In Reply to: Take money or change there? posted by becandbrett on Tuesday, 14. December 2010 at 20:22 Bali Time:
As others have said, take you money and change it there. Do be careful with money changers though. Kuta money changers are notorious for theiving money from tourists, and are very clever.
Do not use money changers that offer a rate that is hard to calculate in your head (e.g. 8523) I avoid anyone who doesn't put a zero on the end of the rate. (e.g. 8520 is easier to convert in your head).
Most that do the complicated rate are likely to be dishonest.
Also, if you go in to change money, and their 'friends' or work colleagues start trying to have a conversation with you, tell them politely that you are busy and will talk later. If they keep talking to you, take your AUD money and walk out. That is the oldest scam in the book to distract you during the transaction and steal some of your money.
Another one to avoid is if they start giving you your money in small denominations (10,000; 20,000) This is another trick to make it difficult for you to count your money. A professional money changer will use 50 and 100 thousand notes, with small ones on request.
Don't get mixed up between 5,000; 50,000; and 500,000. Don't get mixed up with the number of zeros in the amount. Before you change money be really clear on how much you should be getting.
Always check they don't charge commission
Be clear on how much you should have received, re-count it (without them touching it - if they touch it, start again). If you do have any problem with a money changer, insist on getting your money back and leave.
If all of this looks like a pain, you are generally safe changing money at your hotel, or at a bank. You might get a slightly lesser rate, but it will be more than you get if you change in Australia before you leave.
The other alternative is to use ATM cards to draw money from your account at home. The rate is good, but many banks slug you $5 - $10 per withdrawal plus a currency conversion %. Check with your bank.