Expat Advice: Financial Issues in Bali, Indonesia

What is the name of the city or town that you are reporting on?

Bali

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

Just opened an account yesterday. In Indonesia they pay 20% on one-year CD's! Trick is invest here, don't borrow here. They charge 25% interest on loans.

GeoBlue
Get Quote

GeoBlue is a trusted leader in international health insurance. Wherever your destination, GeoBlue can keep you and your family covered with the right health insurance. Get a GeoBlue Quote Today!

GeoBlue

GeoBlue is a trusted leader in international health insurance. Wherever your destination, GeoBlue can keep you and your family covered with the right health insurance. Get a GeoBlue Quote Today!
Get Quote

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

I have been in Asia for 8 months. Considering moving to Indonesia part of the year to full-time. Time differences - Having to stay up until wee hours of the morning to contact U.S. based businesses during business hours.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

My major frustration is health-insurance related. I'm self-employed and my COBRA based insurance plan in the U.S. just expired. I bought a local health insurance plan (Indonesia) and am looking into globla plans because I will be out of the U.S. much of the year - am writing a book on expatriate havens around the world - and gone about 6 months a year. Which plan? U.S. based? They are expensive and won't let you sign up with them unless you're IN the country. Or international plan? They restrict you to being in the U.S. to six months or less.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

I have an accountant back home, but she is clueless about non-resident taxation status, and I need advice for myself and my readers. Am having to go home largely just to find my records so that I can get my taxes in before the final extension date in Oct.

What advice could you offer others about doing your taxes as an expat?

None, I need advice.