Announcement

Collapse
No announcement yet.

Banks of Indonesia

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bali_Freak
    replied
    Originally posted by Mas Fred View Post
    This is true. BNI ATMs have the option but BCA is in Indonesian
    U can change BCA ATM language to English via internet banking interface.

    Leave a comment:


  • sergei
    replied
    Wanted to add that there are credit cards out there that do not charge extra for currency conversion. For example here's a credit card service fee comparison table from Financial Consumer Agency of Canada (federal government). If you look at the "Converting Transactions Made Outside Canada into Canadian Currency" column you'll see that it is mostly 2.5%, but there are few cards that charge less (1%, 1.8%, 2%) and in one case 0%. I'm sure there are cards like that in US and UK as well, just have to find them.

    At one point there was a bank in Canada (Citizen Bank) that didn't charge anything for overseas ATM withdrawals, which was a very nice deal, until they canned it last year.

    Leave a comment:


  • Kimdub
    replied
    Of course all banks will make money on each customer, but that doesn't mean that all customers pay the same fees. An example is the yearly fee they like to charge for a credit card. If they like you as a customer and want to keep you, that fee can be removed. Likewise, if you keep balances in the bank that they like, they might offer a zero fee ATM card to keep you as a customer. In traveling to different countries, the Bank of American card I use has hefty fees but the other card has zero fees and when I have checked the exchange rates, there were not any games being played with the rate to add any hidden costs to my transactions.

    Leave a comment:


  • marcus
    replied
    I believe each bank present the information differently . My current bank does present only one value for the money withdrew overseas . In this value , all fees are included , so the only way to check how much the fees were is to see in that Visa website , in the same day (New York time) you make the withdraw .
    You all may know that banks don't have free service , except if the banks are already charging you for other bigger services . And in this case of money withdraw outside your country , the operation involves Visa/Plus or MasterCard/Cirrus in the country you withdraw and in your own country (2 transaction's administration services & currency exchanging services) , the bank which owns the ATM overseas (ATM usage fee & cash advancing fee) , and your own bank (administration fee) . This is why I said it is hard to believe in zero cost for the whole operation as it involves 4 business partners .

    But I have to say that the debit card's option is relatively competitive , maybe because they take the benefit of the volume to get good exchange rates .
    You can see in this reference below that there are very bad options out there .
    http://remittanceprices.worldbank.or...tes/Indonesia/

    Fortunately some Indonesian money changers and some Indonesian banks have very good exchanging rates for foreign currencies . Many of them have a "spread"(difference between buy and sell prices) of around 0.5% for USD . But even in Indonesia , retail exchanging rates in some international banks may have a "spread" bigger than the total fee using debit card .
    Last edited by marcus; 26-07-11, 17:37.

    Leave a comment:


  • Kimdub
    replied
    It will usually depend on the type of account you have that will determine if ATM fees are charged and how much. I opened a Fidelity Investment account for the specific reason to have zero ATM charges no matter where I am or what ATM machine I use. It has worked great with never any type of ATM charge and never a foreign transaction fee, although admittedly, I have never checked the currency exchange rate.

    Leave a comment:


  • jennykapau
    replied
    Marcus,

    Sorry for the long response time.

    I check my Capitol One account online, and I have never had charges for ATM use.

    Each month they reimburse the first $10 of ATM usage fees, which works out to about 4 or 5 uses without charge per month. They do not charge a conversion to rupiah fee.

    If I use the card to make purchases, then there is a 1.5 percent fee.

    On the other hand, Chase charges me $3 per ATM use plus a 3 percent conversion fee. When I was traveling in Asia for nine months a couple of years ago, this cost me hundreds of dollars.

    That is why I was so keen on finding another option. I did not want to pay hundreds of dollars to an institution already making money off my money....just to use my own money!

    Leave a comment:


  • marcus
    replied
    Originally posted by jennykapau View Post
    ...My Chase card charges a $3 dollar fee per use plus 3 percent, but my Capitol One card charges neither fees nor percentages for the up to about 4 ATM uses per month...
    Could you tell us how do you check ? I check at :
    http://usa.visa.com/personal/using_v...x_rates_us.jsp (rates change once per day at 00:00 N.York's time)
    For me it is hard to believe the zero cost . From what I saw in one bank's website , there are fees from Visa/Plus or MasterCard/Cirrus (up to 2%) , then fee from the owner of the ATM (up to 1.5%) , and fee from your bank (up to 1.5%) . And what I have checked from my withdraws are about that (total fee around 3.2%% to 4.4% , and this because my bank exempted the fixed fee per withdraw).
    Last edited by marcus; 10-12-10, 15:45.

    Leave a comment:


  • jennykapau
    replied
    We've had really good customer service at the local BNI, which I understand to be guaranteed by the Indonesian government.

    We haven't opened any accounts, as we've opted to use debit cards at local ATMs most of the time.

    My Chase card charges a $3 dollar fee per use plus 3 percent, but my Capitol One card charges neither fees nor percentages for the up to about 4 ATM uses per month.

    I also brought a number of Traveler's Checks, most of which we used to buy a new Yamaha Byson.

    Traveler's Checks, which are accepted by the BNI in Bukittinggi and at least one branch of BNI in Padang, are a good way to get larger sums of money than ATM withrdrawals allow.

    Leave a comment:


  • lantern
    replied
    Originally posted by careandfriendly View Post
    Citibank is good bank and service in Indonesia. You will have relationship manager so anytime you need asking about your saving account, you just call your relationship manager. Citibank ATM have two currency: USD and Rupiah with no charge. If you want to send money to abroad by citibank is very cheap than other bank.

    For local bank, you can try Bank Mandiri, BNI or BCA.
    I went to Citi recently (I have an account there) as I needed to transfer $600 to an account(not mine) in another Indonesian bank. I informed them that I wished to pay the transfer charges as I wanted the recipient to receive the exact amount. I was told that this would cost me $32 plus another $10 for something or other - not cheap in my book. The $32 seemed to be some sort of insurance policy for the bank in that it was the highest possible amount that the receiving bank would charge. Instead I opted to pay the $10 and wait and see what the receiving bank charges at the other end and I will sort it out later with the recipient. I was told the transfer could take up to three days. Overall I thought it was expensive and not very efficient.

    Leave a comment:


  • waarmstrong
    replied
    If you are looking to support a bank that nearly destroyed the US economy, and the world economy along with it, Citi would be one of the front runners. Their service here caters to the well healed, for the most part. One of the big "local" national banks on its own provides me better services for better value than Citi. (Note that "better than Citi" is not necessarily all that good either.)

    Leave a comment:


  • careandfriendly
    replied
    Citibank is good bank and service in Indonesia. You will have relationship manager so anytime you need asking about your saving account, you just call your relationship manager. Citibank ATM have two currency: USD and Rupiah with no charge. If you want to send money to abroad by citibank is very cheap than other bank.

    For local bank, you can try Bank Mandiri, BNI or BCA.

    Leave a comment:


  • snpark
    replied
    ok yes i heard something similar, sorry i dont know difference between kitas vitas etc but after going to indo emb in singapore, collecting "kitas" documents, then coming back, it takes a couple of weeks to finish a full kitas?

    so for accounts / cards etc a "proof of income" well would banks accept a "salary certificate" ? i mean if you only just started work then how can you prove what your salary is if you havent been paid yet

    loan i mean from a bank - i doubt a boss wants to lend say 100-200jt even though he could deduct it from source
    i was thinking more of a normal bank - local or international
    some places want 12mths rent advance so sometimes thats hard to find from your first pay cheque!

    anyway thanks marcus

    Leave a comment:


  • marcus
    replied
    I guess you come with a VITAS which , within few days after arriving in Indonesia , need to request it to be converted to KITAS and will probably take about 2(?) weeks .
    To open a bank account , normally , passport/copy and KITAS/copy . For credit card , normally , the same for opening a bank account + proof of monthly income .
    For exceptions , see previous posts in this thread and :
    http://www.livinginindonesiaforum.or...5924#post55924
    I don't know about loan . Isn't easier to ask a loan from your boss ?
    Last edited by marcus; 30-11-10, 10:15.

    Leave a comment:


  • snpark
    replied
    after coming back from singapore with the kitas papers, how long does it take for all the kitas paperwork to be finished?
    and then whats the format for opening accounts, getting a credit card, or small personal loan say to pay for rent etc?
    any recommendations for banks?
    what is the procedure? do you have to show a "salary certificate" or similar? what if you only just got here, and they want to see say 6months statements ?

    or do they only care that your signature matches!?

    Leave a comment:


  • marcus
    replied
    Originally posted by cup1981 View Post
    Ohhhh, I never knew that ..
    Another detail : the rate changes once per day at 00:00 New York time . I usually check the rate with 0% bank fee and see which day is better to withdraw ( lets say , Rupiah went down the day before and my country's currency went up ). The rate seems to have a small adjustment somewhere because the banks fee I figure out were not always the same .
    And if you pay the fee for each withdraw , look for an ATM which delivers up to Rp4 Juta per withdraw (HSBC , ..). Most ATMs are limited to Rp2.5 Juta . With Indonesian cards , these same ATMs seem to , recently , be limited to just Rp1.5 J.
    Last edited by marcus; 30-11-10, 10:22.

    Leave a comment:

Working...
X