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3 Things You Need To Know Before Heading To The Money Changer

Find out how to get the best rates in Singapore.

 

The terms “buy” and “sell” can be confusing for people queuing at the money changer. Here’s a crash course for beginners.

Assuming you are travelling to the US and need some US Dollar (USD), here is what you will see at the exchange board.

We Buy

We Sell
USD 1.4010

1.4150

 

If you’re changing your Singapore Dollar (SGD) currency to USD, you are “buying” the USD. Hence the money changer is the seller. You should look at the column “We Sell”.

If you’re changing your USD currency to SGD currency, you’re selling off your USD to the money changer. Hence, the money changer is the buyer. Look at the column “We Buy”.

Where are the moneychangers with the best exchange rates in Singapore then? Watch the video to find out more.

Read more: 3 Things To Know Before Heading To the Money Changer and Should You Change Your Foreign Currency In Singapore Or Overseas 

 

DollarsAndSense.sg is a website that aims to provide interesting, bite-sized financial articles which are relevant to the average Singaporean. Subscribe to our free e-newsletter to receive exclusive content not available on our website. Follow us as well on Instagram @DNSsingapore to get your daily dose of finance knowledge through photos.


 
 

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