Wednesday, April 28, 2010

Money Changer - Where to change?

This Sunday I'll be going to Bandung for a work trip. So as usual, I will need to convert some cash to Rupiah. I got this tips from a friend who works with one of the local bank. In order to convert the cash from Ringgit to Rupiah, or even US Dollar or Euro or Aussie Dollar or any other currency, there will be three options.

The first one is converting at the money changer at the airport. This is the most expensive and you may not get the best deal. For example, 1 million Rupiah may cost me about RM385 at the money changer at the airport.

The second way is by the bank money changer outside the airport. The price is better than the one in the airport. I tried to survey the rates and it is about 1 million Rupiah equivalent to RM375. So you save RM10!

The third way is to get the independent money changer. Which is not govern by the bank. You may get the best rate here. After surveying from these three money changers, the independent money changer offers the best rate. I manage to buy 1 million Rupiah for only RM365, with extra RM20 if compared to the money changer at the airport, or extra RM10 compared to the bank money changer!

so it goes like this

Airport money changer
1 million Rupiah = RM385

Bank money changer
1 million Rupiah = RM375

Independent money changer
1 million Rupiah = RM365

* rates on the 26th April 2010

This tips might only be applicable in Malaysia. I guess on some other part of the world, the money changer can only be handled by the banks. But anyway, remember to keep this tips. Plan your time wisely, and you can spend more!

Muhammad bin Kamarulazizi

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