Banking

[Om DelOreo]

Are there any laws about foreigners and banking, such as getting a bank account or getting a bank loan?

 

[jstar]

.
Yes, to avoid money laundering and take measures against speculation on the rupiah, the banks were only allowed by regulation to open accounts for people residing in Indonesia. This was interpreted as having a KITAS/P. After that, to make sure the banks would face less risks, Bank of Indonesia (BI) introduced the mandatory 'know your customer' program whereby it even got more complicated to open an account. Among others, a NPWP (tax ID number) became necessary.

Now there has been a communication via the OJK (Otoritas Jasa Keuangan) that the BI will allow (frequent) visitors to open bank accounts but they should contain between $2.000 and $50.000. If more, a residence permit is necessary. Of course all is difficult to figure out since as usual, their websites don't get updated etc.

 

[Zavia]

If we leave indo, can we keep the account n stuff?

 

[jstar]

You want the official version or the fact they will never ask and probably never find out?

 

[Zavia]

both?
Like ramifications and atcual practices if possible.
I may be leaving indo for a year next year.

 

[jstar]

If you're on KITAP you're allowed to be gone for just under a year. For the banks there is no issue whatsoever if you return again of course. And they simply don't check nor do they ask for updates. We have stayed outside of RI for much longer periods. And I know people who after 10 years abroad still have their accounts. But if you have an EPO and lose your KITAS, officially you're no longer domiciled in RI so theoretically you could not keep your account.