Whether it is for business or family reasons, if you know that you will be staying in Bali for a long period of time, you are probably thinking of opening a bank account. The reason is simple – to avoid the excessive ATM and bank fees that incur every time whenever there is a financial transaction.
In addition, foreigners who wish to purchase properties or start a business in Bali, starting a bank account should be one of your first priorities.
To open a bank account in Bali as a foreigner is not so difficult to do, but your experience will highly depend on what permits you hold, and which bank you choose.
The good news is that with the huge draw of tourism and dynamic foreign businesses in Bali, the island provides a wide array of options in terms of financial and banking structures.
In addition to that, if you want the least hassle, it is advisable to apply for a bank account with larger banks such as BRI, Mandiri, or BCA.
In this article, we will let you know how to start a bank account as a foreigner and how Cekindo can assist you in this process.
OPENING A BANK ACCOUNT WITHOUT AN ITAS
Although banks often prefer a limited stay permit (ITAS also known is KITAS), a foreigner without an ITAS may be able to open a bank account under some circumstances. This is due to the recent reform initiatives in Indonesia that make the process more lenient in order to boost the country’s foreign investments and GDP.
Get to know more about an ITAS and understand if you are an eligible candidate: Your Complete Guide to Limited Stay Permit/KITAS in Indonesia.
Limited Balance Tourist Account
A foreigner without a permanent or temporary residency can open a limited balance tourist account. This is a bank account catering to expats and tourists visiting Bali for a short and limited period of time.
A limited balance tourist account is also sometimes referred to as a tourist bank account. It requires a limited minimum balance of US$2,000 and a maximum balance of US$50,000.
You may just need your passport to open this account, even without a KITAS. However, one thing to bear in mind – foreigners might be charged high transaction fees if your account balance is less than US$10,000.
STARTING A BANK ACCOUNT WITH A KITAS
Since a lot of banks in Bali still consider a KITAS (it can be spouse KITAS, retirement KITAS or work KITAS) a required document to secure a bank account – this stay permit will come handy when choosing from a bigger range of bank accounts in Bali, particularly those with a higher balance.
Of course, foreigners with KITAS have no issues opening a limited balance tourist account.
Unlimited Balance Expat Account
An unlimited balance expat account allows an expat to have a higher balance. It is not related to a fixed balance and in order to open this account, an expat or a foreigner must identify himself or herself with a valid passport and another legal document by choice.
This additional document could be the KITAS, a reference document from their home country’s bank, a debit or credit card, a domicile letter, copies of residence contracts or their spouse’s identification documents.
Special Balance Expat Account
For balance exceeding US$1,000,000, an expat in Bali is required to open a special balance expat account. The requirements for this account are the same as the unlimited balance expat account.
SECURING A CORPORATE BANK ACCOUNT
For foreigners who would like to start a company in Bali, especially a foreign-owned company, opening a corporate bank account is necessary. The setup of the bank account must be done with a licensed bank as a Bank Devisa or a Foreign Exchange Bank for the transaction of foreign currencies.
The establishment of the corporate bank account is often done upon the complete company registration. However, some banks have exceptions and allow expats to open a corporate bank account during the process of company registration.
SPECIAL CONDITIONS FOR CEKINDO’S CLIENTS
Thanks to its vast network of contact, Cekindo has negotiated faster process bank establishment and lessened requirements for its clients. We will recommend our partner banks and apply for the bank account on your behalf. This bank account can be in available currency, most commonly IDR or USD.