Table of Contents
- How Foreigners Open Bank Accounts in Indonesia
- Corporate Entity
- Foreign Individual
- Open a Bank Account in Indonesia with Legals ID
Corporate Entity
Opening a corporate bank account is one of the mandatory steps of a foreign-company incorporation process. The account must be established with a bank that is licensed as a Foreign-Exchanged Bank or Bank Devisa so that it can handle foreign currencies.
Even though most banks allow setting up a bank account after the company registration is complete, it is also possible to register a bank account during the process. Unfortunately, not all banks provide this service.
Foreign Individual
Banks apply different requirements, but a stay permit (either temporary or permanent) is required. Only with ITAS or ITAP foreign individuals in Indonesia are allowed to open bank accounts. In-depth knowledge of Indonesian regulations plays an important role because other than ITAS or ITAP, you will also have to prepare supporting documents.
In Indonesia, there are three commonly used bank accounts, namely saving, checking, and deposits accounts.
Savings account
- Frequently used account that allows real-time transfers.
- ATM card
Checking account
- Payments via checks or giro (demand deposit)
- Delayed payment by retroactive checks
Deposit account
- Higher interest rates
- Deposits are withdrawn based on an agreement between a client and a bank
Open a Bank Account in Indonesia with Legals ID
On top of the bank account opening for foreign citizens and legal entities in Indonesia, Legals ID Indonesia can assist in the following services that require an individual approach.
Registration of a Corporate Account from Overseas
Thanks to our partnership with several banking institutions, it is possible to open a bank account while staying in a different country. Once provided with the required documents, Legals ID Indonesia will act on our client’s behalf and set up an account.
Open a Bank Account in Indonesia before Company Registration
To save time, Legals ID Indonesia is here to work on customers’ behalf and start a business bank account during the establishment of a foreign-owned company is completed.