DENPASAR

Recently, the opening of accounts for foreigners should include a lot of documents other than a passport, such as temporary residence permit card (Kitas), for customer due diligence (CDD). However it has now been changed by policies that facilitate expatriates and tourists to open foreign currency accounts in all banks operating in Indonesia.

“With the ease of regulation, it is hoped will encourage tourists especially the” frequent flyer “to open foreign currency accounts in banks in the country,” said Chairman of the Board of Commissioners of the Financial Services Authority (FSA) Muliaman D Hadad in Denpasar.

He added that the policy also aims to attract foreign currency funds of the tourists to get into the Indonesian banking system so as to increase the supply of currency through the accretion of deposits in foreign currency. In addition, this convenience is expected to increase the interest of foreign nationals to invest or travel in Indonesia.

“This policy is appropriate and will support the policy of the Government and Bank Indonesia. In the near future we can immediately remove rules. We have received approval from PPATK to simplify the account opening process for these foreigners, “he explains.

Provisions simplification of requirements to be issued is the first account of a tourist with limited balance between $ 2,000  and $ 50,000 . The requirements for opening an account just by showing a passport, with a minimum first deposit of $ 2,000 with a maximum balance of $ 50,000.

The provisions if the balance amount below $ 10,000 imposed higher charges.

He said, while a second mechanism with no limited account, the requirement is to show a passport with certain additional documents among bank reference from the foreign national origin, domicile certificate, identity spouse or credit card. The provisions of the minimum balance is more than $ 50,000.

“The third provisions is special account with a balance of large amounts, the requirements is similar to the mechanism of the second account, but the balance should be more than one million dollars with a lower deposit interest tax applied progressively,” he said.

According to him, trust activities include, the paying agent , investment agent funds conventionally and / or based on ‘sharia’ (sharing profit) principles, the borrowing agent or an agent of the financing based on Islamic principles. Trustee may be made by bank or branch office of a bank domiciled abroad.

“Essentially the bank will be facilitated business requirements to have a Trustee. It is important to increase the supply of foreign exchange, “Hadad said.

Previously, to encourage the growth of the national economy, FSA has issued several regulations in banking and IKNB is expected to be the economic stimulus from the financial sector.