You don’t have to bring any cash to Bali, there are plenty of ATMs here in Canggu and other spots on the island and you can just withdraw cash as you need it.
But if you do bring some foreign currency with you, then the good news is that there are plenty of money exchange facilities on the island.
Here’s all you should know about changing money in Bali and how to get the best exchange rates.
The Basic Rules Of Changing Money In Canggu, Bali
OK, the good news is that it’s actually a fairly simple practice to get the best deals from a money exchange or money changer here in Bali.
What you need to know upfront is that money changers here work to as simple set of rules, these are laid down by the local regulator, and they cannot bend or change those rules for you.
So, before we start let’s talk about your foreign cash and the local money and the way that the rules work for money changers in Bali.
Introducing The Indonesian Rupiah
The currency of Indonesia, including Bali is the Rupiah, this is issued by the Indonesian Central Bank and it is the only form of legal tender on the archipelago.
The two main notes you will encounter are:
- 100,000 IDR (this is worth about $6 USD or $10 AUD depending on the exchange rates on the day) – this note is red and currently features an image of the founding fathers of Indonesia and the National Parliament on the other side of the note.
- 50,000 IDR ($3 USD or $5 AUD) – this is blue and has a picture of Gusti Ngurah Rai and Ulun Danu Beratan Temple on the flip side.
If you exchange currency here, the money changers in Bali will tend to give you these notes as the bulk of your transaction.
There are other notes available – 20,000, 10,000, 5,000, 2,000 and 1,000 IDR denominations, these are all different colours. Though the 1,000 IDR is a little less common than the others.
You may also encounter 500, 200 and 100 IDR coins though they are becoming less common. The coins are silver in colour.
It’s not unusual for places other than a money exchange to round a bill slightly to make up for a lack of change. So, if your change is 1,000 IDR up or down, don’t be too surprised about it.
If you want to be sure that your Indonesian Rupiah from a money exchange is real, make sure they provide you with a proper receipt. This will protect you if it turns out to be counterfeit later.
Bring Bank Notes That Are In Perfect Condition To The Currency Exchange
Nearly every money exchange in Southeast Asia, not just Bali, has a very simple rule. They only accept foreign bills in pristine condition.
This is very different from a money exchange in the West, where they will usually take notes in any condition.
Even a crease on the surface of a bill can lead to it being rejected.
Also, the official rate advertised in the window is usually for the highest denomination bills. You get a slightly lower rate for lower denomination bills, though it’s not so much lower to make a dramatic difference to the final sum.
In The Most Popular Tourist Areas, Opt For The Most Popular Money Changer
All the official money changers in Bali all work using a similar principle as laid down by the Central Bank.
They change money based on a fixed exchange rate with no hidden fees. That rate is based on the interbank rate.
The best money changers are the most popular in popular tourist areas . The worst rates from an official money exchange will be at the airport.
But unofficial money changers in Bali do exist and they love to rip off unwary tourists. Always visit a popular money change and you’ll be fine.
There Are No Commissions, And Exchange Rates Are Fixed
The rate tends to be fixed to 2-3 points of the official interbank rate (Google and compare this rate).
There are no hidden charges or fees, your money gets turned into Indonesian Rupiah at the quoted rate. The exception to this at money changers in Bali is if you use Western Union, the rates using this service are an absolute rip-off.
Don’t Bring Too Much Cash To Indonesia
You can only bring a maximum of 100 million IDR into Bali. If you bring in more, you must declare it to customs as you enter the country.
Failure to do so can lead to confiscation of any surplus. Under no circumstances may you bring in more than 1 billion IDR (that’s $75,000) that’s the absolute cap on cash and customs can confiscate everything above this amount.
A List Of The Best Money Changers In Canggu
There are many official money changers in Canggu including:
- GIGA Money Changer – Jl. Raya Canggu, Tibubeneng, Kec. Kuta Utara, denpasar, Bali 80361
- Krisna Money Changer – Jl. Canggu Padang Linjong No.56A, Canggu, Kec. Kuta Utara, Kabupaten Badung, Bali 80351
- AMC PT Azzahara Maulan – Jl. Raya Canggu No.100X, Tibubeneng, Kec. Kuta Utara, Kabupaten Badung, Bali 80361
- Amandana Money Changer – Jl. Pantai Batu Bolong No.25 A, Canggu, Kec. Kuta Utara, Kabupaten Badung, Bali 80361
- BMM Money Changer Padang Linjong Canggu – Br/Ling, Jl. Pantai Batu Mejan Jl. Canggu Padang Linjong, Canggu, Kec. Kuta Utara, Kabupaten Badung, Bali 80361
- Central Kuta Money Exchange – Canggu – Next to Guardian Pharmacy near FINNS Beach Club, Jl. Pantai Berawa 10X, Tibubeneng, Canggu, Bali 80361
FAQs
Where Is The Best Place To Change Money In Bali?
The best place to exchange currency in Bali is always at an official money changer. That means a money changer that is registered with the Indonesian Central Bank with fixed exchange rates and no commission fees.
Most money changers in Bali that are clearly visible on main roads will fall into this category and they should have a QR code visible in the window which you can use to check their authenticity.
Because most authorised money changers provide fair exchange rates, if you take your foreign currency to a side-street money changer, you are likely to find that their exchange rates are fake and that when you exchange currency with them, they will skim cash from the final amount.
You cannot get better exchange rates when the official exchange rates are based on the Mid-Market Rate for the currency and are only around 3% off that rate. There are no hidden fees in these transactions either.
Is It Cheaper To Exchange Money In Bali Or Australia?
It will be cheaper to change Australian Dollars into Indonesian Rupiah in Bali rather than in Australia.
That’s because the Indonesian Rupiah is not highly valued outside of the country and you tend to get very poor exchange rates when buying it on other countries.
Can I Exchange AUD In Bali?
Yes, you can easily change Australian Dollars and most other major currencies in Bali. A good money changer will also accept a variety of other currencies from around the region.
However, if you’re opting to use most currencies from Africa or South America, in particular, then even trustworthy services are likely to be unable to help with changing them.
In this case, you should either change money into US Dollars before you come to Indonesia or just use an ATM to access cash in Bali.
Should I Bring AUD In Cash To Bali?
You don’t have to bring any cash at all to Bali. There are ATMs all over the island with reasonably competitive rates where you can withdraw Rupiah.
However, be careful when using ATMs, only use an ATM in a bank or a busy mall or a similarly secured spot. Card skimming is common at less secure sites and the exchange rates and fees can be extortionate if you use an ATM in a convenience store.
It’s cheaper to send money via Western Union than it is to withdraw 500,000 IDR with a 50,000 IDR surcharge.
Where Is The Cheapest Place To Exchange Money In Canggu?
This will vary slightly from day to day but most places here don’t give dramatically different rates and other exchanges that do offer much better exchange rates are usually a rip-off.
Use a money changer with a good reputation like those listed above and you should find yourself conducting an exchange in Bali safely with no hidden charges.
What Is The Best Way To Convert Money In Bali?
We’d recommend that use a money changer or an ATM to change foreign currency into local cash.
You will always lose some money with exchange rates but it’s not as expensive as you think and the money changes in Bali, at least the official ones, are very well regulated.
Do You Need Cash In Canggu?
You don’t need huge amounts of cash in Canggu or, indeed, most of the big tourist areas in Bali.
However, you will need some Indonesian Rupiah. Sometimes, the cash register is broken, sometimes there’s no power and some places only take cash – including most parking spots and many tourism sites.
It’s illegal to pay using foreign currency in Indonesia, so make sure to carry around 3 million IDR (that’s about $200 USD or $300 AUD) in cash with you.
That’s enough to cover you in almost any situation where you will need cash.
Should I Exchange Money Before I Travel To Bali?
No, you will get better exchange rates here in Bali than overseas. There are money changers everywhere on the island including at the airport and here in Canggu.
Final Thoughts On Money Exchange In Canggu
If you need a money changer in Canggu, the good news is that there are plenty of them to choose from.
The exchange rates are very consistent between money changers and any official money exchange will be able to turn your overseas cash into local currency without any hassle.
If you found this article helpful, you may also enjoy our guide to digital nomad life in Canggu.