"Money Matters" Top 5 Page for this destination Bali Favorite Tip by balisunshine
Bali General: 67 reviews and 107 photos
Favorite thing: Which and what bank to open an account?
Some banks will not allow foreigners
to open accounts unless they have a Kitas.
There are others like Permata Bank,
where you can open an account in
Euros, USD and in Rupiahs.
Interest rates are normal here.
You can get an ATM card and
have access to your account on the internet.
They will ask you to state how much
you plan to deposit into your account per month.
If you deposit more....apparently it is considered money laundering.
Note: Indonesia has been a haven for money laundering.
At PT. Central Kuta,
I have seen many foreigners open up an account here.
You can have an account in Euros, USD, and Rupiahs.
They can be savings or checking accounts.
But NOTE: not all places appreciate you paying by check.
I have insisted in paying by check
to all things dealing with construction to justify
where the money is spent...just incase.
Within the same day that I pay them by check,
they go directly to the bank to withdraw the money.
They don't go by depositing it in their account.
From what I have seen, Pt. Kuta Central is
one of the best places to
get a good exchange rate.
So if you are planning to transfer a
substantial amount of money
for investment purposes,
have it sent into the account of the currency,
and then exchange it at a peak moment.
Interest rates are higher here than in normal banks.
The only issue here is,
the transfer is not made in your name,
but to the owner of Kuta Central.
Kuta Central is not an official bank,
but a meny exchaneger.
the higher interest rates given,
higher exchange rate and less bank fees.
Fondest memory: Here are some quotes that I found on the forums
concerning the subject:
If you anticipate the need to have funds transferred to Bali,
open an account here in your currency.
Otherwise the bank will eat you up with
the exchange rate if you have a Rupiah denominated account.
Get your money from the bank here in your currency
and go to a good money changer.
Be selective in the bank you use -
many of them are about to collapse.
That's another Indonesian scandal.
An Unsafe Deposit
Because of the theft and misappropriations mentioned above,
the government created the
Indonesian Bank Redevelopment Board (IBRA)
to merge some of the insolvent banks.
The members of this board have also dipped into the till.
We used BCA which is the largest privately owned bank in Indonesia,
but I'm not sure it was a particularly safe choice.
At any rate, don't use the small, local banks.
Seems simpler to just continue with your current account
and arrange with your present bank to do a wire transfer
to an account you establish here when you request them to do so.
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