MONEY

So you’ve scraped and saved and now you’re finally heading to Indo to get some of those perfect waves you’ve seen in videos and magazines.
Or maybe you’re just keen for a chilled holiday relaxing by the pool. Or maybe you’re going to score some bargains shopping
Whatever the reason you’re going to need to access local currency when you get there . . .
So it’s important to decide on the best travel money option before you go.

About Indonesian money

Indonesia’s monetary unit is the RUPIAH (Roo-pee-ah) symbolised as “Rp”.
The term “rupiah” comes from the Sanskrit word rupyakam, which translates to silver.
Like Dollars, rupiah are written “Rp 1,000” but said “1,000 Rupiah”. Some tourists refer to “Rupes” when speaking English, but when speaking Indonesian, you should only say “Rupiah”.
When you arrive in Indonesia you will notice in the shops that prices are almost always written as Rp on priced items.
The International currency code for Indonesian Rupiah is IDR which means the same thing as Rp
By the same token the international currency code for Australian dollars is AUD
For around the last decade the value of the Indonesian Rupiah (IDR) has hovered around 10,000 IDR for one Australian dollar (AUD)
Generally speaking, an exchange rate of over 10,000 IDR to 1 AUD is good
This makes it easy (if you have Australian currency) to keep track of the value of your Indonesian coins and notes
100,000 IDR is approximately $10 AUD
50,000 IDR is approximately $5 AUD
10,000 IDR is approximately $1 AUD
and so on
see image below as a reference . . . feel free to download and keep this image on your phone for future reference
The US Dollar (USD) rate has varied considerably over the last few years, trending down, but the recent (June 2023) exchange rate was around Rp 14,000.
The rate fluctuates daily so it’s usually a good idea to only change enough for a few days. . . or if you’re using a card, try and withdraw from an ATM when rates are high and favourable .
Or use an ATM Travel card like a WISE card where you can lock in the exchange rate when its high.
If you’re only in Indonesia for a few weeks holiday the fluctuating exchange rate shouldn’t worry you too much, However, if you plan to stay for an extended period and want your funds to last, it’s advisable to monitor the exchange rates closely. Over time, the expense of exchanging money at unfavourable rates can accumulate and affect your budget.
A good website to check the current rates on the ground is www.bmcmoneychanger.com they also have a good reputation as a reputable money exchange.

Cash

Some travellers say “Cash is King” and that’s sometimes true, depending where you are.
It is a good idea to change a bit of money into Indonesian rupiah before you go, so you’ve got a bit of cash when you arrive. You may need it for your VOA (Visa on Arrival) or maybe a taxi to your hotel
If you plan on funding your trip solely with cash brought from home you will need to use a Money Exchanger.
Its generally recommended to avoid small Money Changers as they can sometimes have “rigged calculators” or use dishonest sleight-of-hand tricks.
You don’t want to get back to your hotel to find you’ve somehow been short-changed “as if by magic”.
Its best to use Banks or large authorized Money Changers instead like www.bmcmoneychanger.com, even though it may cost you a dollar or two more in Commission.
Some disadvantages of taking cash are. Its risky getting around with too much cash and if its stolen, it’s gone for good.

Debit or Credit Cards

ATMs are readily available in most parts of Indonesia. Especially in larger towns and cities So it’s easy to take your debit or credit card with you that you use at home.
But make sure you notify your bank before you leave so they don’t block your card thinking it’s a fraudulent transaction.
If you’re travelling to a remote location you may need to get all your Rupiah from an ATM before you leave the tourist area.
There are some disadvantages of using your own Credit or debit card
International transaction fees can be expensive when you withdraw
Exchange rates tend to differ from Bank to Bank
Skimming does occur especially in Bali
Skimming is when a device is installed illegally to an ATM to record your account details and PIN number so scammers can withdraw or steal your funds.
If you notice a transaction that you don’t recognize notify your bank as quickly as possible to cancel your card
Try to stay away from ATMs that are out in the open and don’t use ATMs late at night

Travellers Cheques

Travellers’ cheques are physical cheques that are bought, with a fixed amount of money written on it. They can then be exchanged overseas for cash.
Travellers’ cheques were used widely between the 1950s and 1990s. They still exist but are no longer widely accepted. So they’re not recommended

Travel Debit Cards

Pre-paid Travel cards are safer than both cash and personal ATM cards when you’re taking money overseas – and just as convenient. You can use them just like a debit or credit card – to pay directly in shops or restaurants or get cash out.
We recommend the WISE card (formerly known as TransferWise) It’s a cheap and easy way to spend and withdraw cash internationally. Even if you need to convert between currencies, Wise exchange rates are unbeatable, as they offer the mid-market rate at the time you convert.
How does the Wise card work?
Wise allows you to hold money in 50 currencies in your account.
Transfer funds from your personal bank account using the WISE App. You have the choice of transferring your home currency or you can load your WISE card account with local currency such as Indonesian IDR when the exchange rate is more favourable.
Then you use the Wise Debit Card just like any other debit card. You can withdraw money and make purchases at shops, restaurants, and any place that accepts cards.
If you have a balance in the local currency of the country, you’re in, the card will deduct the amount directly from your Borderless account. If you don’t have any of the domestic currency, Wise will convert the currency for you at the best rate, allowing you to make your purchase or withdrawal.
You can also use the WISE app to freeze your card when your not using it and unfreeze when you want to transfer money, withdraw from an ATM or pay for something
That way if someone does get your card data details they wont be able to take your money if the card is frozen
Read more about WISE here . . .
Some other Travel Debit cards are Travelex, Commbank, HSBC   and many others