Thread: Taxes on importing large amount on foreign currency?

Hi

I am planning on investing in Indonesia and want to transfer a large amount from my foreign bank account to my Indonesian bank account. My home bank account is Euro. I have an Indonesian bank account in both IDR and USD.

Are there any taxes on importing large amounts of foreign currencies? I think not since I assume that Indonesia wants to encourage money coming into the country / foreign investments but I am not entirely sure.

Does anyone have any experience with this?

There was talk sometime back about taxing anything over 10K US per month, but it hasnt happened yet.

It all depends on what large is.

I know that 10 -11K per month is not a prob.

I have a permata triple currency account (US,OZ,RP) and my bank automatically deducts tax from interest etc. They have been deducting nothing from any of my transfers of 10-11K (i take it by import you mean transfers?)

Thanks Hikanos

I am looking at transferring a large amount in one go and not in monthly sessions. The transfer would be higher that what you are currently transferring.

Originally Posted by balibule

Thanks Jimbo

I thought the same. Obviously I will not rely on info from a forum only when sending large amounts of cash. Just thought that someone had previous experience on this.

If you would transfer euros,it makes more sense to open a euro account.That way there is no exchange rate loss and you can choose the moment you transfer the money to your rupiah account .
Especially with big amounts of money a slight raise in the exchange rate makes a big difference already.
The euro is not stable,but i think the us dollar is even more dangerous withe the big overspending of the previous and current governments.

Thanks Hermit

Opening a Euro account would be an option. Unfortunately, I do not have a Euro account (yet). From my inquiries, I learned that you can only open a Euro amount if you have a Pt or a PMA which I don't have (yet).

The interest rate on the rupiah is very interesting ofcourse! Thanks Jimbo.

Originally Posted by balibule

Hi

I am planning on investing in Indonesia and want to transfer a large amount from my foreign bank account to my Indonesian bank account. My home bank account is Euro. I have an Indonesian bank account in both IDR and USD.

Are there any taxes on importing large amounts of foreign currencies? I think not since I assume that Indonesia wants to encourage money coming into the country / foreign investments but I am not entirely sure.

Does anyone have any experience with this?

While we were building we had no problem sending large amounts over here, the only problem was with aust govt amounts over 10k had to be reported sama sama when we came over and brought large amounts with us. The banks here give much better interest and exchange rates for amounts over 25k, but didnt have any problems just had to give reason for transfer and could only bring in amounts under 10k all because of aust govt regs,
If you are starting a business here I cant think of any problems just get your banks advice and check out the time frame for your money. They all have different ideas about different currencies.

good luck, Indonesia will take your money anyway they can get it ha ha !! It would be best to check your home country regs tho.