Are you planning to visit a foreign country? Well, one thing you have to know is to change your currency and you can change them in money exchange.


Money Changer

Have you ever exchanged Rupiah for Ringgit or other foreign currency because you’ll make a trip to Malaysia or other countries? How did you exchange the money? Was it easy to do?  

When I got 10 Dollar Singapore (SGD) as a tip, I was so happy because I never had a foreign currency before. So I decided to exchange the money.

On the other day, I went to a money changer near Bandung shopping center area in Dago street. The exchanging was so easy and quick.

It happened in 2017, so the value of the buy-rate of 1 SGD was around Rp 9.600, which is a little lower than today.

Pembayaran Pajak Bagi Trader Foreign Exchange 01 Finansialku

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Today, exchanging the foreign currency is not a new thing. When foreign students come to Indonesia as a student exchange, they will make several adjustments from time, culture, to money.

Now exchanging money is easier to do and can be done in a small amount. A foreign student could even change 1 USD to Rupiah in a money changer, but not in a bank.


What Is a Money Changer?

A money changer is an individual or organization who does business by exchanging foreign currency in the form of paper money or coins.

Because more people do business, travel, and study abroad, the foreign exchange market becomes increasing.

The development of modern banking and floating exchange rates in the 20th century that come along with global trade among countries also support this condition.


Function of A Money Changer

A money changer helps those who do business abroad to obtain local currency. For tourists they can exchange money of their own country to rupiah, or yen for example.

Since the value of each currency is different, you’ll receive different amount of money from the exchange, according to the amount of money you have, and the foreign currency you want to buy or sell in a money changer.

The difference of value in currency happens because of the market mechanism in international trade.

When many people in the world use a foreign currency as a transaction, then its currency value become stronger compare to other currencies.

On the other hand, the fewer people in the world use a foreign currency in transaction, the more its currency value will decrease, fall over the other currencies.

US Dollar is a currency that is used by international society today. This is a result of the history where USA had control over the world when wars happened around the world.

So the function of money changer is to meet the need of foreign currency. It provides the service of money exchanging or buying-selling foreign currencies. This function can be done by bank or private organization.

Now the business of exchanging money is growing and become a promising venture. With the growth of tourism industries in Indonesia, this business also increasing.

New interesting attractions for travelers, tourists, and backpackers abroad have been introduced by many business counterparts, and Indonesia government as well, making this business even more lucrative.  


Bank vs Money Changer

Can I go to a bank to change my money? What makes a bank, and a money changer different in giving service of changing money?

A bank not only exists to lend or help people invest money, but also to exchange foreign money. However, the service is given only for changing foreign currency in a rather large amount.

While in a money changer, you can change money with a smaller amount, even with nominal 1 or 10 foreign money such as in my experience.

So what profit a money changer can gain?

A money changer obtains profit from the difference between buy-rate, and sell-rate that has been determined. They can decide a different buy-rate, and sell-rate.

But among the money changers there’s not a lot of difference because they want to keep the competition or stable price in the market.   


Buy-Rate and Sell-Rate

Sell-rate is a rate used by a bank or money changer to sell foreign money. And buy-rate is a rate used by a bank or money changer to buy a foreign money from those who change their foreign money with local one.

The buy-rate is always higher than the sell-rate. The profit for a money changer who runs this business comes from this rate difference. 

Let’s say you are from Jakarta and want to do a business trip to Los Angeles next week. You know that you will need US Dollar to do transaction in L.A instead of Rupiah.

Knowing this, you decided to go to a money changer to change rupiah with USD.

Money Changer 01 - Finansialku

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When you arrive, you see a board that shows buy-rate, and sell-rate of several foreign currencies that are mostly exchanged in the world.

On the board, the buy-rate for USD is 14.120, and the sell-rate for USD is 14.180. From this information you know that to buy 1 USD, you need to pay for Rp 14.120.

If you need 1.000 USD for your business trip, you need to pay Rp 14.120.000. On the other hand, if you want to change USD with rupiah, then 1 USD that you have is Rp 14.180.

If you decided to change 1.000 USD with Rupiah, then you will get Rp 14.180.000.    


Benefit of A Money Changer

From the illustration we know that’s how the money changers get profit, from the difference of buy-rate, and sell-rate. They will put the price of buy-rate a little bit higher than the sell-price.

The same principle applies when you run an electronic business. When people want to buy a laptop from you, the price is higher than when they want to sell their second laptop.  

Need a professional consultation on this business? Feel free to contact one of our certified financial advisors here.


Money Changer and Forex (Foreign Exchange)

Forex is an acronym for foreign exchange. It is the modern version of money changer. Let’s look at several differences between forex, and money changer.


#1 Medium

If you need to go to money changer to do the exchange, in forex trading, you can do it online from an application installed to your Android, or computer. The application must connect to the internet.

The principle of forex is the same with money changer. It is also an exchange of foreign money, but done via online. It is way more flexible, and efficient. To do the transaction, you just need to hit “Sell” or “Buy” order.

The profit of exchanging money through this system can be huge. But it depends on the strategy, experience, and your analysis of the currency. The business involves people around the world with more than 1 trillion USD exchanged every day. On top of that, the business is open 24 hours in 6 days. That’s why it is profitable, but with a higher risk too.  


#2 Cash

Forex use online trading system where you exchange the number of cash/paper money in your bank account online.

Later, you can withdraw the money from the bank account. In money changer, you need to bring the cash to do the transaction.  


#3 Foreign Currencies

Foreign money or currencies exchanged in forex trading are only currencies from developed countries.

Their economy is stable with great volume of export and, import such as US Dollar (USD), Yen Japan (JPY), and Euro Europe (EUR).


How to Choose the Best Money Changer

Here are some ways to help you find the best money changer around your area.


#1 Legal

Choose a money changer that has a legal permit from Bank Indonesia (BI) as a legal money changer.


#2 Nearby Money Changer

Find the nearest money changer to your location. And find out its open hour, whether for 24 hours or only in certain time.


#3 Rate

Ask the rate value of the currency you want to exchange (buy or sell). Other option is to check the information from the website before exchanging.


#4 Payment

Exchange your money with the currency you want. You can do the exchange with cash or transfer using debit card. But commonly people still use cash.  


#5 Urgent

If you are in a rush, or urgent situation, look for money changer inside an airport. But usually the value rate in the airport is more expensive compare to the ones near or inside the shopping centers.


Forex or Money Changer?

Which one is better, exchange money in forex trading or a money changer?

First, decide what you need to answer that. Each person has different needs. If you want to get profit, go with forex which is another form of investment that need a lot of money.  

But for a personal necessity such as getting nominal cash of foreign currency, money changer is the right option. It accepts exchanging money in small amount.


The Best Money Changers in Jakarta

Bank Indonesia issues denomination of Rupiah of 100, 500, 1,000, 5,000, 10,000, 20,000, 50,000, and 100,000. Coins are available in 50, 100, 500, and 1,000.

Shopping malls in busy tourist, and commercial areas of Jakarta usually comprise of money changer stores. This is a convenient area for tourists to hang around.

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You can get your money changed while shopping, or enjoying several draws in Merdeka Square, Selamat Datang Monument, and Taman Sari or go shopping in Grogol Petamburan or Gelora Bung Karno Sports Complex.


#1 Money Changers near Merdeka Square

Most tourists visit Merdeka Square that consists of renowned attractions such as Merdeka Palace, the National Museum, and the Supreme Court. At the south of Merdeka Square there are many money changer shops that usually open from Monday to Saturday.

We recommend VIP Money Changer as the best place that give best rates compare to any other shops around Merdeka Square.


1) VIP Money Changer

It offers currency exchange, and remittance services. It is just 10 minutes away from Merdeka Square.

#Address: 23 Jl. Menteng Raya, Central Jakarta, DKI Jakarta 10340, Indonesia

#Phone: +62 21 3190 7777, +62 21 390 4444

#Opening hours: Monday to Friday 08:30 – 17:00

#Daily rates:


2) Ayu Masagung

It is just 4 minutes away from Tugu Tani monument.

#Address: Jalan Kwitang Raya No. 38, RT.1/RW.1, Kwitang, Senen, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 14310, Indonesia

#Phone: +62 21 3103375

#Opening hours: daily 08:00 – 20:00


3) Smart Deal

It is located across Ballroom Morrissey Hotel.

#Address: Menteng, Jl. K.H. Wahid Hasyim No.43, RT.1/RW.4, Gondangdia, Kota Jakarta Pusat, Central Jakarta City, Special Capital Region of Jakarta 10350, Indonesia

#Phone: +62 21 3918229

#Opening hours: Monday to Friday 09:00 – 17:00; Saturday 09:00 – 15:00


#2 Money Changers near Selamat Datang Monument

If you look for exchange shops near Selamat Datang Monument, go directly inside Plaza Indonesia, and Grand Indonesia.

Dua Sisi Money Changer, is a reliable forex company that opens its branches in both malls. Here are the recommended places to exchange your money.


1) Dua Sisi Money Changer

It is located inside Plaza Indonesia mall.

#Address: Plaza Indonesia Lantai L / F52, Jl. M.H. Thamrin No.28-30, RT.9/RW.5, Gondangdia, Menteng, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10350, Indonesia

#Phone: +62 21 3107615

#Opening hours: daily 10:00 – 22:00


2) Dua Sisi Money Changer, Grand Indonesia Branch

It is located inside Grand Indonesia mall.

#Address: Grand Indonesia, Menteng, Jakarta Pusat, Daerah Khusus Ibukota #Jakarta 10310, Indonesia

#Phone: +62 21 23581213

#Opening hours: daily 10:00 – 22:00


3) Empat Delta

It resides inside Grand Indonesia mall.

#Address: Grand Indonesia, Grand Indonesia Shopping Town East Mall 3rd#15B, Jl. M.H. Thamrin No.1, RT.1/RW.5, Menteng, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10310, Indonesia

#Phone: +62 21 23580840

#Opening hours: daily 10:00 – 22:00


#3 Money Changers In Grogol Petamburan

The biggest shopping malls in Jakarta make their home in Grogol Petamburan that consist variety of money changers.

Dua Sisi Money Changer is the popular one. It establishes its branch both at Century Park Mall, and Ciputra Mall.


1) Indocev Money Changer

It is located inside Ciputra Mall.

#Address: Mal Ciputra Lt. 1 No. 39, Jl. Arteri S. Parman, RT.11/RW.1, Tj. Duren Utara, Grogol Petamburan, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11470, Indonesia

#Phone: +62 21 56954865

#Opening hours: Daily 10:00 – 22:00


2) Dua Sisi Money Changer – Ciputra Mall branch

It is settled inside Ciputra Mall.

#Address: Jl. May. Jend. Sungkono No. 87 Karet Kuningan Setiabudi Jakarta Selatan DKI Jakarta, RT.11/RW.1, Tj. Duren Utara, Grogol Petamburan, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11470, Indonesia

#Phone: +62 31 51200004

#Opening hours: daily 10:00 – 22:00


3) Dua Sisi Money Changer – Taman Anggrek Mall branch

It is located inside Taman Anggrek Mall.

#Address: Jl. Letjen S. Parman Kav. 28 Tanjung Duren Selatan Grogol Petamburan Jakarta Barat DKI Jakarta, RT.12/RW.1, Tj. Duren Sel., Grogol Petamburan, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11470, Indonesia

#Phone: +62 21 56985641

#Opening hours: Daily 10:00 – 22:00


#4 Money Changers in Taman Sari

Want to see more historical landmarks in Jakarta? Go to Taman Sari where you see the National Archive Building, Jakarta History Museum, and Bank Indonesia Museum.

You can compare the rates of each money changers around this area easily since they are located near to each other.

Here are some recommended money changers in Taman Sari.


1) Bumi Valas Bahagia

It is located inside Plaza Pinangsia shopping mall.

#Address: Plaza Pinangsia Computer Center Lantai 2 No.23 Jl. Pinangsia Raya No.1 Daerah Glodok Kecamatan Tamansari Kelurahan, RT.1/RW.6, Mangga Besar, Jakarta Barat, DKI Jakarta, Daerah Khusus Ibukota Jakarta 11110, Indonesia

#Phone: +62 21 6261711

#Opening hours: Monday to Friday 09:15 – 18:00; Saturday 10:00 – 15:00


2) Dolarindo

It offers currency exchange, and money transfer services. The shop is located near Yayasan Masjid Al-Mubarakh mosque.

#Address: Jl. Gajah Mada No.156, RT.7/RW.5, Keagungan, Jakarta, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11120, Indonesia

#Phone: +62 21 6342204

#Opening hours: Monday to Saturday 09:00 – 18:00*


3) DolarAsia

It is located beside Grand Paragon Hotel.

#Address: Jalan Gajah Mada No.149 C, Keagungan, Tamansari, RT.3/RW.8, Keagungan, Jakarta Barat, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11130, Indonesia

#Phone: +62 21 63865800

#Opening hours: Daily 24 hours


#5 Money Changers near Gelora Bung Karno Sports Complex

Near Gelora Bung Karno Sports Complex there are shopping malls that house at least one money changer shop. If you are around this area, you can change your money inside the malls.

Here are some recommended money changers in Taman Sari.


1) Vit Money Changer

It is located inside Plaza Semanggi mall.

#Address: The Plaza Semanggi, Jl. Jend. Sudirman Kav. 50 Karet Semanggi Setiabudi Jakarta Selatan DKI Jakarta, RT.1/RW.4, Karet Semanggi, Setia Budi, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12930, Indonesia

#Phone: +62 21 25536430

#Opening hours: daily 10:00 – 22:00


2) Dua Sisi Money Changer – Pacific Place branch

It resides inside Pacific Place mall.

#Address: Pacific Place, Jl. Jend. Sudirman No.52-53, RT.5/RW.3, Senayan, Kby. Baru, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12190, Indonesia

#Phone: +62 21 56985641

#Opening hours: daily 10:00 – 22:00


3) Mata Uang

It is settled in fX Sudirman mall.

#Address: fX Sudirman, fX Sudirman, FB, Unit I-05, Jalan Jenderal Sudirman, Gelora, Tanah Abang, RT.1/RW.3, Gelora, Tanah Abang, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10270, Indonesia

#Phone: +62 21 25554145

#Opening hours: daily 10:00 – 21:00



Money changer allows people to exchange money in a small amount. Compare to forex, money changer makes relatively small profit. The stores can be found mostly near shopping malls, and airports.

If you want to exchange money with foreign money in small amount, just go to the nearest money changer in your area. And be sure the money changer is legally operated, and the currency is mostly traded.

If you never exchanged money before, may this article help you do the first transaction with a full confidence.


Tag this article to those who look for money changers around Jakarta area. And don’t forget to share your first experience with us in the comment below.



  • Admin, 2020. VIP Money Changer and Remittance.