Everyone has their favourite way to change their money in Bali...
Just to be clear - I completely understand that its a personal
preference. I'm definitely not implying that this is the best way, nor
am i implying that i think this is the only way you should do it.
Some people simply prefer to use cash and that's cool... but after 20
something trips i just thought i would share what works best for us..
The ATM conversion rate is set by whichever company is providing you
your money when selecting the "credit option" at the ATM.
For example if your card has the Visa logo on it - the exchange rate
will be set by Visa.
If your card is managed by MasterCard. The exchange rate will be set
by MasterCard. etc.
These rates are constantly updated to reflect the current market - The
current rate can be viewed online...to check it out google "visa" or
"MasterCard" and the words "foreign currency exchange rate"
Ill give you an example:
According to their website today, Visa's ATM rate in Bali was
1 Australian Dollar = 9,102.907105 Indonesian Rupiah
I'm guessing that this would be pretty close to the rate offered on the street today for cash.
(i don't know what it is there today as I'm not currently in Bali) but we often find that the ATM rate is very close to the same.. sometimes its even more.
Be aware that most Australian banks charge a fee every time you
withdraw. (depending on your bank - this can be very expensive - eg:
$8 each transaction.)
Having said that, there are a few bank accounts available that offer no international fees at all.
There was one mentioned in a previous post today - the 28Degree Card.
This too would be a great option if you wish to apply for a new credit card.
We personally use a Nab Gold Visa DEBIT card - which is actually a NAB
bank account containing our own money - the card itself is managed by
Visa.. Its not a line of credit.
The fee for this "gold banking" account with the NAB is $10 a month
but as it allows unlimited FREE international ATM transactions, you
can withdraw your own money as many times as you like and get the
market rate set by Visa... there are no other fees.
My advise would be to check with your bank prior to leaving how much
the international ATM fees are related to your particular card type -
If it looks like its going to equate to more than $10 a month, it may
be worth considering opening a new account (or upgrading to GOLD
banking if you are already a NAB customer) before you leave.
Remember...you can always close it when you get back home..
Note that If you deposit more than $5000 in any month period the $10
per month account fee is waived. (which is great for us as my wages go
into this account) so this means we don't pay a cent...(or put your $5000 spending money in there.. then you wont pay a cent either)
Another good tip that ensures us that we are never caught short in Bali without any money is a secondary card holder on the same account (in our case its in my partners name)
This secondary card comes with a different card number - so if you
lose the first one, you can simply cancel that particular lost card
and your secondary card will still work.. you wont be left stranded without any money.
Obviously never carry both cards together. We keep our secondary card
with our passport.
I'm sure NAB is not the only bank to offer these types of accounts. It's simply the one we have... and so its the one i can accurately tell you the most about.
Shop around. You may find a better one!!
I heard a long time ago that you could get a "wizard advantage card" which also offered no international fees - but i don't know if this is still available...
Lastly - always remember...when you use any ATM in Bali - your card
will be returned to you last.. (first comes the money.. then the
receipt...then your card).
A lot of Australians are so used to having their card returned to them first in Aussie ATMs, that they walk off at Bali ATMs and leave it in the machine...
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So that's how WE do it... Like i said at the start, I'm not saying this is the BEST way... nor am i saying this is the ONLY way you should be doing it. This is simply what works best for us.
The only cash we carry to Bali these days, is enough Aussie dollars to
pay our Visa On Arrival... I'll admit - we always hand over MORE AUD
than we think will be equivalent to $25USD. Reason?.. We like the
change they give us in IDR... it pays the 55,000IDR fixed price
taxi to Legian, and depending on the exchange rate at the time, the $70AUD we hand over the counter to pay for both of us, usually lands us enough change to pay for the first couple of rounds at the swim up on top of the cab fare.
Again....VOA payment method is completely personal preference, and i
respect that, if you want to pay in USD... go for it.
By the way, i just have to say to all you guys that have been on here for soooo many years and still take the time day after day to answer our repetitive questions in an attempt to better someones holiday...
...Your efforts do not go unnoticed.
I personally can say after 20 something trips, im pretty confident that i know a fair bit about Bali...but when i seriously think about it, i probably would actually have only know about a 3rd of it had i not have learnt it from the masters. (you)
So Cheers.
Tobe