While experiences vary, here are some general observations about currency exchange in Bali:
Cash Exchange:
Exchange Rates: Rates can fluctuate between exchange booths and across different areas. It's recommended to compare rates at several authorized exchange booths before making a transaction.
Authorized Booths: Look for booths with clear signage, transparent doors, security cameras, and proper counting machines. These booths typically offer fair rates and provide receipts.
Beware of Scams: Be cautious of booths offering exceptionally high rates, as they might engage in sleight-of-hand tricks or hidden fees. Always count your money carefully before leaving the booth.
Older USD Bills: While some travelers have successfully exchanged older USD bills (pre-2013), others have faced challenges, particularly with bills from 2006 and earlier. Newer bills with the blue security strip are generally preferred.
Small Denominations: Exchanging small USD denominations might result in a slightly less favorable rate compared to larger denominations.
Card Payments:
UnionPay: Cards from specific Russian banks with the UnionPay system have generally worked well for both payments and ATM withdrawals, especially at BCA bank terminals and ATMs.
Other Foreign Cards: Visa and Mastercard from non-sanctioned banks, particularly from countries like Kazakhstan and Uzbekistan, have reportedly worked for payments and ATM withdrawals, although experiences may vary.
Local Bank Cards: Opening a local bank account with Permata Bank or Maybank can offer benefits like convenient cash withdrawals, better exchange rates, and higher daily spending limits. However, this process might require assistance from an agency and a local sponsor.
Currency Conversion: Be aware of potential double conversion fees when using foreign cards, especially when the transaction currency differs from your card's base currency.
Additional Tips:
Cryptocurrency: Some travelers have used cryptocurrency, particularly USDT, as a means of exchange, often in conjunction with a local bank account. However, finding reliable exchange services for cashing out cryptocurrency can be challenging.
Travel Insurance: Consider obtaining travel insurance that covers medical expenses and other unforeseen circumstances, as healthcare costs in Bali can be significant.
Remember, it's crucial to research and compare your options to find the most suitable and cost-effective method for currency exchange in Bali.