[Asia] I met '刘谦'(老千) in Bali

[SamPaul]

Like to share my experiences with those who planned to go Bali, be careful when changing rupiah there. ALWAYS go the the Authorised Money Changer. 'Authorised' I mean not just written, cos' all will claimed as 'Authorised'. Only look for those shops with the words started with 'P.T' e.g P.T. abc Authorised Money Changer or 'P.T xyz Authorised Money Changer. Avoid going to those at the side lane, though they'll placed a signboard on the main road written as 'Authorised Money Changer' with various rates (always higher) and an arrow pointing to the small lane.

Happened to me twice. I went to one to change S$200/- They usually take rupiah 20,000 notes (instead of 50,000 or 100,000 notes) so that it'll be a lot to count. They started counting in front of u in a stack of 10 pieces. For my case will be a stack of 10pcs in 20,000 & about 7 stacks + some small notes (S$200 is approx 1,400,000+). So when u started to count again, 1st stack will always be 9 pcs only, then they will add another 1 x 20,000 and started counting again. Now, I think this is the time where they'll do the magic trick. If you trust them & do not count again, u probably get only 7 x 20,000 per stack.I don't know how they do it but I didn't get cheated because I am slow. I tend to count & count as I'm kind of confused with the many 'zero'. Somehow I just didn't get 70pcs of 20,000. The guy eventually got frastrated & return me my S$200, then chase me away.

I didn't realise that it's a trick, thinking it my fault until I went to another money changer & same thing happened. I was chased out again....fortunately..!

I was later told by an Italian lady shop owner whom get cheated when she 1st went to Bali many years ago. Remember, an Authorised Money Changers' shop name will always start with 'P.T' something something. I don't know what does it mean but they will always issue official reciept & u will not get to see '刘谦'(老千) magic trick.....

[romeo tango]

Thanks for the warning

[ZerocoolAstra]

yup!
thanks for the warning!
my friends told me that too.
In the end I changed S$ to rupiah in Singapore itself, at the 'famous' money changer in Suntec City (always long queue). The rate there was MUCH BETTER than what I saw in Bali, by at least a few hundred more rupiah per S$.

Since the rates are so similar in Bali, it would be advisable to change small amounts each time, eg. 500,000 IDR, so that it's easier to count.

[SamPaul]

Originally Posted by ZerocoolAstra yup! thanks for the warning! my friends told me that too. In the end I changed S$ to rupiah in Singapore itself, at the 'famous' money changer in Suntec City (always long queue). The rate there was MUCH BETTER than what I saw in Bali, by at least a few hundred more rupiah per S$. Since the rates are so similar in Bali, it would be advisable to change small amounts each time, eg. 500,000 IDR, so that it's easier to count.

You r right! rate in Sin is better if u don mind to carry a few millions $ with u ard, and kind of bulky...

[SamPaul]

Originally Posted by ZerocoolAstra yup! thanks for the warning! my friends told me that too. In the end I changed S$ to rupiah in Singapore itself, at the 'famous' money changer in Suntec City (always long queue). The rate there was MUCH BETTER than what I saw in Bali, by at least a few hundred more rupiah per S$. Since the rates are so similar in Bali, it would be advisable to change small amounts each time, eg. 500,000 IDR, so that it's easier to count.

Hope ur friend didn't kanna conned...!

[daredevil123]

P.T. before a company name is equivalent to our PTE LTD here in singapore. Meaning that there are a lot more govt regulations involved. Setting up a PTE LTD in indonesia is a lot more troublesome than in Singapore.

[Shen siung]

Originally Posted by SamPaul You r right! rate in Sin is better if u don mind to carry a few millions $ with u ard, and kind of bulky...

My understanding, You will always got better rate of buying foreign currency using a particular currency, at the home country a particular currency.

E.g. buying foreign currency at Singapore using SGD always better then when you are at other country.

[SamPaul]

Originally Posted by Shen siung My understanding, You will always got better rate of buying foreign currency using a particular currency, at the home country a particular currency. E.g. buying foreign currency at Singapore using SGD always better then when you are at other country.

Not true..I changed Vietnam Dong in Singapore with S$ & I get very very very much lower rate than I can get in Ho Chi Minh......

[SamPaul]

Originally Posted by daredevil123 P.T. before a company name is equivalent to our PTE LTD here in singapore. Meaning that there are a lot more govt regulations involved. Setting up a PTE LTD in indonesia is a lot more troublesome than in Singapore.

OIC....Tks!

[Shen siung]

Originally Posted by SamPaul Not true..I changed Vietnam Dong in Singapore with S$ & I get very very very much lower rate than I can get in Ho Chi Minh......

Well, I would say it depends on where you change in Sg. and which currency.
Most of the time, if not always.
Usually, The arcade gives a very good rate.

[night86mare]

yes, when i went to bali last year i also kena that

best part is the guy very win, just happily take out one zero from the total amount due to me.. if i blur block, go off with less than 10% of what i should be getting, imagine that.

in the end, i just got my money back (made sure i counted it too), and walked off.

[guanlim]

Correct me if I'm wrong but since they offered a better rates than legitimate "PT" money changer, so long as you have lots of patience and count the money over and over again, you would get a better deal?

[Astin]

Its really not safe to change money in overseas countries on roadside counters. Even though u walk away, u will never know anyone is following u after seeing u are holding a stack of cash. Your S$200 is probably worth their few months of salary or living expense.

[night86mare]

Originally Posted by guanlim Correct me if I'm wrong but since they offered a better rates than legitimate "PT" money changer, so long as you have lots of patience and count the money over and over again, you would get a better deal?

they will insist that you hand back the stack back to them to add notes to it and recount on their side

like that isn't suspicious... anyways, this is my isolated experience.

you can try, i know my friend insisted on doing that, they just gave him back his money and shooed him off, people there are not stupid either, they aren't going to lose money just to make your day.

[ZerocoolAstra]

Originally Posted by SamPaul Hope ur friend didn't kanna conned...!

Yeah he did get short-changed, by at least 500,000 rupiah.
He changed a couple of hundred USD (from his previous business trips) to rupiah, so that worked out to several million rupiah. Easy to 'lose' a few hundred K in the process... Even in 50,000 notes, that's a hell of a thick stack.

Just wondering: is 50,000 the largest denomination they have in Indonesia? They should have something around the equivalent of S$30, say about 200,000 rupiah.

[ZerocoolAstra]

Originally Posted by Shen siung My understanding, You will always got better rate of buying foreign currency using a particular currency, at the home country a particular currency. E.g. buying foreign currency at Singapore using SGD always better then when you are at other country.

Singapore is a competitive market for money changers, and so they have no choice but to give good rates.
When I visited Bangkok last year, I found the rates there better than in Singapore. Also their money changers are much more legitimate-looking than those in Bali.

[geekbrains]

I always found Mustafa Forex in Singapore to offer better competetive rates for most of the currencies when compared to others. Just my 2 cents..

[guanlim]

Originally Posted by night86mare they will insist that you hand back the stack back to them to add notes to it and recount on their side like that isn't suspicious... anyways, this is my isolated experience. you can try, i know my friend insisted on doing that, they just gave him back his money and shooed him off, people there are not stupid either, they aren't going to lose money just to make your day.

I suspected as much

[gapman]

Originally Posted by geekbrains I always found Mustafa Forex in Singapore to offer better competetive rates for most of the currencies when compared to others. Just my 2 cents..

I travel very often and I highly recommend Mustafa too.
Cheers!

[jeanie]

i didnt had good experience in bali too.
not $ changers though.
i always make sure i have enough cash before i even reach that country.
so it's best to do your cash exchanges here in sgp.