Should you exchange money in Singapore or overseas? Both offer different exchange rates, but who really has the best foreign exchange rates?
Before we embark on our adventures, there’s always a nagging concern about whether we should exchange money In Singapore and how much we should exchange while we’re overseas.
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 offer 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.
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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 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 money at money changers when changing money.
With YouTrip, you’ll have Wholesale Exchange Rates at your fingertips, and also the freedom to pay in 150+ countries 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.
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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 you exchange currency in-app, the same Wholesale Exchange Rates will be utilised. What’s more, exchanging currencies on YouTrip also comes with zero fees and markup!
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 within seconds in a few taps. That’s the magic of an in-app exchange!
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| To Exchange SGD $1,000 | ||
| Date | USD Wholesale Exchange Rates | Converted Amount |
| 9 February 2024 | 0.7424 | USD $742.40 |
| 1 April 2024 | 0.7416 | USD $741.67 |
The USD Wholesale Exchange Rate was 0.7424 on 9 February and dropped to 0.7416 on 1 April. If you had exchanged SGD $1,000 in February, you’d have gotten USD $742.40. If you had waited till April, you’d have gotten USD $741.67 instead. That difference of USD $0.73 may not be much to you but it could sure add up especially if you were exchanging a larger sum of money. This shows that time is of the essence when it comes to getting the best rates and how useful an in-app exchange can be versus money changers when locking down the best exchange rates ASAP.
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Lock In The Best Rates All Day With YouTrip!
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! And 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!).
So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5> and get FREE S$5 in your account! Then, head over to our YouTrip Perks page for exclusive offers and promotions — we promise you won’t regret it. For more great tips and articles like this, join our Telegram (@YouTripSG) and subscribe to our free weekly newsletter here or down below.
And while you’re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! 💜
Stay safe and happy travels!
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