In short: the main things to check are that the bank is licensed, which documents you need, who will act as maker and approver for a company, whether the token is an app or a physical device, which phone number will receive the SMS codes, and what deposit and nationality rules apply. Mandiri, OCBC and BCA are all licensed banks. Mandiri is state-owned with an app-only token. OCBC is private, multicurrency, and holds an initial deposit for one month. BCA is the largest private bank, with a low opening deposit and one of the largest ATM networks.
At a glance
The 7 checks
Each tile links to its section.
1. The Bank’s Licence and Deposit Insurance
Indonesia has more than 100 commercial banks, and all of them must be licensed and supervised by the OJK (Otoritas Jasa Keuangan, the financial services authority). Before you open an account, check that the bank appears on the OJK list of commercial banks. Licensed banks are also members of the LPS (Lembaga Penjamin Simpanan, the deposit insurance agency), which guarantees deposits of up to IDR 2 billion per depositor per bank, subject to its conditions. Mandiri, OCBC and BCA are all licensed and insured.
Ask: Is the bank on the OJK list, and is my account covered by the LPS guarantee?
2. Documents for a Personal Account
A personal account is opened in your own name. You need your passport, a visa or residence permit (KITAS) and, at some banks, a tax number. The exact list depends on the bank:
Mandiri
Passport, KITAS and a tax number, from your home country or from Indonesia.
OCBC
Passport, a KITAS or simple visa, plus an initial deposit (see check 7).
BCA
Passport, KITAS or KITAP, proof of your local address.
3. Documents for a Company Account
A company account is opened by the legal entity, usually a PT or a PT PMA. It needs the company’s papers plus identity documents for the people who run and own it.
- Deed of establishment (akta pendirian)
- Company tax number (NPWP)
- Approval letter from the Ministry of Law (SK, formerly issued by Kemenkumham)
- Business number (NIB)
- Standard certificate (sertifikat standar)
- Company stamp (requested by Mandiri)
- Passports and KITAS of the directors (and commissioners at Mandiri)
- Passports, or KTP for Indonesian citizens, of the shareholders
4. Maker and Approver for Companies
A company account needs a maker and an approver, each with their own dedicated email address. The maker is the person who creates a payment or transfer, and the approver is a second person who checks and releases it. Plan for two people, for example the director and another authorised signer, if possible.
Ask: Can both people be set up when the account is opened, and which email does each one need?
5. App Token or Physical Token
The token is what lets you approve transfers. It comes in two forms, and the bank decides which one you get:
Mandiri
The token is available only inside the app. There is no physical device to collect.
OCBC
- Personal accounts use the mobile banking app.
- A company account receives a hard token and corporate mobile banking.
BCA (reported)
- Foreign-owned company accounts receive a physical KeyBCA token.
- The app version of the business token is limited to Indonesian citizens, because it is checked against Indonesia’s civil registry.
Ask: Is my token in the app or a physical device, and who will hold it?
6. An Indonesian Phone Number
The app and the token are activated with a code sent by SMS (OTP). Several foreign countries are supported at Mandiri, but the SMS sometimes does not arrive, depending on your mobile operator. OCBC requires an Indonesian number for company accounts. At BCA, online account opening with a foreign number is only for Indonesian citizens living abroad. The safe choice is a local SIM card that you keep active and register on your account.
Ask: Which number will receive the SMS code, and how do I change it if I lose the SIM?
7. Deposits, Fees and Nationality Rules
Before you go, check what each bank asks from your nationality and your wallet:
Mandiri
- Russian applicants have special requirements.
- Applicants from North Korea, Myanmar and Iran are not accepted.
OCBC
- An initial deposit of IDR 30 million, kept in the account for one month. It can be made in another currency.
- Without a KITAS, the minimum is IDR 51 million, also held for one month.
- 15 currencies under one account number (IDR, USD, SGD, AUD, JPY, EUR, HKD, CHF, GBP, CAD, NZD, CNH, AED, KRW and THB), with IDR as the base currency.
- A Mastercard debit card for Indonesia and abroad.
- Daily limits: IDR 15 million at the ATM, IDR 50 million for payments, and up to IDR 1 billion for online transfers.
BCA
- An opening deposit of IDR 500,000, paid in cash.
- A tax number (NPWP) is usually not needed for a basic account, but branches increasingly ask for it.
Ask: Is my deposit locked, for how long, and what monthly fees will I pay?
Bank by Bank: Which One Fits?
No bank is best in every case. The right one depends on whether you have a KITAS, whether you need several currencies, and how much cash you can leave in the account for a month.
| Mandiri | OCBC | BCA | |
|---|---|---|---|
| Ownership | State-owned | Private, foreign-owned | Private, the largest private bank |
| Best for | A simple rupiah account at a major state bank | Several currencies in one account | Everyday use, with one of the largest ATM networks |
| Entry cost, personal | No initial deposit listed; confirm with the branch | IDR 30 million held for one month (IDR 51 million without a KITAS) | IDR 500,000 |
| KITAS needed? | Yes | No, but a higher deposit | Yes (KITAS or KITAP) |
| Token | In the app only | Personal: app. Company: hard token | Personal: app. Company: physical KeyBCA token (reported) |
If you want a state-owned bank with an app-only token, choose Mandiri. If you have no KITAS, or you need several currencies, choose OCBC. If you hold a KITAS and want the lowest opening deposit and one of the largest ATM networks (about 20,000 machines), BCA looks like the best fit. For a company, all three ask for similar papers, but only the Mandiri and OCBC lists were confirmed for this guide.
Before you commit
Who does what
Step 1
Before the appointment
You check the licence on the OJK website, choose the bank, prepare the documents and buy an Indonesian SIM card. For a company, decide who will be the maker and who will be the approver.
Step 2
At the branch
The bank checks your documents, your nationality and your deposit. You ask the questions from this guide.
Step 3
After opening
You activate the app or the token with the SMS code. For a company, set up both the maker and the approver.
Rules Change by Branch, So Always Confirm
Banks update their rules, and branches may ask for additional documents. The Mandiri and OCBC details in this guide come from the banks’ own requirements as supplied for this article (November 2026). The BCA details come from outside guides, so check them with the bank before you go.
Bank Account Checklist
Take this list to every appointment
- Check that the bank is on the OJK list of licensed banks.
- Personal account: valid passport, visa or KITAS, and a tax number (home country or Indonesia).
- Company account: deed of establishment, ministry approval (SK), NIB, company NPWP and standard certificate.
- Company account: passports or KTP of shareholders, and passports and KITAS of directors (and commissioners at Mandiri).
- Company account: two people with their own dedicated email, one maker and one approver.
- Bring the company stamp if you open at Mandiri.
- OCBC personal: prepare IDR 30 million (IDR 51 million without a KITAS) and leave it in the account for one month.
- BCA personal: bring your KITAS or KITAP, proof of your local address and IDR 500,000 for the opening deposit.
- Russian applicants: ask the branch for the extra requirements before the appointment.
- Get an Indonesian SIM card so the SMS code can reach you.
- Ask whether the token is in the app or a physical device, and who will hold it.
Frequently Asked Questions
Can a foreigner open a bank account in Indonesia?
Yes. Mandiri asks for a passport, a KITAS and a tax number, and BCA for a passport and a KITAS or KITAP. OCBC also accepts a simple visa, with a higher initial deposit. Applicants from North Korea, Myanmar and Iran are not accepted at Mandiri, and Russians have additional requirements.
Do I need a KITAS?
At Mandiri, yes: you need a KITAS. At BCA, you need a KITAS or KITAP. A tourist visa is not accepted at either bank. At OCBC you can open a personal account with a simple visa, but the minimum initial deposit rises from IDR 30 million to IDR 51 million, held for one month.
Is my money protected if the bank fails?
Deposits at licensed banks are guaranteed by the LPS up to IDR 2 billion per depositor per bank, subject to its conditions: for example, the interest rate on your deposit must not be higher than the LPS guaranteed rate. Check that your bank appears on the OJK list before opening an account.
Can I open an OCBC account with foreign currency?
Yes. The initial deposit can be made in another currency and does not have to be in rupiah. The account holds 15 currencies under one number, with IDR as the base.
What if I never receive the SMS code?
Delivery depends on the mobile operator, so it can fail even when your country is supported. An Indonesian phone number avoids the problem.
What are a maker and an approver?
The maker creates a payment or transfer, and the approver checks and releases it. A company account needs both, each with their own dedicated email.
Is a hard token mandatory?
At OCBC, a company account comes with a hard token and corporate mobile banking. At Mandiri the token is available only inside the app. At BCA, foreign-owned company accounts are reported to receive a physical KeyBCA token.
Opening a company account?
Our legal team handles PT PMA company setup, so your company papers are in order before you go to the bank.
Sources
- Financial services authority moves toward industry consolidation, The Jakarta Post (January 2026): number of commercial banks.
- Bank Mandiri, licence and LPS membership: OJK and Bank Indonesia supervision, deposit insurance of IDR 2 billion.
- OJK, list of commercial bank head offices: where to verify a bank’s licence.
- LPS, Indonesia Deposit Insurance Corporation: guarantee limit and conditions.
- BCA, open an account online with myBCA using a foreign phone number: limited to Indonesian citizens abroad.
- Bisnis.com (January 2026): BCA’s ATM network, 20,163 machines at the end of 2025.
- Statrys, Best Banks for Foreigners in Bali (2026): BCA documents, IDR 500,000 deposit, fees, KITAS requirement.
- Bali Solve, Opening a Bank Account in Bali as a Foreigner (2026): KeyBCA token for foreigners.
- Emerhub, Opening a Corporate Bank Account in Indonesia: usual PT PMA documents.
Document lists, deposits, limits, tokens and the maker and approver rule for Mandiri and OCBC come from the banks’ own requirements as supplied for this article (November 2026). BCA details are reported by the outside guides above and are not confirmed by BCA. The number of banks is approximate.
Related reading: Bali payment hacks: cash, card or e-wallet? · Financing options for foreigners buying property in Bali · Best places to live in Bali
