Money changers in Singapore and money changers abroad both offer different exchange rates, so who really has the best currency exchange rates?
Before we embark on our holiday trips, there’s always a nagging concern of how much money we should exchange in Singapore and how much we should exchange while we’re there.
Most of us split our travel cash equally – exchange half of it in Singapore first, then the other half to exchange overseas whenever necessary.
For frequent travellers, we know that the money changers at The Arcade offers the best currency exchange rates in Singapore. But for some of us who don’t live or work nearby, we settle for the money changers nearest to us.
No matter how good the exchange rates are at a certain money changer in Singapore or overseas, you’ll realise that the conversion rates won’t match up to what you see on Google (also known as interbank rates).
That’s because money changers in Singapore and overseas always maintain a margin in their offered rates, and hence the exchange rates listed on Google are mostly better.
So Where Do I Exchange Money?
In short, it doesn’t really matter, because money changers worldwide have to maintain a margin in their rates to make a profit.
No matter which money changer has your preferred exchange rates, you’ll still lose a small cut. Also, not to mention the risk of dealing with fake money while exchanging money (yes, even in Singapore!).
In contrast, YouTrip works to “unpinch” your wallet – you don’t need to worry about losing money from exchange rate margins or receiving fake currencies when changing money.
With YouTrip, you’ll have Wholesale Exchange Rates at your fingertips, and also the freedom to pay in over 150 currencies globally. Just top up sufficient SGD in your mobile wallet and YouTrip will do all the work with Smart Exchange™. No fuss, right? It’s really that easy.
Change Money Wherever, Whenever
Even when you’re not spending, you can also enjoy the YouTrip advantage by utilising the in-app currency exchange to secure good exchange rates. Simply tap on the exchange icon in your YouTrip app and you’ll see 10 major currencies available for real-time currency exchange and conversion.
When the exchange rates are favourable to you, slide the bar immediately to exchange the currencies in real time to secure them. No queues, no fees, no hidden charges, and all done within seconds. Here’s an idea of the magic with in-app exchange:
|To Exchange SGD $1,000|
|Date||USD Wholesale Exchange Rates||Converted Amount|
|12 April 2018||1.3089||USD $764|
|9 October 2018||1.3823||USD $723|
USD Wholesale Exchange Rate was 1.3089 on 12 April, and it rose to 1.3823 on 9 October. If you had exchanged SGD $1,000 in April, you’d have gotten USD $764. If you had waited till October, you’d have gotten USD $723 instead. That difference of USD $41 could have been spent on a good meal or two!
So if you see yourself using any of these 10 currencies in the future, start keeping an eye on the in-app exchange rates and get yourself a good deal anytime, anywhere!
Need inspiration? Here’s 5 unique getaways for your long holidays during Chinese New Year 2019!
Travel the world with currencies at your fingertips!