There are more than 100 banks in Indonesia. The reason that there are so many banks is that the law makes it very easy to open a bank. About one third of the banks in Indonesia are owned by foreigners. Indonesian law allows 99% of any financial institution to be foreign-owned.
Indonesia has government-owned banks and private banks. There are Islamic banks that observe Shariah law.
In Indonesia, 99% of any financial institution can be owned by foreigners, and in Indonesia, about one third of banks are foreign-owned.
Banks in Indonesia provide savings accounts and checking accounts.
Many banks allow you to open accounts in either rupiahs (the official currency of Indonesia) or in US dollars.
Banks in Indonesia also offer time deposit accounts and credit cards.
ATMs can be used to withdraw money as well as to make transfers to other banks, pay bills and purchase cell phone credits.
Unfortunately, Indonesia experiences a high level of debit and credit card fraud. It is best not to pay for purchases directly with a debit card. Instead, withdraw cash from an ATM that is associated with your bank and then pay for your goods in cash.
Always be sure to shred your debit card receipts and credit card receipts.
You can exchange foreign currency at an Indonesian bank or by using the services of a money changer.
It is generally safer to use a bank.