If you’re visiting Bali, it’s wise to bring multiple forms of payment – this will reduce the risk of loss or theft and minimize additional charges on your bill.
If you need to exchange currency at an airport or hotel, be sure to use an authorized money changer – they usually offer more competitive rates than unofficial providers.
Pre-loaded with the destination currency
Forex cards provide an easy and secure way to travel with foreign exchange (foreign currency). Preloaded with the currency of your destination country, the card can then be reloaded whenever needed – plus there are both single-currency and multi-currency cards available!
Some companies also provide special student fares on forex card services, which can help save you money when traveling overseas. If you plan on traveling internationally, consider applying for a forex card from either your bank or student service website – these cards typically offer no issuance fees, loading/unloading charges, and can help reduce international transaction fees. Ideally, apply at least a week ahead of your trip for one to give yourself the best chances at securing competitive rates as well as avoid last-minute hassles. Also remember to notify them of your travel plans!
No exchange rate volatility
BookMyForex multi currency cards can be loaded with any destination currency of your choosing and reloaded at any time and anywhere, as well as offering cash assistance in case of loss/theft. An advantage of forex cards over bank-issued USD purchases is they do not incur high transaction charges such as 3-6% levied by banks for buying USD.
Spend less time exchanging money in Bali thanks to many private currency exchange forums and offices that provide more favourable rates than airport and post offices. Furthermore, it is best to avoid exchanging USD at money exchange centres on national holidays and weekends as their rates tend to be less advantageous.
No additional charges
When traveling overseas, it is wise to avoid credit cards that charge foreign currency transaction and ATM withdrawal fees as these costs quickly add up and may make your holiday budget considerably more costly. Instead, opt for multi-currency forex cards like BookMyForex – Yes Bank Multi Currency Card which offer better exchange rates while saving charges significantly – the BookMyForex – Yes Bank Multi Currency Card charges just 2% cross currency charges per withdrawal which are much less expensive than fees charged by credit cards.
Preloaded forex cards can help protect against exchange rate volatility, hidden fees and scams in Bali. Still, it may be wise to bring some local rupiah in case the exchange rate changes; keep tabs on its progress online or via foreign exchange apps so that you know when making purchases in Bali that you’re receiving fair value for your currency exchanged.
Easy to use
Utilising your credit or debit card abroad is usually safe and hassle-free, though you should notify your bank in advance to prevent any hiccups. Some banks have security features which prohibit using cards outside your country of residence, so they could place a hold on your card without your prior notification.
Bali provides credit and debit card payments for accommodations, tours and restaurants; cash is necessary when purchasing items in local shops and markets. Alternately, money changers in tourist areas offer exchange services.
Be wary when exchanging currency on public holidays or weekends as rates tend to be less favourable. Be mindful of ATM fees associated with foreign withdrawals; these charges can quickly add up. For your own safety, research these charges before traveling so that you know exactly what to expect; alternatively you could open a free foreign transaction account such as Revolut or Monzo that allows free international withdrawals and thus eliminates this cost altogether.