For foreigners moving to or visiting Bali, choosing the right bank in Bali is essential to safeguard your finances and avoid security risks. Bali offers a range of banking in Bali options, each with unique security features, costs, and levels of support for international clients.
In this guide, we’ll cover the best banks in Bali, such as BCA and OCBC NISP, along with their pros, cons, and security practices, helping you make an informed choice that best fits your needs
Introduction to Banking in Bali
The banking landscape in Bali includes both local and international banks. Foreigners should consider factors such as ATM availability, account security, and customer support in English.
Many Indonesian banks lack insurance for cyber theft, meaning that stolen funds due to hacking may not be refunded. To avoid losses, it’s essential to select a bank in Bali with secure facilities, reliable support, and a solid track record for protecting customer funds.
Avoid choosing a bank based solely on ATM accessibility, particularly roadside ATMs, which are often vulnerable to security breaches.
Bank Central Asia (BCA): Benefits and Security Concerns
Bank Central Asia (BCA) is one of the most popular banking choices in Bali. Known for its extensive ATM network and mobile banking app, BCA has faced security challenges in recent years.
In October 2024, BCA experienced a major hacking incident, with many customers reporting unauthorized transactions that have yet to be refunded. This incident has raised concerns about the bank’s response and customer support during security breaches.
Popularity: BCA is widely recognized for its extensive ATM network across Indonesia, making it highly convenient for users.
Mobile Banking: The bank offers a user-friendly mobile app specifically designed for online banking, providing ease of access and functionality.
Best For: This bank is best suited for individuals familiar with banking practices in Bali, including navigating potential security risks.
Security Tips for Using BCA
Due to BCA’s recent security issues, follow these steps to safeguard your account:
Monitor Account Activity: Regularly check for any unusual transactions.
Avoid Public Wi-Fi: Only use secure networks for mobile banking.
Use Two-Factor Authentication: Additional security layers help protect your account.
Steps to Take if Your BCA Account is Hacked
If your BCA account experiences unauthorized access or fraudulent transactions, follow these steps immediately:
Contact BCA Immediately:
Report any unauthorized transactions to the BCA call center as soon as possible and request that your account be frozen to prevent further losses.Change Your Password:
Update your online banking password and any other authentication credentials immediately to secure your account.File a Police Report:
Visit the nearest police station to file an official report about the hacking incident. This document may be required during the investigation process.Beware of Scams:
Be cautious of suspicious calls or messages claiming to be from BCA. Do not share your personal information or account details with unknown parties. Verify all communications using official BCA contact information.
Preventive Measures to Avoid Account Breaches
Do not share personal data, PINs, or OTPs (One-Time Passwords) with anyone.
Always use secure networks for accessing online banking services.
Enable additional security features like Two-Factor Authentication (2FA) if available.
Reimbursement Policies
BCA has previously reimbursed customers who were victims of fraud, such as skimming.
However, not all cases are treated equally. If you report an unauthorized transaction to BCA, they will process your complaint and conduct an investigation, which usually takes 1-2 months.
If it is proven that you were not at fault, the stolen funds will be refunded.
However, if the fraud occurred due to negligence or unintentional mistakes on your part, it is unlikely that your funds will be returned.
These steps and preventive measures will help protect your finances and ensure a safer banking experience with BCA.
OCBC NISP: A Secure Choice for Expats
OCBC NISP, a branch of Singapore’s OCBC Bank, is widely respected for its secure banking in Bali services. As Singapore’s second-largest bank, OCBC is trusted worldwide by high-net-worth individuals.
OCBC NISP conducts monthly security audits to maintain a secure environment for clients, making it a preferred bank in Bali for those making significant investments, such as buying property in Bali.
- Security Emphasis: The bank conducts monthly security audits to protect user accounts and enhance system safety.
- Expat-Friendly Services: It offers services tailored for expatriates, including English language support, international money transfers, and online banking features.
- ATM Network: The availability of ATMs is moderate. Transactions at other bank ATMs incur a fee of 5,000 IDR per transaction.
- Recommended For: This bank is ideal for expatriates looking for secure banking options in Bali, particularly those involved in property investments.
Why OCBC NISP is Recommended?
OCBC NISP’s consistent security checks and trusted international reputation make it a top bank in Bali for expats, especially for those investing in property or seeking a secure day-to-day banking experience in Bali.
Key Considerations for ATM Use in Bali
ATMs are widely available for banking in Bali. However, using another bank’s ATM generally incurs a 5,000 IDR fee per transaction. For safety, it’s recommended to choose ATMs within bank branches, as roadside ATMs are more vulnerable to tampering and skimming devices.
- Use Bank-Branch ATMs: Bank-branch ATMs are safer than standalone ATMs, especially in isolated or poorly lit areas.
- Check for Tampering: Always inspect card slots for loose parts or any unusual attachments that might indicate tampering.
- Shield Your PIN: Cover the keypad while entering your PIN to prevent PIN theft or unauthorized access.
- Transaction Fees: Be aware that using ATMs from other banks typically incurs a transaction fee of 5,000 IDR per withdrawal.
Tips for Safe Banking in Bali as a Foreigner
Follow these best practices to ensure safe banking in Bali:
- Choose Banks with Regular Security Audits: OCBC NISP’s monthly audits make it a secure choice.
- Enable Transaction Alerts: Notifications for each transaction can help you detect any unauthorized activity quickly.
- Avoid Public Wi-Fi: Use secure networks for online banking to minimize hacking risks.
- Verify Insurance Coverage: Many Indonesian banks do not have insurance for stolen funds, which can leave customers at a disadvantage.
- Stay Updated on Security Issues: Be aware of recent security reports or issues with your bank, as practices for banking in Bali can vary.
Additional Financial Services for Expats
Long-term expats investing in Bali property should choose a bank in Bali that offers comprehensive financial services. OCBC NISP provides international transfers, multi-currency accounts, and 24/7 support, making it a reliable choice for secure, advanced banking in Bali.
TM safety tips to keep in mind:
- Use Bank-Branch ATMs:
Bank-branch ATMs are safer than standalone ATMs, especially those located in isolated or poorly lit areas. - Check for Tampering:
Always inspect the card slot for any loose parts or unusual attachments to avoid card skimming. - Shield Your PIN:
Cover the keypad while entering your PIN to prevent theft or unauthorized access. - Transaction Fees:
Be aware that using ATMs from other banks may incur a transaction fee of 5,000 IDR per withdrawal.
These services add convenience and security for expats who frequently use banking in Bali for international needs or property investments.
Conclusion
When choosing a bank in Bali, evaluate convenience, security, and support options. BCA provides an extensive ATM network, but its lack of cyber-theft insurance and recent hacking incident raise security concerns.
On the other hand, OCBC NISP offers strong security with regular audits, making it a top choice for foreigners who need secure banking in Bali.
By selecting a bank in Bali that suits your needs, you can protect your finances and enjoy a safe, enjoyable stay.
