Bali, a stunning island in Indonesia, attracts numerous expats and travelers with its tropical landscapes and unique culture. For many, being able to make purchases conveniently via cashless payments is essential. To enable this, foreigners can open a personal bank account at a local Indonesian bank.
Previously, opening a bank account in Indonesia was easier for foreigners. However, recent legislative changes have tightened the rules. The new regulations aim to enhance financial transparency and security, preventing money laundering and other illicit activities. Here are the key updates:
1. A foreigner can open a bank account in any Indonesian bank if they hold a long-term visa:
• KITAS (Limited Stay Permit): Usually issued to workers or investors.
• KITAP (Permanent Stay Permit): For those planning to reside in Indonesia long-term.
Without a long-term visa, a foreign national can only open an account if an Indonesian citizen acts as a guarantor.
2. All new bank clients must undergo a thorough KYC (Know Your Customer) verification, which includes collecting ID information, proof of address, and other personal details.
3. Clients must also provide additional information about the purpose of the account and the sources of income.
4. New security measures have been introduced to better protect clients' and banks' data.
What are the benefits of having an Indonesian bank card?
• Convenience and security
Allows for easy online and offline purchases. Carrying large amounts of cash becomes unnecessary, and lost cards can be quickly blocked.
• International transactions
Particularly important for Russian citizens, as Russian bank cards may not work in Bali due to sanctions. Indonesian cards are accepted locally and internationally.
• Access to local services
Some local services may not accept foreign cards or may charge extra fees. An Indonesian card eliminates these issues.
• Favorable conditions
Local banks often offer loyalty programs (e.g., cashback), and better exchange rates or withdrawal terms in Indonesian rupiah.
If you have a KITAS (ITAS), you can open an account at any bank. Without one, a guarantor is required. Here is a selection of banks with favorable terms:
BRI (Bank Rakyat Indonesia)
At the moment, we recommend this bank for opening a bank account without ITAS with a guarantor.
✓ Processing time: a few days to 2 weeks
✓ Named or unnamed card depending on account type
✓ No guarantor required with ITAS
✓ Deposit: 500,000 to 1,000,000 IDR
✓ Mastercard/VISA/SWIFT available
✓ Limits: 10 million IDR/day for withdrawals and online payments
BNI (Bank Negara Indonesia)
✓ Processing time: around 2 weeks
✓ Unnamed card
✓ Deposit: 1.2 million IDR + minimum balance of 150,000 IDR
✓ Mastercard/SWIFT available
✓ Requires Indonesian guarantor
✓ Limits: 5 million IDR/day withdrawals, 10 million IDR/day online
OCBC (Oversea-Chinese Banking Corporation)
✓ Processing time: up to 7 business days
✓ Deposit: 50 million IDR + monthly payment of 1 million IDR
✓ Usable internationally
✓ Limits: 15 million IDR/day withdrawals, 50 million IDR/day online
Mega
✓ Processing time: up to 3 business days
✓ Requires KITAS
✓ Deposit: 3 million IDR + minimum balance of 100,000 IDR
✓ Unnamed card
✓ VISA/SWIFT available
✓ Online spending limit: up to 250 million IDR/day
Mandiri
✓ Processing time: up to 14 days; must be in the country for 30+ days
✓ Requires KITAS
✓ Deposit: 5 million IDR + minimum balance of 100,000 IDR
✓ VISA/SWIFT available with limitations
✓ Unnamed card
✓ Limits: 10 million IDR/day for withdrawals and online payments
Requirements may vary slightly by bank, but generally include:
✓ Passport
✓ ID of the Indonesian guarantor
✓ Indonesian phone number
✓ Tax number (NPWP)
✓ Completed application form
Typically, the process includes filling out the form, submitting documents, undergoing verification, and receiving approval to open the account.
If you plan to stay in Bali long-term, opening a personal bank account will make your life more convenient and financially efficient. Despite tighter regulations, it is still very possible for foreigners to open a local account. The benefits are clear: reduced currency exchange costs and ease of everyday transactions.
If you also need a business account in Bali, our managers at Good Luck Group can assist you with all aspects of the process.
