Moving to Bali for 6months - advice on bank account

[perthgirl]

Hi Everyone

I am moving to Bali in May for 6months, I was wondering what people do with their bank account? My bank is in Perth and everytime i withdraw money from an atm in Bali it costs me $5.00. As i dont want to bring a large amount of cash with me, is it possible to open a bank account with a local bank in Bali? Or would i better copping the $5.00 Westpac fee everytime i use an atm?

I have been looking in Bali advertiser and numerous websites for places to rent I think I should be ok, my budget is approx $7000.00 AUD for 6 months accommodation, do you think i will be able to find a 2bed, 2bath house for this?

In regards to medical insurance is it best just to take out a 6month travel insurance policy?

Also I am considering buying a car, how do people pay for big items? Visa card or can you get a bank check in Bali?

Sorry for all the questions, I have been to Bali 18times over the past 10yrs but never looked into living their before

any info would be greatly appreciated

Thanks
Lindsey

 

[Adam]

Hi Perthgirl,

I don't think you'll be able to open a local bank account unless you're the holder of a KITAS. I have been faced with the same problem previously trying to figure out the most economical way to get money to my fiance. The best solution I could come up with is open up a westpac account and I gave her the ATM card and just cop the transaction fee's which as you say are $5 plus 1% foreign currency conversion plus 1.5% (I think?) service fee from mastercard who I assume processes the foreign transactions.

However, I do believe that Commonwealth bank account holders can access their cash free of charge (or at least cheaply) from the few Commonwealth ATM's that are spread around the place. That wasn't gunna be helpful in our situation cos there isn't any ATM's in Genteng, Java, but if an ATM is conveniently located near where you plan to live it may be an option.

Just a thought.....
Adz

 

[perthgirl]

Thanks Adam
Thats not a bad idea I will look into the Commonwealth bank idea maybe Ill open a savings account with them and transfer the money Ill need to support myself for 6months into that account, even if if it was $1 a transaction that would be ok

Cheers

Lindsey

 

[Adam]

Hi Perthgirl,

At the very least if u opened a Commonwealth account you could transfer the funds you require thru internet banking from your Westpac account (for example if you are getting good interest with your Westpac account). There are heaps of internet cafes around, I do it heaps while I'm in Bali and its very very easy.

Adz

 

[mimpimanis]

Hi Perthgirl

I opened two bank accounts in the past while on a Social Budaya visa so you may be okay. Actually I want to change banks again now after BII lost my transfer from UK and left me broke for 2 weeks. Although I am on a Kitas now, I will see what they say about opening one without.

I dont know Aussie dollars value but that sounds a lot. I rented a simple 2 bedroomed house in Nusa dua for 7.5 juta but recently moved into a nice 3 bedroom house, 2 bathrooms and ocean view for 30 juta. You usually have to contract for a year though. There are more houses around here for contract, in Griya Alam Pecatu, Jimbaran. Its a nice quiet area, I am enjoying it.

 

[perthgirl]

Yeah I will be on a Social Budaya visa so maybe I will look into opening a bank account. Yeah I think my budget for rent will be ok, if I have to rent for a year I guess I will just rent for a year and can always come back to Perth after 6months for a month then go back again...
i would love a small place with a plunge pool but might be stretching my luck, I dont want a big mansion villa just a simple 2bed, 2bath, kitchen, living area, wstrn bathroom and a plunge pool, I will look into the Pecatu area in Jimbaran

I know I will have to wait until I get there and look on all the noticeboards as not much is advertised on the internet but I kinda wanted a few things sorted before I left Perth

Thanks very much for your help
Lindsey

 

[mimpimanis]

Hi Perthgirl

My freind paid 85 million for a lovely house with a pool. Way out of my league. That was in Seminyak.

At Pecatu they are building a pool in the complex at the moment, though seems the completion date keeps getting set back. The pool is done but they are now working on surrounding buildings, changing rooms, cafe. It was one of the reasons that I went for this place as I couldnt afford somewhere with a pool and until it is completed there is a nice public pool a 5 minute drive away at Nirmala.

 

[perthgirl]

Thanks, i think 85juta is a tad over my budget, plus living in seminyak doesnt really interest me!
Whats the name of the complex in Pecatu you are staying at? sounds nice if they build a pool, how far roughly to kuta in traffic? about half an hour?

cheers for your help

lindsey

 

[mimpimanis]

Hi Lindsey

The name is Griya Alam Pecatu. They have a website for marketing sales of the houses if you google you will find it. Gives you an idea of what the houses are like.

How far to Kuta? Or how long lol? Kuta is close if the roads were clear 15 minutes but it took me about an hour on Sunday evening. It really depends on the traffic and where in Kuta.

Gemma

 

[Balined]

Hi,

Have a look at National Bank in Australia.

They offer a gold account which gives ATM access anywhere in the world for no charges. Only catch is a $12 pm fee if you have a below minimum balance. I am about to change to that myself.

Why buy a car for 6 months? You'll lose out bigtime.

$7000 for six months - NO PROBLEMS but will depend on location of course.

Travel insurance - crazy not to!

Ned

 

[JenPen]

Hi Perthgirl,
I am also a "perth girl " moving to Bali. 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. I say will be, as we haven't been to the consulate in Perth yet to have the paperwork processed. However the bank simply wanted letters of recommendation from the agency that is providing our sponsors for our visas. I hope all this makes sense. We couldn't believe how easy it was. We had a guy who spoke good english and was really helpful. In one hour we had an account , a debit card and internet banking all set up. A bit quicker than here !! Another expat recommended the bank. Let me know if you want more details.

 

[kimbo]

HI PerthGirl.
We are also planning to go to Bali for 6 months in May. We already have accommodation organised, but are still working on the social visa. have you applied for yours yet, and if so, do you have any tips for us regarding the visa process.

 

[grastaman]

ive posted this before...

but if you cant get a bank account (due to lack of Kitas), you can try the larger money changers (try CV Kuta).

you can get an "account" with a checkbook that you can use at their branches to get money. the accounts bear interest and not a lot of hidden charges.

it is also easy to transfer money in and out (and in multiple currencies).

 

[Roy]

(try CV Kuta)

Did you mean PT Central Kuta?

 

[grastaman]

yup- its not a bank, but for simple banking procedures (changing currencies, storing and accessing money) it might suit some peoples purposes.

i'd warn that (since its not bank), maybe there are extra risks... but given what happened during Cris-Mo (monetary crisis) i think that caveat might go to most banks as well.

 

[Roy]

You are quite right in that PT Central Kuta is NOT a bank. It is however, the most reliable money changer in Bali.

As for storing money, (deposits) I don’t know anyone, or have ever heard of anyone using PT Central Kuta in this manner. In fact, I don’t think they can legally accept deposits, nor issue checking accounts. Do you have an “account” there? :shock:

“...but given what happened during Cris-Mo (monetary crisis) i think that caveat might go to most banks as well.”

Here you are referring to the monetary crisis of the late 1990’s. Having no idea where you were during this time, I was here in Bali, and our accounts (Lippo and BCA) were all just fine, although currency exchange rates were “off the charts.” When the IDR hit 17 thousand plus to the US dollar, it was obvious the timing to invest was perfect.

For someone coming to Bali for just six months, the obvious and best advice is to maintain their own accounts from back home and access funds as needed through ATMs.

Perthgirl will also be far better off renting a Kijang or Jimmy while she is here in Bali for six months. The fact is, without a Kitas or higher visa, she couldn’t buy one anyway.

 

[mimpimanis]

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.

 

[Roy]

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!

 

[grastaman]

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.

 

[mimpimanis]

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