The Indonesian rupiah is the world’s thirty-first most traded currency (as of 2016) and contributes to 0.2% of foreign exchange market turnover.
Having been ravaged by inflation for much of its history, the rupiah is now one of the least valuable units of currency in the world, requiring more than 13,000 of them to buy a single US dollar (as of 2017).
Officially, the rupiah is subdivided into 100 sen, although sen are not in active use in Indonesia since they are essentially worthless.
As an ‘exotic’ currency, participation in the market for rupiahs is naturally less than in the markets for more established currencies, such as euros or New Zealand dollars. For this reason, the price you will pay to change your money into or from rupiahs (the “price” being equivalent to a money changer’s buy-sell spread) will be significantly higher relative to the amount being changed than it would be for one of those other, more established currencies.
As an exotic, the rupiah is also considered riskier than currencies from major developed nations, which means that its value will fall against the FX majors (especially JPY, USD, CHF, GBP and EUR) during periods of economic uncertainty or when global geopolitical risk is elevated, or during bouts of high market volatility.
Since 1998, the rupiah’s lowest valuation against the US dollar came in June 1998 at the height of the Asian currency crisis, when USD/IDR reached 16,650. Its post-1998 high occurred in July 1999 when USD/IDR fell to 6,515.
IDR News, Forecasts and Trends
IDR is up over 5% against the US dollar for 2020 (in August) and is gaining favour from bank commentators such as HSBC due to the attraction of the carry trade - the ability to earn higher interest when holding IDR versus other major currencies.
The below interactive chart shows the USD to IDR exchange rate, trend and recent alerts for the last 90 days.
Recent USD to IDR 90-day trend
ALERTS:1-DAY▲0.9% | 14-DAY HIGHS |
USD to IDR at 14714.2 was trading 0.9% aboveAVG:14589.1 with LO:13976.94 and HI:15442.54 (90 days). ALERTS: Today USD/IDR was UP 0.9% and also rose to 14-DAY HIGHS.
Travel, Currency and Money saving tips for Indonesia
From the cool white sands and raucous volcanoes of Bali to the vibrant capital city of Jakarta to the untouched lands of Sumatra, you can always find something different here. Indonesia is home to a vast array of indigenous animals, too (including the Komodo dragon!). With extremely inexpensive local food and reasonably-priced accommodation, it’s no wonder Indonesia is a popular destination among so many travelers.
This beguiling nation of over 17,000 islands has massive potential for adventures. It's hard to beat Indonesia for the sheer range of experiences on offer. The world’s fourth-most-populous country is like 100 countries melded into one: a sultry kaleidoscope of a nation that sprawls along the equator for 5000km.
What currency is used in Bali and Indonesia?
The local money in Bali and Indonesia is the Indonesian Rupiah (IDR), commonly also abbreviated to Rp. Tell your bank about your travel plans two weeks before you leave. Card activity in a foreign country could be mistaken for fraud and you could find your account frozen. Pack your credit card, but you'll probably only be able to use it in the more high-end hotels, shops and restaurants. Most businesses prefer to deal in cash.
ATMs are common in towns and cities, and you'll have no trouble finding them in Bali. When ATMs detect a foreign card, they'll offer you the choice of instructions in English or Indonesian. Remember that you'll be charged a foreign exchange fee and a withdrawal fee for every transaction - which can add up to as much as $20. You'll have no trouble finding money changers in tourist areas. Most will exchange Australian dollars, US dollars and Euros for Indonesian Rupiah. Once you go off the beaten path, your options become more limited so you'll need to make sure you have plenty of Rupiah already on you.
When changing to Rupiah in Bali you should be very careful. There are a lot of dodgy currency exchange providers looking to cheat you with a poor exchange rate. Consider ordering Rupiah online before you leave or if you must convert in Bali then check the exchange rates against the market rate below.
Travel tips for Bali and Indonesia.
Unless you are a foreign national from a few select countries, you will need an Indonesian visa to enter Bali. According to Directorate General of Immigration Indonesia, citizens from a number of regions can enter Indonesia visa free for short visits of up to 30 days so be sure to check when planning your trip.
Sumatra is contoured by a legion of nearly 100 volcanoes marching off into the distance, several capable of erupting at any time.Bali's beaches are the stuff of legend, but you don't have to travel far to find even more beautiful and less touristed stretches of sand in Nusa Tenggara. The Banda islands in Maluku, Derawan in Kalimantan and Pulau Weh off Sumatra all offer superb beaches too.
How to travel in Bali and Indonesia?
Air travel is the quickest and most convenient way of getting around Indonesia, and sometimes the only way to reach certain parts of the archipelago. There are an ever-changing number of domestic airlines, and flights are generally inexpensive. Bear in mind that flights to remote destinations are prone to cancellation, as well as delays, especially in periods of bad weather.
Sumatra, Java, Bali, Nusa Tenggara and Sulawesi are all connected by regular car ferries, and you can use them to island-hop all the way from Sumatra to West Timor. Local ferries run several times a week or daily (or even hourly on the busy Java–Bali–Lombok–Sumbawa routes). Check with shipping companies, the harbour office, travel agents or hotels for current schedules and fares. There's a whole range of boats you can use to hop between islands, down rivers and across lakes. Just about any sort of vessel can be rented in Indonesia.
This is especially true on the busy routes linking Bali, Nusa Lembongan, Lombok and the Gilis, where both the fast tourist boats and the public car ferries have had accidents. Given Indonesia's poor record, it is essential that you take responsibility for your own safety, as no one else will.
Buses are the mainstay of Indonesian transport (excepting Papua and Maluku). At any time of day, thousands of buses in all shapes and sizes move thousands of people throughout Indonesia. The 'leave-when-full' school of scheduling applies to almost every service, and 'full' sometimes means the aisles are occupied too.
With reasonable fitness, a bit of preparation and a ton of common sense, a cyclist will enjoy an incomparable travel experience almost anywhere in the archipelago. The well-maintained roads of Bali, Lombok, East Java and South Sulawesi are suitable for cyclists of all ability levels, while the adventuresome can head for the hills along the length of Sumatra or Nusa Tenggara.
Travel money for Indonesia
Save money and time by Ordering your Indonesian Rupiah online from Travelex, you get better rates and can pick
up the IDR cash locally or even on travel day at the airport.
Another popular option is to
use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate,
but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to
Pay in Indonesian Rupiah otherwise you may get much worst exchange rates.
Sending money to Indonesia
When searching around for information on how to get a good exchange rate when sending money to Indonesia you need to start with finding out the latest Indonesian Rupiah exchange rate for foreign-transfers, which can be very different to the wholesale rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much
you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Indonesia
When sending money to Indonesia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers.
To get a better deal you should follow these 4 simple steps :
Open an account with a BER reviewed FX provider (id docs may be required)
You specify the local or Indonesian Rupiah amount you want to transfer
Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
Once your funds are received by the provider the converted IDR amount will be transfered to the recipient account you specify in Indonesia.
Use the above Send to Indonesian Rupiah calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more -
end result is more Indonesian Rupiah deposited into the recipient bank account and less margins and fees kept by the banks!
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market.
We may receive referral fees in relation to your activity on the BER website however this doesn't affect the exchange rates or fees you are charged.
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