Content
Here’s everything you need to know about organizing your money for your Bali vacation. The common way to express these prices in Bali is as 7K or 450K for example. Here K stands for a thousand and this is a common shorthand that is used in Bali. Make sure when reading menus or looking at prices you remember it means a thousand or you might be surprised when the bill comes.
Bookmark this post about currency and money in Bali to serve as a helpful travel guide for your trip. In tourist areas and larger cities, you’ll find ATMs in many places, and they operate 24/7, which means you have access to withdraw local currency any time of the day. It’s recommended to use ATMs that are connected with a bank branch. If you’re planning a trip to Indonesia in the near future, you may want to exchange some of your money into rupiah, the country’s official currency.
What makes a money changer an “authorised money changer” in Bali?
The rupiah finished the year at Rp7,900 to the US dollar. To control foreign exchange, the government brought in a number of measures. These foreign-exchange restrictions, designed to provide the government with much-needed reserves, meant that some companies were operating at as low as 20% of capacity, due to lack of needed imported materials. When you are bartering in a store or the market, it can be particularly confusing. Take a piece of paper and a pen with you and use it to write down the price as you bargain and show it to the store owner so you both agree before you start pulling bank notes out of your wallet.
Live tracking and notifications + flexible delivery and payment options. In our how much currency to bring abroad chart below, you’ll see a 10-mile cab ride is on average about $6.39 USD in Bali, Indonesia. Having this information handy should give you a good idea of how much you would need to get around the city. Another option for getting around is by motorbike as they are the primary mode of transportation.
What to know before changing money in Bali
Don’t feel you need to change your currency into US dollars and then bring that to Bali; you will lose twice in conversion. Interestingly, barter is also still used as a currency in Bali. It’s not uncommon for locals to barter with each other to exchange personal goods, services, and produce. When you’re buying currency for Bali, look out for the currency code IDR. And once you’re in Bali, you’ll see the symbol Rp used to show prices.
Our currency rankings show that the most popular Indonesian Rupiah exchange rate is the IDR to USD rate. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. The SBI rate was increased to 70% in the wake of massive inflation. On 15 January, the second letter of intent was signed with the IMF, agreeing an accelerated reform package in return for US$43 billion of aid. The rupiah had strengthened from an all-time low of Rp9,100 per dollar on 23 January to Rp. However, as it became clear Suharto had no intention of fulfilling the agreement, the rupiah plummeted by more than 50%, bottoming out at Rp14,800 per dollar on 23 January.
Save Your Receipts From Tax-Free Shopping in Bali So You Can Get Your Money Back on Departure
If you do decide to withdraw cash from an ATM, you definitely don’t need to withdraw a large amount. Withdrawals can be made with credit cards and some debit cards on the Maestro and Cirrus networks. Most ATMs dispense money in multiples of Rp50,000 which is extremely annoying when withdrawing large amounts of cash. All ATMs are clearly marked which denominations they pay out. Avoid currency converters at the airport as they are known to mark-up the exchange rates and offer you a worse conversion. Try to take out some IDR before arriving for the transport to your accommodation or pre-pay for the transport online when you book.
- As of November 1954, exporters were required to sell 15% of their foreign exchange earned to the government.
- There seems to be an expectation that the customer should provide appropriate change, rather than the other way round.
- Once you are okay with what the converter offers you, you can now go ahead and start the exchange of currencies when the rates are at their peak.
- Interest rates fell steadily in 1999, to an SBI of 13.1% in October.
- Thus, in the period from 1978 to 1986, the real exchange rate of the Indonesian rupiah fell by more than 50%, providing significant boosts to the competitiveness of Indonesia’s exports.
You might be surprised when you start to see prices such as 100,000 Rp or even 1,000,000 Rp. This is because in the past Indonesia has had economic troubles and therefore the power of IDR has dropped. Most banks have an upper withdrawal limit of IDR 3 million (about $330), although some machines can go as low as IDR 1.25 million or as high as IDR 5 million. Bali’s tourist-oriented businesses have become very talented at parting visitors from their money through fair means or foul.
How much do things cost in Bali?
They also tend to have the majority of scams or fraudulent activity. A skimming device is something you don’t want to come in contact with as it will steal your credit card information. Also, guards will sometimes be standing in the convenience stores, but this still doesn’t make the ATM safe. In Bali, the ATMs only let you withdraw less than 2.5 million IDR which is equal to about 175 USD.
A majority of your trip will be paid for with a credit or debit card. You will probably need cash for transportation from the airport as taxis from the airport require cash. That’s why it’s best to withdraw cash at the airport as soon as you land.
If you originally received this foreign currency from CXI, then with the currency receipt we do not have any exchange fee to buy it back! Bali is one of the most beautiful places to visit in the world. The island’s beauty is captivating, filled with natural scenic views, endless beaches, and waterfalls. The best time to visit Bali is when the weather is warm and dry during the Spring. If you’re thinking of visiting Bali this year and need help figuring out how much currency you need for your trip, we’ve got you covered.
If you have any more questions you can ask away on Instagram in our travelling community. Try to also have a good mixture of change on you as some local places will not have the bali indonesia currency change to give to you. If you are using a large note like 100,000 Rp for something that is 7000 Rp the shop keeper or local might find it annoying to try to give you change.
This is a relatively small amount of cash and leads to tourists making more than one withdrawal. Although you can make a few separate withdrawals, the fees will add up and end up costing you more than you’d like. In order to avoid this, head to your home bank or a local bank and take out one larger chunk of cash. Changing money at banks is very safe and you won’t have to worry about security like you would at some ATMs.
- Read on to see the things you need to know about Bali money to help you on your Bali trip.
- Moreover, the INR to IDR exchange rate is very pathetic, so its better you convert your INR into USD at India and then convert the USD to IDR at Indonesia.
- We tell you about the highlights, the downsides, and how to tailor your trip to ensure that if you take the long flight to Bali, you’ll have the most incredible time.
- Last but not least, the 50 Most Beautiful Places in Bali and where to find them will get you super excited about visiting.
If you’re looking to relax, the massages and spa treatments available in Bali are some of the cheapest in the world with quality that is second to none. If you’re looking to spoil yourself, Bali is the destination to do it without breaking the bank. While in Bali, it’s important to see more keep your money safe. First, use ATMs located in secure areas and avoid using ATMs on the street.
If you want to exchange money before you go on your trip, we recommend you do it with Ria Currency Exchange. This company does not charge a commission, and you can have your money sent to your home address. Audits of the banks that had been taken over showed massive bad debts, exceeding 55%. Further audits showed that the other banks were also fundamentally weak. Banking reform continued throughout 1999, with the merger of four state banks in July 1999 into Bank Mandiri, the closure of 38 banks, recapitalisation of nine, and takeover of seven more in March 1999.
Prices
In Indonesia you’ll find notes with values of 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000 rupiah. There are also 100 and 1000 rupiah coins, although they aren’t often used. But it’s always nice to offer additional incentives as appreciation if you discover the service is valuable or exceeds your expectations. When unsure how much to tip, rounding up to the nearest Rupiah is common.