Money in Indonesia

The currency in Indonesia since the Second World War has been the Indonesian Rupiah, issued by the Indonesia Bank. In that war it replaced the gulden as the nation's currency. It is subject to devaluation by the Indonesia Bank very often, so notes tend to drop their value, and other currencies are widely used and sometimes preferred. ATMs sometimes offer better conversion rates than banks. Cash can be converted for better rates on the black market, but there is the chance of obtaining counterfeit notes, whether foreign or Indonesian.

There are multiple other state operated and privately owned banks in Indonesia. The private banks are quicker, offer improved service, and are more liable to hire English speaking tellers than the government run banks. Many of the banks in Indonesia have ATM cash machines and offer website banking. A few banks give debit cards for free, but other banks require US $10 for a debit card. Some Indonesian banks do not ever give out credit cards.

Starting up a bank account for expats in Indonesia will normally require a passport, resident card and letters of sponsorship, both native and from the expat’s bank in their home nation. Bank accounts can be started in other currencies in addition to the rupiah.