Thread: Living on a backpackers budget

Originally Posted by mat

In the north here you can get basic good accommodation from about 7 million Rupia a year for a new build, unfurnished, a good bed a wardrobe and a fridge will set you back about 5 and a half million. [ no pool ] If you have cash to invest you can get 20% aprox from the LPD [village ] banks paid monthly. Local warungs here offer a basic rice + meal for 3 thousand rupia. Need any more info PM me, I can help by sending you some numbers of local people who want to rent [ usually for a year at a time, but you can sub contact on after if you need for shorter.]. I am not an agent and have no financial interest and can only supply info on my local area [between Lovina and Singaraja].

Hi Mat,

My wife and I will be moving to Bali in Feb, my ears pricked up when I read your remark regarding deposits with LDP banks. Can you please elaborate upon this, that is, contacts if possible risks etc. Any info would be greatly appreciated.
Cheers
Damon

Originally Posted by D&M

Hi Mat,

My wife and I will be moving to Bali in Feb, my ears pricked up when I read your remark regarding deposits with LDP banks. Can you please elaborate upon this, that is, contacts if possible risks etc. Any info would be greatly appreciated.
Cheers
Damon

Has been talked about in previous postings, [give it a search] But here's the short of it, a LPD bank is a village owned bank lends out money to locals at 35%, you can invest money [Indonesian Rupia only] for 6 month or yearly contracts. Anybody can invest. The rates vary, but are generally very high. Most villages have them. We generally agree that personally we would not put more than 100 million in each. But as yet have not seen one fold, [most have been going for 10 years or so. All you need is a passport/ID to open an account, interest is paid monthly into that account. You get a certificate with each investment which tells you the date you can get your original money back with no penalty. Late or early withdrawals are penalized with a cash penalty. I believe if you are late getting your original investment back it rolls over for another year. I have and do use LPD banks and have never had a problem or heard of anyone else having one. However it does sound too good to be true, doesn't it? and you know what they say about that....So if you use them I recommend spreading your money amongst them rather than all in one. Sometimes a bank has enough investment and rates drop or investments are limited.