You might be thinking that an e-wallet is the way to go, but we’re sad to share that there are still places where we require cash.
In fact, the nearest example would be an attempt to top-up a Touch ‘n Go card at the booth machines after Johor Bahru’s Tuas custom, where e-wallets and credit cards are not accepted.
Disclaimer: Rates are volatile and are subject to change. Please check with the money changer directly for the currency stock availabilities and the latest updated rates.
Currency Exchange At Singapore Changi Airport (sin)
Travel has resumed mostly as borders are reopening, and we’ve shortlisted the top three money changers outside of Changi Airport that have the best rates – money changers are said to be
Disclaimer: The selections are as of 27 June 2022 and based on CashChanger’s rates. As exchange rates are volatile, they may be subject to changes without prior notice. The selected currencies are based on countries that are open as of June 2022.
Before 2020’s Circuit Breaker, most of us would’ve headed down to the following places: The Arcade at Raffles Place, Lucky Plaza on Orchard Road, Mustafa Shopping Centre in Little India, Chinatown money changer at People’s Park Complex and Parkway Parade in Marine Parade.
Complete Guide To Getting The Best Foreign Exchange Rates At The Money Changers In Singapore
These places are great, but unfortunately, near-zero businesses have led to the suspension or closing of money changers during the pandemic over the last two years.
Don’t worry, we’ve got you covered on this. After all, you’re not the only one who hasn’t travelled in the last two years.
If you are travelling overseas and want to buy foreign currencies then a higher exchange rate is better. This means we can get more foreign currency in exchange for our SGD.
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If you’ve just returned from abroad, you would want to sell your extra foreign currencies, hence a lower exchange rate is better. This means our foreign currency is worth more and that gives us more SGD back!
Say you’re still confused and need to picture this visually, use a currency exchange website or app that has an exchange rate displayed. Then, switch the currencies around to see the conversion rates of one to the other, and you’ll be able to see the rates and understand them better.
Emily is an American returning from Europe and wants to sell her leftover EUR. She sells 1, 000 EUR and gets back USD$1, 100.
Singapore: Krw Sgd Average Exchange Rate 2022
For money changers in busy locations like the Arcade, Mustafa, or People’s Park Complex, the only way they can stand out amongst the competition is to provide the most competitive rates possible.
The Foreign Exchange (forex) markets are opened for 24 hours a day from Monday through Friday, but they’re all closed on the weekends.
In order to mitigate this, money changers will factor in a slight mark-up and the resultant exchange rates would be a little worse than what you should be enjoying.
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You can monitor the exchange rates month-on-month and compare them against the prevailing 1-year average exchange rate for whatever currency you wish to change your SGD to.
Besides this, you can also separate the amount of money you would like to change into batches, for example, 30% + 30% + 40%.
Since you can never catch when the price will hit the bottom, similar to how you can never catch the highest possible exchange rate, changing your money in batches ensures that you can at least enjoy some measure of good exchange rates.
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Note: this really only matters if you’re changing a huge sum of money. If you’re changing $200 for a weekend in Bangkok then it might not be worth the time or effort.
Here are a couple of tools which you can use to find out which money changer gives you the best exchange rate:
All you have to do is key in the currency you want and the site will list the money changers with the best rates.
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Rates are updated regularly and can even be sorted based on the area and best rates so you can find the closest money changer to you.
Rated 4.3 out of 5 stars on the Apple App Store, you will be able to find a wide range of currencies available in-app.
The Xe app allows users to send remittances and similar to Google conversion and CashChanger, you will be able to get instant calculations easily.
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If the money changer you’re looking at has a lower rate than this app, you may be better off with another changer.
Do note that the rates displayed in-app are market rates, which money changers will never be able to match (as that is the commission they earn).
If you don’t have time to queue at The Arcade, you can always try Thin Margin, Singapore’s first online money changer licensed by the Monetary Authority of Singapore (MAS).
Best Money Changers In Singapore
They do deliver to most places in Singapore, but you should always key in your postal code while ordering, just to ensure that they do deliver to your housing estate.
There are new players in the digital multi-currency account field that allow you to save money on overseas e-commerce sites such as ASOS, eBay or Taobao.
These accounts usually offer the mid-market exchange rates across currencies (i.e. the midpoint between buying and selling prices of two currencies) that are used by large companies, and public and private sectors for large volumes of currency conversion.
Currency Exchange In Phuket
If you could use these cards, you might be able to save more as some of the cards have 0% currency conversion fees.
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.I was searching for information on where to exchange foreign currency, or where to find money changers in Seoul before my trip but information was limited, so I thought I’d post my own experiences here.
Unlike in Singapore where there are plenty of money changers, there is no such “gathering” of money changers in Japan. There’s the odd one here and there, but without the healthy competition you get from a sizeable mass, the rates are really quite crappy.
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Besides, I also read that it is best to exchange for won within Korea itself, because outside of Korea, the value of won drops quite significantly.
Haha, but we are not completely out of our minds (yet). We exchanged 100, 000 won at Haneda Airport, just in case we’re super unlucky and all the money changers closed down at Gimpo Airport or something. That way, we would still have enough money to make it to town.
After traveling to various tourist spots around Seoul over 10 days, I found that the best place to exchange money in Seoul is at Myeongdong.
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They have pretty competitive rates, but there is still slight fluctuation among the money exchangers. You can walk around and compare the rates, but after combing the area (twice! on two different days), I found that generally, this street offers the best rates:
I’ve been told this is the Chinese embassy, and lots of police line its walls guarding it, so you will definitely know you are on the right street when you come to it. The money changers face these high walls. It’s also super safe to change money there since you have free police protection haha.
EDIT 9/22: Because I’m so often asked what street this is, I actually went touring this area via Google street view and found the street.
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TADAH. If you look at it via street view, you might notice that the buildings on the right look slightly different. That’s because Google took the image in 2009. But if you look carefully, the background buildings (Lotte and the other “A” building) are the same. Long story short: This is the street you want.
And yes, I actually spent good time and effort to playing detective to hunt this down, so I hope people appreciate it lol.
So even if your currency is not listed, just ask! Most of the time they will accept it. I had like £80 and they accepted it too!
South Korean Money Stock Photos
If it’s not listed in the photo above, and not one of the currencies I exchanged (JPY, SGD, £), then I really cannot say for sure.
Note that this is not even taking into account the fact that rates on xe.com are usually unrealistic i.e. You will never get those good rates that xe.com projects from money changers!
Apart from Myeongdong, we only exchanged money at Dongdaemun, because we were in a shopping frenzy and got really low on won. We changed a minimal amount though, because the rates were not as good as Myeongdong’s.
Money Exchange In Singapore
I think I spotted a total of 2 money changers in Dongdaemun, so exchange your money there only if you’re really desperate (like we were).
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