Surabaya

๐Ÿ’ฑ

Money Exchange

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Money Exchange in Surabaya, Indonesia

Best Places to Exchange Money

  1. Banks: Major banks like BCA, Mandiri, and BNI offer currency exchange services. They are reliable and safe.
  2. Money Changers:
    • Citi Money Changer: Located in various malls, known for competitive rates.
    • Kuta Money Changer: Popular among tourists, located in the city center.
  3. Airports: Juanda International Airport has exchange counters, but rates may be less favorable than in the city.

Typical Exchange Rates

  • Rates fluctuate daily. As of the latest data, 1 USD is approximately 15,000 IDR. Check online platforms or financial news for real-time rates.
  • Money changers often offer slightly better rates than banks, but always compare before exchanging.

Fees or Costs Involved

  • Banks: Generally do not charge a fee but may offer lower rates.
  • Money Changers: Usually no commission, but the exchange rate may include a margin.
  • ATM Withdrawals: Local ATMs may charge a fee (around IDR 5,000 - 10,000) plus your bank's international withdrawal fee.

Required Procedures or Documents

  • Identification: A passport is typically required for larger transactions (over IDR 1,000,000).
  • Transaction Limits: Some money changers may have limits on the amount you can exchange without ID verification.

Safety Tips

  • Use reputable money changers or banks to avoid scams.
  • Count your money before leaving the counter.
  • Avoid exchanging money in crowded areas or with individuals on the street.
  • Be cautious when using ATMs; choose machines in well-lit, secure locations.

Local Considerations and Cultural Practices

  • Negotiation: While not common in banks, some money changers may allow for negotiation on rates.
  • Currency: Indonesian Rupiah (IDR) is the only accepted currency. Ensure you have small denominations for local purchases.
  • Tipping: Not mandatory, but rounding up the bill or leaving small change is appreciated in restaurants and for services.

Additional Tips

  • Keep some cash on hand for small purchases, as not all places accept credit cards.
  • Familiarize yourself with common denominations to avoid confusion during transactions.
  • Be aware of local holidays, as they may affect bank and money changer operating hours.

This guide should help you navigate money exchange in Surabaya effectively.