Welcome on the blog of Swarga Odyssey, a local travel agency specialized in Indonesia. Here, we give you all the advice and tips to prepare your trip to Bali and Indonesia.
When you travel abroad, and especially when it's the first time outside Europe, it can be a source of a lot of hassle and stress. Everything is different and you feel overwhelmed in all this jungle.
So, if you want to learn everything you need to know, our advice and tips for exchanging your currencies and withdrawing money during your next stay in Bali and/or Indonesia, you are in the right place!
Exchange offices 💶
Give priority to officials
As for exchange offices, you will find them just about everywhere on the island. We recommend avoiding the airport (or changing a small amount if you just want to pay for your taxi upon arrival) because exchange rates are not very attractive.
And then, choose stores with the mention “authorized” and located on the street, this is generally a good indicator to say that they are official exchange offices. And so you won't have a chance of being taken for a ride. For example, you have “BMC” money changer, “BHI” Money changer, and “Authorized.”
There are small exchange offices all over Bali with cheaper rates. But they are not official, and often manage to extract money from you with a few tricks of hand.
Anticipate your needs
It should also be noted that if you are planning excursions to remote areas, it is best to plan ahead. So, remember to change your currency beforehand, because so-called “reliable” exchange offices are located in dynamic regions, i.e. globally the south of the island: a good start from the Bukit peninsula, going up north via Denpasar, to Canggu, and also to Ubud. See, you won't have any offices in the most rural areas.
Withdrawals & ATM 🏧
Apart from small local shops, you can pay by credit card almost everywhere in Bali. However, it is not uncommon to be charged additional fees, generally 3%, which correspond to the transaction fees submitted by merchant banking institutions.
For distributors, choose large banks such as Mandiri, BCA or HSBC. You can generally withdraw a maximum of 1,500,000 IDR (€100) or up to 3,000,000 IDR (€200) for some such as Maybank.
How do vending machines work?
Since the banking system is similar to the American system, there are some differences and subtleties concerning ATMs, compared to what can be found in France. First of all, they are exclusively in English or Indonesian, which can quickly cause stress if they are misunderstood.
To withdraw money, it is advisable to first check where the ATM is located, preferably at a bank like HSBC or BCA. Don't panic if none of these banks are nearby, choose other reliable locations like Mmart, Circle K, or Indomaret stores.
The procedure may vary from machine to machine, but here's what you need to remember.
➡️ After entering your PIN code, you will probably have the choice between “Enquiry”, “Balance”, “Withdrawal”, or “Fast Cash”. Choose “withdrawal” which means withdrawal.
➡️ Then, a new page appears with another new choice: “Saving”, “Checking”, or “Credit”, this is the account from which you want to debit this amount. In Europe, there is no distinction between these accounts, choose “Saving”.
⚠️ Attention, when you receive the money, remove your card carefully before counting because, in some vending machines, if the card takes too long to withdraw, it can be swallowed for security reasons. Again don't worry, you can get it back, but it will take some time.
Tips before you go
Before going to Bali, check two or three small details with your bank to avoid unpleasant surprises.
First of all, it is important to know the various fees that could be charged to you. Ask your bank for a list of the rates charged for each type of transaction. In all cases, you must inform your bank of your departure abroad. Otherwise, internal security may be triggered, blocking your card or access to your application, for example.
On the other hand, it is advisable to check the shares issued on your bank account. Although these are isolated cases, security standards are not as strict as in Europe, and you could see fraudulent actions. Don't worry, all banks include insurance in case of theft, loss or hacking. By monitoring, you could then file an objection in time and avoid tedious procedures or at least “limit these actions”.
How can I avoid bank fees?
Bank expenses related to travel are often forgotten, yet they can quickly add up the bill. Wouldn't that budget be better spent on other things you really enjoy? We agree that yes!
Traditional Banks vs Online Banks
Classic banks
Be aware that traditional banks often charge fees astronomical for transactions and withdrawals abroad, and in particular in countries located outside Europe. And if you thought you were going to make a single withdrawal of a large amount, you are wrong.
Online banks
If you are not yet a customer, it might be time to consider an online bank or Neobank. Simple and fast, they are generally 100% free or much cheaper, and avoid exorbitant travel expenses. We use several of these banks on a daily basis that we are 100% satisfied with, so we swipe you by following partner offers.
100% free, online banks are unbeatable when it comes to withdrawal and transaction fees abroad.
N26 ROAD
N26 is a German online bank. It offers a Standard offer, completely gratis. With a virtual card that allows international payments without fees including 3 withdrawals in euros per month. In our opinion, the most interesting offer is undoubtedly the N26 You card. Sure, it costs €9.90 per month, but it offers so much of advantages that its price remains anecdotal.
Revolut
Revolut is a British neo-bank founded in 2014 that mainly targets Generation X and Y who are used to traveling regularly. The application is super intuitive and greatly simplifies the possibility of investing (even in cryptocurrency) and the management of your personal finances.
It is of course possible to open an account with a French IBAN
