Giuily, 48, was arrested at the airport on the resort island on Sunday after customs officers found three kilos of crystal meth hidden in plastic bags in his suitcase lining.
Officials said it had a street value of 377,000 euros.
Under Indonesia's tough drugs laws he could face the death penalty as well as a 10-billion-rupiah (620-euro) fine.
On Monday French national, Michaël Blanc, was freed on parole after serving 14 years for smuggling hashish into Bali, although he cannot leave Indonesia until the end of his sentence in 2017.
Last Wednesday Frenchman Thierry Verchere was arrested for possesion of cocaine with a street value of 37,000 euros but does not face the death penalty because he has not been charged with smuggling.