Banking activities are an important element that supports daily activities. We use the banks for transferring funds, savings, applying for loans, checking balances, e-wallets top up, subscription payments, bill payments, and their many other services regularly. Tese services can be accessed through branch offices, Automated Teller Machines (ATMs), as well as banking applications via cellular phones (mobile banking).
The Banks also charge specific rates for these banking activities. What is exactly the various fees that are charged by the banks? Let us break it down for you.
- Account Administration Fee
Account administration fees are rates charged by banks to their customers for maintenance and service fees of money deposit services or savings. This fee will be charged regularly every month, automatically debited from the balance in the customer's account.
The amount of each Bank's monthly account administration fee varies, depending on the policies of each Bank and the type of savings program. Here is an overview the monthly account administration fee of some major banks in Indonesia:
- BRI : Rp 5.000 - Rp 12.000
- BCA : Rp 15.000 – Rp 17.000
- BNI : Rp 5.000 – Rp 11.000
- Mandiri : Rp 0 – Rp 12.500
- Transfer Fee
Transfer fees are fees charged for the activity of sending money from one account to another that is charged to customers, either intra or inter-banks.
Usually, there is no fee to transfer between accounts of the same bank. For transfer fees between different banks, Bank Indonesia has separated them into two categories, namely BI-Fast and Real Time Online. The transfer fee for the BI-Fast system is IDR 2,500, while Real Time Online charges IDR 6,500 to IDR 7,500. For transfers with very large amounts (above 500 million rupiah), an RTGS (real-time gross settlement) fee of IDR 35,000 will be charged.
Currently, BI-Fast is still focusing on developing individual credit and debit transfer services, BI-Fast services development that include bulk credit, and request for payment will be realized in 2023.
- Account Opening Fee
When you open a new bank account, you will receive a passbook and a debit card as proof of account ownership. Several banks will charge fees for passbooks and cards. But sometimes, the initial account opening fee is waived by the Bank.
- BRI : Rp 0
- BCA : Rp 0 – Rp 20.000
- BNI : Rp 1.500
- Mandiri : Rp 15.000
- Account Closing Fee
When your savings balance does not reach the limit set by the Bank and the account has been neglected for a long time without any transactions, then within a certain period of time the account will automatically be forfeited. In general, the account will automatically be terminated within a period of 6 months to 12 months.
However, the customer can submit a request to the Bank to close his account. The bank will charge a little sum for closing the account. here’s some closing fee comparisons from major banks in Indonesia :
- BRI : Rp 25.000
- BCA : Rp 5.000
- BNI : Rp 10.000
- Mandiri : Rp 50.000
- ATM Machine Fee
Automated Teller Machines are one of the facilities provided by banks to facilitate their customers' banking activities. ATMs can be used for services such as balance checking, transfers, payment of utilities and bills, cash withdrawals, cash deposits and many others. Here is a list of different fees for various transactions with various ATMs scattered across Indonesia.
- Initial Deposit
The initial deposit is a sum given to the Bank which will go into the customer's account as a token of the initial account opening. The nominal will differ from one bank to another, the type of savings account and products that the customer chooses will also affect the amount of the initial deposit fee.
- BRI : Rp 50.000 – Rp 1.000.000
- BCA : Rp 500.000
- BNI : Rp 500.000
- Mandiri : Rp 500.000 – Rp 1.000.000
- Settling Balance
This is the minimum amount of money or the lowest balance limit in an account set by the bank. This money cannot be withdrawn in cash nor transferred.
This is enforced as the Bank's anticipatory effort for when the customer no longer uses the account. In this case, the remaining balance will be used as the account closing fee.
- BRI : Rp 10.000 – Rp 50.000
- BCA : Rp 10.000 – Rp 50.000
- BNI : Rp 150.000
- Mandiri : Rp 100.000
- Asset Replacement Fees
The bank will charge additional fees to replace a missing passbook or debit or credit card. You can visit the nearest Bank service office and submit your issue and the Bank will ask for paperwork such as identity cards and supporting documents. You will have to pay a certain some for example:
- BRI : Rp 25.000 – Rp 50.000
- BCA : Rp 5.000
- BNI : Rp 15.000
- Mandiri : Rp 15.000
What if your passbook is all used up? Here are The costs of replacing a full passbook for each bank:
- BRI : Free of charge
- BCA : Rp 5.000
- BNI : Rp 1.500
- Mandiri : Free of charge
Table of comparison of fees charged by 4 major banks in Indonesia
So those are the costs details to know before opening a bank account in Indonesia. Usually, companies in Indonesia will have several accounts at different banks to facilitate their operational finance and separate their funds. This can hamper efficiency and make it difficult for the finance team to accurately gather insights on a company's current financial condition.
Same for financial applications and software. The majority of SMEs use at least 5 different financial applications to manage their business finances.
For this reason, Aspire provides the convenience of a business account that is directly linked to the company's budget, accounts payable and receivable management. with an approval system to allocate purchasing power to authorized teams or employees.
Open a multi-currency business account with Aspire in just a few clicks and separate your accounts based on each project or each division's budgets. All connected directly to your bookkeeping software to lighten your accounting team’s workload. With Aspire, all accounts are directly connected and updated in real-time so you can get the company's thorough financial condition and the insights needed to be able to make strategic decisions faster.
Check out Aspire's unlimited business account solution, or contact our team to schedule a demo and find out more about Aspire features that will make your business financial operations EASY.
Banking activities are an important element that supports daily activities. We use the banks for transferring funds, savings, applying for loans, checking balances, e-wallets top up, subscription payments, bill payments, and their many other services regularly. Tese services can be accessed through branch offices, Automated Teller Machines (ATMs), as well as banking applications via cellular phones (mobile banking).
The Banks also charge specific rates for these banking activities. What is exactly the various fees that are charged by the banks? Let us break it down for you.
- Account Administration Fee
Account administration fees are rates charged by banks to their customers for maintenance and service fees of money deposit services or savings. This fee will be charged regularly every month, automatically debited from the balance in the customer's account.
The amount of each Bank's monthly account administration fee varies, depending on the policies of each Bank and the type of savings program. Here is an overview the monthly account administration fee of some major banks in Indonesia:
- BRI : Rp 5.000 - Rp 12.000
- BCA : Rp 15.000 – Rp 17.000
- BNI : Rp 5.000 – Rp 11.000
- Mandiri : Rp 0 – Rp 12.500
- Transfer Fee
Transfer fees are fees charged for the activity of sending money from one account to another that is charged to customers, either intra or inter-banks.
Usually, there is no fee to transfer between accounts of the same bank. For transfer fees between different banks, Bank Indonesia has separated them into two categories, namely BI-Fast and Real Time Online. The transfer fee for the BI-Fast system is IDR 2,500, while Real Time Online charges IDR 6,500 to IDR 7,500. For transfers with very large amounts (above 500 million rupiah), an RTGS (real-time gross settlement) fee of IDR 35,000 will be charged.
Currently, BI-Fast is still focusing on developing individual credit and debit transfer services, BI-Fast services development that include bulk credit, and request for payment will be realized in 2023.
- Account Opening Fee
When you open a new bank account, you will receive a passbook and a debit card as proof of account ownership. Several banks will charge fees for passbooks and cards. But sometimes, the initial account opening fee is waived by the Bank.
- BRI : Rp 0
- BCA : Rp 0 – Rp 20.000
- BNI : Rp 1.500
- Mandiri : Rp 15.000
- Account Closing Fee
When your savings balance does not reach the limit set by the Bank and the account has been neglected for a long time without any transactions, then within a certain period of time the account will automatically be forfeited. In general, the account will automatically be terminated within a period of 6 months to 12 months.
However, the customer can submit a request to the Bank to close his account. The bank will charge a little sum for closing the account. here’s some closing fee comparisons from major banks in Indonesia :
- BRI : Rp 25.000
- BCA : Rp 5.000
- BNI : Rp 10.000
- Mandiri : Rp 50.000
- ATM Machine Fee
Automated Teller Machines are one of the facilities provided by banks to facilitate their customers' banking activities. ATMs can be used for services such as balance checking, transfers, payment of utilities and bills, cash withdrawals, cash deposits and many others. Here is a list of different fees for various transactions with various ATMs scattered across Indonesia.
- Initial Deposit
The initial deposit is a sum given to the Bank which will go into the customer's account as a token of the initial account opening. The nominal will differ from one bank to another, the type of savings account and products that the customer chooses will also affect the amount of the initial deposit fee.
- BRI : Rp 50.000 – Rp 1.000.000
- BCA : Rp 500.000
- BNI : Rp 500.000
- Mandiri : Rp 500.000 – Rp 1.000.000
- Settling Balance
This is the minimum amount of money or the lowest balance limit in an account set by the bank. This money cannot be withdrawn in cash nor transferred.
This is enforced as the Bank's anticipatory effort for when the customer no longer uses the account. In this case, the remaining balance will be used as the account closing fee.
- BRI : Rp 10.000 – Rp 50.000
- BCA : Rp 10.000 – Rp 50.000
- BNI : Rp 150.000
- Mandiri : Rp 100.000
- Asset Replacement Fees
The bank will charge additional fees to replace a missing passbook or debit or credit card. You can visit the nearest Bank service office and submit your issue and the Bank will ask for paperwork such as identity cards and supporting documents. You will have to pay a certain some for example:
- BRI : Rp 25.000 – Rp 50.000
- BCA : Rp 5.000
- BNI : Rp 15.000
- Mandiri : Rp 15.000
What if your passbook is all used up? Here are The costs of replacing a full passbook for each bank:
- BRI : Free of charge
- BCA : Rp 5.000
- BNI : Rp 1.500
- Mandiri : Free of charge
Table of comparison of fees charged by 4 major banks in Indonesia
So those are the costs details to know before opening a bank account in Indonesia. Usually, companies in Indonesia will have several accounts at different banks to facilitate their operational finance and separate their funds. This can hamper efficiency and make it difficult for the finance team to accurately gather insights on a company's current financial condition.
Same for financial applications and software. The majority of SMEs use at least 5 different financial applications to manage their business finances.
For this reason, Aspire provides the convenience of a business account that is directly linked to the company's budget, accounts payable and receivable management. with an approval system to allocate purchasing power to authorized teams or employees.
Open a multi-currency business account with Aspire in just a few clicks and separate your accounts based on each project or each division's budgets. All connected directly to your bookkeeping software to lighten your accounting team’s workload. With Aspire, all accounts are directly connected and updated in real-time so you can get the company's thorough financial condition and the insights needed to be able to make strategic decisions faster.
Check out Aspire's unlimited business account solution, or contact our team to schedule a demo and find out more about Aspire features that will make your business financial operations EASY.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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