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How Foreigners Open Bank Accounts in Indonesia

how to open a bank account in indonesia

Corporate Entity

Opening a corporate bank account is one of the mandatory steps of a foreign-company incorporation process. The account must be established with a bank that is licensed as a Foreign-Exchanged Bank or Bank Devisa so that it can handle foreign currencies.

Even though most banks allow setting up a bank account after the company registration is complete, it is also possible to register a bank account during the process. Unfortunately, not all banks provide this service.

Foreign Individual

Banks apply different requirements, but a stay permit (either temporary or permanent) is required. Only with ITAS or ITAP foreign individuals in Indonesia are allowed to open bank accounts. In-depth knowledge of Indonesian regulations plays an important role because other than ITAS or ITAP, you will also have to prepare supporting documents.

opening bank account in Indonesia

In Indonesia, there are three commonly used bank accounts, namely saving, checking, and deposits accounts.

Savings account

  • Frequently used account that allows real-time transfers.
  • ATM card

Checking account

  • Payments via checks or giro (demand deposit)
  • Delayed payment by retroactive checks

Deposit account

  • Higher interest rates
  • Deposits are withdrawn based on an agreement between a client and a bank

Open a Bank Account in Indonesia with InCorp

On top of the bank account opening for foreign citizens and legal entities in Indonesia, InCorp Indonesia can assist in the following services that require an individual approach.

Registration of a Corporate Account from Overseas

Thanks to our partnership with several banking institutions, it is possible to open a bank account while staying in a different country. Once provided with the required documents, InCorp Indonesia will act on our client’s behalf and set up an account.

Open a Bank Account in Indonesia before Company Registration

To save time, InCorp Indonesia is here to work on customers’ behalf and start a business bank account during the establishment of a foreign-owned company is completed.

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