banking

[Alfred]

Dear Bert,

First of all, I would like to compliment you on this great forum / website.
Its a good instrument to get information and besides that its also entertaining. By the way: how long do letters stay on the forum before
they get deleted? I would like to keep them archived in case I had too look for items again.

I have a couple of questions:

1. Do you happen to know the banking rates on savings accounts for lets
say 6-12-24 month?

2. Is saving with Rupia the best thing to do, or other currency?

3. Are all banks on Bali save. Is it recomandable to use a couple of banks
in case one (or two) go bankrupcy?


Well, many thanks.

Alfred.

 

[Bert Vierstra]

Posts stay here as long as I live and maye even longer...

If you go here

http://www.bali-information.com/expat_forum/search.php

and type banking or banks, behold the wonder !

(and it will keep you busy a few minutes too )

 

[irma1812]

Alfred

I think BCA is quite good. Personally we've just opened a dollar account with HSBC - "The world local bank....." :lol:

We've had very good service from HSBC UK, so hopefully it will be the same there! But they don't have a branch in Bali at the moment, although there are plenty of ATMs with "Cirrus" anyway where you can withdraw your money.

When we move we'll also open another acc with a bank with a branch in Bali, probably BCA.

 

[alain]

hi all

In Bali soon ,I plan to open a bank account if this is
possible , i wonder which one to shoose from .
I have an account at the Thai Farmers in bangkok ,
do they have a branch in Bali ?
I also wonder how you expats keep your valuables safe ?
so another question , is it possible to rent a safe in some bank ,
and how is the scale of trust in the indonesian banking system ?

thanks & welcome to any suggestions
regards / alain

 

[Ilu]

We use BCA. We never have any problems with the bank.

 

[alain]

thanks Ilu , I will try BCA
can you tell me if there is a minimum amount to open such account ,
and do they deliver an ATM card for withdrawls ?
many thanks

regards / alain

 

[Roy]

We've been with BCA, Lippo and most recently Citibank here for years. We use BCA for all our business, and they are fine, plus their internet banking set up is quite good. For international wire transfers, both in and out, they are also fine, and their charges are reasonable....US $5.00 per wire which is about one fifth the charge of the New York banks.

They have ATMs all over the island, and for me, that and the internet is the only way I will bank.

Personal service at all these banks stinks. Anything beyond a simple withdrawal or deposit is far beyond the teller's ability to understand, and after standing in line for 20 or more minutes, the likelihood is you will be directed to another line to enjoy another 20 minute wait.

I have lost my patience on more than one occasion in my early years here at both BCA and Lippo bank offices, so Eri handles all our banking that involves a personal presence at the bank.

I don’t know what the minimum amount is to establish an account with BCA currently is, but it will be far less than the Rp 50 million that Citibank used to, and may still require to open an account, and yes, you will be issued a bank card for use at their ATMs.

 

[alain]

thanks Roy

quote : yes, you will be issued a bank card for use at their ATMs

well roy this is exactly the answer I was hoping for? I don't mind
spendind time in a line or even being send to another one , this is just the way it is, compared to all the other hours careless about money ! just a bad hour to spend .

thanks / regards / alain

 

[swisshawaiian]

I heard that there are different requirements for expatriates to open up a bank account for each bank. Is there a bank that is more "expat-friendly" than others? I have a business visa (single entry), not KITAS. Is that enough to open up an account?

 

[spitfire]

At BCA they request a KITAS for foreigners to open an IDR account. At ABN they want proof of your tax number on top of that in order to open a Euro or USD account.

 

[Petenjo]

My understanding is that it has become increasingly difficult over the past year to open bank accounts without KITAS.

Early last year I opened USD and AUD accounts at Bii without too much difficulty but when I went to open an IDR a couple of months back it took a fair bit more 'persuasion' - even with me having existing accounts, the reason being, my lack of KITAS.

Oh yeh, and another top tip, make sure to grab your ATM card when you leave the machine! Unlike ATMs I have used elsewhere in the world that eject your card with the $$, some I have used in Bali require you to hit another button to retrieve your card. I missed this recently and fell prey to the next chap in line who tapped me for 10mmIDR :roll:

I know, my own fault and no, I wasn't bintanged, just in a hurry.....honest

 

[swisshawaiian]

Sorry to hear that Petenjo, that's a real drag! The same thing happened to me the other day at a BCA ATM. I was in a hurry and after taking the money and receipt, I left without waiting for the machine to "spit out" the card (which takes another 5-10 seconds...). Fortunately there was nobody behind me and the machine, since I didn't take the card, "swallowed" the card. After I realized my stupid mistake, I called BCA and two days later I could pick up my card at no charge (I was surprised...). They used to have the same sequence programming at ATMs in Europe and the U.S., but after tons of incidents like Petenjo's, the ATM's now spit out the card BEFORE you get the money. As it is with many other things in Indonesia, it's going to take some time till they catch up with the rest of the world.

 

[Roy]

Maybe I'm using "elite" BCA ATMs only available in the Ubud area, but the machines I use ALWAYS eject the card before the money is dealt. It has been this way for years.

I just checked with the pro...my wife Eri, and she confirms the same for her...I am wondering “Swiss” just where was this BCA ATM?

As for "catching up" with the rest of the world, who here really wants that!

 

[Ilu]

Hi Roy
I have used ATM`s all over the Bali and most plases the card coms after the cash.
I have a friend who forget his ATM card in the machine in Kuta a few years back. this was late at night and he dident go back for many hours. when he got back the card was on the top of the machine and no money missing.

 

[NED]

To the best of my recollections, many of the ATM's I have used in Bali are the reverse of those in Australia.

You get the money first, then the card comes out.

You need to be really careful if you are use to the card coming first. We once left our Visa card in the ATM at Sanur and thought we had lost it, only to discover that an honest American expat (no, not Roy) :wink: had found it and had the account stopped until we reported the loss.

Ned

 

[Jimbo]

Must be difficult to stay on Bali if you need a KITAS to open an account. Anyone know another way?

 

[Roy]

Ilu and Ned, I don’t know what to say. We hit the BCA ATM machines at least three times a week, and like clockwork, the bank card ejects, and next comes the money followed by the tranasction receipt Maybe the machines are programmed differently for Balinese accounts!

As for the Kitas requirement, I don’t know what to say about that either. It’s never been an issue for me when I’ve opened either a dollar or rupiah account.

In any event, I hate banks, and I hate discussing them almost as much. Good luck to all with your banking.

 

[swisshawaiian]

Roy, the BCA ATM I use is in Seminyak at Fabio's/F Lounge. It's one of the few BCA ATMs that I know of in the Seminyak/Kuta area (other than BCA Card Center) with a limit of 2.5 juta per withdrawl (usually only 1 juta). I just withdrew money from that ATM today and yes, the money comes first, then the receipt and after 5 seconds finally the card.

 

[Roy]

Seriously, I don't know what to say. Maybe it depends on the bank card one is issued. We can take up to 10 million (BCA) in one withdrawal. Also, we rarely, if ever use ATM machines "down south."

 

[rakini]

I had same experience with the Lippo Bank machine in Legian last year. The card came after the money, and I was distracted by my teenagers, and left the card behind. End result was the next person came in and withdrew all the funds I had in the account, nearly $500. Fortunately my travel insurance covered it, and in the meantime I was able to borrow money from the people I was travelling with.

However this year I noticed that some machines give the cards first then the cash, and some even had prompts (a beep) if you forgot to remove the card. I think it must depend on the bank as to how the ATM is set up.