Are you planning a trip to Bali? Amongst the things you will need to sort out is how to handle your money. Understanding the Bali currency exchange rates and other money-related tips are crucial for a hassle-free travel experience.
In this guide, you will learn everything you ever need to know about Bali currency, how to exchange your money, and discover the best ways to manage your cash while exploring the island. Whether you are ordering refreshing cocktails along the beach clubs of Seminyak or shopping in the busy Ubud markets, this guide will help ensure you feel confident about managing your finances and enjoy a stress-free Bali getaway!
History of Bali’s Currency
The Bali currency has undergone significant changes over the years. During the early times, the locals of Bali rely on precious items like gold, silver, and rice, to trade. It wasn’t until the Dutch colonization of Indonesia in the 19th century that a formal currency system was put in place. The first official currency was the Dutch guilder, which was used throughout Indonesia, including Bali.
In 1945, following Indonesia’s independence, the government introduced the Indonesian rupiah (IDR) as the national currency. As a result, Bali’s currency became fully integrated with the rupiah, which is now the standard currency used across the island.
Today, the Indonesian rupiah is widely used throughout Bali, with coins and banknotes available in various denominations. This is the currency you’ll need while exploring the island.
Importance of Having Cash in Bali
Cash is still the preferred choice when it comes to Bali currency. Unlike most other tourist destinations, Bali is not fully reliant on card payments. Although bigger hotels, restaurants, and shops have card machines, many local businesses, street vendors, and markets would still prefer cash transactions. Therefore, make sure you carry enough cash when going around the island, as you’ll need it to buy fresh fruit from a roadside stall or grab a quick meal at a warung.
Cash will also come in handy when visiting remote village, where there may not be ATMs. Also, try to have some smaller denominations handy as some establishments may find it hard to give you change. You can also use it for tipping, paying parking fees, or buying small items from roadside stalls.
Although paying with cards is convenient, you still have to carry some cash with you when exploring Bali. That way, you won’t have to encounter any payment issues.
Withdrawing Cash from ATMs in Bali
The ATM in Bali works in the same way as other ATMs, so withdrawing cash is pretty straightforward. However, there are some things one must keep in mind.
First, make sure the card you are using works internationally. Don’t forget to notify your bank about your plans to use it in Bali. Otherwise, they could flag the transaction as fraud and block your card.
There are numerous ATMs around Bali, especially in tourist areas. Some of the big hotels and resorts also have ATMS within their premises. Be mindful of the withdrawal fees. Also, some banks may impose limits for international withdrawals, so double-check with your bank. Most importantly, find out the Bali Indonesia currency rate before withdrawing so you will an idea of how much will be deducted from your account.
When withdrawing from an ATM in Bali, avoid those remote areas and stand-alone machines. Aside from they are less secure, these are known to impose much higher fees. If you can, get your cash from ATMs at a local bank or in a shopping mall. Avoid making several withdrawals since you will be charged a fee each time you withdraw. Better withdraw in large amounts to minimize the fees.
Smart Ways to Exchange Money in Bali Without Getting Scammed
When it comes to figuring out what currency in Bali to use, it’s crucial that you know some smart ways to exchange your money. First of all, you should only transact with authorized money changers, such as banks and reputable exchange centers. If possible, avoid exchanging your money on side booths that will lure you with unbelievably high rates – this could be a scam!
Instead of exchanging your money to the Bali currency, it may be a smarter option to withdraw cash from ATMs, since these machines usually have better exchange rates. When withdrawing cash, make sure to use the machines attached to banks or those located in a more secure location.
If you prefer to exchange your money to the local Bali currency, exchange only what you need to avoid carrying too much cash, which may not be safe!
Avoid These Money Mistakes When Traveling to Bali
Here are some money mistakes one should avoid for a stress-free trip to Bali.
- Exchanging money at the airport or hotels
When it comes to exchanging your money to Bali currency, avoid doing so at the airports or hotels. While it is a convenient option for many, these places have the worse Bali Indonesia currency rate. Aside from offering less favorable rates, they tend to charge higher fees. In the end, you’ll end up with less money, which is not a great way to start your trip.
What you should do instead is to get your money exchanged to a reputable money changer at a mall or bank. If you have a card that you can use internationally, better withdraw cash from an ATM instead. That way, you can get the best rates. You will get more bang for your buck and make the most of your Bali adventure.
- Carrying too much cash while going around the island
While it’s a good idea to always have cash with you when going around Bali, it’s not recommended to carry too much money. This is not safe, especially if you are in crowded places, such as beaches and local markets.
Although rare, but pickpockets can happen in Bali. The last thing you want is to lose a big chunk of your travel fund that is sure to spoil your holiday. You can exchange your money to large amounts of the Bali currency but carry only what you will need for the day, such as for food, transportation, and perhaps, shopping. Make use of your hotel’s safe and store some of your cash there.
- Not notifying your bank about travel plans
If you plan to withdraw cash from an ATM in Bali, which is usually a very convenient option, you should let your bank know ahead of time. Banks often flag overseas transactions as suspicious for security reasons. If you do not inform your bank ahead of time, they may block your card, and you will not have access to your money while traveling.
When contacting your bank, be sure to inquire about foreign transaction fees or even limits on an international withdrawal. Indeed, having this knowledge can save you some unexpected costs, and you can budget accordingly.
- Failing to budget properly
Most often, tourists tend to mismanage their finances when visiting Bali. Although Bali can be relatively affordable, the long list of entertaining activities available, such as fine dining at elegant restaurants, partying at expensive nightclubs, and shopping, can add up quickly, causing one to spend more money than planned.
To avoid this, it is important to plan your trip budget accordingly. Set a daily spending limit and ensure you stick to it. Monitor your daily expenses to ensure you stay within your budget.
Common Currency Conversions in Bali
Here are some of the most common currency conversions in Bali. Knowing how your local currency translates into Bali currency can help you budget for your trip.
1. US Dollar (USD)
The US dollars to Bali currency is the most common currency conversion in Bali. Majority of tourists that go to the island would carry USD with them, even those not from the United States. Considered the “World’s Reserve Currency”, the US dollar it’s widely accepted and tend to have a stable value.
2. Australian Dollar (AUD)
The AUD to Bali currency is another common conversion. Mainly because Bali tends to be a popular holiday destination for Australians. Because of this, you can expect that all money changers in Bali will accept Australian Dollars. Make sure to check the exchange rate beforehand to avoid surprises!
3. Euro (EUR)
The Euro (EUR) is also a popular currency conversion in Bali, since many Europeans love to holiday on the island. Because of this, all money changers here accept Euros. So, if you came from the European region and prefer to get your local money exchanged Bali, you won’t have to deal with any issues.
4. British Pound (GBP)
Brits love to holiday in Bali, so it’s not really surprising that the British Pound (GBP) is one of the most common Bali currency conversions. Majority of the money exchange centers on the island will accept your British money. But make sure to keep track of the exchange rate to ensure you are getting a fair deal.
5. Singapore Dollar (SGD)
The Singapore Dollar (SGD) is frequently used for currency conversion in Bali, largely because of the island’s proximity to Singapore. Additionally, Bali attracts many Singaporean tourists, so you’ll notice that most money changers readily accept SGD. Just be sure to compare the exchange rates to get the best value.
6. Indian Rupee (INR)
The Indian Rupee (INR) is another common currency conversion in Bali, mainly because thousands of Indian tourists come to the island each month. So, if you’re traveling from India and have some rupees with you, you should not have any trouble exchanging Bali currency to INR at most money changers. But make sure to find out beforehand what the value of INR is to the local Bali currency.
FAQs
What is the currency used in Bali?
The official Bali currency is Indonesian Rupiah (IDR). It is available in colorful banknotes and some coins. You can get it from local currency exchange centers or from an ATM. The IDR is useful for shopping at local markets, dining at small restaurants, paying tips, and many other things. Don’t forget to carry some cash when going out and about in Bali, since not all establishments can accept card payment.
Can I use US Dollars, Euros, or other foreign currencies in Bali?
No, you cannot use Dollars, Euros, or other foreign currencies in any transaction in Bali. You have to transact using the official Bali currency, which is the Indonesian Rupiah (IDR). If you are carrying foreign currencies, you will have to get these exchanged to the local currency. Some of the bigger hotels and tours may be fine withe accepting foreign currency, but it is not the norm in Bali to pay in USD, Euros, or other major currencies. You have to carry Indonesian Rupiah to pay for your everyday expenses in the island.
Are credit and debit cards widely accepted in Bali?
Some establishments in Bali do accept credit and debit cards. However, compared to some other tourist destinations worldwide, the island is not very reliant on cards. Luxurious resorts and hotels, as well as upscale restaurants and shops usually accept cards. But local businesses, such as street vendors, markets, and family-run eateries will only accept cash. Since the Bali currency is still commonly used on the island, make sure to carry some with you when going around.
What denominations of Rupiah are most useful?
It is useful to carry a variety of Bali currency denominations wherever you go on the island. The most used bills are smaller notes like 1,000, 5,000, and 10,000 Rupiah. You can use them for giving tips, buying snacks at small stores, or paying parking fees. Medium denominations are 20,000 and 50,000 Rupiah. You can use these for shopping at malls, buying groceries, and eating at some restaurants. Larger bills, such as the 100,000 Rupiah note are not commonly used, unless you need to make bigger purchases. But take note that small stores may have difficulty breaking them, so it is good to carry smaller notes instead!
