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Best place to change SGD to USD?

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Strong Eagle
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Postby Strong Eagle » Wed, 20 Jun 2012 2:41 pm

AndyWillie wrote:Between Mustafa and the arcade, I would choose the arcade. It's more accessible and convenient for me. Anyway I had a look at posb's USD currency exchange rate, selling at 1.2744% & buying at 1.2584% for amts <$50k. That seems to be the spread for most of the banks' rates. Hmm I think if the amount you're changing is quite large then for maybe at bank is better?


The arcade MC's still look better than POSB rates of > $50K. POSB sell at 1.2734, AMC at 127.20.

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JR8
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Postby JR8 » Wed, 20 Jun 2012 4:53 pm

When I was there a few weeks back the best rates were from Sheen Intnl, upstairs on the right 2/3 way down. The little cubby hole kiosk about three units nearer the front than Sheen also on the right, and AMC on the ground floor entrance on the left.

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zzm9980
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Postby zzm9980 » Wed, 20 Jun 2012 5:02 pm

AndyWillie wrote:Between Mustafa and the arcade, I would choose the arcade. It's more accessible and convenient for me. Anyway I had a look at posb's USD currency exchange rate, selling at 1.2744% & buying at 1.2584% for amts <$50k. That seems to be the spread for most of the banks' rates. Hmm I think if the amount you're changing is quite large then for maybe at bank is better?


I wasn't changing more than US$50k. Legally touching that much cash outside of the US as a US Citizen probably now requires me to report it to the US Treasury and a mountain of paperwork.

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Postby durian123 » Fri, 22 Jun 2012 4:09 pm

A couple weeks ago USDSGD was 80 pips wide at Change Alley, so 1.27-1.278. Almost exactly the same prices at every stall (at most 1-2 pips difference), although some had enormous queues and one or two didn't (I have no idea why).

Somewhat related, I am yet to find a single currency broker here. You can trade CFDs all day long, but there's nobody who seems to actually specialise in FX services for real money, eg paying a mortgage in other countries. It's weird cos in the UK these guys are everywhere and very competitive, but here everybody I've asked just uses their bank, and therefore pays an enormous spread.

JayTan12
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Re: Best place to change SGD to USD?

Postby JayTan12 » Wed, 12 Dec 2012 4:32 pm

zzm9980 wrote:(yes I used the search, no it wasn't conclusive)

Who is going to give the best rate overall (smallest spread, lowest fees) to change SGD to USD? Cash-money, about S$5000 or so.

I normally use my bank to xfer the money, but this isn't for me and they want the USD here in Singapore.


Hi,

I came across an interesting blog post on GET4X Blog (just google it) with benchmarks of the rates/margins practiced at the airport, in Singapore banks and local money changers.

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sundaymorningstaple
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Postby sundaymorningstaple » Wed, 12 Dec 2012 5:14 pm

Why does your post have a certain pong to it? I mean you register today, make one innocuous post and then a post with a blog site innit. And considering you appear to be local to boot. Would be your own app the site is flogging would it?

Not a good site as it hasn't been updated since the 14th of November. :roll:

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