The State News Agency Antara reports that 40% of the moneychangers operating in Bali do not hold the required permits issued by Bank Indonesia.
The Secretary General of the Association of the Foreign Exchange Dealers (APVA), Ayu Astuti D, said, “according to our data, 30-40% of the 146 (foreign exchange) companies headquartered in Bali are illegal.”
Complaints are received from tourist who are frequently deceived by unethical money changers operating from unlicensed locations.
Visitors are recommended to exchange money at banks or money changers displaying the membership logo of the APVA.
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