Money and Bank Accounts

rickerw

Do they let an expat start a checking account in Bali? Which are the best banks for that? I have a Citibank account in the USA and Citibank has a franchise in Bali but it is separate from the main bank. However since they are affiliated they will do "global transfers" free of charge. For those of us who have income from our home countries how is the best way to get the money to Bali?:icon_rolleyes:

Markit

Best way is to transfer it into my bank account at the BNI bank. I promise to look after it well and only use if for the good of humanity. Seriously go to your local BNI Bank and start the process for opening a bank account. You can have a Rupiah account and also an account based in US Dollars. Bank transfer is the way to go.

Markit

I looked into the HSBC connection a few years ago but the problem was no HSBC banks or affiliates here in Bali - how have you solved that Davita or has the situation changed? For non kitas holders you may need the OK of a Balinese friend with an account at that bank or the signature of your village head to get your account started - mine is with BNI here in Amlapura.

Markit

Thanks, sounds complicated. I guess I'll stick with BNI and pay until something better comes along.

ronb

rickerw wroteDo they let an expat start a checking account in Bali? Which are the best banks for that? I have a Citibank account in the USA and Citibank has a franchise in Bali but it is separate from the main bank. However since they are affiliated they will do "global transfers" free of charge. For those of us who have income from our home countries how is the best way to get the money to Bali?:icon_rolleyes:

I think checking accounts (or cheque accounts as we would have them in Aust) are a quaint blast from the past. No-one in Indonesia is going to understand what you are on about when you offer to write a check (or cheque). Bank accounts here are what you would usually describe as savings accounts, and are easy to get if you have a KITAS, but apparently available to those without KITAS from what I read.. There are many banks to choose from. I use Mandiri, BCA and Commonwealth (because of its Aust connections). The major banks like Mandiri and BCA let you use Internet banking or ATMs to put credit on your cellphone, credit on your electricity meter, pay for airline ticket you have just booked on-line, etc, etc. The cost of a bank account is low, so to use more than one bank is not a big problem. I doubt that you will get free bank transfers from the US to here, but different banks may have different fees so it is worth checking around.

davita

Previously I had HSBC Premier status in Canada: Hong Kong: Malaysia and UK Channel Isles. As soon as I received my RI Retirement Kitas I was able to set-up a Premier Account in Jakarta. To achieve a Global View Premier Account in HSBC, one of the accounts must hold a substantial Fixed Deposit (FD) to qualify for all other accounts, I chose Jakarta to hold my FD as it was the least required at IDR500,000,000...this attracts a reasonable interest returm. Now I can transfer globally from any account to any other, free of charge, and at the speed of light. I've set up different currency accounts so the transferred money lies there until my Premier Officer advises of their best exchange rate at which time I do the exchange into IDR. Works for me. Maybe Citibank offers a similar system.

davita

Markit wroteI looked into the HSBC connection a few years ago but the problem was no HSBC banks or affiliates here in Bali - how have you solved that Davita or has the situation changed?

You are correct markit...No HSBC outlet in Bali. My Scottish friend is the Director of HSBC Mid-East (Dubui), his wife is an WNI ex-colleague of ours and they have a villa in Bali. He says the RI Gov't will not easily give foreign banks licences to operate. They are even threatening to force current ones to form RI PT's out of their Indonesian entity...my friend says if implimented most foreign banks will leave. Dutch Rabobank has already sold and left. We do all banking using internet or phone-banking with our 'dedicated relations manager' in HSBC Jakarta (she comes with the Premier package). For cash purpose we use associated ATMs, principally with BII but some others also, for free.

Natasha

davita wrotePreviously I had HSBC Premier status in Canada: Hong Kong: Malaysia and UK Channel Isles. As soon as I received my RI Retirement Kitas I was able to set-up a Premier Account in Jakarta. To achieve a Global View Premier Account in HSBC, one of the accounts must hold a substantial Fixed Deposit (FD) to qualify for all other accounts, I chose Jakarta to hold my FD as it was the least required at IDR500,000,000...this attracts a reasonable interest returm. Now I can transfer globally from any account to any other, free of charge, and at the speed of light. I've set up different currency accounts so the transferred money lies there until my Premier Officer advises of their best exchange rate at which time I do the exchange into IDR. Works for me. Maybe Citibank offers a similar system.

I've been using HSBC via Hong Kong for years, and to be honest, they have been my personal nightmare!! I use them for personal and commercial/business banking, security is tight with accounts but then in order to make any adjustment to limits, transfers and international wires, etc.. most has to be done via written request or going to the bank in person (which obviously is impossible here in Bali because there isn't a branch here and HSBC banks are not connected from country to country, unless you have a Premium account which must always always have a minimum balance of 100K USD). Recently HSBC also made a change with their debit cards using a new security chip which now makes it impossible to withdrawal cash from half the bank machines in Bali! Total nightmare! Rickerw- when shopping around for bank accounts in Bali, do also check what kind of receiving/processing fee or percentage they charge here in Bali when the bank receives money/transfers from abroad, sometimes there is no additional fee at all, other times you get hit up with hidden charges ontop of the actual transfer fees from the country of origin.

davita

Natasha wroteI've been using HSBC via Hong Kong for years, and to be honest, they have been my personal nightmare!! I use them for personal and commercial/business banking, security is tight with accounts but then in order to make any adjustment to limits, transfers and international wires, etc.. most has to be done via written request or going to the bank in person (which obviously is impossible here in Bali because there isn't a branch here and HSBC banks are not connected from country to country, [B]unless you have a Premium account which must always always have a minimum balance of 100K USD). [/B]Recently HSBC also made a change with their debit cards using a new security chip which now makes it impossible to withdrawal cash from half the bank machines in Bali! Total nightmare! Rickerw- when shopping around for bank accounts in Bali, do also check what kind of receiving/processing fee or percentage they charge here in Bali when the bank receives money/transfers from abroad, sometimes there is no additional fee at all, other times you get hit up with hidden charges ontop of the actual transfer fees from the country of origin.

Natasha, sorry to hear your problem with HSBC Hong Kong. I have a Premium Account, not only HKG but also Canada; UK; Malaysia and Indonesia. It is my only bank since I severed ties with Bank of Canada and Bank of America over their fee structures. The HSBC minimum balance requirement is not 100K USD. Mine is IDR 500,000,000 and is a fixed deposit which currently earns around 5.75% per annum on a revolving quarterly deposit. I pay no charges nor fees and get a manager's 'special' rate when currency exchanging. All my transactions are done on internet or telephone banking, except when we are in Jakarta and sometimes make a courtesy call to see our personal representative, especially as she recently gave birth. This morning, in Denpasar, I used my HSBC debit card to withdraw cash from a Mandiri ATM and later, in Galleria, my wife withdrew cash from a BII (Maybank) ATM, with no difficulty nor any fee.

Natasha

davita wroteNatasha, sorry to hear your problem with HSBC Hong Kong. I have a Premium Account, not only HKG but also Canada; UK; Malaysia and Indonesia. It is my only bank since I severed ties with Bank of Canada and Bank of America over their fee structures. The HSBC minimum balance requirement is not 100K USD. Mine is IDR 500,000,000 and is a fixed deposit which currently earns around 5.75% per annum on a revolving quarterly deposit. I pay no charges nor fees and get a manager's 'special' rate when currency exchanging. All my transactions are done on internet or telephone banking, except when we are in Jakarta and sometimes make a courtesy call to see our personal representative, especially as she recently gave birth. This morning, in Denpasar, I used my HSBC debit card to withdraw cash from a Mandiri ATM and later, in Galleria, my wife withdrew cash from a BII (Maybank) ATM, with no difficulty nor any fee.

Davita you definitely have more luck with HSBC than me! Do you mind me asking if your main account is in Jakarta? It may be that minimum balance requirements vary from country to country, and as far as I know it was 100K USD balance requirement for Premium in Hong Kong, and maybe in Canada as well. So far I am unable to use my ATM card at Mandiri and also BII! I can use it at BCA no problem. This is a new issue, my previous bank card worked everywhere, but over the last 6 months HSBC Hong Kong decided to enhance security on the ATM cards adding a new chip and therefore sent all clients new cards, and the new card now doesn't work at all bank machines! It's a headache!

davita

Originally Posted by Natasha [I]Davita you definitely have more luck with HSBC than me! Do you mind me asking if your main account is in Jakarta? It may be that minimum balance requirements vary from country to country, and as far as I know it was 100K USD balance requirement for Premium in Hong Kong, and maybe in Canada as well. So far I am unable to use my ATM card at Mandiri and also BII! I can use it at BCA no problem. This is a new issue, my previous bank card worked everywhere, but over the last 6 months HSBC Hong Kong decided to enhance security on the ATM cards adding a new chip and therefore sent all clients new cards, and the new card now doesn't work at all bank machines! It's a headache![/I] Hi Natasha You are correct...each HSBC has different requirements for the minimum for Premier status. Mine was originally in Canada and was C$100,000...I then transferred it to HSBC Malaysia which was MR200,000. I needed a Kitas before I could open my Jakarta account but the minimum is Rp500,000,000, so I transferred again. I may have misspoke about the debit card for Indonesia...it is actually a MasterCard debit card, issued by HSBC, as is my credit card. Incidentally, BCA is the only bank where it doesn't work. FWIW: I established my accounts with HSBC in 1974 when it was a small bank in the corner of Kai Tak airport and they assisted me to buy 2 properties in HKG with extendable mortgages...suffice to say I owe them big time; and I'm probably biased!!!

mugwump

rickerw wroteDo they let an expat start a checking account in Bali? Which are the best banks for that? I have a Citibank account in the USA and Citibank has a franchise in Bali but it is separate from the main bank. However since they are affiliated they will do "global transfers" free of charge. For those of us who have income from our home countries how is the best way to get the money to Bali?:icon_rolleyes:

Wear cargo pants with big pockets and carry it. Carrying over $10000. US is illegal, and there is risk for sure but it doesn't show up on Xray unless enclosed with a metal zipper.

Markit

Dear People do we really want people from one of the poorest countries around to think we all walk around with 10 grand in the trouser pockets? Bank accounts are easy to set up here so just do the smart think and transfer your moolah.

Smoke

Markit wrote Bank accounts are easy to set up here so just do the smart think and transfer your moolah.

and get a term deposit account for some decent interest rate also !