Many international and national banks have offices in Indonesia. To save time and hassle you should check with your current bank whether they have facilities in Indonesia. Otherwise you can open an account with a regional or national Indonesian bank.
Indonesia also has five sharia (Islamic) banks. These banks operate in compliance with sharia law. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as riba, or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also sinful.
Some of the largest Indonesian banks are Bank Mandiri, Bank Danamon, PT Bank Internasional Indonesia Tbk and Bank CIMB Niaga. For information on how to open an account at a local bank see the section on opening a bank account.
Bank opening hours
Banks in Indonesia open Monday to Friday 8am to 3pm and Saturday 8am to 1pm. You may find banks won’t change money in the afternoons or at weekends. Rural banks can have more limited opening times, it’s best to check before you get to the bank.
Foreign banks in Indonesia
There are various international banks with a presence in Indonesia. Branches can generally be found in the larger metropolitan areas.
Some examples:
- The Royal Bank of Scotland (RBS Indonesia)
- Bank of America N.A.
- Bank of China Limited
- Citibank N.A. (Citibank Indonesia)
- Deutsche Bank AG
- JP. Morgan Chase Bank
- HSBC Indonesia
Foreign banks and most local banks will allow you to open a foreign currency and rupiah account. Services such as debit, credit cards and checking accounts are standard, with foreign exchange services and safety deposit boxes are available at larger banks.
How to open a bank account
Foreign banks in Indonesia are quite strict regarding the requirements for opening a bank account. Documents include, but are not limited to:
- References from your employer or sponsor
- Copy of your passport
- Copy of temporary stay permit (KITAS, KIMS) card or permanent residence licence (KITAP)
For checking accounts:
- A reference from your previous bank
- Your company’s tax registration number
- A letter from your company verifying Indonesian income tax is paid by the company
Opening an account can be done in a day and the issuing of a debit or ATM card can also be done on the same day the account is opened. Bank accounts opened in US$ usually require a minimum balance to be maintained. A minimum deposit of Rp500,000 is usually required to open an account at most major banks.
With some banks it is possible to open an account without a KITAS permit. You will need a friend who already has an Indonesian bank account at that bank to sponsor you. Also take a passport and any other ID you have.