Indonesian official currency is Rupiah, and according to the newest official regulations, all transactions done in Indonesia should be paid in Rupiah, unless when paying for the visa on arrival at the airport. Besides withdrawing the money from the ATMs, you can exchange your money in some of the exchange facilities in main tourist areas, such as in the banks, hotel front desks, and authorized money changers in Bali. Here are the guide and all you need to know about money changers in Bali.
How many cash you need in Indonesian Rupiah
Most hotels, supermarkets, big restaurants and café, dive centers, and major shops with significant transaction amounts would mostly accept card payments, though you have to check for any additional fees for using particular cards – usually around 2.5% of the transaction amounts. You might need the cash to pay for smaller transactions, such as in small restaurants, conventional minimarkets, traditional markets, taxi, fruit stall, laundry kiosks, phone SIM card kiosks, and perhaps popular organic café in the off-beaten tracks – as they usually only accept cash payments.
Currencies accepted by money changers in Bali
Most money changers accept banknotes from most of the major currencies, including US Dollar, Euro, Australian Dollar, Pound Sterling, Canadian Dollar, Singapore Dollar, Hong Kong Dollar, Swiss Franc, Japanese Yen, and Malaysian Ringgit, to name a few. Rates advertised are usually applied for big denomination banknotes, and smaller ones usually have a different (generally lower) set of rates. Coins are not accepted.
Where to get the best exchange rate in Bali
There are plenty of money changers around the island. First, money changers in the airport offer a fair exchange rate, though you can find a much better rate outside the airport. But you can change a little amount of money upon arrival to pay for the taxi driver or phone SIM card, or you can just withdraw the money in the ATMs available near the arrival gate at the airport. Next, if you exchange your money at the banks or hotels, the rate might be lower compared to authorized money changers in Bali. Finally, the authorized money changers in Bali are most likely to offer the best exchange rate. You can browse through their websites to compare the rates and stick to one company afterward.
Authorized and reputable money changers in Bali
The authorized money changers in Bali usually have the sign and permit from the government named Pedagang Valuta Asing Berizin or PVA Berizin with a Bank Indonesia hologram and a green shield logo of PVA Berizin on their door or window. They also usually have decent places with air-con, a proper waiting room, cashier windows, and security guards. If you stop by their websites, you might also find that they have many branches and good reviews.
One of the recommended money changers is PT. Dirgahayu Valuta Prima, besides other popular names like PT. Central Kuta and PT. Bali Maspintjindra (or known as BMC). These companies have some branches, and one of them might be closer to where you're staying in Bali.
Tips to exchange money in money changers in Bali
- Commonly, the money changers in Bali check the quality of your banknotes to make sure it is newly issued, clean, and in good condition. So make sure to bring the good condition notes.
- Avoid the random unofficial kiosks, shops, or individuals offering higher exchange rates since their hands might be faster than you could see or imagine, and perhaps it’s too late that you receive less money than it's supposed to be. If you urgently need the money, but you cannot find the nearby trusted money changers, it is better to withdraw the money from the nearest ATMs.
- Even if you exchange your money in the authorized money changers, always make sure to calculate the rate yourself, count the money and put it into the envelope yourself before leaving the cashier desk.
- Don’t forget to get the receipt after the transaction.