Both foreign investors and citizens must consider opening bank accounts when they move to Indonesia. Our company formation advisors in Indonesia can offer information on how to set up a local bank account.
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Why are digital payments and local bank accounts important in Indonesia?
Indonesia is heavily using digital payments, mobile banking, e-money, and Quick Response Code Indonesian Standard. QRIS allows payments via bank account, debit/credit card, credit facility, or e-money, not just credit cards.
Opening a bank account in Indonesia is necessary for both non-residents and foreign investors, so that they can receive salaries, access online banking services, and conduct various transactions in the most convenient and efficient way. Also, most Indonesian companies and merchants prefer digital payment methods.
If you would like to move to the country for employment or to open a business in Indonesia in 2026, you will find that setting up a bank account is a useful and necessary step.
Our immigration lawyers in Indonesia can help you with the general process required to relocate to the country.
What types of bank accounts can be opened in Indonesia?
Foreigners can open bank accounts in Indonesia, but the documents and eligibility requirements vary. For example, Bank Central Asia (BCA) requires a passport and, for foreigners residing in Indonesia, a Temporary Stay Permit Card (KITAS)/ Permanent Stay Permit Card (KITAP). PT Bank Mandiri requires a valid passport and an ITAS/ITAP/Golden Visa for resident foreigners.
These are:
- checking or current accounts which can be used by employees in Indonesian companies;
- savings accounts which can be used for several operations, such as ATM withdrawals;
- deposit accounts, which have the advantage of offering higher interest on money;
- banking products available to foreigners, depending on the bank’s policy, which come in various forms and are very advantageous for non-residents; individuals who are interested in immigration to Indonesia will typically not choose this form.
In the case of Indonesian companies, these can open corporate and merchant bank accounts.
A summary of the bank account creation steps is provided below:
Please watch our video for more information on how to open a bank account in Indonesia in 2026:
What are the requirements for opening a bank account in Indonesia?
In order to open an Indonesian bank account, an individual must:
- be at least 18 years old;
- file proof of residency in Indonesia.
- an employment letter or a tenancy contract.
Once the account is opened, the owner must make an initial deposit, which depends on the requirements of the bank.
How can you open a corporate bank account in Indonesia?
A corporate bank account is mandatory when starting a business in Indonesia. In order to set it up, the representative must file the following documents with the chosen bank:
- a tax registration number, which is issued when the company is registered;
- the company’s Business Identification Number (NIB) issued through the official OSS system;
- relevant documents include: the company’s articles of association/legality, NPWP (tax identification number), and NIB/OSS authorizations;
- a prescribed application form issued by the bank, which must be filled in;
- the identification papers of the Indonesian company’s representative.
Considering that an Indonesian bank account must be opened in person, a power of attorney to a representative may be granted in order to complete the process.
We are at your disposal with various accounting services in Indonesia.
Is physical presence required to open a bank account in Indonesia?
Yes, in the majority of cases, banks in Indonesia require the physical presence of the customer to verify identity and comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. These procedures are applied to both local citizens and foreigners who wish to open personal or corporate bank accounts in Indonesia.
The good news is that some banks already offer customers digital services for account opening in Indonesia, including electronic identity verification (e-KYC). Indeed, this type of service is available depending on the internal policy of each bank, but also on the customer’s residency status.
What protection does the deposit insurance system provide in Indonesia?
Bank deposits in Indonesia are protected by a system administered by the LPS (Lembaga Penjamin Simpanan – Indonesia Deposit Insurance Corporation). Eligible customer deposits are guaranteed up to IDR (Indonesian Rupiah) 2 billion per customer/per bank, subject to certain conditions regarding interest and account compliance.
The guarantee system covers products, such as savings accounts, term deposits, and current accounts. This is important for investors and foreigners opening bank accounts in Indonesia and needing an extra level of security for their funds.
Are foreign currency accounts available in Indonesia?
Yes. There are multiple banking institutions in Indonesia that offer accounts and deposits in foreign currencies, such as USD and SGD, to applicants. Therefore, if you fall into categories such as foreign investor, expat, or if you own a company and conduct international transactions, or if you receive income in other currencies, then this type of service will be extremely useful to you.
To open a foreign currency account in Indonesia, you need to have either a KITAS / ITAS (Temporary Stay Permit), a KITAP / ITAP (Permanent Stay Permit), or a Golden Visa, if you fall into the category of investors or eligible residents. At the same time, Bank Indonesia continues to adopt measures to maintain the stability of the national currency and the banking system.
FAQ on bank account opening in Indonesia
Yes, foreign citizens can open bank accounts in Indonesia based on temporary residence permits. This is a common step for all those who immigrate to Indonesia.
The opening of a personal bank account can be completed within one day in Indonesia.
The procedure for a corporate bank account is longer and can take a few weeks.
Yes, most of the time, a minimum deposit must be secured in the bank account when opening it. For example, PT Bank Mandiri mentions a minimum initial deposit of IDR 100,000 for an account opened in Indonesia with a passport.
Individuals who wish to open a bank account in Indonesia can choose between various banks.
When choosing the bank with which to open the corporate or individual account, issues such as the availability of bank branches throughout the country, the number of ATMs, the transaction fees, as well as the availability of online and mobile banking are important issues to consider.
Banking sector statistics
According to a press release from Indonesia’s Financial Services Authority, the country’s credit rating was reaffirmed by Moody’s, the lawmakers viewing this as a confirmation of the country’s good economic fundamentals, which are also supported by economic growth.
The Financial Services Authority also offers statistical data on the banking sector. We present the findings included in the data issued for June 2025:
- The composition of BPR (Rural Bank) bank credit was as follows: 46.59% investment, 46.60% working capital, 6.81% consumption;
- The BPR third-party funds were composed of 69.63% savings and 30.37% deposits. For the purpose of this statistical data, BPR refers to the rural banks in Indonesia, which are financial institutions licensed by the Financial Services Authority.
If you are interested in immigration to Indonesia, we can help you throughout the process, including during the bank account opening stage.
If you want to set up a bank account and need assistance, please feel free to contact us. Our company incorporation consultants can also help those interested in starting a company in Indonesia with the business registration procedure.