First timer tips - Money

The best way to deal with money in Bali?

Cash. Plain and simple.

Travellers cheques are not as widely accepted as they once were and will get a lower exchange rate. There have been issues with credit card fraud in recent years. (Although it's still safe to use cards in good shops and restaurants.) It is easy to access money via ATMs however the exchange rate is lower and you get stung with international fees from most banks. So cash is king in Bali!

Regulars to Bali will bring their money in good condition $50 notes; the Balinese don't accept ripped or torn notes.
In Seminyak there are several reputable places that will exchange your money. The only way to do this successfully on the streets is to find 'No Commission' exchange places, usually these will be found in kodak shops or bank style shops. There is one on 'eat street' or Laksmana next to Joy Jewellery. (This will make more sense when you're there!) There's also another great shop on Jalan Legian across from the Bintang supermarket.

Best tip for first timers is to go with a Bali regular for your first few trips and learn how it works. The person exchanging your money should always show you the amount of rupiah you will receive on a calculator. They will also count it out for you so that you are satisfied with what you've been given. 

Number one rule when exchanging money?
NEVER give over your cash until you are completely satisfied with the transaction.