Both foreign investors and citizens must consider opening bank accounts when they move to Indonesia. This is because most of the transactions here are completed online through credit cards which are linked to local bank accounts.
There are several types of accounts which can be opened in Indonesia. Our company formation advisors in Indonesia can offer information on how to set up a local bank account.
If you would like to move to the country for employment, or to open a business in Indonesia in 2023, you will find that setting up a bank account is a mandatory step. Our team offers a quick guide below, and we can also provide you with detailed information upon request, according to your situation.
Our immigration lawyers in Indonesia can also answer questions about the general process required to relocate to the country.
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Types of bank accounts which can be set up in Indonesia
Both local and foreign citizens can open the same types of Indonesian bank accounts. 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 interests on deposits;
- tourist bank accounts which come in various forms and are very advantageous for foreign visitors; 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. Our company registration agents can assist with the establishment of the corporate account as part of the procedure of starting a business in Indonesia.
Please watch our video for more information on how to open a bank account in Indonesia in 2023:
If you are interested in immigration, and then bank account opening, our immigration lawyers in Indonesia are able to assist you.
Requirements for bank account opening in Indonesia
In order to open an Indonesian bank account, an individual must:
– be at least 21 years old;
– file proof of residency in Indonesia.
Other documents such as an employment letter or a tenancy contract are required. Also, once the account is opened, the owner must make an initial deposit which depends on the requirements of the bank. Our local advisors can offer detailed information on the requisites related to setting up a bank account.
If you need to open a bank account in South Korea or another country, we can put you in touch with our local specialists.
Opening corporate bank accounts in Indonesia
The 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 license issued by the Indonesian Investment Board;
- the Indonesian company’s certificate of incorporation issued by the Trade Register ;
- a prescribed application form issued by the bank, which must be filled in;
- the identification papers of the Indonesian company’s representative.
Considering an Indonesian bank account must be opened in person, 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.
FAQ on bank account opening in Indonesia
1. Is it possible for foreigners to open bank accounts 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.
2. How long does it take to open a personal bank account in Indonesia in 2023?
The opening of a personal bank account can be completed within one day in Indonesia.
3. How long does it take to open a bank account for a company in Indonesia?
The procedure for a corporate bank account is longer and can take a few weeks.
4. Are any minimum deposit requirements?
Yes, most of the times a minimum deposit must be secured in the bank account when opening it.
Individuals who wish to open a bank account in Indonesia can choose between various banks. According to statistical data, in 2022 there were more than 100 different commercial banks.
When choosing the bank with which one will 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.
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.
If you are interested in immigration to Indonesia, we can help you throughout the process, including during the bank account opening stage.