Bali Expat Forum - Bali Travel Forum

Please note that Jenpen says

I have just opened a bank account with Permata Bank in Denpasar. I will be getting a social visa and my husband will be getting a multi entry work visa.

Another person who opened a bank acount without a kitas visa.

As I say there may be a rule that says you need a KITAS but if you want a bank account its worth just going along and trying to open one.

Not so fast Mimpi!

As I read JenPen’s post she wrote that her husband was getting a multi entry work visa...aka, kitas, and that the bank only opened the account after they had copies of the paper work from his sponsoring agency.

At best, Permata Bank “jumped the gun” by opening the account in advance of the actual visa being issued, but no question the account opening was granted with kitas (and compliance) in mind.

Nice try though!

hi roy

yes, you can get an 'account' there. i have one in IDR and one in USD. it allows me to transfer money easily from Singapore where i live. (i have a 2nd house in Bali). i think the USD bears around 5% and the IDR bears around 10% pa.

let me clarify how i 'think' they do it... basically you have to trust and rely on them. menaing that they hold the master accounts- your money is not under your own name. it is under their master account name. but they then issue you details for the amt they hold on your behalf.

murky? yeah. convenient (in view of kitas problems)? yeah. i have heard that people have had such accounts for years- even since CrisMo when apparently they were one of the only solvent and liquid sources of currency.... but obviously caveat emptor. (ive had mine for 2 yrs with no problems.)

the "checks" can be issued to a 3rd party, but i think they can only be cashed by PT Central Kuta HQ. they there countercheck your signature.

if you go to their main branch, dont go to the currency change counter but instead the door by the back. (already sounds fishy doenst it)?.

i suspect im a bit younger than you, but during that time, (CrisMo 1997) i was (and still am) a professional derivatives trader.... so i was watching the S^$# hit the fan all over asia.

But Jen herself will be on a social budaya visa - and they have opened an account for her.

Commonwealth Bank cards using a Commonwealth ATM in Bali charge a withdrawal fee of $1.50 (don't think it has gone up), also Wizard Mastercard does not attract any withdrawal fee at overseas ATMs (would be best to transfer money across from your original bank account to the Wizard card as required as there are some restrictions of keeping the credit card in credit).

“But Jen herself will be on a social budaya visa - and they have opened an account for her.”

I didn’t read it that way. What I read was:

“However the bank simply wanted letters of recommendation from the agency that is providing our sponsors for our visas.”

And...

“In one hour we had an account , a debit card and internet banking all set up.”

Grasta, that scheme sounds reasonable and workable. I will say that after many years of dealing with PT Central Kuta, I would trust them with this sort of arrangement if unable to have an account in another way. Their reputation has been impeccable and I’ve never heard of any expat having any problems in dealing with them. Thanks for explaining how they work it.

A similar scheme works within most banjars, that being the so-called community banks. With this arrangement, the community bank also has one (or more) master account with a major bank, but issues passbooks in the name of the village based account holder. Those accounts can be issued to foreigners residing within that banjar. Checking accounts are not available, but they are convenient for depositing IDR at reasonable interest rates, and one is also helping out the local banjar.