Money Changer

[Green_carnation]

Yesterday i checked exchange rate for Aussie dollars was 1.266.. I needed to change AUD600 to pay some upfront the apartment i will be stayin when in perth.

 

So i went to this money changer at bedok central near the interchange.. the blardy indian man told me 1.31! i said but i juz bought a bankdraft a day before from posb at the rate of 1.2758 and was at 1.266 dat morning! The all the stupid reasons he mentioned about buy n sell different la dis la dat la.. i got no time to go to other money changers to check around for better rates.. so i juz changed there..

 

after dat i calculated the difference.. aud600 i used sgd786 to buy at the rate 1.31, when it shud hv been 762 at 1.27.. so i paid extra sgd24!

 

Two things i need to know..

 

1) are money changers rates always exchange at different rates from banks?

2) bros here have any 'more honest' money changers to recommend?

[Trex101]

Well, if rates are no good, you can always walk away. I heard from my former sq gf that Far East plaza or lucky plaza always gives better rates then other money exchanger.

[Green_carnation]

Yeah if not for urgently needin i would hv walked away i will go far east/lucky plaza check around the next time..

[Unltd]

Well, money changers all over have different rates. Some have better rates for certain currencies and some are capitalist kinda structure.

 

For the capitalist type, they dun display rates on boards and when you wana exchange and they know you are badly in need of cash at the exact moment they will jack it up a little. They do not have much business and only manage to get profits by doing this.

 

You prob met with someone above.

 

1) Yes the rates are ALWAYS different, but mostly cheaper. If you exchange only a small amount like you did then prob banks levy some charges.

 

2) Most money changers are honest, even the one you met. He told you a rate and you accepted it, its a business transaction. Dishonest would mean he tells you a rate and when you pass him the money he gives you less. Does not happen much in Singapore.

 

Well, its not exactly an expensive lesson la. Take it in your stride and relax a little, he has his overheads too and need to make some profits.

[Green_carnation]

Yeah i would agree with you its not an expensive lesson.. well like wat u said.. he does have his overheads to cover and make profits..

 

now is to find money changer with better rates

[Unltd]

Yeah, dun be too pissed . Well money changers @ Lucky Plaza and Far East are quite ok, but take note that in Lucky Plaza there are a few Money Changers owned by the same family heehee. So no matter which branch you go its about the same.

 

You can try Suntec City also, they have some pretty good rates there. Or depending on currency you can also try golden mile (RM and Baht) money changers.

 

 

Please check out this website for some indication of rates.

 

http://www.oanda.com/convert/classic

Edited November 24, 2007 by Unltd

[Green_carnation]

thanks bro.. yeah i always use oanda for reference..

[Sony]

answer to Qns1: Yes, the rate differs between bank and changer.. and even when you go to the bank, the rate changes over hours, not day... Buy and Sell also have different rate.

 

Different rate apply for cash over the counter and draft, thus you don't change cash at the bank and there's existance of money changer.

 

 

Qns 2: that change is honest and you have a choice. That $24 was incurred as you don't have time. So don't push the blame to the changer. He quoted you a rate and you take it.

 

 

 

Try not to change currency during weekend as the rate is based on working day, i.e. friday's rate. Changer usually have buffer so that should it go up further on monday, they don't suffer too much of a lose.

 

AS for changer with better rate, thus those at People Park, Arcade or Far East area but for that petty sum of A$600, just go any one that is near as the saving is not enough to cover your time and transport.

[Sony]

and when you check your rate. which rate did you check?

 

1) Selling TT/OD

2) Buying TT

3) Buying OD

[Hondaes8]

Yesterday i checked exchange rate for Aussie dollars was 1.266.. I needed to change AUD600 to pay some upfront the apartment i will be stayin when in perth.

 

So i went to this money changer at bedok central near the interchange.. the blardy indian man told me 1.31! i said but i juz bought a bankdraft a day before from posb at the rate of 1.2758 and was at 1.266 dat morning! The all the stupid reasons he mentioned about buy n sell different la dis la dat la.. i got no time to go to other money changers to check around for better rates.. so i juz changed there..

 

after dat i calculated the difference.. aud600 i used sgd786 to buy at the rate 1.31, when it shud hv been 762 at 1.27.. so i paid extra sgd24!

 

Two things i need to know..

 

1) are money changers rates always exchange at different rates from banks?

2) bros here have any 'more honest' money changers to recommend?

 

Mustafa gives pretty decent rate.

 

www.mustafa.com.sg/forex.asp

[Sony]

the one at Marina Sq, outside John little is quite ok as well.

[Sony]

Yeah if not for urgently needin i would hv walked away i will go far east/lucky plaza check around the next time..

 

 

for $24, you have to make a trip to the city from bedok. I wonder what saving you will have. and what if the rate quote is the same?

 

 

 

Bro, the changer didn't rip you off. you just have a different comparision of rate tat mislead you only.

[Green_carnation]

thx for the advice...

[Green_carnation]

thx bro.. heheh will check with mustafa nxt time round...

[Green_carnation]

yeah i guess so.. it's like wat u said it was my choice to deal.. well no big deal with the 24 bucks.. juz ranting..

[Slowmo]

bedok got 3 money changers and 2 banks, how come never go around ask?

[Green_carnation]

i was quite rushing for time.. so i juz parked behind shing shiong.. and went to the nearest which is the one behind kfc...

[Slowmo]

think the original one next to sheng song already closed.

 

there are 2 within walking distance , one at the goldsmith shop and theres another one directly opposite. all within 30 seconds walking dist....

 

 

anyway AUD is selling 1.21 now i think. if i didnt see wrongly from the suntec booth.