how to open a bank acccount

This is article about ‘How to Open a Bank Account in Indonesia for Foreigners’. You are new to Indonesia and need a place to keep your money, so you can start saving? Of course, you do not want to put your money under a mattress. Besides not providing you with any interest from your money, it is definitely not safe. So, why do not open a local bank account?

How to Open a Bank Account in Indonesia for Foreigners

Here is the best guide for foreigners seeking to have a bank account in Indonesia for the first time. Additionally, this section also includes a solution on how to transfer money from Indonesia to Malaysia quickly.

For Those Who Are Classified as a Frequent Flyer

how to transfer money from Indonesia to Malaysia quickly
Valid Passport

The Financial Services Authority of Indonesia has issued a new regulation in terms of facilitating opening a bank account. According to regulation number S-246/S.01/2015, issued on 15 September 2015, foreign tourists can open accounts at local banks with limited balances.

For tourist accounts, the balance is limited to between USD2,000 and a maximum of USD50,000. The requirements for opening an account in the context of Customer Due Diligence (CDD) are as follows:

  • You need to bring a valid passport.
  • The first minimum deposit is USD2,000.
  • If your balances under USD10,000, you will be charged more.

Open a Bank Account for Foreigners with an Unlimited Balance

For this option, you must complete the requirements below:

  • You have to bring a valid passport and one additional document. For example, a reference letter from the local bank in your home country, a certificate of domicile, your partner’s identity, a photocopy of residence contract, or your credit/debit card.
  • The initial balance must be more than USD50,000.

Open a Bank Account with Large Balances

How to Open a Bank Account in Indonesia for Foreigners

If you want to open a bank account with a large deposit, here are the requirements:

  • As mentioned before, you must bring your valid passport and some supporting documents, such as a reference from the local bank in your country of origin, a local domicile certificate, your partner’s identity, a photocopy of your residence contract, or credit/debit card.
  • Your initial deposit must be more than USD1 million.

Still, there is an advantage of choosing this type of account. The deposit interest tax is lower than the normal tax and is applied progressively. That means the more balanced, the lower the tax. Additionally, this account is only prioritized for certain banks that meet the requirements for risk management and banking prudence.

Transfez as Trusted Remittance in Indonesia

Opening a local bank account for a more comfortable transaction in Indonesia is important, but it doesn’t give you a solution for the best remittance experience. Traditional banks often charge high exchange rates, and you will need several days to withdraw your funds. This is absolutely not practical!

So, how to transfer money from Indonesia to Malaysia quickly without any hassle? Transfez is, for sure, the smart solution. Implementing a fully online payment system, this Bank Indonesia-licensed remittance provider offers a smart app that is easy to use. 

Transfez also provides reliable customer service to help you anytime. In addition, its money transfer process is much faster compared to regular banks and can be easily tracked.

Therefore, for those who still look for the way of how to transfer money from Indonesia to Malaysia quickly, Transfez will be your great answer.