Indonesian bank - can a foreigner living in Thailand go to Indonesia and open a savings account ?

[john donson]

interest rates at 5.75% 

 

is it as difficult or even more, to open an account there on their tourist visa ?

 

5.75% would make me a very happy person financially, compared to 0.9% what TH banks here give

 

please reply if you managed to open one ... yes Cambodia at 8% blabla...  UK at 5 and same for US, Australia not the topic, not from there, not a resident in either

[IgboChief]

Traveling to ID often and earning money there: You can't unless you can show residence permit and tax certificate.

Different rules may apply when you fall into a high asset category.

 

Secondly, you shouldn't. Interest Rates reflect the Issuer Risk as well as the FX Risk. Last but not least you may find it difficult to repatriate your money.

[IgboChief]

Just now, IgboChief said:

Traveling to ID often and earning money there: You can't unless you can show residence permit and tax certificate.

Different rules may apply when you fall into a high asset category.

 

Secondly, you shouldn't. Interest Rates reflect the Issuer Risk as well as the FX Risk. Last but not least you may find it difficult to repatriate your money.

Btw, Revolut just offered (me) 5% p.a. for a GBP deposit account. This may be a much more interesting alternative.

[JoseThailand]

27 minutes ago, IgboChief said:

Traveling to ID often and earning money there: You can't unless you can show residence permit and tax certificate.

Different rules may apply when you fall into a high asset category.

 

Secondly, you shouldn't. Interest Rates reflect the Issuer Risk as well as the FX Risk. Last but not least you may find it difficult to repatriate your money.

A lot of tourists open savings accounts in Bali (e.g. at Permata). Don't know about other parts of Indonesia.

[IgboChief]

45 minutes ago, JoseThailand said:

A lot of tourists open savings accounts in Bali (e.g. at Permata). Don't know about other parts of Indonesia.

I seriously doubts that. ID is not Thailand, they stick quite strictly to the rules especially in banking.

 

From https://ownpropertyabroad.com/indonesia/bali/open-bank-account-in-bali/:
 

Quote

Foreigners need a residency permit (this can be KITAS or KITAP) to open a local bank account in Bali. They also need to show their passport and proof of residence in Indonesia. Some banks may as well ask for the following:

• Passport-sized photograph (4cm x 6cm)
• Residence contact number
• Domicile letter
• Bank certificate issued in your country of origin
• Letter of recommendation from your employer
• Existing debit or credit card

This was only the first link I found.

[JoseThailand]

5 hours ago, IgboChief said:

I seriously doubts that. ID is not Thailand, they stick quite strictly to the rules especially in banking.

 

From https://ownpropertyabroad.com/indonesia/bali/open-bank-account-in-bali/:
 

This was only the first link I found.

That can be easily circumvented with an assistant for a fee. Lots and lots of Russians open accounts in Bali, I know this for sure. A friend of mine opened an account there. It's absolutely not an issue.

[Lemsta69]

Are you planning to escape the "new tax law" by fleeing to Indo too? I'm looking at Bali for 180 days using the B211A visa should it come to that.

 

Heck I might just do it anyway next year for the change of scenery.

[Lemsta69]

2 hours ago, JoseThailand said:

That can be easily circumvented with an assistant for a fee. Lots and lots of Russians open accounts in Bali, I know this for sure. A friend of mine opened an account there. It's absolutely not an issue.

Thanks for the info comrade ????

[john donson]

thanks for all the info

 

more % for savings would be a nice start

 

add a local GF even nicer