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As we race towards the end of 2023, many of us may be itching to make travel plans. After all, it would be a great shame for Singaporeans not to make use of the world’s strongest passport – with visa-free travel access to 193 destinations.
If we’re undecided, travelling to a country giving us the best bang for our Singaporean buck can be a smart financial strategy. With the same travel budget, a favourable exchange rate can squeeze more out of our holiday.
Pairing our stronger SGD with a Multi-Currency wallet, such as YouTrip, can also give us competitive exchange rates on-demand, lower-cost payment options, and greater safety and convenience without carrying too much cash.
From now till 31 October 2023, we stand a chance to stretch our travel dollars even further. YouTrip will be choosing three lucky winners to win S$1 flight tickets to anywhere!
Source: Instagram
All you have to do is:
- Follow YouTripSG on Instagram, and like their pinned post (above).
- Share your best YouTrip travel experience & how you got the best rates out of it on your Instagram/Facebook/TikTok via a Story/Post/Reel
- Remember to set your profile to public so your sharing can be seen!
- Tag YouTripSG with the hashtag #YTDestinations
- BONUS: Comment on YouTripSG’s pinned post on where you’d like to travel to if you were a winner & what you intend to spend on with their best rates!
To help us choose where our Singapore Dollar (SGD) can potentially improve our spending power this year-end – here’s a look at 4 potential travel destinations.
Read Also: Why Cash Is Not King: 4 Ways To Get The Best Bang For Your Buck In Your Next Overseas Holiday
#1 Japan
Exchange Rate: SGD1 : JPY109.2
Currency Movement: SGD Appreciated ~12% in 2023
Source: YouTrip app
(All rates are accurate as at the time of writing on 3 October 2023)
Boasting a blend of rich history, natural beauty, delicious cuisine and cutting-edge technology, Japan is perhaps one of the most popular travel destinations among Singaporeans.
Tokyo and Osaka are sprawling modern cities, while travellers can also explore popular natural landscapes such as Hokkaido, Mount Fuji and the Arashimaya Bamboo Forest. Families may be drawn to Disneyland, Tokyo. Those who enjoy cultural experiences can visit ancient temples and heritage sites in the old capital city of Kyoto.
In 2023, we have 12% more reasons to travel to Japan. That’s right, the SGD has appreciated about 12% against the Japanese Yen (JPY) this year alone, hovering near its all-time high exchange rate.
As the Japanese Yen is one of the 10 currencies we can hold in our YouTrip app, it can make sense to keep track of instances to load up the currency. If we’re unsure where the currency is headed, another logical strategy is making regular currency exchanges until our trip. This way, we get an average exchange rate rather than force ourselves to decide if today’s exchange rate will be better than when we actually fly off.
Read Also: Travelling To Japan: Should You Lock In The Rates For Your Japanese Yen Now?
#2 Laos
Exchange Rate: SGD1 : LAK14,954.90
Currency Movement: SGD Appreciated ~16% in 2023
Source: Google
(All rates are accurate as at the time of writing on 3 October 2023)
For travellers looking for a short getaway, Laos may be a hidden gem waiting to be discovered in our backyard. We’ve deliberately excluded Malaysia and Thailand, which are also excellent destinations for both their popularity and currency depreciation!
While the Malaysian Ringgit and Thai Baht fell 5%, the 16% depreciation of the Laotian Kip (LAK) provides a greater incentive for us to spend our money in another nearby country that we may never have considered otherwise.
Bordering five countries, Thailand, Cambodia, Vietnam, Myanmar and China, this path less travelled offers visitors unexplored natural landscapes and rich cultural experiences. Popular tourist destinations include waterfalls, nature reserves, and temples. As a former French colony, we may want to give the fusion Laotian cuisine a shot as well.
Even though the Laotian Kip is not a currency we can store on YouTrip, it is one of the supported currencies we can spend in. This means we continue to enjoy competitive and transaction-free exchange rates when we spend with our YouTrip card. We simply need to top-up SGD into our account, and YouTrip will make the currency conversions when we spend.
If you find that you require cash in Laos, you can now withdraw up to S$400 of Laotian Kip for free per calendar month with YouTrip. A 2% fee will be imposed thereafter.
#3 Australia
Exchange Rate: SGD1 : AUD1.139
Currency Movement: SGD Appreciated ~5%
Source: YouTrip app
(All rates are accurate as at the time of writing on 3 October 2023)
With Perth just 5 hours away, and Melbourne another 2 hours beyond that, Australia is another popular tourist destination that isn’t too far away.
Located in the southern hemisphere, the end of the year – December to February – is the summer season in Australia. As the biggest island in the world, and the smallest continent, Australia is home to distinctive wildlife. As much as 80% of the plants, mammals, reptiles and frogs found in Australia are not found anywhere else in the world.
Some of the more popular animal species include kangaroos, Dingos, Wallabies, Wombats, Koalas and the Platypus. Many of us also travel to Australia for its natural beauty, including the golden beaches, Ayers Rock, the Great Barrier Reef and more!
With the Australian Dollar (AUD) near its all-time lows, the year-end holidays may be an ideal time to explore the unique sights and sounds down under. As the AUD is another supported currency on YouTrip, we can opt to load up on the AUD before we actually travel there.
Read Also: I Spent 21 Days In The USA With My YouTrip Card – It Was (Mostly) Good
#4 Norway
Exchange Rate: SGD1 : NOK7.99
Currency Movement: SGD Appreciated 7%
Source: Google
(All rates are accurate as at the time of writing on 3 October 2023)
For those dreaming up a European holiday this year-end, fret not. While the Euro has held up well in 2023, the Norwegian Krone has depreciated by 7%.
One of the biggest lures for visitors to Norway is the Northern Lights. To get there though, we have to brave a flight plan spanning over 10,000 km and more than 15 hours. Alas, we do not have a direct flight to Norway.
Travelling that far, it makes sense to make the most of our trip by touring the Scandinavian region. The Swedish Krona in Neighbouring Sweden has also depreciated nearly 4%, while Finland (which uses the Euro) and Denmark (which uses the Danish Krone) were relatively stable currencies in 2023.
We can also use the YouTrip app to exchange and store both the Euros and Swedish Krona beforehand. While we aren’t able to store the Norwegian Krone, it is a supported currency that we can spend in as well as make transaction-free ATM withdrawals on up to S$400 for free per calendar month.
Source: YouTrip app
(All rates are accurate as at the time of writing on 3 October 2023)
The Scandinavian region is also well-known for its natural wonders, such as glaciers and wildlife. However, when travelling in December, do note that it gets as cold as -5 degrees Celsius, and certain parts of Norway may see shorter daylight hours.
Get The Best Bang (And Most Convenience) For Your Singaporean Buck
We can upsize our travel experience by travelling to countries that offer better exchange rates Q4 2023. With the same travel budget, we can choose better quality accommodation, savour more local cuisine, enjoy a variety of activities, or we can also take a longer holiday altogether.
Choosing to travel based on currency depreciations can also unlock hidden gems that we may never have considered – including Laos in our backyard or Norway for a European holiday.
Going to these less-visited locales can offer unique cultural experiences and broaden our worldview – creating memories (and stories) that go beyond the typical tourist hotspots.
While we cannot store some of the currencies on YouTrip, they are still part of the 150+ supported currencies, which means we continue to enjoy the best exchange rates when we spend and make ATM withdrawals.
Besides locking in favourable exchange rates in advance, using our Multi-Currency wallet also means we don’t have to carry as much physical cash around. Potentially, we enjoy greater peace of mind, as we don’t have to worry about inadvertently flashing too much of our cash, and becoming a target for crime overseas.
At the same time, YouTrip enables us to pay via card without incurring overseas any foreign currency transaction costs or currency conversion charges that are typically charged on other credit cards. Foreign currency transaction costs can add up to 1.5% to 3% of our purchases. While we may not see foreign currency conversion charges on our credit card statements, these are usually factored into the exchange rate that we ultimately get.
With YouTrip, we bypass all these unnecessary expenses which can add up to a hefty amount of savings over the span of our holiday (and future holidays)!
Finally, it will be a good idea to keep an eye on local prices when we travel. Just because we’re getting a good exchange rate, does not mean that we’re automatically getting a good deal on our travels!
If we don’t already have a YouTrip card, we still have time before our year-end holiday to apply for it! Download the YouTrip App on the Apple App Store or Google Play Store.
YouTrip is also giving away a mystery box of travel essentials worth more than S$300 to DollarsAndSense readers! All you need to do is comment on the DollarsAndSense Facebook, Instagram or TikTok posts with your best YouTrip travel experience. We will be choosing the most creative / best comment as the winner so that you can make the most of your travel experiences with this travel essentials box!
Read Also: Step-By-Step Guide to Getting And Using A YouTrip Card For Your Next Holiday Or Shopping Online
