INFORMATION AND COMMUNITY FOR EXPATS IN INDONESIA
How do you guys invest?
- Thread starter Ruserious
- Start date
I agree for blocking all of the VPNs it is highly unlikely. What I am thinking is that they might only do that for a very critical issue such as national security, supporting separatism, etc. But it is too small and not worthy to do that just to block access to offshore account, preventing capital flight.
It is structurally simple for VPN providers to reroute traffic. So if the Indonesian authorities naively starts clamping them down, it will trigger an endless cat-and-mouse game. The VPN Providers won't give up easily, the higher the censorship, the more demand skyrockets, giving them a massive financial reason to maintain their service.
For international tourists, they might still do it without access to their account online. For instance withdrawing money using foreign and credit & debit card via Indonesian ATM network. They could also call their overseas bank via telephone banking.
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Helpful Herbert
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- Mar 24, 2019
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What you write doesn't make any sense. You seem to think that Indonesia is capable of blocking all the thousands of banks and trading platforms worldwide, and also all VPNs? And that they would want to?
While anything is possible, for example in a very high surveillance society like China or North Korea, the chances of that happening in Indonesia are so small as to be irrelevant.
Technically, they have the ability to block access as much as they want and not that hard to do that. But I never suggested they would block 'all the thousands of banks and trading platforms worldwide, and also all VPNs' especially since doing so it would also cause self harm and economic damage.
They have been blocking access to hundred of apps, trading platforms in the past, and you never know which platforms they’ll block next, and it might end up being yours, so having a plan B is just important to know.
Don't forget that using an account outside its allowed region usually breaks the platform's T&C. Since these providers aren't licensed by the OJK/Bappebti, you won't have a leg to stand on if your account gets flagged or shut down.
Someone confidently claim that
"You can't block a phone application for a bank. Trading your securities is a feature built within the bank website or app'
USA Versus China in Science & Technology
Interesting fact, even with 300mill peeps here, Amex cannot even issue 5,000 platinum cards yet I know because I know the PD and asked her when will they do Centurian even issued through SG, she said we have to issue 5,000 platinum cards first before we are allowed black, so even with all the...
www.expatindo.org
If you rely on that logic to assume your offshore apps are safe, especially from someone who worked in financial industry for decades in the past, you're mistaken. It's technically not that hard to do it, and indonesian authorities have already done it in the past . There are multiple ways to implement it and access can be cut off at the account, institution, or network level even if the app itself remains technically installed.
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Aren't you a bit too much paranoid ?From these links
USA Versus China in Science & Technology
Interesting fact, even with 300mill peeps here, Amex cannot even issue 5,000 platinum cards yet I know because I know the PD and asked her when will they do Centurian even issued through SG, she said we have to issue 5,000 platinum cards first before we are allowed black, so even with all the...People talk about using offshore bank and trading accounts, but no one discusses a backup plan for when Indonesian regulators (OJK, Bappebti) inevitably block them. Past experience shows these technical blocks are easy to implement and very plausible. Just because an account is accessible today doesn't mean it will be tomorrow.How do you guys invest?
I hear that some kind of substance in wine that can reduce noise sensitivity. Needs approximately a bottle though to hear (or not hear) the effect though. Some people (like me) needs less, some people need more. It's called cork. One in each ear
Additionally, operating an account outside its approved jurisdiction often violates the broker's Terms & Conditions. If your account gets flagged for this, the platform isn't at fault, and you won't have access to ombudsman protection.
Ad-hoc workarounds like (post #787) placing trades while travelling or having family abroad execute them via WhatsApp messaging are too slow. Also you are relying on your next trip outside Indonesian territory and/or other people to manage your trading. Trading demands instant execution and making overseas trip and/or third-party dependency is a major risk.
I read from other forums and social media that some people in Indonesia are using VPN to bypass restriction. If the authorities block one VPN they will switch it to another VPN which has not been blocked. It is relatively easy to switch the VPN but not so easy to switch the offshore Banks, Trading accounts. But this solution is not ideal either.
Does any practical contingency plans still exist if access to offshore accounts from Indonesia is cut off?
At the moment it are mainly the US and EU who block accounts, seize accounts and property, block access to the SWIFT system etc..for people they have decided they don't like. Russians for exemple...
