Tuesday morning I went to CitiBank on Jl. Teuku Umar in Denpasar to open a checking account. Citibank is a business bank, that deals in large scale clients. What does that have to do with me?
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Indonesia needs the money-flow from foreign investment for the country to flourish and become the mighty nation it was once. At the moment, the money for infrastructure is obviously 'not available'.
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Here is the contact info for banks and credit cards in Bali
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Indonesia currency, the rupiah, looks different to the currency you use in your own country, not only the colors and the patterns, but the denominations. Right now the exchange rate for the US$ is 8,996.95rp. That means if you cash in a $100 dollar bill, you’ll get 899,695.00rp. Sounds easy doesn’t it. What if you cashed in $500. Can you calculate in your head how much you’d expect to get? For most people it takes a few days before you get used to all those zero’s, and start to get an idea of what the money will buy in Bali.
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The Indonesian Rupiah has slipped against many western currencies lately and that makes visiting Bali even more attractive.
Thursday, August 25, 2005
1 US Dollar = 10,282.0 Indonesian Rupiah
1 Indonesian Rupiah (IDR) = 0.00009726 US Dollar (USD)
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Changing money in Bali has always been a dicey thing for a lot of tourists and especially those with little knowledge who travel to the island for the first time.
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Banking hours in Bali are Mon-Fri 8am-4/5pm. Some may open Sat 8am - 11am, but this depends on the bank and is not the rule.
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Here are some handy expressions you might use at the bank in Indonesia.
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Bali has improved in many ways over the last 15 years. I remember back in 1993 in the days when everyone either had cash or travelers checks. Cashing a travelers check meant lining up and spending 30 minutes filling out a form and waiting for your money. On Sundays the only t-c’s or cash they took was US$.
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Most of us who have tried to cash US currency in a money changer in Bali are used to dealing with the nonsense about 1996 bills. In that year there was a lot of counterfeiting and locals fear if they accept a 1996 bill they might get stuck with a fake. This has extended to bills issued before 1996. What makes this whole reaction nonsense is that many money changers will take the bills, but for a lower rate (jacked again!).
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