money changer help!

[ianwurn]

Hmm.... I travel quite a fair bit for work. In Taiwan, China, Malaysia, Korea, what I do is that I bring my "Plus" enabled ATM card from UOB and withdraw cash from the tellers overseas. Sure there's a S$5 charge to my bank account for overseas withdrawal, but if you are retrieving any amounts over S$500 worth, it's 1% and the exchange rate works ~2% in your favour compared to the local money changers (in most cases).

[Disclaimer : I havent found an exception but then again, I have not been to all the money changers in Singapore....]

This is possible as the money changer bumps up the rates in his favour as a cost to carry the notes etc whereas there's no such problems in the overseas ATM.

US is the only exception though. One reason or another, it's always more favourable to get the cash here. Not too sure why.
:think:

 

[ZerocoolAstra]

At no time Bank can give more favourable rate than money changers or else
MONEY CHANGERS CLOSED SHOP

This implied to all currencies and banks of all countries

I agree with Ahbian... When I went to BKK for a holiday recently, I found out that the banks over there (operating numerous currency exchange booths) were giving better rates than the best rate at money changers in Singapore.

 

[ianwurn]

I think there's no conflict in the statements here....

If I am not mistaken, the following seems to be true....

- Singapore money changers sell XXX country's notes at better prices than the local Big 3 banks selling the notes
- TT rates from the local Singapore banks better than the money changer's rates (in notes form)
- XXX country's banks' conversion rates better than the Singapore banks' rates for notes in that currency

Does this make sense ?

 

[ZerocoolAstra]

I think there's no conflict in the statements here....

If I am not mistaken, the following seems to be true....

- Singapore money changers sell XXX country's notes at better prices than the local Big 3 banks selling the notes
- TT rates from the local Singapore banks better than the money changer's rates (in notes form)
- XXX country's banks' conversion rates better than the Singapore banks' rates for notes in that currency

Does this make sense ?

no... correction to point #3
-- XXX country's banks' conversion rates are sometimes better than the Singapore MONEY CHANGERS' rates for notes in that currency.

 

[dafansu]

Mustafa - check rates online, then compare with arcade.

are their online rates constantly updated

 

[aryanto]

I think there's no conflict in the statements here....

If I am not mistaken, the following seems to be true....
- TT rates from the local Singapore banks better than the money changer's rates (in notes form)

He has to take into account of TT charges imposed and factor that into the exchange rate to get his effective exchange rate.

Plus with TT he needs account on the other side, so if he goes as tourist that is difficult to do, unless he has travelled there so frequently and then if he does that he should already know the best option.

 

[Jukon]

I think there's no conflict in the statements here....

- Singapore money changers sell XXX country's notes at better prices than the local Big 3 banks selling the notes

- TT rates from the local Singapore banks better than the money changer's rates (in notes form)



Does this make sense ?

cos money changer make a smaller profit margin
You must compare local bank TT rates to money changer TT rates
Money changers are far better in term of exchange rates and service charge

 

[ianwurn]

cos money changer make a smaller profit margin
You must compare local bank TT rates to money changer TT rates
Money changers are far better in term of exchange rates and service charge

Haha.... that's a but of cos. I wonder why I even stated the TT rates for banks to notes for money changers..... Point 2 seems to be redundant on hindsight.... ;p

cos money changer make a smaller profit margin
You must compare local bank TT rates to money changer TT rates
Money changers are far better in term of exchange rates and service charge

Actually, I withdraw currency from foreign ATM and I find it better than changing with the money changers in Singapore's rates..... even with the ATM's foreign withdrawal charge of $5 factored in..... as long as >SGD$500 equivalent.

I agree with Ahbian... When I went to BKK for a holiday recently, I found out that the banks over there (operating numerous currency exchange booths) were giving better rates than the best rate at money changers in Singapore.

Yeah, there's a good demand for SGD in most Asian countries outside SG. That's why the rates overseas are better..... prob for tourists from that country to come SG to shop ?

haahaha.... :bsmilie:

Anyways, hope TS got the answers he needed plus some extras !

* Yawn * At 2:30am.... I think I'm getting confused already.... lol !