Panin Bank Information
Established in 1971, PaninBank became Indonesia's first publicly-traded bank upon listing on the Jakarta Stock Exchange in 1982. It is currently majority-owned by PT Panin Financial Tbk (46.04%) and Votraint No. 1103 Pty Ltd (38.82%), with the remainder held by domestic and international public shareholders (15.14%).
PaninBank, classified as a BUKU IV bank since 2019, offers a comprehensive range of financial products and services. For individual clients, these include deposits, credit cards, loans, and wealth products such as mutual funds and bancassurance. Business clients benefit from deposit services, commercial, corporate, and microcredit loans, as well as trade finance, treasury, and cash management solutions.
Despite its extensive offerings and long-standing presence, investors should be aware of the lack of regulatory oversight over PaninBank's operations.
Pros & Cons
Pros:
- Wide Range of Products and Services: Panin Bank offers credit cards, loans, wealth management products (mutual funds, bancassurance, bonds), international banking services, electronic banking, and more.
- Established Presence: Founded in 1971, Panin Bank boasts a long history in Indonesia, indicating experience and stability.
- Convenience: Customers can manage accounts through branches and mobile banking, offering great convenience in daily investment process.
Cons:
- Lack of Regulatory Oversight: The bank is not subject to any regulatory supervision, which poses a great risk for customers, as their funds might not be protected.
Is Panin Bank Legit？
When considering the safety of a financial company like Panin Bank or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a financial company:
- Regulatory sight: The broker's current operation without legitimate regulatory oversight only fuels concerns about its legitimacy and trustworthiness. These worries are compounded by the broker's inaccessible website.
- User feedback: To get a deeper understanding of the exchange, it is suggested that traders explore reviews and feedbacks from existing clients. These shared insights and experiences from users can be accessed on reputable websites and discussion platforms.
- Security measures: PaninBank prioritizes robust security measures to safeguard customer data and transactions. Their privacy policy includes encryption protocols for online banking, secure server infrastructure, regular audits, and staff training on data protection. These measures protect customer privacy and financial information effectively.
In the end, choosing whether or not to engage in trading with Panin Bank is an individual decision. We advise you carefully balance the risks and returns before committing to any actual trading activities.
Products & Services
Panin Bank offers a well-rounded suite of financial products and services for both individual and corporate clients.
Individual clients can choose from a variety of deposit accounts to suit their saving goals. Panin Bank also offers credit cards for everyday purchases, loans for financing personal endeavors like auto purchases or property investment, and wealth management products like mutual funds, bancassurance, and bonds to help grow their wealth.
For added convenience, Panin Bank provides robust electronic banking options such as ATM, e-cash, mobile and internet banking, etc.
International banking services including bank drafts, remittance, and a network of corresponding banks.
Regular banking services encompass foreign currency exchange and safe deposit boxes for valuables.
Beyond traditional deposit services for managing finances, Panin Bank offers a robust suite of financial solutions for businesses. They provide various loan options (commercial, corporate, micro) to fuel growth.
Trade finance services facilitate secure international transactions, while treasury services help manage financial risks.
Beyond traditional banking, Panin Bank empowers businesses with cash management services that streamline operations through automated payments, account reconciliation, and centralized control of company funds.
Interest Rates
Panin Bank offers a variety of interest rates for different deposits, loans or other products.
For instance, Rupiah deposits typically offer higher interest rates than USD deposits, with higher minimum balances generally corresponding to higher interest rates.
It's noteworthy that these rates are subject to change, to ensure you have the latest information on Panin Bank's interest rates for deposits (IDR, USD, AUD, EUR, GBP, NZD, SGD), loans or other products, contact them directly for clarification or visit their website at https://www.panin.co.id/en/suku-bunga.
Fees
Panin Bank charges various fees associated with its products and services.
For example, to open a Panin Savings account, there's an initial deposit requirement of IDR 250,000, and a minimum balance of the same amount needs to be maintained to avoid a fee. The monthly administrative fee is IDR 16,800.
They also withhold IDR 50,000 if you close your accountor if it becomes dormant.
For debit card replacements, fees range from IDR 25,000 for a PaninBank GPN Debit Card to IDR 35,000 for a PaninBank Mastercard Debit Card.
There's even a charge of IDR 10,000 for replacing lost or damaged passbooks.
It's of great importance to be aware of these fees before using Panin Bank's products and services. For a comprehensive list of their fees, you can visit their website (https://www.panin.co.id/id) or contact them directly.
Trading Platform
MobilePanin is Panin Bank's trading platform designed for individual clients. Available on both iOS and Android, MobilePanin offers a seamless and user-friendly experience, allowing clients to trade and manage their investments on the go. With security measures in place, users can confidently execute trades, monitor market movements, and access a wide range of financial products.
Customer Service
Panin Bank prioritizes customer convenience with various methods for getting help.
You can visit a branch using their ATM locator on the Panin Bank website (https://www.panin.co.id/id).
They also offer 24/7 phone support through their Call Center. For written communication, faxing remains an option.
Moreover, Panin Bank embraces online support with website FAQ sections for each product, live chat options for immediate answers, and social media presence through Instagram, Twitter, YouTube and Facebook for connection and assistance.
Main Office Address: Jl. Jendral Sudirman Kav. 1 - (Senayan), Jakarta 10270, Indonesia.
Telephone Number: (021) 257 5555(IDD, 10 lines); 1500678 (PSTN).
Fax: (021) 2700340.
Email: panin@panin.co.id.
Telex: (021) 473801, 473841, 47394 PIBHO IA.
Conclusion
PaninBank, with over 50 years of experience and listed on the Jakarta Stock Exchange, offers a wide range of financial products and services for both individual and business clients. However, investors should note the lack of regulatory oversight of the bank, which poses risks concerning transparency and accountability in the bank's operations.
Therefore, if you are considering using PaninBank, you should undertake full research to understand its full range of products, fees, and the level of fund protection offered, thus to be well-informed before making any decisions.
Q&A
- Is Panin Bank regulated？
No. The broker is currently under no valid regulation.
- Is Panin Bank a good broker for beginners？
No, the company is not regulated by any authorities, which means it lacks as much investor protection as regulated institution, raising doubts on clients' fund safety.
- Does Panin Bank offer international banking services？
Yes, Panin Bank provides international banking services for individuals with global financial needs. This includes services like bank drafts, remittance (sending and receiving international money transfers), and support from a network of corresponding banks.
- Does Panin Bank have physical branches？
Yes, Panin Bank has a network of branches across Indonesia. You can locate a branch near you by using the ATM locator on their website (https://www.panin.co.id/en/about-panin/location).
- What types of accounts does Panin Bank offer？
Deposit accounts (savings and checking), credit cards, loans (personal, commercial, micro-credit), and wealth management products (mutual funds, bancassurance, bonds).
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
