Personal Finance
Money Hack: How To Become Your Own Money Changer?
By Seedly  •  August 14, 2017
Are you planning to change a larger amount of money from SGD to another currency (or back)? It may be actually more worth it if you take on the role as a money changer instead. This article serves as a good strategy when you are changing a sum usually in the range of 2-3k SGD and beyond to be worthwhile. If you are changing just 200 to 300 dollars, it easier to just head down to the money changer or if you are buying online, consider using RateX, another local startup. After reading this, you can actually become your own money changer and officially change for your friends and family members and charge them market rate. A big difference between Google vs Money Changer vs Banks Banks and Money Changers tend to have a large spread (the differences buying and selling price of a currency). It is illustrated here in ......
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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
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2 responses to “Money Hack: How To Become Your Own Money Changer?”

  1. Fref says:

    Hi,

    Supposing I need to change SGD 100k to Philipines PESO, what is the best means, banks, or money changers. It is for remission to Philipines.

  2. dan says:

    i suppose money changers have more room and authority for negotiation of the rates for an amount like 100k SGD. each bank’s FX rates for TT transactions is usually non-negotiable as they would quote you as published. unless the transaction value is beyond what they have published. (more than 200k SGD). bank staff can contact their FX dealer for better rates if the transaction value is high enough for them to do so.

    but of course, other than the FX exchange rates, you would want to take into account the fees and charges for the remittance service itself.. if im not wrong remittance to the Philippines is free of charge using internet banking.

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