OCBC account opening - reference letter

[sumyunggai]

Anyone familiar with this bank?

I wanted to open an account with them as they have good foreign currency facilities but they said I needed a letter of reference from my employer (don't have one - spousal KITAP) or an existing WNI customer.

I am not sure if this is a policy everywhere or just something from the local branches I tried?

 

[jstar]

I am personally only familiar with their Singaporean branches, but I know there are some forum members who have OCBC accounts in Indonesia. (Search forum.)

The thing is that banks can really ask whatever they want and make it difficult for potential customers. Money is cheap nowadays and interest rates of the central banks often negative.

So there's not a lot you can do besides shopping around, or have your spouse open an account. Other banks often will ask you for NPWP btw.

 

[snpark]

Or get your spouse to write a letter. And mention you do not want credit facilities. Only savings and deposit and current account

 

[atlantis]

I am not sure if this is a policy everywhere or just something from the local branches I tried?

It is not uncommon from banks here, albeit they usually just ask a letter of reference from a customer of the branch, regardless of the fact that s/he is WNI or WNA.
In Maybank, in Permata and in Bukopin where I had/have accounts they have asked to potential customers I introduced them a letter of reference, telling tham that I (WNA) could sign it since I have/had accounts in these banks

 

[Euc-]

We got corporate accounts with them, Indonesia and Singapore. Customer service and convenience they’re OK, online banking system lightyears ahead of BCA.

Can’t be of much help re the letter though.

 

[sumyunggai]

well I eventually got it done in the third branch. You have to kind of be aware of what they want, i.e. more than what they say online, which is just KITAS/KITAP - I had a surat domisili, and they asked lots of questions like global net worth. Also it's probably best not to tell them you want to stick 1M in immediately or whatever. Also probably best not just before closing as it takes a while.

I got a Mastercard debit card & a pointless Indonesian domestic payment card because the government says so.

FWIW, the exchange rates:

USD +-0.25%
SGD +-0.35%
AUD +-0.66%
EUR +-0.50%
JPY +-0.80%
HKD +-0.55%
CAD +-0.58%
GBP +-0.61%
CHF +-0.50%
CNH +-1.74% (!!!)
NZD +-0.73%

These exchange rates can certainly be beat (e.g., Panin is ~+-0.25% for GB£ or SG$, and 0.1% for US$), but they are mostly not ludicrously set-fire-to-your-money-like-an-idiot bad like HSBC, which will nab +-2.1% even for US$. I believe you can transfer to another account in the same currency at a different bank in Indonesia.

I imagine that the spreads will stay fairly or entirely constant.

It does cost 100,000 rp in effect to open the account, I am not yet clear if each currency you use incurs a similar fee (10US$/EUR/GBP/CHF, 20AUD/SGD) or if this only applies to the main account.

Interest rates currently:

HK$, GB£, C$, NZ$, EUR, JPY: 0
US$/A$: 0.25% above $10k, 0.5% above $100k
SG$: 0.1%
CNH: 0.5%

I am currently trying to locate my IBAN....

 

[sumyunggai]

apparently no IBAN needed or available.

I just sent a small sum of money to test and a small fee was deducted but they have not yet been able to explain where it has come from. So I am waiting for a proper explanation on that.

Separately there are also 'telex fees'

$25/€20/A$30/£15/HK$300/S$25/CNY200/C$25/15CHF/NZ$45/JPY4500

I don't know if these would apply to send say $ from OCBC Indonesia to another $ account in Indonesia.

 

[jstar]

What do you mean with 'trying to locate my IBAN'?

Indonesian of course follows the SWIFT (=BIC) + acccount number only system. Sometimes, depending on the bank, they need a branch code. That can be glued to the BIC or sometimes, depending on the online banking system you're using abroad, in a different field or in front of the account number.

If you send funds from one Indonesian bank to another, you normally have to pay a small fee. So unlike inter banking in Europe, it is not free! Only intra banking is, that's why many people and most shops and companies have BCA, Mandiri etc. where their customers can pay to.