

  2. Go to the bank branch to apply.

  3. Submit the required documents and fill in your personal details.

  4. Deposit the required account balance.

  5. Receive your Indonesian bank account number, other information, and debit card.

  6. Optionally install the online banking system.


How to Open a Bank Account Without KITAS

Now, it is possible for foreigners to open a bank account in Indonesia without KITAS by using just a passport. The government has simplified this process to attract more tourist transactions. Opening a bank account in Indonesia doesn't take long and can be done in a day with a debit card application. Typically, some banks require a minimum deposit to open an account. For a credit card application, similar documents will be required.

If you need further assistance, contact us now to discuss more and get professional guidance.


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