Previously, opening an account (if you are foreigners) must include documents such as passports, a Temporary Residence Permit, and other supporting documents in the context of customer due diligence (CDD). With the ease of this regulation, it is hoped that it will encourage foreign nationals, especially frequent visitors to open foreign currency accounts at local banks.
The followings are the simplification of the requirements:
Tourist Accounts with Limited Balance between 2,000 US dollars 50,000 US dollars:
- Requirements for opening an account in the context of Customer Due Diligent (CDD) simply show an identity in the form of a passport.
- Minimum first deposit of 2,000 USD and a maximum balance of 50,000 USD.
- Any balance under 10,000 USD will be subject to higher charges.
Foreigner Accounts with Unlimited Balances.
- Requirements for opening an account for CDD using a passport and 1 (one) certain additional document (for example: a reference from a related bank in the foreign country of origin, a certificate of local domicile, wife's identity, photocopy of residence contract, or credit / debit card).
- Balance of more than 50,000 USD.
Foreigner Account with Special Balance - Large Amount
- Requirements for opening an account in the context of CDD using a passport and certain additional documents (for example: a reference from a related bank in the foreign country of origin, a certificate of local domicile, wife's identity, photocopy of residence contract, or credit / debit card).
- Balance of more than 1,000,000 US dollars.
- Tax on deposit interest is lower than tax in general, and is applied progessive (more balance, lower tax).
- It is prioritized to open this account only by certain banks that meet the requirements of risk management and banking prudence.
(Disclaimer: this post is translated from OJK Indonesia)
