Opening a Bank Account in Bali? Read this First
While Bali is known for its beautiful beaches, it also offers a very vibrant banking industry.
If you are a foreigner who is staying for a long period of time, you might want to consider opening a bank account in Bali. This lets you prevent the hassle of using an overseas bank account in your daily transactions. As a result, you would also avoid paying additional fees coming straight out of your pocket.
Given the island’s thriving tourism sector, coupled with booming foreign businesses, Bali provides both foreigners and locals many options in terms of financial and banking structure.
So, it may not be that difficult to open a bank account in Bali if you are a foreigner. Just secure required permits in order to facilitate a better banking experience.
Without a Stay Permit
A foreigner without a stay permit can still open a bank account in Indonesia given that his or her circumstance qualifies as an exemption. However, banks usually prefer those who secured a stay permit or Kartu Izin Tinggal Terbatas (KITAS).
This limited stay permit, also known was temporary residency permit, is deemed valid for six months to one year.
The Indonesian government is allowing a foreigner to open a bank account in Bali without KITAS to support foreign investments and economic growth. There are initiatives and relaxing regulations supporting such activity. Essentially, you can open your account with just a passport.
Opening a bank account without a permit can also mean your account only has a limited balance. This is the kind of bank account that caters to ex-pats and tourists who are in Bali for a short period only.
The minimum balance is $2,000 while the maximum is $50,000. Take note, however, that you might be charged a higher amount of transaction fee should your balance be below $10,000.
With a Stay Permit
Having KITAS can be very beneficial for you. Many banks are still requiring this document when opening a bank account in Bali. The temporary residency permit can also allow you to open bank accounts from bigger banks if you need a higher bank account balance.
Your bank account will not be related to a fixed balance, and actually has an unlimited balance. This allows account holders to deposit higher amounts. A foreigner will have to submit a valid passport and KITAS to secure this type of account. Other legal documents that could be submitted apart from KITAS are reference documents from the home bank, debit or credit card, and residence contracts, among others.
However, if your balance will exceed $1 million, you will have to open a special balance ex-pat account. The requirements for this one are the same as applying for an unlimited balance bank account.
Opening a Corporate Bank Account
If you are opening a business, you definitely need to open a bank account in Bali. It is necessary to help you manage your financing.
You should open the bank account of your company with a licensed bank such as foreign exchange bank to handle transactions in foreign currencies.
This process is usually right after the company registration is accomplished. But there are instances when banks allow foreign companies to open their bank account while in the process of applying for registration.
Now that you have opened a bank account in Bali, you would want to do some transactions, of course. You do not always have to queue in bank branches to withdraw your money. You can do that through your automated teller machine (ATM) card. It is more convenient that way.
Here are some tips for safe cash withdrawal:
- Transact using the ATM inside the bank because it is safer. Banks are usually equipped with CCTV.
- Always be aware of your surroundings when withdrawing via the ATM.
- Cover the keyboard when you are typing your password.
- Beware of skimmers who might steal your ATM password.
- After completing the withdrawal, insert your cash and card immediately in your wallet. Keep the receipt.
- If you see anything or anyone suspicious, it is best for you to cancel your transaction immediately. It is advised to go to a crowded area after if someone is following you.
Do you need help in setting up the bank account for your company? Contact 3E Accounting Indonesia now. Our team is providing Indonesia corporate bank opening services.