Wondering when’s a good time to make a currency exchange with your YouTrip app? If you’re planning on heading to the UK and making a switch from SGD to GBP, you’ve come to the right page!
By now you’ve probably got your eye on the British Pound (GBP) as it hits a new record low against the dollar — 49% over the last 15 years to be precise. But what does this really mean for the Singapore Dollar (SGD)? If you’re planning for a future trip to the land of fish and chips and tea time, this guide is for you.
SGD vs GBP: How’s It Going?
Image credits: Trading Economics
Image credits: Monetary Authority of Singapore
Complicated, I know. But let’s start with breaking down these figures. Fig A describes the general journey of the British Pound across the last quarter of 2021 up to October 2022 — showing that as of 4 October 2022, the British Pound is at 1.62518. Similarly, in Fig B, you’re looking at the monthly average of 1 SGD to GBP. While October’s rates are yet to be released, according to Trading Economics, it’s predicted to stay low in the coming times. The pound was at its lowest in September at 1.5982.
So What’s Up With The British Pound Falling?
Image credits: Google
According to the New York Times, the British Pound’s plummeting value on 26 September 2022 was due to the announcement of sweeping tax cuts in a mini-budget by Britain’s new Conservative government. Initially, the increase in government borrowing to pay for tax cuts was intended to generate more economic activity and, in turn, generate higher tax revenue to help blunt the sharp rise in energy prices on consumers and businesses.
However, according to Reuters, the UK government has recently announced that they’ll be making a U-turn on their tax cut plans due to market turmoil.
How Do I Use YouTrip To Capitalise On The Best GBP Rates?
In a nutshell, this is the best time to make your way to the UK for a much-needed vacation while the GBP is still low! YouTrip works to “unpinch” your wallet — so you don’t need to worry about losing money from exchange rate margins.
✅ Simply top up the desired amount of SGD you wish to change to Pound Sterling in your mobile wallet
✅ You will find the Pound Sterling, available for real-time currency exchange and conversion when you swipe all the way to the right under ‘Balances’ at the top of the app — just click under ‘140+ other currencies.
✅ To check out the latest rates, use the Mastercard Calculator (remember to include ‘0’ under bank fees!) before you spend. Now all you have to do is use your YouTrip card in SGD and we’ll do all the work for you with Smart Exchange™!
Secure The Best GBP Rates With YouTrip!
And just like that, you’re on your way to capitalising on the best rates! When you exchange currency in-app, the same Wholesale Exchange Rates will be utilised. What’s more, exchanging currencies (choose over 150 global currencies) on YouTrip also comes with zero fees and markup!
When you go on your next holiday, just don’t forget to take your YouTrip card with you on your travels to make full use of our wholesale exchange rates (i.e. no pesky bank fees!).
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Stay safe, and happy travels!