Dealing with money here in Bali

The currency here in Indonesia is the rupiah as currently ( April 04 ) the exchange rate is 8850 rp = US$1. You will usually find that your money goes a long way over here. Getting it here and changed into local currency can be the tricky part.

There are several means of bringing money over including cash, travellers checks and using an ATM card.

Cash of course means maximum risk for you and no way to get any type of coverage if the money gets lost or stolen. I actually brought a stack of US$100 bills with me when I came over in January 03 and cashed them at local money changers as needed.

Cashing money at a money changer or bank is easy and does not require any kind of ID. You simply lay your money down and a moment later have a stack of the local currency.

Banks and money changers can be found all over and especially in tourist areas like Kuta, Legian, Seminyak. You will be advised to check the exchange rate frequently because there can be a swing during 2 week period. Also each money changer can offer their own rates. Some have a service fee, some don’t. You are probably better off using a money changer than a bank because all the locals are using the banks and they can get crowded during the day.

Most money changers have a sign saying ‘money changer’, a board posting the prices and a small office on the main road. Beware of people with the first 2 but operating without an office, using just a table on the sidewalk. There are characters around who do this and will play some variation of a scam whereby they count your money, let you count it, then count it again ( retrieving a large denomination bill ).

When changing money it’s a good idea to familiar yourself with the denomination of the rupiah notes, which can be large ( 100,000rp being the largest ). Foreigners coming from the US will find it strange at first doing calculations in such large numbers and should try to recognize the different bills.

I always use my own calculator to figure out what I should be getting before it arrives.

Indonesia received a warning from the US about counterfitting that tainted a lot of the 1996 currency. Consequently most banks and money changers refuse to touch 1996 US currency, even though it can look perfectly legit with the watermark and everything.

In fact bill older than 1996 are not as welcome as those after, with ‘97 � ‘02 being the favourites. I know a money changer down the road from the Bintang supermarket on Jalan Seminyak next to Spaghetti Jazz bar that will change 1996 bills, for a reduced rate. Money changers also offer a lower rate for US$50 and US$20 bills. If your bills are torn, overly creased or have ink stains they will likely be rejected. Make sure your get flat clean looking bills.

I rent a safety deposit box from BNI ( Bank Negara Indonesia ) bank on 359 Jalan Legian in Legian. It’s a medium size box ( 24″* 6″*3″ ).

BNI bank is an Indonesian bank and is quite reliable and has 18 offices in areas including Legian. Sanur, Nusa Dua.

Other decent size banks include BCA (Bank Central Asia ) which has 13 offices in Kuta and Denpasar and BII (Bank Internasional Indonesia) which has 7 offices also in Kuta and Denpasar.

Banking hours : M-Th ( 0830 �1400 for banking, until 1600 for info ). F (0830-1200 )

If you are going to be around for a while and want to open a bank account to get foreign transfers your best bet is Lippo Bank which has 18 offices including one at Jalan Bypass.

Jalan Bypass Ngurah Rai
# 88
Kuta 80571
(0361) 976493

Travellers checks can be cashed at the same place as currency with a service fee. I advice putting them inside a plastic sleeve if you are using a money belt ( its hot out here ).

Bali has plentiful ATM’s and this is the most hassle free way to get your cash. I use my Washington Mutual debit card from home. Most of the ATM’s are compatible with Cirrus, Plus and Star. You can generally receive money in rupiah in 50,000rp or 100,000rp denominations with 2,500,000rp being the limit per transaction.

I’ve used American Express in the past to have money sent overseas. Here in Bali there is no Amex office, only an agent in Sanur.

They will insist you get the money changed into travellers checks first, then local currency, with a lousy rate. I wouldn’t go this route if I could help it.

There are Western Union outlets here but experience has shown me this is the worst way to send money.