bank time deposits savings queries

[snpark]

]
I'm all for forum members helping others but your information above, unless qualified, is absurd. Please elaborate.

Why is it absurd? Any non US citizen and non UK resident living or working overseas can open an account in Isle of Man, Jersey, Guernsey etc. I know this for a fact because it is my job for the last 25+ years. I recommend HSBC because with HSBC you can then open a local HSBC account in the country you are living in, and no it doesn't even have to be a Premier account with $50,000 minimum
You can open a normal "offshore" account with HSBC, Lloyds, Citibank etc with just a few thousand.

By doing that, he can then open HSBC local account/s here. He can then transfer USD or GBP or EURO from his offshore account and get it in his local account the next day with no need for KITAS.

I have Lloyds in Isle of Man, I can call them and make an Int'l transfer in GBP 24/7 which usually gets into my local HSBC account the next working day. And vice versa I can use HSBC online local account to make an Int'l transfer to my Lloyds account in IoM and it arrives next day. I don't even have to pay bank charges. From IoM to here I would only pay for a 2-3 minute phone call, about 30,000rp max

So on the contrary that is excellent advice, not sure why you think it is absurd? HSBC even market this as a solution here.

 

[snpark]

Offshore banks are very weary who they open accounts for these days both for individuals and especially corporations.

If you happen to be American, most offshore banks will refuse to set up an appointment in the first place.

Americans, yes, but for your average European, no, not at all, it is very easy to open an offshore bank account. Even with private banks. But HSBC would be the best bet as he can then open HSBC Indonesia local account.

 

[lifelongexpat]

Personal offshore accounts are doable for non US citizens/residents. The process usually involves a fair bit of questioning. Some jurisdictions are easier than others.

Hong Kong is simple enough for personal accounts, but extremely difficult for corporate accounts. I'll never forget the one hour long interrogation I had to encounter from HSBC HK when trying to open an account for my HK limited company.

On the flip side, I just walked into Bank of China and opened a personal account within an hour and without too much hassle.

 

[snpark]

https://www.expat.hsbc.com/1/2/hsbc-expat/products/current-accounts/bank-account/eligible

 

[snpark]

Personal offshore accounts are doable for non US citizens/residents. The process usually involves a fair bit of questioning. Some jurisdictions are easier than others.

Hong Kong is simple enough for personal accounts, but extremely difficult for corporate accounts. I'll never forget the one hour long interrogation I had to encounter from HSBC HK when trying to open an account for my HK limited company.

On the flip side, I just walked into Bank of China and opened a personal account within an hour and without too much hassle.

HK is not generally regarded as an offshore territory. Traditionally it is Jersey, Guernsey (Channel Islands) and the Isle of Man

Likewise, SG, Switzerland etc etc are not classed as "offshore"

Anyway the point is that yes you can open an account here with HSBC without a KITAS

 

[snpark]

Wonderful suggestions

Just given them a call and they'll have an answer in 72 hours. The ask some bits of pieces of info mainly what kinda business or whose your employer, but they are just interested in making you can fund the 60K GBP

If they push you to open a Premier or Expat account, do not worry too much about the 60k balance since all that happens if you don't maintain that much is they will charge you 35quid a month

But is it a total global worldwide combined balance, even includes mortgages and investments

So if you have it, its free banking, if not they charge you 35quid a month

Or open Premier locally in Indonesia you only need $50,000 globally

 

[Davita]

Why is it absurd?
So on the contrary that is excellent advice, not sure why you think it is absurd? .

Please re-read my post...I said it's absurd..... 'unless qualified ' and 'please elaborate' .....because, otherwise, your post #21 "Open HSBC offshore in Isle of Man or Jersey then you can use any HSBC worldwide" seemed over-simple. You have now qualified and elaborated your OP such that other members can now see how to apply ...well done.

I've had an HSBC Account in Jersey, CI since 1973/4, when it was then the Midland Bank. I keep that open to receive my UK pensions in sterling.

You also said "Anyway the point is that yes you can open an account here with HSBC without a KITAS"..... if by 'here' you mean Indonesia then I would disagree. I know the Premier Relationship Manager in Jakarta (Senayan) well and, even I had other global Premier accounts, she couldn't open an RI account until I had an ITAS....ergo....when on a Sosbud visa I got 'Rps' from an Indonesian ATM using my Malaysian account and card.
btw the RI ATM used to offer USD but that was stopped some years ago.

HSBC Indonesia requires a minimum of Rp.500 million remains in any account to qualify for Premier status...that then upgrades all other global HSBC accounts to Premier status if they were not previously qualified. I believe Indonesia requires less than other countries to get that Premier status...certainly less than Canada, Malaysia and Hong Kong where I have previously held FD's to qualify.



Hongkong Shanghai Banking Corporation (HSBC)
Requirements for expats opening a bank account:
Type of Account.
Required Documentation and Minimal Amount Required

Advance:
Passport, ITAS , NPWP (Tax identification number)
Rp. 50 Million or USD$ 5,000.

Premier:
Passport, ITAS , NPWP (Tax identification number)
Rp. 500 Million or USD$ 50,000.

 

[Daniel50]

HSBC Indonesia requires a minimum of Rp.500 million remains in any account to qualify for Premier status...that then upgrades all other global HSBC accounts to Premier status if they were not previously qualified. I believe Indonesia requires less than other countries to get that Premier status...certainly less than Canada, Malaysia and Hong Kong where I have previously held FD's to qualify.



Hongkong Shanghai Banking Corporation (HSBC)
Requirements for expats opening a bank account:
Type of Account.
Required Documentation and Minimal Amount Required

Advance:
Passport, ITAS , NPWP (Tax identification number)
Rp. 50 Million or USD$ 5,000.

Premier:
Passport, ITAS , NPWP (Tax identification number)
Rp. 500 Million or USD$ 50,000.

They require an NPWP. I opened a Premier account in Indonesia without NPWP. And tried to get NPWP. The tax people would not give me an NPWP because I was not working/generating income in Indonesia. Yet the gov't instructs banks I need one. Round and round in circles.

 

[Davita]

They require an NPWP. I opened a Premier account in Indonesia without NPWP. And tried to get NPWP. The tax people would not give me an NPWP because I was not working/generating income in Indonesia. Yet the gov't instructs banks I need one. Round and round in circles.

I agree.... same here as I'm on a retirement Kitap. They will not issue an NPWP but the gov't states it's a requirement.The bank also says it's required then ignores it....but the Gov't Tax office is happy to deduct 20% from interest earned.

Indonesia...round and round in circles....is a good euphemism.

 

[snpark]

Please re-read my post...I said it's absurd..... 'unless qualified ' and 'please elaborate' .....because, otherwise, your post #21 "Open HSBC offshore in Isle of Man or Jersey then you can use any HSBC worldwide" seemed over-simple. You have now qualified and elaborated your OP such that other members can now see how to apply ...well done.

I've had an HSBC Account in Jersey, CI since 1973/4, when it was then the Midland Bank. I keep that open to receive my UK pensions in sterling.

You also said "Anyway the point is that yes you can open an account here with HSBC without a KITAS"..... if by 'here' you mean Indonesia then I would disagree. I know the Premier Relationship Manager in Jakarta (Senayan) well and, even I had other global Premier accounts, she couldn't open an RI account until I had an ITAS....ergo....when on a Sosbud visa I got 'Rps' from an Indonesian ATM using my Malaysian account and card.
btw the RI ATM used to offer USD but that was stopped some years ago.

HSBC Indonesia requires a minimum of Rp.500 million remains in any account to qualify for Premier status...that then upgrades all other global HSBC accounts to Premier status if they were not previously qualified. I believe Indonesia requires less than other countries to get that Premier status...certainly less than Canada, Malaysia and Hong Kong where I have previously held FD's to qualify.



Hongkong Shanghai Banking Corporation (HSBC)
Requirements for expats opening a bank account:
Type of Account.
Required Documentation and Minimal Amount Required

Advance:
Passport, ITAS , NPWP (Tax identification number)
Rp. 50 Million or USD$ 5,000.

Premier:
Passport, ITAS , NPWP (Tax identification number)
Rp. 500 Million or USD$ 50,000.

Thanks for the positive feedback

HSBC ID and even their own website confirm that you can open a SAVINGS account here WITHOUT a kitas / kitap etc

I also know the manager, and I can assure you that managers do not always know all their own products and services
The best person in the know is usually your relationship manager, I know my one certainly gets me and gives me far better service and options than the branch manager is even aware off. I currently get 8.75% on my time deposits and when I asked the branch manager about other bonds and time deposit promo's, the best offered to me was 6.5%

Is it better to know the nightclub owner, or the girl on the door? With no disrespect to Managers, they are there to manage their staff and salesforce and not necessarily to know every product and service and promo.

Anyway I double down on what HSBC Senayan confirmed to me and also what is on their own website, that a SAVINGS account can be opened without a kitas kitap etc

Or alternatively, just open an "offshore" account. Jersey or Guernsey, Isle of Man.

Good memory, yes Midland was HSBC years ago, remember the griffin and the adverts, come and talk, talk to the midland, talk to the listening bank

Lloyds is also pretty good offshore.

 

[snpark]

Please re-read my post...I said it's absurd..... 'unless qualified ' and 'please elaborate' .....because, otherwise, your post #21 "Open HSBC offshore in Isle of Man or Jersey then you can use any HSBC worldwide" seemed over-simple. You have now qualified and elaborated your OP such that other members can now see how to apply ...well done.


Sorry yes perhaps it was over simplified but it was aimed at the OP who seemed to have some knowledge of what exactly I meant, my apologies

 

[snpark]

http://www.hsbc.co.id/1/2/en/personal/accounts/foreign-currency-savings-account/features

 

[snpark]

And yes, most of us who have been here a while know the difference between what is asked and what is expected, for example tax card on a retirement kitap etc

The bank requests it, the govt don't issue it, but eventually the bank will let it slide since you are depositing decent funds with them and not after any credit facility

Credit is a different matter here - I know many bule here who still have problems getting a credit card without ridiculous hoops to jump through, including depositing the credit limit
I have personally never had any problems with that, and have 2 BCA Black cards and supplementary ones for the Mrs, and HSBC Premier / platinum also. They never asked for security deposits or even for my salary to be sent there.

I have never had any problems with either, I use BCA for domestic, klikbca is awesome, and HSBC for Int'l as explained above. For me its the perfect combo. I can get funds to and from Int'l accounts in 24-48 hours max and with BCA here can do transfers 24/7 instantly, pay cards, phones, bills etc all in seconds.

Just my two pennies-worth
Everyone has their own experience I guess

Regarding HSBC, I have been with the same girl from the beginning who doesn't even let me go to the branch, she sends documents to my apartment if anything needs signing by their own courier, or even comes herself to see me so she can get some fresh air. When she was on maternity leave and I had to reinvest my bonds dividends, her replacement wanted me to go to the branch just to sign one form once. I said its ok, I can wait then.

As with everything here, find the one that gives you the best service and stick with them. Get their mobile, whatsapp etc etc

Whether its for banks, a/c, internet, laundry, nasi uduk, everything here is done via whatsapp, just text your guy and say "im hungry send me food" or "pak my internest is down" or "mbak my baju bau, sini dong" or "i feel rich, i want give more uang to hsbc, send the boy with his pen" etc etc

Even for the salon and favourite restaurants, if you have been here long enough and understand how it works and the staff at the other end like and respect you enough, you can certainly "take advantage" of the bule factor if you are grateful and polite about it - just a little text like hi, I'm on the way if you can find me a space / slot / table etc and it makes life so much easier


ok maaf curhat hahahaha

 

[snpark]

 

[snpark]

 

[snpark]

gosh, cheque books. RIP. lol

 

[brian@bekasi]

"I also know the manager, and I can assure you that managers do not always know all their own products and services
The best person in the know is usually your relationship manager, I know my one certainly gets me and gives me far better service and options than the branch manager is even aware off. I currently get 8.75% on my time deposits and when I asked the branch manager about other bonds and time deposit promo's, the best offered to me was 6.5%"

I am sorry but the information provided above is not what I understand to be correct if we are talking about Indonesia. Banks are required to be part of the deposit insurance scheme and the main banks will not offer term deposits above the current 6.5%. Different arrangements apply to regional banks where the threshold is higher.

Bonds are a different issue and you purchase at the market rate which can be higher or lower than the face value. Interest is higher but you lock your money up extended periods.

At HSBC the Relationship Managers are subordinate to Branch Managers and need Branch Manager approval before they can offer any rates above the published rates.

The HSBC website link that was previously quoted was published by HSBC UK and states that local conditions apply on a country by country basis. HSBC Indonesia now is a local company although it still follows the parent company policies..

This threat was started by a non resident try to invest 50 million IDR so most of the recent comments are irrelevant to a person trying to open an Indonesian Time deposit with a small amount of money who has no KITAS or a special banking account.

 

[Davita]

gosh, cheque books. RIP. lol

hahaha...I still have an unused Midland Bank cheque book....also, many HSBC and one used Bank of America but cannot remember the last time I signed any.

HSBC Indonesia recently bought Bank Ekonomi which gives them many more branches in Indonesia than before. We never had one in Bali but we do now. I went to introduce myself but the people working there looked a bit nervous so I'll keep my account in Jakarta for the moment as I can do everything on-line...except if I wish to buy IDR. Then I call the relationship manager to get the manager's special rate and I can accept or decline over the phone. I found TransferWise always give a better rate of exchange so I now use them....but it takes a few working days to be deposited in any account.

 

[snpark]

Yes true HSBC Indo is now part of Bank Ekonomi etc so they could get extra branches, similar to what happened in Dubai when banks merged with each other, hence the confusion with names there. But here, as I said, everyone gets there own experience, I know I am happy and I know what rates I get for my TD and my various bonds and I know also what my relationship manager can get for me, my point being regardless of who eventually signs off on it, many times the RM is more aware of the promo than the BM - thats why that position was created. Im not saying the RM invents a rate, I'm saying that she is the one that w/a me to "sell" me something - the BM never does that ? If I went to the bank and asked the BM what is the rate on the ORI new release, he probably wouldn't know, but all the RM's know because they are the ones selling it.

Anyway back to topic, hopefully the OP can get his account open somehow

As for my link coming from UK, no, one is the international link, Jersey etc "expat" (NOT for uk citizens) and the other one is hsbc.co.id

 

[Anglian]

Ha ha , cheque books, when I first came here many years ago, I arrived with a partly used cheque book, anyway I still had a requirement to send cheques to my daughter in the U.K. So I used the book up, I asked for a new book, Barclays were very slow to replace, so I rang them and tore them off a strip, they sent 6 book by express, still got them, museum pieces now