3 Things To Know Before Visiting A Money Changer
The school holidays will be upon us soon, Singaporeans use this opportunity to plan their travels. Time for a vacation and get recharged.
One of the must do before boarding the plane is to make sure to change money to the currency of the destination.
It’s always a good habit to change some currency before you go. You don’t want to reach your destination and be stranded without their currency. Not a pleasant situation! Believe me.
So here are 3 simple things to look out for when going to the money changer.
If you are like thousands out there who get confused at the WE BUY and WE SELL label on the money changers electronic board, you NEED to read on.
Ready? Here we go.
1. What is WE BUY and WE SELL?
You have experienced this right? Looking at the board trying to figure out what it means or which column is for you?
Most us us have had that awkward moment!!
It’s pretty simple actually. Here are the steps.
Ask yourself if you are buying a foreign currency using the Singapore Dollar
or if you are selling the foreign currency you have for the Singapore Dollar.
Know who is ‘he buyer’ and who is ‘the seller’
Now. take a look at the exchange board.
Let’s say you are travelling to the Malaysia, here is what you will see at the exchange board (as taken from the image above)
So if you wish to change your SGD currency to MYR currency, it means you are “buying” the MYR with SGD. This makes you the buyer, and the money changer is the seller.
So the money changer is selling you the MYR currency. You should look at the “WE SELL” column.
Let’s say you come back from your holiday, and you have the balance of the MYR. Now as you look at the board. You are selling the MYR and and the money changer is buying the MYR, so you look at the “WE BUY” column.
Always look at it from the money changers’ perspective or opposite of your action.
2. Rates On Internet Vs Actual Rates You Receive
If you are checking rates on the internet, there will always be a difference in rates as you go down physically to the money changer to change.
This is called a spread and it is how money changers make money.
3. Money changer with the best rates in Pasir Ris
To make it convenient for the residents in and around Pasir Ris, we have set up our money changer shop at Downtown East. It is easily accessible from Pasir Ris Mrt and has many buses plying the route.
And if you drive, parking is just outside our unit. Use the Pasir Ris Drive 3 to access the Begonia open air parking lot. There is a 10 minute grace for parking. Our transactions are normally fast.
So if you are around Pasir Ris, Changi Village, Changi Business Park or anywhere nearby, let us help you with your currency exchange needs.
Oh! and by the way, if you are working in Changi Business Park, I have seen busses coming from there to Downtown East during lunch time. You can just hop on one of those too!
Here is the link to that service –
See you soon!