OJK Allows Foreigners to Have Savings Balance above $1mn

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  • Muliaman Darmansyah Hadad. TEMPO/Tony Hartawan

    Muliaman Darmansyah Hadad. TEMPO/Tony Hartawan

    TEMPO.CO, Jakarta- The Financial Services Authority (OJK) announced Wednesday, September 16, that foreign nationals residing in Indonesia are allowed to have bank savings accounts under a number of requirements.

    The OJK allows foreigners to have a savings balance of more than US$1 million.

    The provisions are stipulated in POJK's circular number S-246/s.01/2015 on the simplification of opening a savings account in foreign currencies by non-Indonesians. The circular was issued on September 15, 2015.

    OJK chief Muliaman Hadad said they have sent the circulars to all directors of commercial banks that offer banking services denominated in foreign currencies.

    "The issuance of this regulation is part of a follow-up to the government's economic policy package released on September 9 aimed at greasing the wheels of the economy," Hadad said in an official statement Wednesday, Sept. 16.

    Foreigners can now open accounts simply by showing their passports.  

    "The balance should be no less than US$2,000 and no more than U$50,000," he said.

    If the foreign workers want to have a balance of more than US$50,000, they must include other documents when opening the account such as bank references from their countries of origin, a letter stating their local domicile in Indonesia, the identity if their spouse, or a credit/debit card.