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Exchanging money

Adelaide, Australia
7 posts
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Exchanging money

Can anyone tell me the best way to travel with money eg do they have Australian banks there or should we get all of our spending money out before going also which exchange places are the best to use

Newcastle, Australia
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669 posts
22 reviews
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1. Re: Exchanging money

I always take my Australian dollars with me, I am more comfortable doing that as am worried there may be a hiccup with my bank there. Depending on which Australian Bank you are with depends on whether they have branches/ATM's there. I am with Commonwealth Bank and I know that they do.

Depending on your bank depends on what chargers are charged as well, and the exchange rate may not be as high, AND a friend of mine found that he could only take a maximum of $300AU worth which he was charged every time to take out.....

I was unsure as to where to change money in Kuta/Legian area and was told by a friend to use the Circle K's (can't miss them they are every where - they have a sign with a large red K inside of a white circle - they are a convenience store). They have a money exchanger there at her own desk and this is where I used to change my money.

Secret to changing money is ALWAYS count it again on the counter in front of the teller after the teller has changed it and DON'T let go of the money once you have counted it and are satisfied that it is all there. This way you can be assured that no money switch has occurred. They may not always have the highest exchange rate, but they are definitely the safest as far as I was concerned.

IF an exchange rate at another place is a lot higher then everyone else then I wouldn't exchange there, usually they are too good to be true and you could end up doing yourself out of money with money switching. I've never had it happen to me, but have heard of people that it has happened to, and they were so quick with the switch that the customer didn't even see it :(

Hope my little bit of info has helped, and I am sure that other's who have travelled a lot more then me to Bali may have some even better advice :))))

Australia
Destination Expert
for Bali, Nusa Dua, Sanur, Tuban, Ubud
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318 reviews
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2. Re: Exchanging money

This question comes up all the time, hence we have put an answer on the right of this page under "top questions about Bali" you may wish to click on the link plus any others that will be helpful to you.

Cash is 'king' in Bali. Hotels have safes either in the room or at the lobby. Most of us take cash but only carry around enough to exchange each day / couple of days.

Only use authorized dealers and keep away from the small private guys down the back of shops / alleys. They put temporary signs outside on the footpath offering higher exchange rates. The signs can say 'authorised' but they are not. Use these guys and you are asking for trouble.

There are plenty of proper places, yes some are inside circle K shops and most others have a proper shop front that looks more like a bank (Bali style). Here you get receipts and there is often security at the door. Look for a sign that says "P.T. Bali Money changer" these are all over the popular tourist areas and are reliable. You can take your own calculator and always count the rupiah before handing over your money.

Take a couple of credit cards as a back up as you can use them at larger department stores and some restaurants and attractions. Do be aware of charges IF you use your card and let the bank know you are likely to use your card overseas as they can and will cancel it if they think it is used fraudulently. Withdrawing money in Bali can run the risk of having your card eaten by the machine and you can only withdraw small amounts. People get caught and leave their cards in the machine as they are always dispensed last unlike here in oz where they come out b4 the cash.

There is th 28 degree mastercard which I don't travel overseas without, there are no international transaction fees and it is the best card to use when traveling . If you have time look into getting one.

Adelaide, Australia
7 posts
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3. Re: Exchanging money

Thanks great help I feel better now :)

Perth, Australia
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280 posts
24 reviews
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4. Re: Exchanging money

Hi there we get bank money bags or zip tie bags and we number them with days 1- how ever many days you are staying and put our daily limit in there and keep it in our safe and just take our the right day saves us wasting time counting money all the time we also do 2 1 for entry visas and 1 for exit visas works a treat

Adelaide, Australia
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48 posts
5 reviews
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5. Re: Exchanging money

Hey dont change money over here you will NOT get a good rate... wait til you get to the airport.. you will see heaps of money exchanges and look at the rates there.. if its below the going rate.. which at the moment is around 9800 at the moment but it does fluctuate. wait til you get in and have a look around. As kiajas said... once u have counted the money and its there.. DO NOT give it back to them if they ask to recount it as this is when they take advantage of tourists and take some out...

Banks charge to take money out and you can only get a certain amount at a time. i do the same as nicoff. exchange my money and keep it in a baggy for each day im there and the rest in the hotel safe. :)

rural West Aussie
Destination Expert
for Perth
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20,959 posts
69 reviews
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6. Re: Exchanging money

Hi Kellie S, you need to be clear on what you mean by "here"- I suspect you mean "in Australia". You are quite correct in saying the exchange rate in Oz is not as good as it is in Bali.

If the OP exchanges a bit at the airport in Denpasar (you have to pass all the exchange booths on the way out and they all seem to have the same rates) to be going on, then looks around at the bigger, reputable once settled, that would be a plan. If you encounter a place that offers a wildly advantageous exchange rate and is a counter at the back of a shop, avoid it as it is almost guaranteed to be a scam.

Or you can get one of the fee-free Citibank Plus debit cards and get money out of ATMs as you go, if you are worried about taking too much cash with you.

Adelaide, Australia
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48 posts
5 reviews
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7. Re: Exchanging money

YorkFoodie - Considering the question was posted from adelaide australia and im from adelaide australia as it states under peoples names... im sure they would know that "HERE" means where they and i are from being Australia.

Adelaide, Australia
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48 posts
5 reviews
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8. Re: Exchanging money

Im pretty sure i dont need to be clear when it shows people where your from... Think before you post things Foodie !..

Perth
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for Kuta, Lovina Beach, Singaraja, Baturiti, Bali
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9. Re: Exchanging money

Kellie we on here dont usually get agro... I am sure York was just making sure there was no confusion with posters less knowlegable than yourself :)

Perth
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for Kuta, Lovina Beach, Singaraja, Baturiti, Bali
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10. Re: Exchanging money

The_Braddocks I am another that always travels with cash. I take $100 and $50 notes so no bulk. $1000 is only 10 notes.

I carry it in my hand bag and when i arrive, lock it in the safe.

I cash daily and I make the trip to BMC money changer acrross the road and to the right a tad from Bintang supermarket in Seminyak.

If I cash it all there with a good rate, then I pop in safe and take out daily amounts.

If I am mugged or loose purse, it's only 1 days money.

I also take a debit card and a credit card for back up and notify the bank 2 weeks before we travel.