Posted by Another Canuck on Tuesday, 16. February 1999 at 04:41 Bali Time:
In Reply to: more info... posted by aussie dave on Tuesday, 16. February 1999 at 00:41 Bali Time:
The rate shown for notes will also be a pretty good approximation of the rate that you can buy cash and travellers' cheques for, but it won't include any adjustment for service charges. Also, the rate shown may be for very large dollar transactions, so use it as a guideline only, the actual rate you receive will probably be a bit different.
As far as buy/sell go, just try to think what will be the best for the bank or the worst for you. If there are two rates given for cash, the higher rate will be the one that you will be charged for purchasing the foreign currency (ie will cost you more) and the lower rate will be the rate you get for converting back any foreign currency (they buy it back from you cheaper). The difference is the spread and is part of the banks' profit.
I'm also Canadian, and IMHO you should probably think of taking US currency ($100 and $50 notes). These got the best rates for conversion in Bali. If you figure the end amount of Rupiah you get by going from Canadian to US to Rupiah and compare it to the end amount of Rupiah you get by going from Canadian to Rupiah, you actually come out significantly ahead using the American money - can be between 12 - 28% more Rupiah. See the postings in archives in Sept,Oct or Nov (can't remember exactly) by "Halyna". If the regular US/CAD rate was $1.55, the effective US/RP x RP/CAD rate was around $1.87 (ie the Rupiah was 1.87/1.55 = 21% more expensive if you bought it with Canadian dollars than to buy the same amount of Rupiah with US dollars.) Good luck, and hope you hav a great holiday - I take it you're looking at the package by Meridian Travel?