bank time deposits savings queries

[Davita]

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

This from HSBC Indonesia website.........
http://www.hsbc.co.id/1/2/en/personal/accounts/indonesia-rupiah-current-account/features#...

Savings Accounts.
Required documents:
ID Card (KTP) and Tax ID (NPWP)
Passport, KIMS or KITAS & Tax ID (for non Indonesian citizen)

Current Accounts.
Required documents:
Valid ID (KTP or Passport)
Passport, KIMS or KITAS & NPWP (For non Indonesian citizen)

 

[snpark]

This from HSBC Indonesia website.........
http://www.hsbc.co.id/1/2/en/personal/accounts/indonesia-rupiah-current-account/features#...

Savings Accounts.
Required documents:
ID Card (KTP) and Tax ID (NPWP)
Passport, KIMS or KITAS & Tax ID (for non Indonesian citizen)

Current Accounts.
Required documents:
Valid ID (KTP or Passport)
Passport, KIMS or KITAS & NPWP (For non Indonesian citizen)

Yes thats a rupiah account, for a foreign currency savings account you don't need KITAS

 

[satomoto]

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.

Thanks snpark, just off the speaking with a relations manager, looks like they want me to open an expat account.

The only thing I am concern with is the 60k GBP minimum, not a fortune but still money. I don't like bank charging me if I drop off the minimum, it feels like robbery (well, in the future negative interest rates anything goes but I just don't like it). You probably anticipated my next question What is Lloyds' minimum amount, in case you know it. Does a "normal" offshore account exist in the offshore territories you mentioned.

Thanks in advance!

 

[satomoto]

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.

Hi there lifelongexpat,

My experience was the opposite. Manage to open a HSBC corporate account in HK. I had to fly in after they rejected my conf call interview, but for personal account they outright said you have to be a resident. But as usual, things change time to time and it also depends on the manager on duty. My experience was circa 2015, yours? And yes, they do interview you in detail

My experience with Mainland Chinese bank with HK branch are similar as yours, though I opened a HK limited company and they were friendlier than HSBC HK. My experience with HSBC HK was not that great since the relationship manager aka AVP is a no show with calls.

Thanks for sharing btw

 

[satomoto]

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

Still me. Have not checked with HSBC, but I can confirm DBS allows account opening without KITAS, and I think it's for both IDR and USD.

 

[lifelongexpat]

Hi there lifelongexpat,

My experience was the opposite. Manage to open a HSBC corporate account in HK. I had to fly in after they rejected my conf call interview, but for personal account they outright said you have to be a resident. But as usual, things change time to time and it also depends on the manager on duty. My experience was circa 2015, yours? And yes, they do interview you in detail

My experience with Mainland Chinese bank with HK branch are similar as yours, though I opened a HK limited company and they were friendlier than HSBC HK. My experience with HSBC HK was not that great since the relationship manager aka AVP is a no show with calls.

Thanks for sharing btw

It was during March 2015. Despite an hour long interview and supplying a fair deal of due diligence documentation, it never materialized. I ended up opening an account remotely with a Mauritian bank which was relatively straight forward all things considered.

 

[satomoto]

It was during March 2015. Despite an hour long interview and supplying a fair deal of due diligence documentation, it never materialized. I ended up opening an account remotely with a Mauritian bank which was relatively straight forward all things considered.

HSBC HK can be quite a snob since they have so many Chinese clients lining up just to give them money, they'll just ask you to fly in for an interview without guarantee of success.

Is the Mauritius bank any good?

 

[Davita]

Still me. Have not checked with HSBC, but I can confirm DBS allows account opening without KITAS, and I think it's for both IDR and USD.

That's good news. Can you confirm that DBS Indonesia allowed you to open an IDR account in Indonesia without having an RI Kitas/P

 

[Davita]

HSBC HK can be quite a snob since they have so many Chinese clients lining up just to give them money, they'll just ask you to fly in for an interview without guarantee of success.

I don't know what timescale you are observing but HSBC HK, located at the corner of Kai Tak airport helped me to settle in Hong Kong, in 1974, as a non -Chinese. Later, they gave me a huge collateral mortgage based on my income, not property, to build a villa in Clearwater Bay and, supported me in every way with other financial transactions, overtime, to become reasonably wealthy.
I have the highest regard for HSBC HK.
Banks are businesses who make money for their investors. They don't provide social welfare....but do provide financial resource for entrepreneurs.

 

[lifelongexpat]

HSBC HK can be quite a snob since they have so many Chinese clients lining up just to give them money, they'll just ask you to fly in for an interview without guarantee of success.

Is the Mauritius bank any good?

Not bad all things considered:

1. No minimum opening balance and no minimum relationship balance.

2. No monthly account charges except for CHF accounts.

3. Free incoming wires.

4. Debit/credit cards available.

5. Trade financing available (LC's and import/export finance).

6. No need for a bank reference to open an account.

7. Reasonable requirements for document certification e.g. everything certified by a CPA is fine. HK notaries are extortionate.

The only downside is the amount of paperwork needed for transactions above $10,000 USD. Generally they want to see a contract and not just purchase order and invoice.

 

[Davita]

Yes thats a rupiah account, for a foreign currency savings account you don't need KITAS

I did not know that, nor have found any reference, but the OP's question...post #1 was "I am contemplating to open a bank account (without KITAS) in a bank for IDR savings.'"

If you had made your above observation in the first place, we could have avoided this run around conversation...albeit interesting and informative.

 

[snpark]

Thanks snpark, just off the speaking with a relations manager, looks like they want me to open an expat account.

The only thing I am concern with is the 60k GBP minimum, not a fortune but still money. I don't like bank charging me if I drop off the minimum, it feels like robbery (well, in the future negative interest rates anything goes but I just don't like it). You probably anticipated my next question What is Lloyds' minimum amount, in case you know it. Does a "normal" offshore account exist in the offshore territories you mentioned.

Thanks in advance!

Usually just a few thousand, like 5,000gbp certainly not 60,000gbp anyway - like I said hsbc will push you for that for the expat account or premier banking (which is only $50,000 here to open) but in reality if you dont keep the balance they just charge you monthly (but you still get the facilities) just tell them you are selling a property and then will be transferring the 60k later on to invest in some bonds or something

 

[satomoto]

Usually just a few thousand, like 5,000gbp certainly not 60,000gbp anyway - like I said hsbc will push you for that for the expat account or premier banking (which is only $50,000 here to open) but in reality if you dont keep the balance they just charge you monthly (but you still get the facilities) just tell them you are selling a property and then will be transferring the 60k later on to invest in some bonds or something

Thanks, I'll also check up on others eg: Barclays, Citibank etc to see their requirements

 

[kit2]

Still me. Have not checked with HSBC, but I can confirm DBS allows account opening without KITAS, and I think it's for both IDR and USD.

have you succeeded in opening an IDR account with DBS without KITAS? if yes, which branch did you go to?