Job Discussion Forums

[Skyblue2]

Thanks for the answers to my questions over the past week. I was wondering about banking in Indonesia. I'm coming over with a wad of cash after having closed my bank account here in Cambodia. Would it be practical (easy, etc.) to open a bank account shortly after my arrival so that I don't have to carry it around with me? Would any bank do?

[pauleslteacher1]

Hi.... A wad of cash eh? Well I'll give you my account number and hold it for you...

It used to be that you could open a bank account with just a passport but I "think" you need a KITAS (working permit) to do that now...

Let me know if you need my account....

Cheers

[Llamalicious]

LAGOS, NIGERIA.

ATTENTION: THE PRESIDENT/CEO

DEAR SIR,

CONFIDENTIAL BUSINESS PROPOSAL

HAVING CONSULTED WITH MY COLLEAGUES AND BASED ON THE INFORMATION GATHERED FROM THE NIGERIAN CHAMBERS OF COMMERCE AND INDUSTRY, I HAVE THE PRIVILEGE TO REQUEST FOR YOUR ASSISTANCE TO TRANSFER THE SUM OF $47,500,000.00 (FORTY SEVEN MILLION, FIVE HUNDRED THOUSAND UNITED STATES DOLLARS) INTO YOUR ACCOUNTS. THE ABOVE SUM RESULTED FROM AN OVER-INVOICED CONTRACT, EXECUTED COMMISSIONED AND PAID FOR ABOUT FIVE YEARS (5) AGO BY A FOREIGN CONTRACTOR. THIS ACTION WAS HOWEVER INTENTIONAL AND SINCE THEN THE FUND HAS BEEN IN A SUSPENSE ACCOUNT AT THE CENTRAL BANK OF NIGERIA APEX BANK.

WE ARE NOW READY TO TRANSFER THE FUND OVERSEAS AND THAT IS WHERE YOU COME IN. IT IS IMPORTANT TO INFORM YOU THAT AS CIVIL SERVANTS, WE ARE FORBIDDEN TO OPERATE A FOREIGN ACCOUNT; THAT IS WHY WE REQUIRE YOUR ASSISTANCE. THE TOTAL SUM WILL BE SHARED AS FOLLOWS: 70% FOR US, 25% FOR YOU AND 5% FOR LOCAL AND INTERNATIONAL EXPENSES INCIDENT TO THE TRANSFER.

THE TRANSFER IS RISK FREE ON BOTH SIDES. I AM AN ACCOUNTANT WITH THE NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC). IF YOU FIND THIS PROPOSAL ACCEPTABLE, WE SHALL REQUIRE THE FOLLOWING DOCUMENTS:

(A) YOUR BANKER'S NAME, TELEPHONE, ACCOUNT AND FAX NUMBERS.

(B) YOUR PRIVATE TELEPHONE AND FAX NUMBERS -- FOR CONFIDENTIALITY AND EASY COMMUNICATION.

(C) YOUR LETTER-HEADED PAPER STAMPED AND SIGNED.

ALTERNATIVELY WE WILL FURNISH YOU WITH THE TEXT OF WHAT TO TYPE INTO YOUR LETTER-HEADED PAPER, ALONG WITH A BREAKDOWN EXPLAINING, COMPREHENSIVELY WHAT WE REQUIRE OF YOU. THE BUSINESS WILL TAKE US THIRTY (30) WORKING DAYS TO ACCOMPLISH.

PLEASE REPLY URGENTLY.

BEST REGARDS

LLAMALICIOUS

[philbags]

Cheeky - I always write back to those guys and tell 'em I just blew my bank out on whores'n'drugs.
If you have Cirrus/link/whatever on your card, you'll be able to draw your cash through the ATMs of other asian countries - you may not be able to check the balance tho. might be a bit safer than carrying cash, as long as you keep track of the maths.
just a quick thought; it is (or was) against regulations to come into indo with the intention of looking for work or , even if you have a firm offer, youre still supposed to lie ,until you've gone out of the country and re-entered on your working visa.Otherwise you find yourself bribing people just to get into the place.
It's probly the same where you are, but a word to the wise never hurts. Wish someone had told me -DOH!

[guruengerish]

You'd have to be a little unhinged to want to carry cash with you. A mate of mine carefully stashed his into his check-on luggage and guess what?

Right first time - it wasn't there on arrival.

Is it so difficult to get traveller's Cheques?

Besides, the Indonesians get a tad upset with travellers bringing in cash and it has not been declared. You may well be asked to share a bit.

[xsbir]

A friend of mine brought a bunch of US$ cash from Cambodia to Indonesia and soon found that most of the notes were unacceptable in Indonesia. US$ notes must be crease and tear free, and only certain number series are acceptable. Guru is right: get travellers' cheques.

[tanyakenapa]

USD notes that are unacceptable..or recieve a lower exchange rate are

CB (this is a popular serial No for fake notes apparently)

actually most with serial beginning with C or D.

A - isnt accepted by banks, but money changers will accept them.

Make sure they are clean, unwrinkled, not ripped or have any "stamps" or other marks on the notes. They wont be accepted.

Travellers cheques are a pain in the arse to exchange. They will take a 2% commission of each note. If you exchange a lot it will add up in the end. Ive done this before even at the American Express office itself on Jln Rasuna Said and they still take the comission.

[TEAM_PAPUA]

The above post should be a 'STICKY'.

It is amazing how companies fail to even provide such simple, yet necessary, advice like this.

[malu]

I've saved myself a few pennies in the past by exchanging slightly tatty USD at moneychanger 'buy' rates then taking the dosh back home during holidays.

[Reefs]

HI New on here, so please be a little patient while i get used to this.
Can any one shed some light on HSBC, i have a account in London, if i wanted to open a account with HSBC in Jakarta, can i just go in there and open one or are there complications like in the uk?
bring a bill council tax etc with my name on it,
Will the HSBC bank in jakarta also need bills , is a passport enough to open a account,

Thanks Reefs

Hi im sure must be covered somewhere, but sorry cant find it,

[guruengerish]

If HSBC have a bank anywhere near where you'll be based, then let your UK bank know, and tell them that you'll be opening an account overseas. They should be able to transfer it as soon as you have opened your new account.

You usually need heaps of documentation, passport, employer's declaration that you are working for them, KITAS and so on.

Open a credit card account at the same time, as you can do lots with this, such as pay your mobile (hand) phone account, TV satellite service, power (I think) and a few others at your local ATM.

[malu]

I bank with HSBC and Citibank. While you can't actually transfer your existing account to Indonesia, HSBC will help with the process of opening a new account here. I think there is even a part on their website dedicated to moving to another country. The branch network in Indonesia is small but growing.

Their internet banking works pretty well and the call centre offers service in English. Only thing I would warn about is using Indo HSBC credit cards overseas. They convert the currency first to USD and then to IDR at their own rates which can result in unpleasant surprises when you get the next statement. I find I get a much better foreign currency exchange rate with Citibank.

[Vertumnus]

Making an Account
Generally, you are required to have a KITAS (which is a working/living permit of sorts) in order to open a bank account. Find a friendly local girl - she'll be delighted to help, and skim some money, too. Sorry, that was very jaded, but you do need to be careful.

Customs
Be careful about how much you bring. There is a limit, above which customs will expect you to declare (but they're not very thorough at all). If you can figure out a way to have the money moved, that would be much safer.

Ways to Move It
Traveller's cheques are an alternative, however there is the % you pay up front, and the % you pay when you redeem them for cash.

Private checks and such are not usually accepted by banks here.

Moneygram/Western Union are highway robbers. The more you send, the more you pay.

I wouldn't be at all surprised to see HSBC in Indonesia have troubles. I knew someone who worked there, getting people to sign up, and she told me the agents regularly falsify information in order to fulfill their quotas.

Stick to Citibank. They may be greedy buggers, but at least they're more universal than HSBC, and I was able to take money out of ATMs here from my account back home (for a small fee).

USD
As has already been explained, Indonesian money changers (some, not all - the ones at the airports do) require that the USD you exchange be in almost pristine condition. If they are ripped, stamped, dog-eared, folded (even because of your billfold), or otherwise damaged, you'll either be offered a worse rate, or the bills in question will be rejected entirely. You can sometimes find money changers away from the airport who'll take the rejected bills but, again, at a worse rate.

Also, be wary of anyone who's not in a money changer booth offering to change money that's been rejected. I've heard of scams where they change your money, then a fake(?) police officer comes and confiscates it, saying it's counterfeit and needed to prosecute the criminals. You've been had!

Next, the serial number not only determines whether or not your bills are accepted, but also the rate of exchange you get. I think the F series is your best bet, but you should check, and D is bad.

Finally, larger bills (100s, sometimes 50s) command a higher rate than smaller bills, and larger quantities get a better rate, too. And, you CAN try to negotiate the rate if you're not pleased. It doesn't hurt to walk away.

Other Currency
Investigate the possibility of bringing in Cambodian money (if that's what you've got in the bank now), so as to avoid changing currency twice if you want a rupiah account. You can get a USD account at most banks, but if you're being paid in rupiahs, why would you want to?

Have you got any more questions?

-D

[raven_sable]

When you come over you won't be able to open an account until you have a KITAS. Apart from that the banking systems easy.

You are highly unlikely to get robbed outright here. Indonesians don't like confrontational situations. Like everywhere else in the world, don't flash your money around and you'll be OK.

[laughing_magpie06]