Bali Expat Forum - Bali Travel Forum

Roy wrote:

BCA, Bank Central Asia has always provided the best, up to the minute accurate exchange rates

I can also vouch for that.

Regarding the rest, I also don't want to get into Notaris vs Lawyer, but I would suggest you propose a staggered deposit structure to minimize your exposure and only once everything's in the bag (i.e. the notaris / lawyer is about to file the change of title), you deposit (from euro's) to rupiah to the specified account - preferably to a 3rd party (i.e. the notaris / lawyer's "trust" account) - i say "trust" account because i have little faith in indonesian "trust" law.. in fact, i don't believe it exists, so you'll be relying purely on a private contract for the handling of those funds..

Best of luck - you're doing the smart thing by asking first in any case..

Ct

ill return to your primary question: how to move money in and out.

ive mentioned this in another thread, but use the "sub-account" with one of the bigger money changers. i use CV Central Kuta. you can go to their main branch which i think is Jln Raya Kuta, just 1-2 km south of Ace on the inland side of street. Caveat Emptor on how the account is set up, but i hear that it has been reliable for years (and even during the Monetary Crisis in 97-98). their rates are competitive, the account bears interest, and wiring money in AND out is easy and can be done via FAX. they also issue a "checkbook".

Banks require Kitas to open up, which i think you know.

now, money changers are probably in the grey area by doing this, and i have outlined previously that your entitlement (legal) to this account is, well, strange. there is a significant amount of risk, but i think lower than some of your alternatives.

you can open up acct in Euro, IDR, USD. fax or call instructions to change money as necessary and be nearing interest the whole time. if and when you are ready to transact, you can mail/courier a "check" which the payee can cash at the CV main branch.

i value Roy's advice on Notaris v Lawyer. ive dont two land deals, and i would say that both have worked out fine in terms of holding money in escrow. however, i think i would have preferred that i used the lawyer in both dealings as one deal ran into plenty of erratic behavior from the seller. who knows.

Hi LM,
Your absolutely best practice is to come here with traveler's checks, and wait untill the deal is certain to go through and then convert. Use the least amount possible to seal the deal through a notaris or attorney if preferable, and try to work out a payment schedule for the balance over time.
I live in Jembrana regency and will gladly give you information from my experience if you would like to send me a private email.
Don

I agree Don, so long as the amount needed to “seal the deal” by using TC’s as the monetary instrument is small. As for future payments, bank wires are best. Cheers!