Exchanging Foreign Money? Here’s How to Decide on Best Money Changer!

money changer

Vacation means fun, cheer, and happiness. Apart from this, it also means money which you would need at different points during your trip. Smart travellers head to their nearest money exchange center beforehand to convert their local money into overseas currency according to the destination.

What if you’re all set to go, but still haven’t exchanged currency?

Well, many of us rely on credit card payments and forget that there’s going to be a significant fee when using cards overseas. This means that you definitely need foreign currency in hand to make payments, purchases and do other activities without bearing any overheads.

But how do you find the best deal to exchange money?

Let’s take an example. In Singapore, there are as many as 400 licensed money changers, amongst which several are private businesses, so they set their own exchange rates. Though for the smaller amount of currency exchanges you make, the choice of exchange center you choose might not out much impact. But, if you need to overseas currency in exchange for your 1000 Singapore dollars, then yes it is important to make some considerations.

Finding the Best Money Changer!

calculate

Due to changing rates with days, there’s no hard and fast rule to make it out to a money changer that has the best rates. Most of the people get recommendations from one another, check reviews on online forums or simply go with the ones with the best reputation.

What you should do?

There are several aspects which you should consider while choosing the best fit for exchanging currency. Let’s discuss them one by one:

  • Buy or Sell? Know the Jargons!

Many people get confused with the terms Buy and Sell while looking at the money exchanging rates. Well, there’s nothing difficult. Here’s how you can remember the difference between the two:

Ask yourself if you’re buying a foreign currency using your local currency or you are selling the foreign currency to get your local currency. So now whenever you see that board displaying rates against “We Sell and We Buy”, just question yourself that way.

  • Understand the Online and Actual Rate

Exchange rates that are displayed online are a little different than those offered at the stores. This is because the commission is not included in the rates that are shown on the websites. So if you see a 0% commission signboard, then don’t get easily lured. Take some time and calculate yourself, whether it is fairly priced or not.

  • Always Negotiate for Discount

discount

Money exchange rates are not set in stone and there’s always room for discount deals. You can negotiate a little especially when you have a large amount to exchange.

  • Do A Little Homework

Often people overlook to know the ongoing exchange rates. Since these fluctuate every day, it is wise enough to shop around rather than sticking to just one money changer. Make calls, ask questions and visit websites to know what’s actually going on.

Considering these facts before choosing a money exchanger will help you get the best possible deal.

Good luck!

Karolina Pavlov

A travel fanatic, a reading enthusiast and a candid individual. Karolina has spent more than 9 years in travel and tourism, gathering a rich knowledge about this industry. Writing and interacting with people makes her happy!
 
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