Indonesia, is better Euro or Dollars?

"Tchiowa" schreef in bericht
om...
Miguel Cruz wrote in message
...
Sjoerd wrote:
"Miguel Cruz" schreef:
Adriano wrote:
I will get Indonesia and I'd like to know if it is better reach
Indonesia with Euro or Dollars? I'm european and I'd like to go
there
with euro. Will the change rate be disadvantageous?
My first stop will be in Jakarta, can I change my money at the
airport? Is there a good change rate?

Typically you'll do slightly better with dollars,

Really? This is no longer the case in most Asian and African (and of
course
European) countries, in my experience. If the EUR = 1.2 USD, you will
get
1.2 times more in local currency for EUR than for USD these days in
most
countries.

In countries with very free movement of money, arbitrage of course has
the
effect of neutralizing currency biases like this. But Indonesia is not
such
a country.

You're right twice in this case.

First, in your previous post you pointed out that dollars get a better
rate than euros (proportionate to the true exchange rate). That's true
in most countries, not just Indonesia.

Not true in my experience. (only still true in parts of Latin America). This
year, I have been to Vietnam, Mongolia, Thailand, Singapore, Malaysia,
China, Hong Kong, Korea, Estonia and a few other countries, and in all of
them the rate for euros was as good as the rate for USdollars. (in other
words, when the EUR = 1.2 USD you get 1.2 times local currency for EUR as
compared to USD)

Dollars are still preferred,

Not true in many countries.

many international transactions must be done in dollars,

Other international transactions must be done in euros.

etc. so
dollars get a better rate. It may be a fraction of a percent in most
countries, but it is still there.

Of course, as you pointed out, if you have to convert your Euros to
Dollars in the first place, you will lose that fractional advantage.

Compound that in Indonesia with the currency issues they have. You
can't even count on a consistent rate for Dollars.

Of course not. Currencies (including the Indonesian Rupiah) fluctuate in
value against other currencies (including the USD)


When exchanging USD
notes you get a better rate for $100s but even that depends on the
date of the note and the physical condition. Dumb, but true.

So in Thailand for instance if you have USD 20 or lower notes, you loose
substantially on the exchange rate and it is better to have euros (even
smaller denomiation euros)

Best advice is what you said first: leave your currency at home and
use an ATM.

Here we agree.

Sjoerd

"Markku Grönroos" wrote in message ...
"Tchiowa" wrote in message
om...

Compound that in Indonesia with the currency issues they have. You
can't even count on a consistent rate for Dollars. When exchanging USD

A consistent rate ? What a heck do you mean by that ?

Meaning if you exchange $100 notes you will not get the same rate for
each note. I have gone in to an exchange booth with 5 notes and
received 5 different rates for each note.

That's Indonesia.

notes you get a better rate for $100s but even that depends on the
date of the note and the physical condition. Dumb, but true.

Banks act like collectors?

Yes.

They have a scale of some sort to measure the actual value of a $100 note?

Yes.

One torn corner and you get 500.000 rupiah
while very wrinkled a note buys only 50.000 rupiah.

One torn corner and you get nothing. As far as wrinkles, depends on
the wrinkle. If, for example, you have folded the note and the crease
is "visible" (a "faded streak" on the crease) you might get 2-300 or
more Rp less for the note than if it's perfect. If someone has written
on it you might get nothing.

"Adriano" schreef in bericht
...
Hi,
I will get Indonesia and I'd like to know if it is better reach
Indonesia with Euro or Dollars? I'm european and I'd like to go there
with euro. Will the change rate be disadvantageous?
My first stop will be in Jakarta, can I change my money at the
airport? Is there a good change rate?

Have a look at http://www.bii.co.id/

click on "prices and rates", and "exchange rates".

Today a USD buys 9,350 rupiah and a EUR 11,275 rupiah.

Today, Asia time zone, the EUR was approximately 1.206 USD.

9,350 times 1.206 = 12,276.1

So EUR is just as good as USD in Indonesia.

Sjoerd

"Sjoerd" schreef in bericht
...
9,350 times 1.206 = 12,276.1

Sorry that should be 11,276.1

Sjoerd

"Sjoerd" wrote in message
...


Best advice is what you said first: leave your currency at home and
use an ATM.

Here we agree.

Regardless, have some dollars currency in reserve in case of an emergency.
Sometimes that's all that will get you out of a bind.

Rampelbergh Michel wrote:
just got back from there

1 euro = 12000 rupiah
1 dollar = 900 rupiah

So one euro = $13.33?

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu

"chilly" schreef in bericht
news:trayc.727647$oR5.209618@pd7tw3no...

"Sjoerd" wrote in message
...


Best advice is what you said first: leave your currency at home and
use an ATM.

Here we agree.

Regardless, have some dollars currency in reserve in case of an emergency.

Or euros. Or another major currency

Sjoerd

"Markku Grönroos" wrote in message ...
Banks act like collectors? They have a scale of some sort to measure the
actual value of a $100 note? One torn corner and you get 500.000 rupiah
while very wrinkled a note buys only 50.000 rupiah.

Well... IF you're lucky, your notes are in good condition and all
accepted, with the best condition if your notes filled all the
required requirements, that would mean that you get 100% exchange
rate.

If you're in no luck, they might have NOT accepted the notes at all
due your notes FAILED all the required requirements.

So as you can see, discounted rate is not bad at all in comparison of
the alternative.

If that's the case, use the non authorized money changers, they might
have been non authorized, but they will accept notes that the banks
might have not accepted. They do have their own exchange rates, but
the exchange rates tend to follow the official Bank Indonesia's
exchange rates, though you're free to bargain the rates if you like.

It should be noted that what happened in Indonesia IS real life
financial reality that is in work for the last few thousand years,
that things aren't fixed. Those who expect to get things according to
the 'international' exchange rates are living in a dream land.

(Tchiowa) wrote in message . com...
Compound that in Indonesia with the currency issues they have. You
can't even count on a consistent rate for Dollars. When exchanging USD
notes you get a better rate for $100s but even that depends on the
date of the note and the physical condition. Dumb, but true.

Probably due because of the banks' regulations or the regulations
forced to them by the central bank and/or foreign banks, they might
have affraid of counterfeit money (notice that the old U.S. Dollar
notes have less protection schemes) and not being able to use money if
not in perfect condition (again, that counterfeit thing again). Either
that, or they just put out these rules to upset the bankers.

The whole world financial situation is dumb (who in the hell want to
use fiat money?), want to guess who run it? Banking in Indonesia have
gone quite a hassle since the Reformation, probably because that most
of the financial control now have switched. Oh well... "no man might
buy or sell, save he that had the mark, or the name".


Back to U.S. Dollar exchance. You will get constant exchange rate
provided that the condition of all of your notes are in the SAME
condition (which probably will, provided you got fresh brand new
notes), just make sure that their serial numbers are NOT the same. So
make sure that your local bank provide you with fresh brand new notes.

Anyway. Varied rates because of money condition are fortunate, because
that means that your money is at least worth something. In some other
countries, you either get to exchange it or you can't exchange it all,
that's it, no 'discount' rate.

"EAC" wrote in message
m...

Well... IF you're lucky, your notes are in good condition and all
accepted, with the best condition if your notes filled all the
required requirements, that would mean that you get 100% exchange
rate.

I have always been that lucky.

If you're in no luck, they might have NOT accepted the notes at all
due your notes FAILED all the required requirements.

I know. However, this has nothing to do with rates anymore.

So as you can see, discounted rate is not bad at all in comparison of
the alternative.

I never experienced it in Indonesia (I was there only four weeks though).
And if I had faced such a situation, I would have walked out. I certainly
don't sell my hard earned money by some inflated and arbitrary "rate"
regulated by the physical condition of the notes. I never changed banking
notes but traveller's cheques. It is about the same I guess.