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Best FX Rates?

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ComingSoon
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Best FX Rates?

Postby ComingSoon » Sun, 02 Feb 2014 8:34 pm

Hi,

I'm very sure this has been answered already, but I couldn't find the relevant thread so I'll ask again.

Where is the best place to exchange some foreign currency? There are no shortage of currency exchange places, but do some consistently offer better rates than the others?

Appreciate any feedback!

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JR8
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Re: Best FX Rates?

Postby JR8 » Sun, 02 Feb 2014 9:07 pm

ptopic92084.html
ftopic99421.html

This should give you a starting point, plus some background.

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Postby Wd40 » Sun, 02 Feb 2014 9:16 pm

Depends on the amount you want to convert. Whether its worth going out of the way for a few dollars more. I always buy currency from Mustafa. Yesterday I bought 900 Aussie dollars for about 1017 Sing dollar. The $100 Aussie bills look so tiny!

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Re: Best FX Rates?

Postby ComingSoon » Sun, 02 Feb 2014 10:36 pm

JR8 wrote:http://forum.singaporeexpats.com/ptopic92084.html
ftopic99421.html

This should give you a starting point, plus some background.


Thanks for the replies! That's exactly what I was looking for.

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Postby JR8 » Mon, 03 Feb 2014 9:46 am

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A rate comparison for some of the bigger volume currencies, using live quotes this morning.
This is not to conclude that these rates and spreads are representative of policy, but are simply at one point in time.
If anyone can quote me the rates on these currencies, from any other dealer, I'd be happy to run the numbers again. For maximum statistical usefulness, it would help if they took a note of rates from Sheen and Mustapha at the same time...

As has been discussed before on the face of it the numbers seem pretty stark, but there is a point, 'a gross break-even point' where spending an extra hour to go to Raffles Place, does not compensate for perhaps saving $10.

Another level in the analysis could be 'How much do I actually save, buying $250 (stop-over tourist), $1k (SG based holidaymaker), $XXk (businessman, or person repatriating funds abroad) between the two outlets? I.e. at what point does a journey out of your way become worthwhile.

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Re: Best FX Rates?

Postby ComingSoon » Mon, 03 Feb 2014 4:30 pm

ComingSoon wrote:
JR8 wrote:http://forum.singaporeexpats.com/ptopic92084.html
ftopic99421.html

This should give you a starting point, plus some background.


Thanks for the replies! That's exactly what I was looking for.


I dropped by The Arcade at Raffles Place and was REALLY happy with the exchange rate I got. I was doing a modestly large exchange so it was worth looking for the best rate. I ended up going with a place called Crowne on the second floor of The Arcade. There were a few others up there with the same posted rates and the competition is keeping the spreads tight. After I made my exchange I noticed some dealers in other buildings that had far less impressive rates posted.

So to everyone who recommended The Arcade - thanks!

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Postby Wd40 » Mon, 03 Feb 2014 6:53 pm

Thanks JR8 for the stats.
Buying $1000 AUD, mustafa costs $6 more than The Arcade.

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Postby Wd40 » Tue, 18 Feb 2014 3:56 pm

Went to Arcade today, for the 1st time, to sell the excess AUD that I had bought. Its amazing how many money changers are there in the level 2 and each have different rates the best rate today for a couple of shops was 1.143 and worst was 1.138 for a couple of shops. So there is quite a range there. The biggest queue obviously was for the more reputed shops with the better rates.

Another thing I noticed in Sheen v/s Mustafa comparison that JR8 posted is that the buy rate difference and the sell rate difference is not always consistent. At the moment, I notice that the sell rate for Sheen is 1.147 and Mustafa is 1.151. But the buy rate Sheen is 1.140 and Mustafa is 1.130.


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