There are many tourists, both domestic and foreign, who visit Bali. During their visit, the majority went to tourist attractions and carried out buying and selling transactions. So, what currency is used in Bali to carry out the buying and selling transaction process? The following is a complete explanation of currency in Bali.
A. Bali Currency
In contrast to several other Southeast Asian countries, the US dollar is not widely accepted in Indonesia, especially in Bali. Although some large hotels and tour operators will accept your money, it is not recommended that you give it. This is because the exchange rate they set is not as good as when using a money charger.
Then, do you know what is currency in Bali? Bali’s official money is the same money worked on all the islands in Indonesia, namely the rupiah. This is the only money officially worked on the island. The Rupiah is denoted by the money code IDR. Then the money symbol is Rp.
If you read the price of Rp. 40 or someone tells you that the price of an item is forty, it is reasonable for you to conclude that the price of the item is Rp. 40,000 or USD$2.60.
The 100,000 Rupiah banknote is the largest value. This is around AUD$9 or USD$7 at the time of writing. By only bringing under 100,000 Rupiah, you can get delicious food at the cafe.
A 50,000 Rupiah note will allow you to buy a cup of coffee in cafes or hotel restaurants that are usually visited by tourists after the dreaded pulses are added. The meaning of plus-plus (++) is that it can refer to taxes of around 10% to 20% and service charges of around 5% to 10% which are added to most bills that foreigners often pay.
Then, banknotes worth 20,000 Rupiah can allow you to buy some local street food from street vendors or local cafes, such as fried rice. Keep 10,000 Rupiah in your wallet to give a tip. Giving someone a 10,000 Rupiah note as a tip at a cafe or for a small service is highly appreciated.
Then, you can get a bottle of water at a local minimarket for less than IDR 5,000. However, the price of a bottle of water from a multinational chain such as Circle-K will be more expensive, namely around IDR 8,000.
Then, banknotes worth 2,000 Rupiah. This banknote is quite useful for you to keep in your wallet, especially to pay for motorbike parking at the beach or in places where there are parking attendants.
B. Tips for Changing Money
There are several tips that you can use and do when exchanging money. First, choose a popular place. You should choose a money changer with a front that is directly on the main road with traffic that looks heavy, and ask for the rate. Check on the internet and try to calculate the margin. If it is close, you can go straight away.
Second, there is no commission options. The best money exchangers do not charge you a commission. They have regularly updated market exchange rates that carry out a process of closely monitoring foreign exchange rates between international banks.
Third, there are restrictions on bringing cash to Bali. There are new banking regulations issued by the Central Bank of Indonesia in March 2018, which only allow foreign currency banknotes worth IDR 1 billion (or around USD 75,000) to be carried by individuals. If you still want to bring more money, customs officers have the right to confiscate your money.
Please note that any amount exceeding IDR 100 million or approximately USD 7,500 must be declared when passing through customs. You must report this on your immigration form which must be completed and presented upon arrival.
Fourth, always count your money. Both before exchanging and after you change the money, you still have to count it carefully. If you are satisfied with the amount you received, let the money changer take your foreign currency and complete the transaction process. You will receive a receipt for the transaction. If you do not receive this receipt, immediately request one.
C. Money Exchange Facilities in Bali
There are many money exchange facilities in all the main areas of Bali. First, official money exchange. Official Bank Indonesia money exchangers advertise their status as Licensed Foreign Exchange Traders. The logo is green on the shop window.
Second, hotels. Various hotel front desks allow currency exchange but offer lower exchange rates when compared to banks and regular money changers. Third is the bank. There is a small chance that you will be cheated when exchanging currency at the bank. At this bank, you can withdraw money from the bank’s ATM using your debit card or credit card.
Most banks in Bali accept foreign currency for exchange. On weekdays, this bank in Bali is open from 08.00 am to 03.00 pm. These Indonesian banks include Bank Mandiri, BNI, Bank BCA, Bank Danamon, and CIMB Niaga. Most banks have an upper withdrawal limit of IDR 3 million (approximately USD 194.69).
Although some machines can reach a limit as low as IDR 1.25 million (around USD$ 81.12) or as high as IDR 5 million (around USD$ 324.48). Always check your bank or credit card before you make a withdrawal at a Bali ATM.
D. Payment Methods That Can Be Used in Bali
Apart from cash, there is 1 payment method that tourists in Bali can and often use. You can use QRIS in this transaction process. The Bali Province Bank Indonesia Representative Office recorded that the value of QRIS transactions reached IDR 425 billion or USD 27,584,863.85 per month with 3.5 million transactions per month (more or less).
The source comes from transactions at merchants spread across Bali. Head of Bank Indonesia (Bali Representative), R. Erwin Soeriadimadja, explained that the large transaction value shows that digitalization in the private and government sectors is already underway on the island of Bali.
The above has answered the question of what is Bali money. Apart from that, it also explains tips on how to get or exchange it. Then, what payment methods can be used other than cash? So, before you come to Bali, you should read, understand, and do it carefully before exchanging your money.