Bali Great Escape
When traveling in Bali, having Rupiah on hand is essential, as many places don’t accept credit cards. Luckily, money changers are plentiful, and most offer better rates than ATMs. Follow these guidelines to exchange currency confidently.
For short visits (less than 4-5 days), using ATMs can be convenient and safe if you choose wisely. However, for longer stays or if you plan to spend over USD$500, using a money changer is more economical.
1. Pick a Popular Location.
Opt for well-established money changers on main streets with heavy foot traffic. Avoid back alleys; they often lead to scams. A reputable money changer will have a visible storefront.
2. No Commission, Just Market Rates.
The best money changers do not charge a commission and offer rates close to the international inter-bank foreign exchange rate. Avoid places with hidden fees, as they typically offer less competitive rates.
3. Accept the Rate as Is.
Negotiating for a better rate when exchanging less than USD$10,000 is usually futile. Use apps like XE.com to check the current rate; if the money changer’s rate is within 2-3 percentage points, you’re in a good spot.
4. No Such Thing as Free Money.
If a rate seems too good to be true, it probably is. Offers exceeding the XE.com rate are likely scams. Politely decline and leave immediately.
5. Currency to Bring.
Top money changers like BMC and Central Kuta typically have good rates and will accept various currencies. However, if exchanging Indonesian Rupiah for foreign currency, it’s best to place an order in advance.
6. Cash Limitations.
As of March 2018, travelers can only bring up to IDR 1 billion (about USD$75,000) without declaration. Amounts over IDR 100 million (approximately USD$7,500) must be declared upon entry.
7. Watch for Scams.
Some smaller operations may try to scam tourists, such as counting the exchanged cash in a deceptive manner. Always ensure you have a receipt detailing the amount and exchange rate before handing over your currency.
Follow these rules to minimize your risk of being scammed while exchanging money in Bali.
