Beware Of Fraud, Foreign Tourists In Bali Are Asked Not To Be Tempted By The High Rate Of Money Changers

DENPASAR - The Bali Province Bank Indonesia Representative Office (KPwBI) appealed to foreign tourists visiting the Island of the Gods to only exchange money at a licensed money changer, in line with the increase in foreign tourists visiting the area.

"A licensed money changer can be identified by the presence of a sign with the words 'Authorized Money Changer' and the name of the money changer," said Head of the Bali Province KPwBI Trisno Nugroho in Denpasar, quoted from a written statement, Thursday, August 18.

In addition, there are also logos and certificates issued by Bank Indonesia. On the logo there is a QR code that contains the identity of a licensed money changer.

To make it easier for tourists to find the nearest licensed money changer location, view exchange rates and make reservations online, KPwBI Bali Province is also encouraging the digitization of money changers.

In collaboration with the Bali Foreign Exchange Traders Affiliate (APVA), an online foreign exchange reservation and information service application website (www.authorizedmoneychanger.id) has also been launched on August 9.

"We hope that this website can be a means to inhibit or reduce the presence of unlicensed money changers that can harm foreign tourists and the public as well as potentially damage the image of Bali tourism," he said.

According to Trisno, transacting at a licensed money changer will provide security and convenience because it will avoid the risk of fraud and crime.

In addition, avoiding the potential to get counterfeit or damaged money and rights as a consumer that are protected by law. "Never be tempted by the high rates offered by unlicensed money changers," said Trisno.

Based on data from Angkasa Pura Airports, the total arrival of foreign tourists through the international terminal of Bali's I Gusti Ngurah Rai Airport in 2022 (until August 8, 2022) was recorded at 810.933 people. This number exceeds the total arrivals throughout 2021 which was only 473 people.

This condition directly encourages foreign currency exchange activities at money changers. BI noted that transactions for Non-Bank Foreign Exchange Business Activities (Kupva-BB) in Bali in May 2022 reached IDR 405.6 billion or grew by 253.7 percent (yoy).

This amount increased in terms of nominal and growth from the previous month which amounted to Rp270.4 billion or 117 percent (yoy).

The number of money changer offices operating and providing full service in June 2022 also increased to 250 offices or 45.6 percent compared to the same period the previous year, which was only 136 offices.