Will Boa Close Your Account When Theres No Money In It

Cyberbanking & Money

The Asian financial crisis of the belatedly 1990s left the Indonesian banking system in utter disarray. At least 66 banks were closed, 12 were taken over and others forced to merge. A run on banks prompted Bank Indonesia (the cardinal bank) to issue almost $13 billion in liquidity assist to ailing banks. Much of this money was misused.

The fundamental banking company has suffered further scandals involving bribes paid to lawmakers and a controversial bailout. From 2002 to 2009, 11 senior officials of Banking company Indonesia were convicted of corruption and jailed. In 2014, the Jakarta Corruption Court began a series of trials over the 2008 bailout of Bank Century.

Despite its many travails, the banking system has largely sorted itself out. Notwithstanding, for the new resident, banking in Indonesia can still be a labyrinthine mystery. Prior to the 1997-99 financial crisis, Republic of indonesia had 245 banks. Every bit of February 2014, there were 139 banks operating in the country. These include: the primal bank, iv state-owned banks, 65 private banks, 26 regional banks, 17 joint venture banks, 10 foreign banks and 16 shariah/Islamic banks. At the finish of this article is a list of banks that are operating in the archipelago.

What follows tin but be considered observations and tips; not legal advice.

Money Changers

There are money changers at airports, major cities, large hotels and many shopping malls. Some may bargain in only a few major currencies. Ever cheque the official rate before visiting a money changer to be sure you are getting a fair deal. Sites such as Currency Converter provide alive exchange rates, every bit does Banking company Indonesia's Foreign Exchange Rates webpage.

Virtually local banks offering exchange rates that are as adept as – and sometimes ameliorate – than those offered by money changers. But banks close early and may accept long queues, whereas some money changers are open 24 hours, seven days a week. Banks frequently require at least a day'south observe if you want to utilize rupiah purchase big quantities of foreign currency, especially uncommon currencies.

There are some chains of money changers, such as DolarIndo, but virtually are stand up-solitary operations. The worst substitution rates tend to be offered at airports and hotels. Beware of money changers operating on the streets, as they are the about probable to attempt to rip yous off with counting or folding tricks.

If you lot want to alter The states dollars, they should be in make new condition (no creases or marks), as older notes will be rejected or traded at a reduced charge per unit. Better rates tend to exist offered for $100 notes than lower denominations.

Some money changers are happy to haggle and will usually offer a better charge per unit later you mention you want to change several hundred dollars or several million rupiah.

The Rupiah

The rupiah has been around since 1946, although information technology did not receive international recognition until 1950. The currency code for the rupiah is IDR. The rupiah is subdivided into 100 sen (cents), although these have been obsolete since the 1960s because of rampant inflation.

In 2012, the government appear that information technology would redenominate the rupiah, beginning in 2014, by cutting three zeros off the currency and that all 'old' rupiah would exist withdrawn from apportionment by 2018. The program, like and then many others, has been indefinitely delayed.

Very roughly, the exchange rate is near Rp ten,000 to the Usa dollar, although the rupiah is prone to fluctuation depending on political and international factors. Note that Indonesia uses a comma as a decimal separator, and a period to separate thousands. For example, Rp x,000 is written equally Rp 10.000, while Rp 1.4 million is written every bit Rp1,four one thousand thousand.

Coins in Indonesia are in denominations of Rp 100, Rp 200, Rp 500 and Rp one,000. In that location are too Rp 25 and Rp fifty coins, which are still legal tender simply take largely fallen out of apportionment. Coins are often a mix of old and new issue designs. Banknotes are in denominations of Rp 1,000, Rp 2,000, Rp 5,000, Rp ten,000, Rp 20,000, Rp l,000, Rp 100,000.

Shops and supermarkets oftentimes circular up amounts to the nearest Rp 500 or Rp i,000, so they tin give you less change. Rounding down to the nearest Rp 500 is rare. Some convenience stores give sweets in lieu of small modify, just they volition non accept sweets as legal tender.

Counterfeit money was a big problem in Republic of indonesia after the 1998 fall of Soeharto, with elements of the armed forces behind some of the counterfeiting. Numerous notes were withdrawn from circulation and redesigned. For a few years, the start Rp 100,000 notes were made from polymer in Commonwealth of australia, merely they were replaced at the end of 2004 and withdrawn from circulation in 2008 because ATMs had problem counting them. High denomination banknotes are at present printed on imported European paper. The national mint is called Perum Peruri.

Personal Banking

Checks are an exceedingly rare species in Indonesia; where they are heard of, they are discouraged. It can take up to three months to get a foreign check cashed in an Indonesian bank, and that'southward bold y'all have equivalent funds on deposit. Pretty much everything outside of commercial cyberbanking is done with cash, electronic transfers or credit cards.

If you are being paid locally, most companies prefer to transfer your money directly to your account. The other best option is to have it paid in cash.

For your twenty-four hours-to-day needs, y'all'll demand to open a local depository financial institution account. Your all-time bet is probably BCA (Bank Cardinal Asia), with Bank Mandiri coming in second. BCA, at least in Jakarta, seems to have the near ATMs, and more retail outlets use BCA debit cards. For some reason, the debit withdrawal system isn't integrated; you need to have a bill of fare for the specific bank the store uses.

About banks are open from 8am to 2.30pm. Some remain open until 4pm or 5pm.

Automatic Teller Machines

There are nigh 50,000 ATMs located across Indonesia, by and large in shopping centers, outside banking concern branches, within convenience stores and at some apartments. There is a growing trend toward banking online or via ATMs to avoid long queues inside banks and their limited operating hours.

ATMs are unremarkably clearly labeled to indicate whether they dispense Rp fifty,000 or Rp 100,000 bills. Some ATMs are labeled 'Non-Tunai' (Not-Cash), which means they are specifically for paying bills and other transfers. Bills for electricity, telephone services, water, cable television and internet can all be paid via ATM. Airline tickets and mobile telephone credit can also be paid for via ATM.

Most ATMS have MasterCard, Visa, Maestro, Cirrus and Visa Plus. The Alto, Prima and Link interbank networks are also common. Dollar withdrawals can be fabricated only from Citibank ATMs and some HSBC and Commonwealth Depository financial institution ATMs.

If using an Indonesian ATM to withdraw money from an account in your home state, beware that yous could face high charges. Many British, American and Australian banks charge a foreign exchange fee and as well take a per centum of the value of each transaction, so a $50 withdrawal could cost you $10. If you intend on using a bank account from your abode state, bank check to see if they offer a particular debit card without extortionate fees for strange withdrawals.

ATMs in Indonesia have varying maximum limits for withdrawals, ordinarily from Rp 1 meg to Rp 2.5 meg. When you insert a non-Indonesian menu into a local ATM, it will ask if you want instructions in Indonesian or English.

If your ATM carte du jour is worn or damaged, beware of it getting stuck inside an ATM. It is much safer to apply an ATM located inside or at the front end of a bank branch, rather than one at a shopping center. ATMs in malls are managed past third parties, so if your menu gets stuck inside one, it could take upwards to a week to get information technology dorsum.

Indonesian ATMs have been prone to scams. Cameras and skimmers recording PINs used to be a problem, but many ATMs now take small shields over the keypads. Some scammers tamper with carte slots and put up fake 'Customer Care' stickers so they tin receive calls from people whose cards get stuck and asking their PINs.

Opening an Account

One thing you lot'll presently notice is that, while obdurate behavior on the function of officials of all sorts, and particularly of bank employees, is justified by policy, or "rules", there really aren't any. Or at least anything consistent. One bank employee will tell y'all that you tin't open an business relationship unless you have an Indonesian ID card. Another at the same banking concern will demand a passport, some volition tell y'all that you lot need Indonesian citizenship or a driver's licence, while others insist on a KITAS. The consensus seems to be that you need a KITAS; just bring everything you have and go from person to person until you notice one who demands what you can provide.

And that is where you lot'll run into difficulty. There is no tradition of customer service in Indonesia, so little officials, particularly in banks, see their chief part as creating impediments. They will brand you lot line up (for hours, even) while they eat lunch and so sleep at their desks. When it is finally your turn, they will practise everything of which their creative imaginations can conceive to plough down whatever request you are making. Keep grinning and thanking them. Even when they walk you through the completion of countless redundant forms requiring utterly irrelevant information, then they'll scrutinize the results and pass up them because y'all filled them in with blue, rather than black, ink. Or the reverse.

Eventually, you may get through it and you lot volition be permitted to give them your money. Yous will accept to come back in a few weeks to get your ATM card, longer if you want information technology to generate English linguistic communication instructions and dialogue on the ATM screens. That will entail more than queuing and proof of identity. Then, if yous intend to pay bills electronically, you'll need to travel to another obscure branch to society the electronic "cardinal." So you'll need to come dorsum to pick information technology up.

Once you're set up, though, it seems to run reasonably well, every bit long as yous physically avert the bank itself.

You lot cannot brand deposits at most ATMs, simply y'all tin transfer funds from your account to pay near bills. Although yous can really make withdrawals from your business relationship from some other banks' ATMs, the service charges are high and the service is limited.

If y'all take money transferred to your local account from a foreign country, wait delays and red record. Most long-term expats are convinced that the local banks use incoming transfers to speculate on currency fluctuations; assume that your funds will be exchanged at the lowest possible rate plus a pregnant surcharge.

The best communication is to keep it simple; don't exercise annihilation that could require post-obit upwards in person, as you will detect no one is accountable for anything. So use greenbacks for everything yous can, and an off-shore VISA or MasterCard for hotels and airline tickets (expect a surcharge of upward to 3 percent), and the ATM for accessing daily cash. For whatever pregnant money, or for savings and investments, you're all-time to consider off-shore financial services from your home country or, perchance, Singapore.

Opening a BCA Account
Go to your nearest BCA branch and bring your passport and KITAS/KITAP.
You may also be asked to provide a taxation number (NPWP) and a alphabetic character from your employer.
The minimum initial eolith is Rp 500,000 for rupiah accounts, $100 for dollar accounts, and S$200 for Singapore dollar accounts.
The minimum balance for an business relationship is Rp 10,000.
Benefits of BCA: Huge number of ATMs and branches. They never terminate inactive accounts. You can get out Indonesia for 10 years, come up back and your BCA account will nevertheless be active, provided it has sufficient funds for the administration fees. Simple net cyberbanking is offered via KlikBCA
Negatives of BCA: There is a monthly administration fee, which varies depending on the type of account you have.
BCA Monthly Account Fees
Tahapan Golden and Silverish: Rp 13,000.
Tapres: Rp 13,000. If your rest falls below Rp 5 million, you volition incur an additional Rp 10,000 monthly fee.
Tahapan Xpresi: Rp5,000.
Tahanan Platinum: Rp 20,000.
BCA Dollar: U.s.a.$1/S$ii.
BCA Syariah: Rp 7,500.

Opening a Mandiri Account
Go to your nearest Mandiri branch and bring your passport and KITAS/KITAP. An Indonesian driving license, if you have one, may also be accepted equally ID.
The minimum initial deposit is Rp 500,000 for rupiah accounts and $100 for dollar accounts.
The minimum balance for an account is Rp ten,000.
Benefits of Mandiri: Being the country's biggest state-owned bank in terms of assets, it has the most branches.
Negatives of Mandiri: Often long queues inside branches. If you lose your ATM carte du jour, Bank Mandiri requires yous to obtain a missing particular report (Surat Keterangan Kehilangan) from police in social club to issue a replacement. Obtaining this police document is time-consuming and should be free simply you may have to pay for it.
Mandiri Monthly Account Fees
Tabungan A: Rp 2,000.
Tabungan Kartu Debit: Rp1,000.
Mandiri Dollar: $1($v/month penalty fee if balance beneath minimum level).
Giro Rupiah: Rp 20,000.
Giro Valas USD: $5.
Giro Valas EUR: EUR5.
Tabungan Haji: No monthly fee.

Listing of Banks in Indonesia (equally of March 2014)

There are five main types of banks operating in Indonesia:
1. The Fundamental Bank
two. State-owned Banks
3. Commercial Banks
three.1 Strange Substitution Banks
three.2 Non-Foreign Exchange Banks
3.3 Joint Venture Banks
3.iv Foreign Banks
four. Regional Banks
5. Shariah/Islamic Banks

Fundamental Bank

• Banking company Indonesia

Country-endemic Banks

• Banking company Negara Indonesia (BNI)
• Banking company Rakyat Indonesia (BRI)
• Bank Tabungan Negara (BTN)
• Banking company Mandiri

Strange Substitution Banks

• PT Banking concern Agroniaga, Tbk.
• PT Bank Antardaerah
• PT Bank Artha Graha Internasional, Tbk.
• PT Bank BNI Syariah
• PT Bank Bukopin, Tbk
• PT Banking company Bumi Arta, Tbk
• PT Bank Central Asia Tbk.(BCA)
• PT Banking concern Cimb Niaga, Tbk
• PT Bank Danamon Indonesia Tbk
• PT Bank Ekonomi Raharja, Tbk
• PT Bank Ganesha
• PT Bank Hana
• PT Depository financial institution Himpunan Saudara 1906, Tbk
• PT Bank ICB Bumiputera Tbk
• PT Bank ICBC Indonesia
• PT Bank Alphabetize Selindo
• PT Banking concern Internasional Republic of indonesia Tbk
• PT Bank Maspion Republic of indonesia
• PT Bank Mayapada International Tbk
• PT Bank Mega, Tbk
• PT Banking concern Mestika Dharma
• PT Bank Metro Express
• PT Bank Muamalat Republic of indonesia
• PT Depository financial institution Mutiara, Tbk
• PT Bank Nusantara Parahyangan,Tbk
• PT Bank OCBC NISP, Tbk
• PT Bank of India Indonesia, Tbk
• PT Bank Permata Tbk
• PT Banking company SBI Indonesia
• PT Bank Sinarmas, Tbk
• PT Bank Syariah Mandiri
• PT Bank Syariah Mega Republic of indonesia
• PT Banking concern UOB Indonesia (Dahulu Uob Buana)
• PT Pan Indonesia Bank, Tbk
• PT QNB Bank Kesawan Tbk

Not-Foreign Exchange Banks

• PT Anglomas Internasional Bank
• PT Banking company Andara
• PT Bank Artos Indonesia
• PT Banking concern BCA Syariah
• PT Bank Bisnis Internasional
• PT Bank BRI Syariah
• PT Bank Fama Internasional
• PT Bank Harda Internasional
• PT Bank Ina Perdana
• PT Banking concern Jabar Banten Syariah
• PT Banking company Jasa Dki jakarta
• PT Bank Kesejahteraan Ekonomi
• PT Bank Mayora
• PT Banking company Mitraniaga
• PT Banking concern Multi Arta Sentosa
• PT Depository financial institution Panin Syariah
• PT Banking concern Pundi Republic of indonesia, Tbk
• PT Bank Majestic Republic of indonesia
• PT Bank Sahabat Purba Danarta
• PT Bank Sahabat Sampoerna
• PT Depository financial institution Sinar Harapan Bali
• PT Bank Syariah Bukopin
• PT Banking company Tabungan Pensiunan Nasional, Tbk
• PT Bank Victoria International, Tbk
• PT Banking company Victoria Syariah
• PT Depository financial institution Yudha Bhakti
• PT Centratama Nasional Bank
• PT Liman International Bank
• PT Nationalnobu
• PT Prima Master Banking concern

Joint Venture Banks

• PT Banking concern Commonwealth
• PT Bank Agris
• PT Bank ANZ Indonesia
• PT Bank OCBC Indonesia
• PT Bank BNP Paribas Republic of indonesia
• PT Bank Capital Indonesia, Tbk
• PT Bank DBS Indonesia
• PT Bank KEB Indonesia
• PT Bank Maybank Syariah Indonesia
• PT Banking company Mizuho Indonesia
• PT Bank Rabobank International Republic of indonesia
• PT Bank Resona Perdania
• PT Bank Windu Kentjana International, Tbk
• PT Bank Woori Indonesia
• PT Depository financial institution UOB Republic of indonesia
• PT Bank Prc Trust Indonesia
• PT Bank Sumitomo Mitsui Indonesia

Foreign Banks

• Bank Of America, North.A
• Bank Of China Limited
• Citibank North.A.
• Deutsche Banking concern AG.
• JP. Morgan Chase Bank, Due north.A.
• Standard Chartered Depository financial institution
• The Bangkok Bank Comp. Ltd
• The Banking concern Of Tokyo Mitsubishi UFJ Ltd
• The Hongkong & Shanghai Cyberbanking Corp
• The Purple Bank Of Scotland Northward.V.

Regional Banks

• BPD Sulawesi Tenggara
• BPD Yogyakarta
• BPD Kalimantan Timur
• PT Banking concern DKI
• PT Bank Lampung
• PT Depository financial institution Aceh
• PT Bank Borneo Tengah
• PT BPD Jambi
• PT BPD Sulawesi Selatan Dan Sulawesi Barat
• PT BPD Riau Dan Kepulauan Riau
• PT BPD Sumatera Barat
• PT BPD Jawa Barat Dan Banten, Tbk
• PT BPD Maluku
• PT BPD Bengkulu
• PT BPD Jawa Tengah
• PT BPD Jawa Timur
• PT BPD Kalimantan Barat
• PT BPD Nusa Tenggara Barat
• PT BPD Nusa Tenggara Timur
• PT BPD Sulawesi Tengah
• PT BPD Sulawesi Utara
• PT BPD Bali
• PT BPD Kalimantan Selatan
• PT BPD Papua
• PT BPD Sumatera Selatan Dan Bangka Belitung
• PT BPD Sumatera Utara

Shariah/Islamic Banks

• Bank BNI Syariah
• Banking company BRI Syariah
• Banking company Maybank Syariah Indonesia
• Banking company Mega Syariah Indonesia
• Banking concern Muamalat Indonesia
• Bank Syariah Bukopin
• Banking concern Syariah Mandiri
• Bank Victoria Syariah
• Pan Indonesia Bank Syariah
• CIMB Niaga Syariah
• OCBC NISP Syariah
• Banking concern Danamon Syariah
• Banking concern Riau Kepri Syariah
• Bank BCA Syariah
• Bank BJB Syariah
• Banking company Permata Syariah

Contributor: Patrick Guntensperger

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Source: https://livinginindonesia.info/item/banking-money

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