20 January 2020 (closed)
USD/IDR (13,658) +4.00 +0.03%
EUR/IDR (15,150) -1.03 -0.01%
Jakarta Composite Index (6,245.04) -46.61 -0.74%
If you move to Indonesia for a longer period – either for work or just for living – you will most likely want (or need) to open a bank account at a local bank (or a foreign bank that has a branch in Indonesia). After all, if you continue to use a foreign bank account, then it will involve relatively high bank charges each time you withdraw money from the automated teller machine (ATM) in Indonesia, or when you conduct an international transaction (online banking).
Also, if you are employed in Indonesia, your employer will probably refuse to send your salary to your foreign bank account because, again, it will bring additional costs.
There are many banks to choose from when you want to open a bank account in Indonesia as there are more than 100 local banks. Personally, I preferred to open an account at a big bank (that has plenty of assets), hence (hopefully) reducing risks of collapse. But - more importantly - these big banks tend to have various branches and ATMs across the country (including the more remote areas), which would come in handy if, for some reason, I would need to go outside Jakarta and have to use an ATM to withdraw money, or, to make a payment or transfer (after all, there are usually costs involved when using the ATM of a different bank for these matters).
This article discusses the following:
• Several negative experiences with big banks in Indonesia
• Some tips (related to banking) that will save you money, time and effort
• What are the reliable banks in Indonesia?
Read the full article in the March 2019 edition of our monthly research report. You can purchase the report by sending an email to firstname.lastname@example.org or a WhatsApp message to the following number: +62(0)8788.410.6944
Poll Indonesia Investments:
Who would you vote for in Indonesia's 2019 presidential election?
Voting possible: -
- Joko Widodo (57.6%)
- Prabowo Subianto (31.9%)
- No opinion (5.7%)
- Someone else (4.8%)
Total amount of votes: 16319