Banking question for Indonesian citizens overseas...

[pantaiema]

The main thing to understand is that using a cellphone, your biometric data is not stored or transmitted to anyone. Everything stays on the device and the information is basically converted to a key. An image of your face is not stored, nor is an image of your fingerprints. The data is used to make a key, that's it. It either matches or it doesn't based on the datapoints, not an actual image.

Also, if you travel to foreign countires, a lot of them will fingerprint you and store the actual fingerprints that can be shared with anyone world wide. How secure do you think their information really is?

Law enforcement agencies, governmental bodies such as the Home Office, and agencies responsible for national security have long held personal and biometric data including fingerprints, blood types, and eye colour, height, etc. The level of security surrounding this data remains irrelevant, as it is an unavoidable aspect of living in society. Alternatively, the only other option would be to live in the jungle.

However, generally speaking, such agencies are perceived as more secure due to their full accountability and the requirement for compensation in the event of system failures or misused.

When individuals have no alternative, such considerations are irrelevant in decision-making. However, for banks and fintech companies, numerous alternatives exist. Also, it is common sense that storing such data across multiple devices increases the risk of getting stolen. Mobile devices and phones are easily lost, particularly in public places.

 

[pantaiema]

HSBC in the US requires min balance of $75,000. They closed their retail banking with account below $75,000. But with this premier account in the US you can open account in Indonesia as premier as long as you keep the min amount in the US. You can transfer between account under your name for free.
I would suggest you open in USD and Rupiah in Indonesia, and transfer incoming in USD, then convert to your Rupiah account. This way you will save with good conversion rate between your dollar and Rp account.
Last time I called HSBC Indonesia, they only required passport and Kitas/Kitap.

HSBC's or other international/global banking services will typically require a substantial minimum balance, or else customers may need to pay a hefty maintenance fees. However, it's important to note that this bank is not headquartered in Indonesia or the UK so they are not a subject to the regulators in those countries. The situation differs with HSBC and BCA in Indonesia. The types of accounts available to foreigners (WNA) in Indonesia will typical different from those for local citizens (WNI), it's likely that WNA will face higher maintenance fees due to the type of their accounts.

I called HSBC as a WNA, that's why they asked for passport and Kitas/Kitap.
As for BCA for WNI, I thought WNA also can open without NPWP.
Hmmm...

Many banks have changed the requirement, see the images below for examples.

 

[pantaiema]

So, what are the requirements for WNI (opening a premier bank account in Indonesia) regarding minimal balance? Is it the amount mentioned in post #82? 1 billion rupiah.

For HSBC expat Account, at least £50k or Regular income of £100k

For HSBC Expat Account

 

[snpark]

That is the MINIMUM balance
We are talking about when you sit there and sign and they say ok how much you want to put in today, and they will say you can open the account now with 1jt cash (example)
But as I and others have repeatedly said yes for the MINIMUM balance that is different, or you get the fees etc

But at the exact time of opening unless you have $50k in your trousers, you will need the account number to be able to transfer the min balance
So when you open it, to generate the number etc you have to deposit SOMETHING at the time, even if it is just 1jt etc

Min balance is different yes and also subject to their interpretation, maybe it is worked out annually, if you have $100k for 10 months and zero for 2 months they will not charge the fee

Same with credit card fees, spend enough and they will cancel the annual fee, even Amex do that for their Platinum card, the fee is $2,000 but if you spend x amount in the first 3 months they will cancel it, some sort of promo I remember

Depends on your relationship with the bank obviously and how much you have with them or spend on the cards

 

[snpark]

For HSBC expat Account, at least £50k or Regular income of £100k
View attachment 3946
For HSBC Expat Account

What is the Expat account? Is that from HSBC Indonesia? They only have Advance and Premier here?

 

[jstar]

On a current account, not even a savings? No way I’d let £50K / $100K / whatever stand there idle without any substantial interest.

 

[snpark]

HSBC very very pelit on interest, mostly their accounts are % apart from the high rate internet account which is only like 3%
Thats why bonds were good, ORI11 etc

Anyway 1jt to open Advance and the monthly is 100rb unless you have 50jt in there, so for advance they want you to keep min balance 50jt but they charge you 100rb a month if you dont keep that (on average)

Total RelationshipBalanceTotal Relationship Balance (TRB) of minimum Rp. 50.000.000,-Monthly fee of Rp. 100.000,- if TRB less than the minimum amount.• Opening balance : Rp. 5.000.000,-• The fee will be waived if the average monthly Total Relationship Balance isequal to or more than equivalent of Rp. 50.000.000,- for HSBC Advancewww.hsbc.co.idTariff and ChargesCurrent Accounts Indonesian Rupiah Current Account• Opening balance : Rp. 1.000.000,-• Account closure fee : Rp. 50.000,-

Couldn't see any "expat" account?

 

[snpark]

 

[pantaiema]

What is the Expat account? Is that from HSBC Indonesia? They only have Advance and Premier here?

The requirement for Primier account is available from their website and you have posted in in Post #82

HSBC Premier | Privileged Banking Benefits - HSBC Indonesia

Explore HSBC Premier’s exclusive privileges. With tailored financial solutions, global Premier status and lifestyle offers, we’re here for you at every step.

www.hsbc.co.id

Typically the financial requirement quite the same across the countries as there is a mutual recognition. But as a WNA in Indonesia people do not need a Premier Bank account to have a Bank account for daily banking In Indonesia.

 

[snpark]

0 - < IDR 5 mio​	0.00%
IDR 5 mio - < IDR 100 mio​	1.00%
IDR 100 mio - <= IDR 2 bio​	2.75%
> IDR 2 bio - < IDR 5 bio​	3.25%
>= IDR 5 bio​	3.75%

Interest for HSBC High Rate Savings Account is calculated daily based on the daily balance using the daily interest rate (annual interest rate divided by 365 (three hundred sixty five) days). The interest charged is the accumulated interest that is calculated on a daily basis based on interest calculation cycle*. Zero (0%) interest will be applied to the Customer's HSBC High Rate Savings Account on the days wherein the Customer's account balance is below IDR 5,000,000 (five million rupiah)

 

[snpark]

The requirement for Primer account is available from their website and you have posted in in Post #82

HSBC Premier | Privileged Banking Benefits - HSBC Indonesia

Explore HSBC Premier’s exclusive privileges. With tailored financial solutions, global Premier status and lifestyle offers, we’re here for you at every step.

www.hsbc.co.id

Typically the financial requirement quite the same across the countries as there is a mutual recognition.

But what is the "expat account" is that in Indonesia or another country?

 

[Will_M]

HSBC Expat account is managed out of Jersey I believe. Nothing to do with Indo at all. You still have to register NPWP and provide bank statement or utility bill as proof of residency before they’ll open the account.

The initial deposit can be transferred to InvestDirect portal to buy and sell shares.

 

[pantaiema]

HSBC Expat account is managed out of Jersey I believe. Nothing to do with Indo at all. You still have to register NPWP and provide bank statement or utility bill as proof of residency before they’ll open the account.

The initial deposit can be transferred to InvestDirect portal to buy and sell shares.

As mentioned previously, yes in Jersey channel island. That is to avoid the local banking regulation.

An HSBC expat account available to anyone across the globe wherever you are including Indonesians WNI or WNA and those who reside in Indonesia if they need it and meet the financial requirement.

But what is the "expat account" is that in Indonesia or another country?

An HSBC expat account is based in Jersey channel island and available to anyone across the globe wherever you are including those who reside in Indonesia. But those WNA, expat in Indonesia you do not need expat or Premier account if it just for daily banking in Indonesia.

 

[Samoerai]

But those WNA, expat in Indonesia you do not need expat or Premier account if it just for daily banking in Indonesia

Why not? Expats travel a lot ... having different currencies at a bank account is handy?

 

[pantaiema]

Why not? Expats travel a lot ... having different currencies at a bank account is handy?

It will vary based on individual situations. Having an HSBC expat account can eliminate the hassle of repeatedly opening new bank accounts in different countries when relocating frequently in relatively short duration. Also it will cover all travel money they need in different currencies as typically the transaction cost is low.

But for many individuals, there are preferable options than locking their money away and earning interest a pittance. If it's solely for travel money, there are debit/credit cards with no foreign transaction fees available with Master/Visa exchange rate; a few are even offering cashback, so you get paid using it for purchase. In addition there is nothing to prevent people to open a local Bank AC for daily use in the country they are currently residing.