Both natural and legal persons are entitled to open a bank account in Indonesia. Especially when you run a business in Indonesia, it’s beneficial to have a bank account that can receive the official currency of Indonesia, the rupiah (IDR).

BANKING FEES IN INDONESIA :

Indonesian banks charge a monthly fee of IDR 15,000 ($1.01) to IDR 20,000 ($1.34). You can withdraw money from almost any ATM, though some banks might charge an extra fee for using their machine. You can send Indonesian Rupiah to other Indonesian bank accounts for free. However, you might have to pay an additional fee for sending money abroad. Besides that, the bank will use its exchange rate, which may be unfavorable for you and cost a lot of money.

HOW TO OPEN A BANK ACCOUNT IN INDONESIA :

• 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 to open 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 a bank account. In-depth knowledge of Indonesian regulations plays an important role because other than ITAS or ITAP, you will also have to prepare supporting documents.

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

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