Currency in Bali - A Guide for Tourists
It is important to understand the currency as it will make the trip easier, and most importantly, more fun. Here are some of the ways in which one can manage money while on the beautiful island including exchange rates and how to make a payment.
1. What is the Currency in Bali?
The currency of Bali is the Indonesian Rupiah (IDR). You are likely to find banknotes such as 2,005, 50,000 or 100,000 IDR banknotes and even currencies of lower denominations.
Key Facts:
Symbol: Rp
Common Notes: More than half of the use common notes are Rp 50,000 and Rp 100,000.
Exchange Rate: For every currency foregin currency there is an exchange approximation rate.
Pro Tip:
It will help to know how much the foreign currency is exchanging before approaching a change maker to prevent loss to solipsism.
2. How can I exchange money in Bali?
Indonesian Rupiah can be acquired in exchange for foreign currency by one of several methods:
Money Changers
Ranging from locations such as Kuta, Seminyak and Ubud which are now frequented by the tourists.- Money changers’ rates have to be more open and transparent with no hidden costs.
- Make sure to observe all the denominations you handled after all the reckoning transactions.
Banks
- Would help one perform large amounts of transactions without worry about heavy loss.
- Most banks are open weekdays excluding a public holiday which means on Monday to Friday.
ATM
- The chances of people not finding ATM in Bali is extremely low, there are plenty in fact.
- However, if one is to reduce costs, seek an ATM belonging to the bank affiliated to oneself.
3. Making Payments - Cash vs. Cards in Bali
Cash Payments
- Cash is the easiest and the most common mode of payment in local markets, shops, and restaurants.
- Carry small amounts in small denominations for easy transactions.
Credit and Debit Cards
- Certain credit cards are accepted in bigger hotels and more expensive restaurants and stores.
- Contact your credit card company before traveling in order to avoid denial of transactions.
- Pay with caution as there may be additional charges for using a card.
4. Managing Money While In Bali
Say No to Money Changers on the Streets: Go through the channels you trust so you don’t get ripped off.
Have Some Cash on You: Most of the time cards will not be accepted in the less developed regions or there may not even be a cash machine within a reachable distance.
Be Aware of Fluctuating Foreign Exchange Rates: The rates are not constant, hence know approximate best times to convert your money.
5. Setting a Budget for the Vacation
There are good alternatives for everyone willing to spend money in Bali.
Luxury Travelers: Try to spend between Rp 2,000,000 - 3,000,000 per day in a grand manner.
Budget Travelers: Keep a budget of Rp 500,000 - 1,000,000 per day to get along.
Knowing what to do with the currency of Bali assure you a desirable experience. By planning ahead, making notes on the change rates, and deciding whether to use cash or cards in the right places, one will be all set and good to go for exploration around Bali without any financial problems.