Indonesia – Banking

What are the main banks in Indonesia?

As of 2024, Indonesia is home to 106 commercial banks and upwards of 24,300 bank offices spread across the archipelago. A small number of very large institutions — most of them government-owned — account for the bulk of the sector’s assets. Indonesia’s banking landscape encompasses state-owned entities, privately held banks, Islamic financial institutions, foreign banks, and regional development banks, each fulfilling a distinct role within the national economy.

The five biggest banks by total assets — all of which maintain extensive branch and ATM footprints — are set out in the table below. Contact details and service information should always be verified directly on each institution’s official website, as these can change. The OJK and Bank Indonesia publish regularly updated lists of licensed banks.

Other institutions worth noting include Bank CIMB Niaga (cimbniaga.co.id), Bank Danamon (danamon.co.id), Permata Bank (permatabank.com), and Bank Syariah Indonesia (BSI) (bankbsi.co.id) — the country’s largest Islamic bank. Regional government-owned banks, known formally as Bank Pembangunan Daerah (BPD) or Regional Development Banks, can be useful within their home provinces but may offer fewer digital services than the national banks.

For a comprehensive and authoritative list of all licensed banks, refer to the OJK Banking Statistics page. Always confirm branch availability and customer service contact details directly with the relevant institution.

Do any major international banks operate in Indonesia?

As of June 2023, Indonesia’s commercial banking sector comprised 109 banks, including four owned by the central government and 27 by regional governments. Several globally recognised financial institutions also maintain a presence in the country, primarily serving corporate and high-net-worth clients, though some offer retail services to individuals.

HSBC Indonesia operates under the name PT Bank HSBC Indonesia and has a long-standing footprint in the country. Its head office is situated in the World Trade Centre on Jalan Jenderal Sudirman in Jakarta. HSBC’s Indonesian operations are primarily oriented towards corporate and premier banking clients. Current service details are available at hsbc.co.id.

Citibank Indonesia has historically provided both retail and corporate banking services. In April 2021, Citigroup announced its intention to exit consumer banking in Indonesia alongside several other markets, with UOB completing the acquisition of Citigroup’s consumer banking operations in Indonesia, Malaysia, Thailand, and Vietnam in 2022, effectively absorbing those retail customers. Corporate banking operations under the Citibank name continue. For the most up-to-date information on available services, visit citibank.co.id.

Other international commercial banks with an Indonesian presence include Bank of America and J.P. Morgan Chase Bank, though both focus on wholesale and corporate services rather than personal banking for individuals. Standard Chartered, Deutsche Bank, Maybank Indonesia, Bank OCBC Indonesia, and UOB Indonesia also operate locally, with certain institutions offering retail and priority banking products that may be suitable for expatriates. Given that the international banking landscape can shift, it is important to confirm service availability and eligibility requirements directly with any bank before making financial decisions.

Do banks in Indonesia offer accounts or services specifically for expats?

A number of Indonesia’s larger banks — including BCA, BRI, Mandiri, BNI, and CIMB Niaga — provide account-opening services to foreign nationals, and some have developed offerings specifically designed for expatriates or overseas investors who wish to hold funds locally. While there is no single standardised “expat account” product across the industry, several banks offer tailored features worth considering.

BCA Tahapan: BCA provides a broad suite of accounts and e-banking solutions. The Tahapan BCA account is designed to facilitate withdrawals, deposits, and payments conveniently, and comes with a card that can function as both a debit and credit instrument. Monthly administration fees apply and differ according to membership tier (Blue, Gold, or Platinum) — check the latest fee schedule directly with BCA.

Bank Mandiri: As Indonesia’s largest state-owned bank, Mandiri offers a comprehensive range of services, including accounts denominated in foreign currencies such as USD and EUR, making it a practical choice for those conducting international transactions. Its Priority Banking tier is aimed at high-net-worth clients — including expatriates — and provides access to dedicated relationship managers.

HSBC Indonesia offers premier banking services tailored to internationally mobile clients, including the option to link accounts held in different countries. International institutions such as HSBC and Maybank similarly provide dedicated solutions with expatriates in mind. Eligibility criteria and minimum balance requirements apply — confirm the current terms at hsbc.co.id.

In September 2015, the OJK issued a circular letter setting out relaxed requirements for foreign nationals opening bank accounts in Indonesia, with the aim of encouraging foreign investment and supporting Rupiah stability. This means the regulatory framework formally accommodates foreign nationals, though individual bank policies continue to vary. Always verify the current eligibility criteria and applicable fees directly with your chosen bank, and consult the OJK for regulatory guidance.

What are typical bank opening hours in Indonesia?

Across Indonesia, standard branch hours are generally Monday to Friday from approximately 08:00 to 15:00 or 08:00 to 16:00 local time. Branches located within shopping centres or high-footfall commercial areas may open somewhat later and close as late as 17:00 or 18:00 on weekdays, and some operate on a reduced schedule on Saturdays — typically 09:00 to 13:00. The majority of bank branches are closed on Sundays and on Indonesian public holidays.

There are regional differences to bear in mind: branches in tourist-heavy locations such as Bali may offer extended or weekend hours to accommodate an international clientele, while outlets in smaller provincial towns tend to follow stricter schedules. It is always advisable to check with your specific branch for its current operating hours, particularly around public holidays when schedules may be adjusted.

ATMs are widely available in shopping centres, major bank branches, urban office buildings, and many convenience stores. A large proportion of ATMs operate around the clock, making them a practical alternative to branch visits for everyday transactions. That said, ATM queues can grow long during peak times. Most Indonesian banks also offer online banking platforms through which customers can pay bills, transfer funds, and check account balances — a convenience that many expats and travellers find invaluable given the limited branch hours.

Mobile banking applications from the country’s major banks (covered in the digital banking section below) mean that a wide range of routine financial tasks can be completed entirely from a smartphone at any time of day or night.

What do expats need to know about the banking system in Indonesia?

Indonesia’s banking sector heads into 2025–2026 from a position of strength, characterised by resilient balance sheets, ongoing digital transformation, and a stable monetary environment. Nevertheless, there are several features of the system that expatriates should familiarise themselves with before arriving.

Deposit protection: The Lembaga Penjamin Simpanan (LPS) — Indonesia’s Deposit Insurance Corporation — protects bank deposits up to IDR 2 billion per depositor per bank (approximately USD 140,000 as of 2024). Eligibility for this protection is limited to accounts carrying interest rates at or below LPS’s maximum guaranteed reference rates. Unlike the FSCS in the UK (which protects up to £85,000 per institution) or the FDIC in the US (USD 250,000), the LPS limit is denominated in local currency, meaning its equivalent value in foreign-currency terms shifts with exchange rate movements. Current figures can be found at the LPS official website.

Rupiah requirement: All domestic transactions in Indonesia must be settled in Rupiah. Banks classified in BUKU category 1 are restricted to general banking activities in Rupiah only, while those in BUKU categories 2, 3, and 4 are permitted to conduct both Rupiah and foreign-currency banking activities, including payment systems and electronic banking. This means that while foreign-currency accounts are available at larger banks, all day-to-day spending within Indonesia must be conducted in Rupiah.

International transfers and in-person requirements: Indonesian banks have traditionally required customers to attend a branch in person and join the standard queue to complete the paperwork needed to initiate an international bank transfer — meaning a visit during business hours is typically necessary. This differs notably from countries where SWIFT transfers can be arranged entirely online. Some banks have begun extending this capability through digital channels, but practices differ widely. Confirm the current process with your bank directly.

Foreign-currency ATM withdrawals: If you hold a USD account at a bank such as BCA, withdrawals from that account at an ATM will still be dispensed in Rupiah. ATMs in Indonesia are compatible with international credit and debit cards bearing the Alto, Maestro, Cirrus, Plus, Mastercard, and Visa marks.

Language considerations: Not all branch staff speak languages other than Indonesian, particularly in smaller or more remote locations. To reduce the risk of miscommunication, opt for larger branches in cities such as Jakarta or Bali, where multilingual staff are considerably more common.

Regulatory oversight: Payment systems and foreign exchange supervision fall under the remit of Bank Indonesia, the central bank, while the OJK (Otoritas Jasa Keuangan) is responsible for the regulation and supervision of the broader banking and financial sector, including consumer protection matters. For authoritative and current information, consult the Bank Indonesia website and the OJK website.

How Do I Open a Bank Account in Indonesia as an Expat?

Many foreign nationals living or working in Indonesia encounter real practical difficulties when managing their finances without a local account. Everyday tasks — such as paying rent on an apartment — frequently require transfers between Indonesian bank accounts. Fortunately, the account-opening process is entirely achievable provided you select the right branch and prepare the appropriate documents in advance.

It is important to note that individual bank policies can vary between branches and are subject to change. Always consult your chosen bank’s official website or speak with branch staff for the most current requirements. The OJK is the authoritative source for regulatory requirements governing account opening in Indonesia.

1. Choose your bank. Start by researching which bank is best suited to your circumstances. BCA and Mandiri are consistently favoured by expatriates in Bali and elsewhere, owing to their extensive ATM networks and well-regarded digital platforms. BNI, CIMB Niaga, and OCBC Indonesia are also frequently cited for their openness to foreign national customers.
2. Gather your documents. The core documents generally required are: a valid passport; a valid Indonesian visa (which may be a tourist visa/Visa on Arrival, a KITAS/temporary stay permit, or another category — requirements vary somewhat by bank, but permanent residency is not necessary; what matters most is presenting the correct documents and meeting the minimum deposit); and an Indonesian mobile phone number. If you are receiving income in Indonesia, your bank may also require an NPWP (Tax Identification Number) — confirm this with your chosen bank for the specific account type you wish to open.
3. Get an Indonesian SIM card first. Arriving at a branch without a local phone number will bring the account-opening process to an immediate halt, as an Indonesian number is mandatory for mobile banking registration and one-time password (OTP) authentication. Purchase a local SIM card before you visit the bank.
4. Attend the branch in person. Opening an account in Indonesia almost always requires a physical visit to a branch. Bring original documents rather than photocopies alone. Choosing a larger branch in a major city increases the likelihood of finding staff who can communicate in other languages.
5. Be prepared for branch-level variation. Individual branch officers may request a KITAS as a matter of habit even where it is not strictly required. If this occurs, try a different branch — policies can differ between locations within the same bank. Visiting larger, more internationally oriented branches typically resolves such discrepancies.
6. Make the minimum deposit. Most accounts must be funded with an initial deposit at the time of opening. The minimum amount varies considerably between banks and account types — contact your chosen institution for current figures, as these are not standardised and do change. If you intend to fund the deposit using an international card, be aware that this typically attracts currency conversion charges of between 2% and 5%, plus ATM withdrawal fees of 3% to 5% per transaction. Bringing Rupiah cash is therefore preferable where possible.
7. Activate your mobile banking app. Once the account has been opened, your debit card is usually issued immediately. A bank officer will typically walk you through activating the mobile banking app on the spot, enabling you to set up QRIS payments and other digital features straight away.

Can you open an account before arriving in Indonesia? In most cases, no — Indonesian banks require physical presence to open a retail account. Certain specialist relocation and business service providers may be able to assist with prior arrangements, but in-person identity verification is still generally required to enable internet banking access. Check with your chosen bank directly regarding any remote or pre-arrival options.

What banking and payment apps are widely used in Indonesia?

Digital innovation has become a defining characteristic of Indonesia’s contemporary banking landscape. The total value of digital transactions in 2024 reached IDR 5,570 trillion, representing growth of more than 150% since 2018. For expatriates settling in Indonesia, gaining familiarity with the country’s digital payment ecosystem is an essential part of adapting to daily life.

Bank mobile apps: All of the major Indonesian banks have developed their own mobile applications. Livin’ by Mandiri recorded a 168% rise in transaction frequency, m-BCA remains the benchmark for user trust and ease of use, and BRImo is unrivalled in terms of nationwide reach and accessibility. These apps support bill payments, interbank fund transfers, and QRIS transactions.

QRIS (Quick Response Code Indonesian Standard): This is Indonesia’s national QR payment standard, established and regulated by Bank Indonesia. Small cafés, local eateries, barbers, spas, and many home-service businesses operate primarily through QRIS. The system functions exclusively through Indonesian banks and e-wallets — once you have a local account, you can make instant payments to virtually any QRIS-enabled merchant. The prevalence of QRIS in everyday Indonesian life is comparable to that of PayNow in Singapore or UPI in India.

E-wallets — GoPay and OVO: These are the dominant e-wallet platforms in Indonesia. Both can be topped up easily from a linked mobile banking app, and they are widely accepted across the country. Full functionality generally requires a connection to a local bank account, which is another reason why having an Indonesian account is so important for expatriates wishing to use these platforms.

International apps: Wise is available in Indonesia and is a popular tool among expatriates for international money transfers, offering mid-market exchange rates with transparent fee structures. PayPal is accessible in Indonesia but carries certain restrictions on withdrawing funds to Indonesian bank accounts — review the current PayPal Indonesia terms before making it part of your financial arrangements. Revolut does not currently hold a local operating licence in Indonesia, which may limit its functionality compared with markets where it is fully authorised. Always confirm the current regulatory status of any fintech application with the OJK before using it for significant transactions.

Payment systems and foreign exchange supervision are the responsibility of Bank Indonesia, the central bank, meaning new payment platforms must obtain regulatory approval before commencing operations. Consulting the OJK and Bank Indonesia registers is advisable to confirm whether a given fintech application is licensed to operate in Indonesia.

How can expats manage money between Indonesia and their home country?

Navigating cross-border finances is one of the more practically demanding aspects of expatriate life in Indonesia. There are a number of methods available, along with important rules to understand before making any international transfers.

Bank wire transfers (SWIFT): The conventional approach involves initiating an international wire transfer through your Indonesian bank via the SWIFT network. As noted earlier, Indonesian banks have traditionally required customers to attend a branch in person to complete the necessary paperwork, which means visiting during business hours. The full cost of such transfers is not always immediately apparent, as fees may be levied on both the sending and receiving ends. Always request a complete breakdown of charges and the applicable exchange rate before proceeding with any transfer.

Third-party transfer services: A range of international remittance providers offer faster, more cost-transparent alternatives to conventional bank transfers from Indonesian accounts, accessible through web browsers or smartphone apps and capable of delivering same-day transfers to recipient bank accounts. Services such as Wise are widely used by expatriates in Indonesia for their competitive exchange rates and transparent pricing. Always verify that any service you use holds the appropriate licence from the OJK or Bank Indonesia.

Foreign-currency accounts: Certain banks offer multi-currency accounts, which can be advantageous if you regularly handle foreign-denominated funds. It is important to remember, however, that all domestic transactions must be settled in Rupiah — foreign-currency balances are therefore most useful for holding funds earmarked for international transfers rather than for day-to-day spending.

Reporting requirements: Indonesia has regulations governing the cross-border movement of money. Carrying cash equivalent to USD 100,000 or more into or out of Indonesia must be declared at the border. For large inbound or outbound wire transfers, your bank may request supporting documentation such as contracts or invoices to satisfy Bank Indonesia’s foreign exchange regulations. If you are tax-resident in Indonesia, you are obliged to report your worldwide income and may be required to disclose overseas bank accounts. Consult the Direktorat Jenderal Pajak (DJP) — Indonesia’s tax authority — for current obligations, and seek advice from a qualified tax professional with expertise in Indonesian law. For foreign exchange regulatory matters, contact Bank Indonesia directly.

Exchange rate considerations: The Indonesian Rupiah (IDR) can exhibit considerable volatility against major currencies. When transferring money internationally, compare the exchange rate offered by your bank or transfer provider against the mid-market (interbank) rate. Even a modest percentage difference can translate into a significant cost on larger sums. Always confirm the applicable fees and exchange rates at the time of each transfer, as both fluctuate on a daily basis.

Frequently Asked Questions

Can I open a bank account in Indonesia as a tourist?

A KITAS (temporary residence permit) is no longer an absolute requirement at every branch. It is possible to open an account while on a tourist visa; however, policies differ between banks and even between individual branches of the same institution. Some bank officers may still ask for a residence permit, so it may be worth trying more than one branch or selecting a bank with a demonstrated track record of assisting non-residents. Confirm what is required with your chosen bank before making the trip to a branch.

What is the deposit protection limit in Indonesia?

Indonesia’s Deposit Insurance Corporation (LPS) protects deposits up to IDR 2 billion per depositor per bank (approximately USD 140,000 as of 2024). This protection applies only to accounts where the interest rate does not exceed LPS’s maximum guaranteed reference rate. For current figures and eligibility conditions, visit the LPS official website.

Do I need a tax identification number (NPWP) to open a bank account?

If you are earning income in Indonesia, you may be required to obtain an NPWP (Nomor Pokok Wajib Pajak — Tax Identification Number). Whether it is needed for your account will depend on the specific product you wish to open and the policy of your chosen bank. Some banks require an NPWP for higher-tier accounts or those intended to receive salary payments, while basic savings accounts may not. The Direktorat Jenderal Pajak (DJP) can advise on registration requirements.

Are international debit and credit cards widely accepted in Indonesia?

Indonesian ATMs are compatible with international cards bearing the Alto, Maestro, Cirrus, Plus, Mastercard, and Visa marks. That said, using overseas cards in Indonesia can result in considerable charges, including currency conversion fees of between 2% and 5% and ATM withdrawal fees of 3% to 5% per transaction. For anyone living in Indonesia on a longer-term basis, opening a local bank account is far more economical for routine use.

What is QRIS and do I need it?

QRIS (Quick Response Code Indonesian Standard) is Indonesia’s universal QR-based payment system, regulated by Bank Indonesia. It is the preferred payment method for small cafés, restaurants, barbers, spas, and many home-service providers, and it operates exclusively through Indonesian banks and e-wallets. Once you have opened a local account and activated your mobile banking app, you can use QRIS to pay at millions of merchants throughout the country — making it roughly as essential as contactless card payment is in many other markets.

Can I hold a foreign-currency bank account in Indonesia?

Some Indonesian banks do offer multi-currency accounts, which can be useful if you regularly deal with foreign-denominated funds. Under Bank Indonesia regulations, however, all domestic transactions must be settled in Rupiah. Foreign-currency accounts are therefore primarily suited to holding funds for international transfers rather than day-to-day expenditure. The range of supported currencies and any associated fees vary between institutions — check directly with your chosen bank. For the regulatory context, refer to Bank Indonesia.

Is digital banking reliable in Indonesia?

Digital banking has undergone substantial development in Indonesia, with the total value of digital transactions reaching IDR 5,570 trillion in 2024 — growth of more than 150% since 2018. The country’s major banks all offer well-developed mobile apps, and QRIS payments work seamlessly at most merchants in urban areas. In rural or remote parts of the archipelago, internet connectivity can be patchy, so it is sensible to keep cash on hand as a contingency when travelling outside major cities.

Who regulates banks in Indonesia and where can I report a complaint?

Payment systems and foreign exchange supervision are the responsibility of Bank Indonesia, the central bank, while the OJK (Otoritas Jasa Keuangan) is charged with the regulation and supervision of the banking sector, including consumer protection. If you have a complaint about a bank, you can reach the OJK Consumer Financial Services portal at konsumen.ojk.go.id, or contact the OJK Contact Centre by calling 157. For matters relating to foreign exchange or payment systems, contact Bank Indonesia.