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  • Banks of Indonesia

    Hi!

    So I am going to land in wondrous Jakarta in early January and among numerous settlement issues opening a bank account is often an important one. So I have come here to beg your precious help and advices about that matter

    So according to you, which local bank offers the best customer service?
    Which one is the most widely spread across the country? (I may work for a while at Kalimatan too)..
    .. Is HSBC bank a better option than a local bank?

    Thank you!
    Last edited by CanardEnchaine; 25-11-10, 23:04.
    [COLOR=darkslategray]Most people would like to be delivered from temptation but would like it to keep in touch[/COLOR]. Robert Orben

  • #2
    Hi. i think Citibank is better than hsbc. For local bank, you can consider Bank Mandiri, CIMB Niaga, and then BCA.

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    • #3
      depends on what you need, are you going to use it here a a lot? if so you'd better use BCA, Mandiri, or BNI. there are several branch of BNI abroad. HSBC is quite big as well but the atm arent well spread btw..
      If people say something bad against you, don’t be offended. Remember: "A dog doesn’t bark if he knows the person!"

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      • #4
        I really liked BCA and the number of ATMs and branches. Now I've got BII (because that's what my company uses) and so far, it's been crap. Actually, I couldn't even get an account with them for the first 2 years because my passport signature doesn't match my normal signature. I tried at least 5 times before giving up for a while. The ATMs are few and far between, and customer service is lacking.

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        • #5
          Choosing a bank (or banks) sometimes depend on which service(s) is/are important to you . In general the Indonesian banks have low fees (usually lower than international banks) , good customer services (similar to the international ones) and account cards which you , normally , can use in ATMs from other banks (free of charge in many cases) , throughout Indonesia ( most banks in Indonesia share their ATMs through associations named "Bersama" and "Alto") .
          Some examples of banks I would choose for :

          1) Cheap foreign currency exchange service for receiving/sending money transfers from/to abroad (also consider item 3 below ) : Panin Bank (http://www.panin.co.id)

          2) Day-to-day saving account with a good interest rate :

          a) With ATM card : Standard Chartered Bank (eSaver , for Rp10 Juta minimum , 6% per year) ,

          b) Without ATM card : I found a rural bank (BPR) which pays 7.5% per year , without minimum balance . I found a Credit Union which pays 8.5% per year .

          3) Banks with an internal system for international money transfer between 2 accounts of the same bank : HSBC , Standard Chartered Bank , Citibank , ...
          As these banks have normally an expensive retail currency exchange service , the tip is to get foreign currency account there , withdraw foreign currency's cash (normally without fee up to a certain limit) , and exchange the foreign cash in good money changers :
          http://www.gmc.co.id (money changer in Bandung)
          http://vip.co.id/ (money changer , Jakarta)
          http://www.livinginindonesiaforum.or...4619#post94619 (post 26, money changers in Jkt)
          http://www.dolarindo.com/ (same)
          http://www.livinginindonesiaforum.or...846#post309846 (post no.11 , money changers in Bali)

          4) Credit card : BCA , Bank Mega/Carrefour , ..

          5) Investment in funds (money market , bonds , stock , ..) : HSBC , Mandiri , BNI , BCA , ABN-Amro/Royal Bank of Scotland , Commonwealth , ...

          6) Receive salary in foreign currency : (see items 1 and 3 above) .

          7) Investing in fixed rate deposit certificates : As suggested by Atlantis at http://www.livinginindonesiaforum.or...0-Term-deposit , post no.8 ,
          Bank Perkreditan Rakyat (BPR) type ( Rural Bank type ) is the type of banks which can offer higher interest rates and still be warranted by the government if they go bankrupt . Now (August 2011 , normal banks are warranted for interest up to 7.25% per year , and rural banks are warranted for interest up to 10.25% per year , so a big difference).
          I found a BPR paying , for deposit certificates of one month , 9% for Rp50 Juta , and 10% for Rp100 Juta .

          Note : Rates/interest change all the time so the above rates are to be used as relative reference only .
          Last edited by marcus; 27-02-15, 12:49.

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          • #6
            Any place except HSBC. Mandiri has a full range of internet and ATM features, but their customer service sucks. (That's not much of an inditement though because customer service is universally bad.) Panin has better exchange and savings rates, but few ATM's and more limited internet service. BNI and BCA are comparable to Mandiri, so I hear -- I don't have accounts at either.

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            • #7
              I have really enjoyed my time--so far--using BCA. Their people are always kind and helpful, they do not charge ATM fees and I can use my US Visa Debit Card with minimal conversion fee.

              They also have a pretty easy online bill pay for most major utilities as well as Cell Phone, and Airplane tickets etc.
              Last edited by cup1981; 26-11-10, 14:18.

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              • #8
                I use HSBC (UK), BCA and BNI.
                BCA is more popular with ease of using the debit card in supermarkets but BNI usually has far shorter queues at ATMs.
                Why not have two accounts?

                PS - You can't have any until you have a KITAS.

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                • #9
                  Originally posted by Mas Fred View Post
                  PS - You can't have any until you have a KITAS.
                  And a KTP... Which proves difficult to get in my case grrrrrrrr......

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                  • #10
                    Thank you for your advices. BCA looks like the better option then

                    Originally posted by Mas Fred View Post
                    I use HSBC (UK), BCA and BNI.
                    BCA is more popular with ease of using the debit card in supermarkets but BNI usually has far shorter queues at ATMs.
                    Why not have two accounts?
                    I already got a HSBC account from England I will try to manage it from France and see whether it is possible to make that transfer.
                    Yes that's rather intricate, Banking looks often opaque from a customer point of view

                    And a KTP... Which proves difficult to get in my case grrrrrrrr......
                    So we need KITAS and KTP other compulsory documents?
                    Btw, why is it difficult to get ?
                    [COLOR=darkslategray]Most people would like to be delivered from temptation but would like it to keep in touch[/COLOR]. Robert Orben

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                    • #11
                      Keeping the HSBC account in order is easy with internet banking. I signed a form allowing my dad to sign on the account. That worked out handy when my card went wonky in Indonesia.

                      You need the KITAS but the KTP is only for Indonesians. You don't need to care about it.

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                      • #12
                        If you're getting paid in the UK it might make sense to open a Citibank account in London (can do this online) and use their ATMs here in Jakarta without having to pay any service fees. Likewise global transfers are free too if you have another Citibank account here in Jakarta.
                        sigpic

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                        • #13
                          Originally posted by CanardEnchaine View Post
                          ...
                          Btw, why is it difficult to get ?
                          Because Indonesia is a filthy rich country with no need for foreign capital. When you hand over your $$ to an Indonesian bank, the government somehow feels threatened. Open your bank account in neighboring Singapore. They are not so haughty and are glad to take your money.

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                          • #14
                            a mandiri bank account can be opened without a kitas , you just need a referal from another mandiri account holder.

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                            • #15
                              Originally posted by Hombre de Maiz View Post
                              Because Indonesia is a filthy rich country with no need for foreign capital. When you hand over your $$ to an Indonesian bank, the government somehow feels threatened. Open your bank account in neighboring Singapore. They are not so haughty and are glad to take your money.
                              Yes but what are the fees to get money from ATM machine in Indonesia? If it's free and easier I'll certainly choose this solution.
                              [COLOR=darkslategray]Most people would like to be delivered from temptation but would like it to keep in touch[/COLOR]. Robert Orben

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