Wednesday, January 16, 2008

The Best Place to Exchange Currency

200452489-001I was trying to get get some Singapore Dollars in the city. Currently, 1 Australian Dollar (AUD) can buy 1.27 Singapore Dollar (SGD) according to Google. So in the ideal world, I can get SGD 100 with AUD 78.75.

First I went to this money changer selling SGD at AUD 1.2112. As the exchange shop was about to close, I promptly proceeded to buy SGD 100 with AUD 86.55, inclusive of an AUD 4 commission.

Then I walked past another money changer with an advertised rate of AUD 1.23. But when I asked at the counter, I was told that in total it would cost me AUD 92. Apparently they charge quite a bit of commission. I was amused when the cashier tried to encourage me to buy it after quoting the price.

The third shop that I went to sells SGD at AUD 1.225, but they don't charge any commission, so I could actually get SGD 100 with AUD 81.65.

Poof. My five dollars vanished into the thin air. :(

Image credit: homesgofast.com

3 comments:

sophisticatedsoul said...

I assume you are going to spend some time in Singapore by exchanging for their currency. Hmm..

I don't think I will go survey some more after having had the exchange done coz it will only cause me to feel bad finding out a better deal in any other shop. Heh..but well, you can probably go to the best place for currency exchange next time. :D

SilverIsle said...

I should do a survey first before I exchanged my Australian currency last month. Sigh. Now I don't think I wanna know too if I've had a good deal or not. =P

youngyew said...

Sophisticatedsoul: Yeah I dropped by Singapore and spend one day with Winson. I checked the price so that I am not conned next time mar. :) But I guess the cheaper place this time is not necessarily the cheapest all the time, so every time you want to exchange money it's best to check again.

Silverisle: Haha then don't go and check loh. :D