The show has started

[pantaiema]

The show has started. Crowds Gather in Front of the Indonesian House of Representatives, Aid Post Established, and Supplies Continue to Arrive

 

[pantaiema]

The updated situation in front of parliament building

 

[pantaiema]

They have started blocking the bank accounts of people who participate in demonstrations. This is another indication of how risky it can be to keep a large portion of your money in Indonesian banks.

Some people may argue that these individuals are demonstrators, but it is important to note that participating in these demonstrations is not necessarily illegal. A bank should only be able to restrict or block access to someone’s account if there is a contractual basis in its Terms & Conditions and/or a valid court order or other legal authority. Also do not expect the Indonesian ombudsman will do their job to protect the consumers. Add that with political sycophants such as this indonesian Minister of human right, Natalius Pigai, who said blacking someone bank account does not contravene the human right. Imagine if access bank account is access to someone lifeline such as hospitalisation, food on the table for households

blokir rekening tidak melanggar ham? 🗿 #satire #beritaterkini #pigai #mandiri #blokirrekening

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

www.youtube.com

This is particularly relevant when considering the amount of money that some people are required to place with Indonesian banks for residency programs. For example, the Golden Visa E33 may require a US$130k deposit with a state-owned bank.

What happens if the bank suddenly restricts access to that money for whatever reason? You could potentially find yourself unable to access a significant amount of your own funds.

This is not entirely hypothetical. About a year ago, Indonesian banks reportedly began blocking accounts that had been inactive for more than six months. While it was possible to have the accounts unblocked, there could be an unblocking fee, you will need to it in person, and the bank could potentially refuse or delay the request indefinitely. I personally know a few people get caught in this situations.

The broader point is that, unless you have no other option, putting a large amount of money into an Indonesian bank carries a level of access and regulatory risk that should not be overlooked, especially when the funds are required to remain there for a residency or investment-related purpose.