Currency in Bal Exchange rates in Balashikha

However, experienced travelers are advised to take with them to the island not rubles, but dollars or euros. This currency will be the easiest to exchange for local money at a favorable rate. You can buy rupees right at the airport after landing in Bali. The rate may change slightly over time, but at the moment it is approximately: 1$=12500 rupees, 1euro=14800 rupees. Bali money is not familiar to a tourist from Russia, since it is in the thousands. The minimum denomination of a coin here is 25 rupees, and the maximum is a denomination of 100 thousand.

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Everyone who plans a trip is interested in what currency is used in Bali, what currency to take with them dollars or euros, where to change it. In this article, we will answer these questions and make some recommendations.

On the island of Bali, as throughout Indonesia, there is its own national currency – the Indonesian rupiah.

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For those tourists who have just arrived in Indonesia, we advise you to carefully count the change that they give you on the first days of your arrival.

Where is the best place to change currency to rupees

You will need local money immediately upon arrival on the island, so it makes sense to immediately exchange a small amount right at the airport. It makes sense to change exactly as much currency as you need to get to the nearest bank.

The rate at the Denpasar airport is not profitable. Currency exchange offices located in all tourist areas of the island are also not the best option. It is best to change the currency to Indonesian rupiah at special points called “authorized money changer” and “no comission”. There, the exchange rate is good and safer, but we still advise you to count the bills very carefully.

Of course, you can also get rupees in Bali through an ATM, withdrawing them from your dollar card, but keep in mind that the bank will charge a percentage for this conversion, which greatly depends on the greed of the banker.

Where else is it not worth changing the currency? If, walking around the island, you see a street money changer offering a very favorable rate, then we advise you to bypass it, it will deceive you.

A short walk from a cluster of Balinese beach resorts, a group of blockchain experts lounge by the pool in a villa owned by the owner of a swimwear company. Enthusiastic millennials and more experienced financiers take turns placing bets by tossing tokens on gambling tables set up in the garden around frangipani trees and an open bar, reminiscent of rural festivities.

The May event was organized in Bali by a Singaporean financial company to celebrate the transition of their traditional means of payment to the form of an ESG (environment, social policy and corporate governance) token. The company, which owns the concession rights to gold with an estimated weight of 150,000 troy ounces, lying under a forest in Ontario, Canada, proposed this crypto asset as an innovative mechanism to leave gold in the bowels.

Fresh ideas based on blockchain technology quickly spread throughout Chang, Seminyak and other areas of Bali, which were filled with remote workers after the partial lifting of restrictions associated with the pandemic, around mid-2022.

Many cryptocurrency speculators with a natural flair for arbitrage have been drawn to the opportunity of a crypto flight in Bali, with top-notch amenities at much lower prices than in San Francisco or Singapore.

“You can enjoy the quality of life in Bali and still earn a western wage,” says Paul, a 19-year-old self-taught developer who came to Bali for a month to code a blockchain platform remotely for a Paris retailer.

Few seemed to consider the possibility of a crypto winter coming – bitcoin, from its November 2021 all-time high of over $68,000, fell below the $20,000 mark in June as some exchanges halted crypto withdrawals and prices of alternative assets. collapsed.

Like Paul, many newcomers find like-minded people a few steps from the beach at T-Hub, a co-working space run by Tokocrypto, an Indonesian affiliate of the world’s largest crypto exchange, Binance.

“Some people get into a bad mood talking about crypto,” says Antria Pansi, who leads user engagement on Bali’s Tokocrypto exchange. Pansy believes that this breakneck growth may be due to the fact that during the pandemic, tens of thousands of tourism workers who recently lost their jobs began to look for a source of income, and the media in Indonesia began to actively cover the issue of cryptocurrencies two years ago.

Silicone Bali

Panellists in July speculated about shaping a “Silicon Bali” for cryptocurrencies and blockchain and tried to collectively figure out how best to connect incoming foreigners and gifted Indonesians.

The event, which was held that month at T-Hub, was attended by about 30 people. Aaron Penalba showed up wearing a Nike T-shirt with the words “Hold on with all your might,” a mantra for those who believe that the utility of bitcoins and their limited supply promise wealth.

The assembled youth listened as Penalba explained the basics of mining and staking and the specifics of paying royalties to those who want to start trading in unique tokens (NFTs), types of digital data stored in a ledger of blockchain transactions.

Penalba, who calls himself a full-time NFT trader, was one of the first to get involved in what has become a roaring trade in digital art collections such as the Bored Ape Kennel Club. (“Essentially they are pictures of dogs,” he explains.)