What You Need to Know About Currency in Bali
If you are planning a trip to Bali, one of the most important things to know is the currency used in the country. Bali is part of Indonesia, and the official currency is the Indonesian Rupiah (IDR).
History of the Indonesian Rupiah
The Indonesian Rupiah has a long and complex history, dating back to the Dutch colonial period in the 17th century. At that time, the currency used was the Dutch East Indies Gulden, which was replaced by the Indonesian Rupiah in 1949 after Indonesia declared its independence from the Netherlands.
Over the years, the Indonesian Rupiah has experienced significant fluctuations in value due to various economic and political factors. In 1965, the country went through a period of hyperinflation, and the government was forced to introduce a new currency, known as the "New Rupiah." Since then, the Indonesian Rupiah has undergone several denominational changes and is now issued in both paper and coin forms.
Denominations of the Indonesian Rupiah
The Indonesian Rupiah is available in the following denominations: 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 rupiah bills. Coins are also available in denominations of 100, 200, 500, and 1,000 rupiah.
As of April 2023, the exchange rate for the Indonesian Rupiah to the US Dollar is approximately 14,000 IDR to 1 USD. However, it is important to note that exchange rates are subject to change and can vary depending on the exchange service used.
Tips for Handling Money in Bali
When traveling to Bali, it is recommended to carry a mix of cash and cards, as not all establishments accept credit or debit cards. It is also important to note that some businesses may charge a fee for using a card, so it is best to check beforehand.
ATMs are widely available in Bali, and most of them accept international cards. However, it is important to be aware of potential scams or fraud when using ATMs. It is recommended to use ATMs located inside banks or shopping malls and to avoid using ones on the street.
When exchanging money, it is recommended to do so at official money changers or banks. Some unofficial money changers may offer higher exchange rates but could potentially be a scam. It is important to always count the money received and double-check the exchange rate before exchanging currency.
Here are some Fun Facts you might not know about cuurency in bali:
- The Indonesian Rupiah is one of the least valuable currencies in the world, with one US dollar being equivalent to around 14,000 IDR.
- The currency symbol for the Indonesian Rupiah is Rp.
- The word "rupiah" is derived from the Sanskrit word "rupyakam," which means "wrought silver."
- In Bali, it's common to see prices listed in "ribu," which means "thousand" in Indonesian. For example, if you see a price listed as 50 ribu, it means 50,000 IDR.
- The highest denomination of the Indonesian Rupiah is 100,000 IDR, which is worth around $7 USD.
- In Bali, it's best to carry small denominations of money, as many businesses may not have change for larger bills.
- The Indonesian Rupiah has undergone several changes in its design over the years. The current design features national heroes and landmarks on the front, and local flora and fauna on the back.
- It's not uncommon for people in Bali to barter or negotiate prices for goods and services, especially in markets or with street vendors. However, this is not common in larger, more established businesses.
- When exchanging money in Bali, it's important to go to reputable money changers to avoid scams or getting ripped off. Look for authorized money changers that display their license prominently.
- Despite its relatively low value, the Indonesian Rupiah is an important symbol of national pride for Indonesians and a reminder of the country's history and culture.
In summary, the official currency in Bali is the Indonesian Rupiah, which has a complex history and is available in various denominations. It is important to handle money with caution and be aware of potential scams when using ATMs or exchanging currency. By following these tips, you can ensure a safe and hassle-free experience with handling money during your trip to Bali.