more than $10,000 USD deposited in to account from abroad

[NicheAsian]

I have around $40,000 USD deposited in to my indonesian bank account from a foregin bank account. My bank in indonesia tells me i need to report it by filling in some LLD1, and RTE in their attached excel sheet as the amount deposited exceeds the $10,000 USD limit from overseas. LLD1 seems to be clear to fill in, but I have no idea what they are even asking to fill in for RTE section.

Does anyone have any experiences on this ? So confusing because the RTE section seems to be all in indonesian and not very clear. I will appreciate the assistance.

 

[marcus]

... My bank in indonesia tells me i need to report it by filling in some LLD1, and RTE ...

From the articles below , I understand that it is the bank's responsibility to fill these reports to present to the Indonesian Central Bank (BI) .

as the amount deposited exceeds the $10,000 USD limit from overseas.

I don't know about that .

... I have no idea what they are even asking to fill in for RTE section.

from reference (2) below
The RTE report is additional data and information on the transaction report and/or the DHE SDA Special Account transaction report with the purpose of transactions related to the following Export activities:
a. Export of goods;
b. Export refunds;
c. goods processing services;
d. goods maintenance and repair services;
e. operational leasing;
f. financial leasing;
g. settlement of account balances (netting) related to Export;
h. DHE withdrawals from overseas accounts;
i. advance payments paid in full; and
j. advance payments paid in part.

Does anyone have any experiences on this ?

It is my first time I hear about these reports .

------------------------------------------

(1) From https://bicara131.bi.go.id/knowledgebase/article/KA-01069/en-us (Bank Indonesia - Indonesia's Central Bank)
Title : Foreign Exchange Traffic - Bank (LLD-Bank) - free translation

Who has to report LLD-Bank : The reporter of LLD Bank is all head offices of banks ...


(2) From https://www.perdania.co.id/media/45...kegiatanpluslldplusbankplusdanplusnasabah.pdf (REGULATION OF THE BOARD OF GOVERNORS MEMBERS no. 21/28/PADG/2019 DATED DECEMBER 31, 2019 , CONCERNING MONITORING OF TRAFFIC ACTIVITIES OF BANKS AND CUSTOMERS) - free translation

... Reporting of LLD activities by Banks is intended to obtain data and information on LLD activities correctly and on time which is needed for the preparation of Indonesian Balance of Payments (NPI) statistics, Indonesia's International Investment Position (PIII), and other statistics.
In addition, reporting of LLD activities by Banks is also intended to support the implementation of provisions on DHE and DPI...

Bank LLD Reports include transaction reports, position reports, and supporting reports from all operational offices of the Bank domiciled in Indonesia...

Supporting reports consist of:
a. RTE reports;
b. DPDP reports;
.......

 

[Shadrach]

From the articles below , I understand that it is the bank's responsibility to fill these reports to present to the Indonesian Central Bank (BI) .

I don't know about that .

from reference (2) below
The RTE report is additional data and information on the transaction report and/or the DHE SDA Special Account transaction report with the purpose of transactions related to the following Export activities:
a. Export of goods;
b. Export refunds;
c. goods processing services;
d. goods maintenance and repair services;
e. operational leasing;
f. financial leasing;
g. settlement of account balances (netting) related to Export;
h. DHE withdrawals from overseas accounts;
i. advance payments paid in full; and
j. advance payments paid in part.

It is my first time I hear about these reports .

------------------------------------------

(1) From https://bicara131.bi.go.id/knowledgebase/article/KA-01069/en-us (Bank Indonesia - Indonesia's Central Bank)
Title : Foreign Exchange Traffic - Bank (LLD-Bank) - free translation

Who has to report LLD-Bank : The reporter of LLD Bank is all head offices of banks ...


(2) From https://www.perdania.co.id/media/45...kegiatanpluslldplusbankplusdanplusnasabah.pdf (REGULATION OF THE BOARD OF GOVERNORS MEMBERS no. 21/28/PADG/2019 DATED DECEMBER 31, 2019 , CONCERNING MONITORING OF TRAFFIC ACTIVITIES OF BANKS AND CUSTOMERS) - free translation

... Reporting of LLD activities by Banks is intended to obtain data and information on LLD activities correctly and on time which is needed for the preparation of Indonesian Balance of Payments (NPI) statistics, Indonesia's International Investment Position (PIII), and other statistics.
In addition, reporting of LLD activities by Banks is also intended to support the implementation of provisions on DHE and DPI...

Bank LLD Reports include transaction reports, position reports, and supporting reports from all operational offices of the Bank domiciled in Indonesia...

Supporting reports consist of:
a. RTE reports;
b. DPDP reports;
.......

They want to make sure it's not illegal Money! But what if the guy is not doing any Export business. Why fill out an export form?

 

[harryopal1]

Sorry, can't help with your enquiry but sending more than $10,000 in one transfer has been the trigger. Austalia has a rule that banks must report any transactions above $10,00 so that checks can be made to see if money laundering or criminal activities involved.

 

[Hawk256]

Sorry, can't help with your enquiry but sending more than $10,000 in one transfer has been the trigger. Austalia has a rule that banks must report any transactions above $10,00 so that checks can be made to see if money laundering or criminal activities involved.

Same in the US. Any cash transfer or deposit over $10,000 requires a lot of paperwork so that they know exactly where it is coming from. Gives the government double protection from illegal activities and/or tax fraud. If taxes are due on that money, they want their cut.

 

[pantaiema]

I have around $40,000 USD deposited in to my indonesian bank account from a foregin bank account.

I am starting to wonder if this is a genuine query or just a winding up question considering this

pinjol for foreigners

Does anyone know if there are pinjols who loan for foreigners ? Not like banks, but like pinjols illegal with high interest rates, as all the pinjols seems to be tailored to nationals. If anyone knows any, could you kindly let me know or message me ? As money is in the life / death situation at...

www.expatindo.org

" .... As money is in the life / death situation at the moment for me". The OP already has around $40,000 deposited in Indonesian bank account while seeking 'pinjol' which is almost certain the limit is much lower than USD10k and much higher interest. And definitely the op is still alive as he is still able to write this post.

Another one is this ..
https://www.expatindo.org/community/threads/cc-late-payments-and-interest-charges.7904/ CC Late payments and interest charges
It was stated that the minimum payment is IDR 24,300,000 for a balance of IDR 50m (almost half), which is very unusual, unless they assume the person might try to flee and avoid their obligation. Additionally, it's highly likely that the interest on a credit card is much higher than that on savings, so there’s no sensible reason to save instead of clearing the credit card balance.

Although I am quite knowledgeable about banking, finance, and investing product, I may have missed something and could learn something new from this case.

 

[NicheAsian]

I am starting to wonder if this is a genuine query or just a winding up question considering this

pinjol for foreigners

Does anyone know if there are pinjols who loan for foreigners ? Not like banks, but like pinjols illegal with high interest rates, as all the pinjols seems to be tailored to nationals. If anyone knows any, could you kindly let me know or message me ? As money is in the life / death situation at...

www.expatindo.org

" .... As money is in the life / death situation at the moment for me". The OP already has around $40,000 deposited in Indonesian bank account while seeking 'pinjol' which is almost certain the limit is much lower than USD10k and much higher interest. And definitely the op is still alive as he is still able to write this post.

Another one is this ..
https://www.expatindo.org/community/threads/cc-late-payments-and-interest-charges.7904/ CC Late payments and interest charges
It was stated that the minimum payment is IDR 24,300,000 for a balance of IDR 50m (almost half), which is very unusual, unless they assume the person might try to flee and avoid their obligation. Additionally, it's highly likely that the interest on a credit card is much higher than that on savings, so there’s no sensible reason to save instead of clearing the credit card balance.

Although I am fairly knowledgeable about banking, finance, and investing product, I may have missed something and could learn something new from this case.

A genuine question

 

[Brian86]

Same in the US. Any cash transfer or deposit over $10,000 requires a lot of paperwork so that they know exactly where it is coming from. Gives the government double protection from illegal activities and/or tax fraud. If taxes are due on that money, they want their cut.

Yes, there's a form, but if you're depositing at a bank they fill it out and the most the require o the customer is one or two questions about the origin of the funds. It's not "a lot" of paperwork.

 

[Shadrach]

Sorry, can't help with your enquiry but sending more than $10,000 in one transfer has been the trigger. Austalia has a rule that banks must report any transactions above $10,00 so that checks can be made to see if money laundering or criminal activities involved.

I didn't see the person said they deposited the money all in one transaction. Did I miss something? This $10,000 rule also applies to Flying international from The States. Maybe the same from Australia too, I don't know. This is all really a bunch of BS, because the real criminals are so Rich, they hire a bunch of Tax Lawyers, and figure out ways to hide their money, through owning Shell companies, or putting the money in Offshore accounts, etc.
I read, that Elon Musk pays less Tax, than an Everyday Doctor, or the equivalent! The system in America has been giving Huge Tax breaks to the Rich and The Corporate leaders, for a while now, and making the working class make up for it. This is the True Criminal Activity!!
And we worry about $10,000 or $40,000, when these Oligarchs laugh all the way, as they Fly in their Private Jets, all the way to their Private Islands,

 

[Hawk256]

Yes, there's a form, but if you're depositing at a bank they fill it out and the most the require o the customer is one or two questions about the origin of the funds. It's not "a lot" of paperwork.

I don't know if there are different from for different types of transactions but I had to fill out 2 full pages to close out a business account that had a little over $100,000 in it. I assumed they were all the same.