Looking to travel soon? On top booking of flights and accommodation, I guess the next brain draining chore will be to change your currencies.
Allow us to address some of the frequently asked questions Singaporeans have at the money changer.
Changing money at the money changer: Buy or Sell? Which Column To Look At?
No surprise, the most commonly asked question is mainly about which column to look at. Is it the ‘Buy’ or ‘Sell’ column?
- A good way will be to treat the foreign currency which you wish to exchange as an object.
- Ask yourself if the money changer is the buyer or seller.
- If you are travelling overseas, you are the buyer, looking to buy foreign currency from the money changer with your SGD. Hence, you look at the “We Sell” column.
- If you are holding on to foreign currency, you are selling it to the money changer for SGD. Hence, the money changer is the buyer. Hence, you look at the “We Buy” column.
Further Reading: Best place to get the best rates when changing money
As usual, we open the question to our Personal Finance Community on the best place to change money.
Here are the answers for the best place to change money in Singapore:
- The Arcade at Raffles Place
- Mustafa Money Changer
- Simei Eastpoint
- People’s Park Complex
Tools or mobile apps to help you get the best exchange rate:
Instead of heading down physically to find out the rate on the electronic board at the money changer, Singaporeans can rely on these tools to help them determine which money changer to head to:
- CashChanger helps Singaporeans find the best and cheapest foreign exchange rates in Asia.
Simply tap on the currency you wish to convert and they will list out the money changer with the best rates for you!
- get4x.com is another website that helps Singaporeans discover the best cash exchange rates from money changers in Singapore.
- For those with leftover currencies, feel free to try out Marco Polee.
Marco Polee allows a platform to connect travellers looking for a certain currency with travellers with the same leftover currency.
Simply put, it is like a Carousell for currencies. How awesome is that?