In Reply to: CBA exchange rate posted by Bigpete3941andfamily on Tuesday, 18. September 2012 at 19:50 Bali Time:
I have tested the system on several occasions recently and using an ATM is far too expensive. Even with lower rates for travellers cheques than cash you would probably still be better off. I now ALWAYS take cash and put it in the hotel safe, even in a relatively cheap hotel. In July I checked the cash rate at the best money changer/bank in Sanur and withdrew 3 million Rupiah from an ATM then compared the total charges to my credit card or ATM card. Each time I lost between 5 and 6% compared to the cash rate on the day. Bear in mind of course that you are actually paying the bank for the security of your money. Now, I just take Aussie cash in $1,000 envelopes, leave in the safety deposit box and change about $300 at a time at a reputable money changer. Works for me! If it was under 3% I may well use a card..... but maybe not...... that's a lot of Bintangs!!