How to open an Indonesian bank account in Bali?

When living in Bali, running a business here, or renting out villas in Bali, you might consider opening an Indonesian bank account. Foreigners can open an Indonesian Rupiah bank account in Bali, although you must meet several requirements. We will guide you through opening an Indonesian bank account and tell you more about the best Indonesian bank for expats and other foreigners living in Bali.

Can a foreigner open an Indonesian bank account in Bali?

Foreigners can open an Indonesian bank account in Bali if they meet the requirements. With this bank account, they can save, receive, send, and pay with Indonesian Rupiah (IDR) all over Indonesia. To open a bank account in Indonesia, you need to have a residency permit (KITAS or KITAP), a valid passport, and a residency address in Indonesia.

How to open a local bank account in Bali?

Opening a bank account in Bali isn’t hard; you have to follow these steps:

1. Choose the bank to open a local bank account
2. Go to the physical office to apply for the bank account
3. Show the required documents and fill in your personal details
4. Deposit IDR 500,000 ($31.50)
5. Install the online banking application on your smartphone
6. Receive your debit card

Unfortunately, foreigners can’t open an Indonesian bank account online. You can open a local bank account at the nearest bank office.

Requirements to open an Indonesian Rupiah bank account

Foreigners need a residency permit (this can be KITAS or KITAP) to open a local bank account in Bali. They also need to show their passport and proof of residence in Indonesia. Some banks may as well ask for the following:

• Passport-sized photograph (4cm x 6cm)
• Residence contact number
• Domicile letter
• Bank certificate issued in your country of origin
• Letter of recommendation from your employer
• Existing debit or credit card

You are required to make a minimum deposit of IDR 500,000 ($31.50). You can pay this amount in cash at the bank’s office. After that, you’ll receive your bank account’s debit card (Visa or Mastercard).

At which bank can foreigners open a local bank account in Bali?

There are a lot of different banks where foreigners can open a bank account. The following are the most common:

• Mandiri Bank
• Bank Central Asia (BCA)
• Citibank
• Bank Danamon
• Maybank
• PermataBank
• Hongkong Shanghai Banking Corporation (HSBC)
• Bank Negara Indonesia (BNI)

Bank Mandiri, BCA, and BNI are the largest banks in Indonesia. Many prefer to open a bank account here, as these banks are trusted and have offices across Indonesia. Foreigners can open a bank account here, although the process at these banks is challenging. PermataBank is the most accessible bank for foreigners who want to open a bank account in Bali.

How to open a local bank account at PermataBank in Bali?

PermataBank is the best Indonesian bank for expats. You can go to a PermataBank office in Bali and only show your passport and a copy of your KITAS or KITAP to open a bank account. This process will take about three to five hours. Make sure to be at the office a few minutes before opening, as there will be a queue.

Here is an overview of the PermataBank offices in the most popular places in Bali:

• PermataBank Canggu (location)
• PermataBank Kerobokan (location)
• PermataBank Seminyak (location)
• PermataBank Kuta (location)
• PermataBank Nusa Dua (location)
• PermataBank Ubud (location)

Best bank with an Indonesian Rupiah-account for foreigners

Foreigners can open a local Indonesian Rupiah bank account in Bali at several Indonesian banks. Another option is to open a multi-currency account in Indonesia at Wise. A multi-currency account at Wise allows you to hold 50 currencies in the same bank account, including Indonesian Rupiah. Wise also issues debit cards, which makes it possible to pay with your card in IDR.

The main advantage of Wise, formerly TransferWise, is that you can convert currencies cheaply. Once you convert your money, you can use the currency in the corresponding country without paying extra fees.

You can also use Wise to receive and send Indonesian Rupiah via bank transfer. It is ideal if you own property in Indonesia and rent it out; guests can pay for their accommodation in their currency, making it easier for them to make a reservation without you having to pay high rates to convert the money.

How to open a multi-currency account at Wise?

Everybody can open a bank account at Wise by clicking here. Select if you want to open an individual or business account and fill in your email address, password, and country. After that, you can set up your bank account and request a debit card.

Conclusion

Foreigners can open an Indonesian bank account in Bali. Still, they need to meet specific requirements, such as having a residency permit, a valid passport, and a residency address in Indonesia. Unfortunately, foreigners can’t open an Indonesian bank account online, so they have to go to the nearest bank office to open a local bank account.

The most accessible bank for foreigners who want to open a bank account in Bali is PermataBank. Wise is another option for those who prefer a multi-currency account. It allows holding 50 different currencies in the same bank account, including Indonesian Rupiah. Wise also issues debit cards and offers cheap currency conversion rates.

Frequently Asked Questions (FAQs)