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 2024, 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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Both local and foreign citizens can open the same types of Indonesian bank accounts. These are:
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 2024:
If you are interested in immigration, and then bank account opening, our immigration lawyers in Indonesia are able to assist you.
In order to open an Indonesian bank account, an individual must:
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.
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:
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.
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.
Individuals who wish to open a bank account in Indonesia can choose between various 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.
The Financial Services Authority (OJK) in Indonesia is the body responsible for monitoring the financial services industry. It is also the one trusted with protecting the interests of the public. The Authority issues periodic statistical data on banking in the country and our team presents below some of these figures from the December 2023 issue:
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.
