Money changer - My tips & his tricks

**MiSO** · 07-01-2010 10:45 PM

A first impression of exchanging money by:
MmmiSo...

Today I exchanged money for the first time since I have been on Bali. It was quite an experience…

Before my bicycle-ride to the money changer a friend sent me a text message that the rate was only 9300RPS / for 1 USD. So I was aiming at around 9300RPS. On my way to this reliable money changer, I saw 3 money changers with a higher rate, so I took my chance.

In Euro the rate was around 13.400 RPS for 1 Euro.
Money changer no. 1 offered me 14.200. A young guy did the transaction, but I didn’t trust him: his eyes were half closed and he didn’t look in my eyes. He could only exchange 100 Euro with 20.000 RPS, but I said it was too small. When I wanted to leave he said he also had 50.000. so it was fine with me.

He made 2 sets of 10x 50.000, 1 set of 6x 50.000, 1 set of 5 x 20.000, 1 x 20.00
500.000
500.000
300.000
100.000
20.000

He counted, than I checked and wrote it down, I also used the calculator (I know myself, I am a money-dummy)
Than he counted again, and I felt like checking again, so I did. After I had checked I said to him not to touch the money again because I got confused. But he did it anyway. And when I checked for the 3rd time, I missed 300.000 RPS (6x 50.000)
I thought I had made a mistake but when I looked at his face I immediately knew he had been cheating. I have no idea how he did it, because my 2 pairs of eyes (…for this special occasion I wore my glasses…) were focused on his hands, but I had seen nothing, nothing at all! Anyway, I said his business was not ok, and already standing outside I kept repeating this. He crossed the street, came back and went to an other shop.

Mr. Money changer no. 2 asked 10% commission.

Mr. Money changer no. 3 had only 20.000 RPS to exchange. It was pretty late, so I agreed on this. I had had a warming-up before anyway, so I felt pretty confident :wink:
I asked his friend to go outside because it felt like 2 against 1 and his eyes were too much on my bag & wallet.
I took a piece of paper and a pen, and asked him a calculator.
Then he said quickly: Oh, I don’t have enough money ...haha… :lol:
For 200 Euro he had enough money, but now for 100 Euro he was out of Rups…haha… I guess I looked too professional …

Mr. Money Changer no. 4 across Bintang supermarket in Seminyak:
13.200 RPS/1 Euro, a slightly lower rate but he gave me 100.000’s and we had a chat. He even accepted 10 and 5 Euro’s. Giving me a handkiss and calling me ‘honey’ was a bit too much though… but I am getting used to Balinese forwardness more and more…

Back on the bicycle I felt disappointed about the whole situation. Why is it so difficult to do honoust business? Don’t tell me it’s out of poverty, because it’s not. I think it’s a matter of mentality. I guess I was lucky when exchanging money in other Asian countries.

Ok, enough rambling…

For the newbies:
When the exchanger offers you to exchange in 20.000 (and even in 50.000) be warned.
They use small money to confuse you, because mistakes are easier made.
Also check, double-check, triple-check. Make sets, and when needed: write it down. And always, always be the last person who touches the money before taking.
And when the rate is higher than the neigbour exchangers…well, it makes you think…

Your tips and tricks are welcome. A bit of education on this can’t hurt.

**Nakal** · 08-01-2010 02:25 AM

My tip:

For the ones who are not good at counting/calculating from your mind but need a calculator.... do not ever use the calculator of the money changer. Use your phone if you are not good with numbers

Why? Some of them use programmed pocket calculators end the end result after calculating will always be a certain percentage less than what it should be.

For example if the want to change EUR 100,00 and the exchange rate is Rp13500 for a euro the calculator will probably be set to the end result of Rp1.280.000 instead of Rp1.350.000.

You can try what you want on his pocket calculator the result will be the same whatever you try.

Luckily I'm good with numbers and noticed it immediately but if you are in the holiday spirit and don't pay attention you will easily loose money on it.

That's my tip :mrgreen:

**noodles** · 09-01-2010 12:17 PM

Till now, when I return again to that day changer money on the main street in Seminyak area(four month ago)because it was so dreadful...almost same stories with above, Suppose as Indonesian ashamed for what had happened here. :evil:

**MiSO** · 09-01-2010 05:50 PM

Noodles, I don't know if they have a bit of shame in their *rse... I don't think so, otherwise they could never do what they do.

Nakal, huh...manipulated calculators...? Wow...

PS.
A guy just told me that they drop the money on the floor (behind the counter) when they are counting for the last time.

**Markit** · 09-01-2010 06:48 PM

Anybody that has anything to do with "moneychangers" deserves what they get! Or don't get, more to the point :cry:

Sorry but the whole business plan is based on the ripoff concept. Don't go there.

What else should I do when I need money? I hear the question?

Well, for starters anybody that travels in a foreign country with large amounts of cash is looking to become a statistic in some policeman's notebook - fact!

Anybody that goes to a moneychanger is in the same league. You think they don't take note of who you are and if they want to have you followed home then they know that too.

Deposit money in your credit card account at home and draw down on it at any ATM - usually a good rate of exchange and safe as houses and if you are in plus some cc don't even charge for the transactions.

Don't have a credit card? Use travellers checks.

You can now open a perfectly legal account at BNI in your name with no Kitas - fact! Do it and get money transferred or at least deposit your cash there.

Use your brains not your balls, they aint near so big as you think. :roll:

**MiSO** · 09-01-2010 07:15 PM

Originally Posted by Markit

Anybody that has anything to do with "moneychangers" deserves what they get! Or don't get, more to the point :cry:

Sorry but the whole business plan is based on the ripoff concept. Don't go there.
....
Use your brains not your balls, they aint near so big as you think. :roll:

:)

Sometimes exchanging money has its pros Markit. Changing money is when a" worst scenario" appears.
Btw, you have no idea how big my balls are...

**noodles** · 09-01-2010 07:38 PM

Originally Posted by Markit

Use your brains not your balls, they aint near so big as you think.

Theoretically, lady shouldnt be regarded as balls.

**motormouth** · 10-01-2010 09:27 AM

Talking of money changers, why do we need 16 ,yes that's right, 16 money changers as we leave the arrivals hall at the airport here. There are 14 all in a row , with 2 outside. I got back from a day in Singapore last night, as I walked past they were all waving through the window as usual. I told the ones who looked at me that they were all gila...it looks like a scene from a mental institution for first time arrivals here, all hanging out their booths ,give me your foreign cash...please.That's no disrespect for the rupiah...which has outperformed a lot of usually stronger Asian currencies recently.

**spicyayam** · 10-01-2010 10:25 AM

Speaking of the money changers at the airport, this is an interesting story also:

http://www.thebalitimes.com/2009/11/27/ ... -3-2009-4/

**MiSO** · 10-01-2010 08:07 PM

Originally Posted by motormouth

Talking of money changers, why do we need 16 ,yes that's right, 16 money changers as we leave the arrivals hall at the airport here. There are 14 all in a row , with 2 outside. I got back from a day in Singapore last night, as I walked past they were all waving through the window as usual. I told the ones who looked at me that they were all gila...it looks like a scene from a mental institution for first time arrivals here, all hanging out their booths ,give me your foreign cash...please.That's no disrespect for the rupiah...which has outperformed a lot of usually stronger Asian currencies recently.

:)
Yeah, some places have monkeys behind windows, or 'nutty' people, other places have women behind windows in red light districts, and the airport here has money changers... seek for differences...

You actually counted the money changers at the airport...? :D

Originally Posted by noodles

Originally Posted by Markit

Use your brains not your balls, they aint near so big as you think.

Theoretically, lady shouldnt be regarded as balls.

Y'know, in Portugal we say "mulheres com tomates" (women with tomatos) as in 'women with balls'...

Spicyayam, I nodded when reading the Bali-post article... unbelievable...

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