6 Tips for Choosing the Best Money Changer
Money changer is often needed by travelers who want to travel abroad or from abroad to Indonesia. Therefore, Indonesia money exchange is usually found at airports, terminals, or shopping centers.
Currency needs to be exchanged to be used in the visiting country. The Indonesian rupiah’s value against foreign currencies varies according to the global market. For example, 1 USD (US dollar) converted to the Indonesian currency or IDR (Indonesian Rupiah), is equivalent to 14,000 IDR.
Tips for Choosing a Money Changer
In exchanging currencies, paying attention to several things is necessary to get the best exchange rate. According to the entrepreneur who provides the service, every money changer has a price difference.
You also have to bear the commission fee if you want to exchange money, because the money changer makes profits from the difference between the selling price and the buying price. For that, do the following tips before exchanging money.
1. Choose the one with official permission
The place to exchange money is called a money changer. There are various money changers in Indonesia. However, choose one with an official OJK permit to be more reliable and secure.
Also, choose one that has obtained official permission from Bank Indonesia so that its legality is more guaranteed.
2. Know the Exchange Rate and Count the Difference
By knowing the lowest exchange rate, you can adjust it so that the difference is not too significant. In addition, choose a place that is not too far away because this will undoubtedly cost a lot of money.
It’s better to find the nearest money changer with the same relative exchange rate compared to a low exchange rate but too far away.
3. Make Sure Money Changer Has a Site
The site serves to notify the currency exchange rates online so that you can check them regularly.
4. Safety First in Money Changer
When exchanging money, choose a safe and trusted place to avoid the risk of theft. For example, for business needs, it is better to exchange in a special place for money changers. Don’t go to airports or terminals where there are many people.
If exchanging in large amounts, it is better to use an escort from the police to guarantee safety and security.
5. Make sure to exchange in Money Changer, Not Forex
Often many people think that Forex is the same as a money changer, even though the two have differences. Money changer sells money physically while Forex business is done online. For that, make sure to exchange money in the right place.
6. Use an Online Calculator
For entrepreneurs or business people who want to exchange currencies, it is necessary to use an online calculator. With this calculator, you can calculate and check foreign exchange rates regularly.
Those are 6 tips for choosing the best money changer that you can apply to avoid fraud or theft. Make sure to select a trusted money changer.