Handling money in Indonesia

[runsongas]

You can consider a prepaid debit card, but the fees add up. The one issue with using indonesian atm's is the withdrawal limit is fairly low and a lot of them have a fee (at least for US debit cards). might be different for the aussies.

I just exchanged 100s when I landed at bank mandiri. Their spread is roughly 0.5 percent each way and you don't have to worry about being shortchanged as with the moneychangers.

 

[AdivingBel]

I set up a separate internet checking account for use while traveling. I only keep enough cash in it to cover my travel needs for a particular trip so that if I get hacked or skimmed, they can only get what's in the account. I can always transfer more to the account mid-trip if necessary as long as I can get to an internet connection. I started the practice when I was doing a lot of European work-travel and just kept it up for dive travel. Many accounts also reimburse ATM fees. I've found it to be a win-win.

 

[diverken374]

I set up a separate internet checking account for use while traveling. I only keep enough cash in it to cover my travel needs for a particular trip so that if I get hacked or skimmed, they can only get what's in the account. I can always transfer more to the account mid-trip if necessary as long as I can get to an internet connection. I started the practice when I was doing a lot of European work-travel and just kept it up for dive travel. Many accounts also reimburse ATM fees. I've found it to be a win-win.

That sounds like something worth looking into. I have not seen that option here in Canada. Thx

 

[Bubblesong]

I set up a separate internet checking account for use while traveling. I only keep enough cash in it to cover my travel needs for a particular trip so that if I get hacked or skimmed, they can only get what's in the account. I can always transfer more to the account mid-trip if necessary as long as I can get to an internet connection. I started the practice when I was doing a lot of European work-travel and just kept it up for dive travel. Many accounts also reimburse ATM fees. I've found it to be a win-win.

Could you recommend the Internet banking institution that you use? Thank you for this idea!

 

[AdivingBel]

Could you recommend the Internet banking institution that you use? Thank you for this idea!

I use Capital One internet banking. They will reimburse ATM charges accrued from using local banks up to a fixed amount per month. I'm sure there are others out there. Be sure to read the fine print regarding initial deposit minimums, minimum balances, maintenance fees, ATM reimbursement fees, etc. etc. I understand those change from time to time for new account signups. I have had my account for awhile, so I'm grandfathered through some of those changes. I'm sure with a little internet research you can find something that works for you. It's a handy account. I also have a CC through them that has no currency exchange fees and gives me better exchange rates than I can find on the ground.

 

[Bubblesong]

I use Capital One internet banking. They will reimburse ATM charges accrued from using local banks up to a fixed amount per month. I'm sure there are others out there. Be sure to read the fine print regarding initial deposit minimums, minimum balances, maintenance fees, ATM reimbursement fees, etc. etc. I understand those change from time to time for new account signups. I have had my account for awhile, so I'm grandfathered through some of those changes. I'm sure with a little internet research you can find something that works for you. It's a handy account. I also have a CC through them that has no currency exchange fees and gives me better exchange rates than I can find on the ground.

Capital One has frightened me with huge interest offers, so I bin every letter from them. I will look into them for this use though, maybe they will be useful in a limited way.

 

[AdivingBel]

Capital One has frightened me with huge interest offers, so I bin every letter from them. I will look into them for this use though, maybe they will be useful in a limited way.

Just an update...it looks like CapOne no longer reimburses ATM fees for new accounts. I believe Charles Schwab offers a similar account and still reimburses fees. I'm sure there are others. Just goes to show you this stuff changes from time to time. Read the fine print.

 

[Bubblesong]

Just an update...it looks like CapOne no longer reimburses ATM fees for new accounts. I believe Charles Schwab offers a similar account and still reimburses fees. I'm sure there are others. Just goes to show you this stuff changes from time to time. Read the fine print.

Thank you for this, I am heading to Charles Schwab office in the morning so I can ask for info. about "money magic machines" $$$$$$

 

[Dan]

+1 for Charles Schwab

 

[billt4sf]

+1 for Charles Schwab

Love the idea of transferring only a limited amount of money into an account to use ATMs!

Another suggestion to all would-be international travelers: make sure you apply a "travel advisory" to your bank, telling them where you will be traveling (and for how long) so when they see a withdrawal from an Indo location, they won't shut your card off. Hopefully.

It's also important to carry TWO cards with you, from TWO SEPARATE BANKS! They have a way of stopping your card when you least expect it, and they don't necessarily tell you when they do so. If the ATM doesn't give you money, it could be because the bank shut your card off -- or it could be that the ATM no longer works, has a comms failure, is out of money, you went over your daily limit, ...

Finally, don't forget to TAKE YOUR CARD OUT after using the ATM! (From one who has learned the hard way...)

- Bill