Thread: Moving to Bali for 6months - advice on bank account

HI PerthGirl.
We are also planning to go to Bali for 6 months in May. We already have accommodation organised, but are still working on the social visa. have you applied for yours yet, and if so, do you have any tips for us regarding the visa process.

ive posted this before...

but if you cant get a bank account (due to lack of Kitas), you can try the larger money changers (try CV Kuta).

you can get an "account" with a checkbook that you can use at their branches to get money. the accounts bear interest and not a lot of hidden charges.

it is also easy to transfer money in and out (and in multiple currencies).

(try CV Kuta)

Did you mean PT Central Kuta?

yup- its not a bank, but for simple banking procedures (changing currencies, storing and accessing money) it might suit some peoples purposes.

i'd warn that (since its not bank), maybe there are extra risks... but given what happened during Cris-Mo (monetary crisis) i think that caveat might go to most banks as well.

You are quite right in that PT Central Kuta is NOT a bank. It is however, the most reliable money changer in Bali.

As for storing money, (deposits) I don’t know anyone, or have ever heard of anyone using PT Central Kuta in this manner. In fact, I don’t think they can legally accept deposits, nor issue checking accounts. Do you have an “account” there? :shock:

“...but given what happened during Cris-Mo (monetary crisis) i think that caveat might go to most banks as well.”

Here you are referring to the monetary crisis of the late 1990’s. Having no idea where you were during this time, I was here in Bali, and our accounts (Lippo and BCA) were all just fine, although currency exchange rates were “off the charts.” When the IDR hit 17 thousand plus to the US dollar, it was obvious the timing to invest was perfect.

For someone coming to Bali for just six months, the obvious and best advice is to maintain their own accounts from back home and access funds as needed through ATMs.

Perthgirl will also be far better off renting a Kijang or Jimmy while she is here in Bali for six months. The fact is, without a Kitas or higher visa, she couldn’t buy one anyway.

Not so fast Mimpi!

As I read JenPen’s post she wrote that her husband was getting a multi entry work visa...aka, kitas, and that the bank only opened the account after they had copies of the paper work from his sponsoring agency.

At best, Permata Bank “jumped the gun” by opening the account in advance of the actual visa being issued, but no question the account opening was granted with kitas (and compliance) in mind.

Nice try though! :P

hi roy

yes, you can get an 'account' there. i have one in IDR and one in USD. it allows me to transfer money easily from Singapore where i live. (i have a 2nd house in Bali). i think the USD bears around 5% and the IDR bears around 10% pa.

let me clarify how i 'think' they do it... basically you have to trust and rely on them. menaing that they hold the master accounts- your money is not under your own name. it is under their master account name. but they then issue you details for the amt they hold on your behalf.

murky? yeah. convenient (in view of kitas problems)? yeah. i have heard that people have had such accounts for years- even since CrisMo when apparently they were one of the only solvent and liquid sources of currency.... but obviously caveat emptor. (ive had mine for 2 yrs with no problems.)

the "checks" can be issued to a 3rd party, but i think they can only be cashed by PT Central Kuta HQ. they there countercheck your signature.

if you go to their main branch, dont go to the currency change counter but instead the door by the back. (already sounds fishy doenst it)?.

i suspect im a bit younger than you, but during that time, (CrisMo 1997) i was (and still am) a professional derivatives trader.... so i was watching the S^$# hit the fan all over asia.