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| My attempt at doing something artistic! |
I recently went to the Arcade to change more Pounds Sterling, since the exchange rate was favorable.
The Arcade is FULL of money changers, presumably with better rates for different currencies.
For example, the money changer I queued up for had at least 20 people ahead of me, and most were changing Thai Baht, Ringgit, Chinese Renminbi.
The spreads on offer are really low and competitive. These money changers obviously make money through volume.
Take Pounds Sterling as an example.
Spot Rate was S$2.0040 to £1.00 at the time when I was changing.
UOB preferential staff rates were $1.9950 buy and $2.0090 sell (70 pip spread)
The money changer I went to, the rate was $1.9970 buy and $2.0140 sell (85 pip spread)
Essentially, they make about $10 for every £1,000 you change.
The spread for US dollar was even smaller!
The queue was REALLLY long! I queued up at 12.05pm and was attended to only at 12.25pm. People really love changing their money and going overseas don't they?
You are a rich young man. :)
ReplyDeleteHi AK,
ReplyDeleteno lah. not rich...
I always change my money at Arcade - for my RMB and now Euro.
ReplyDeleteMy regular money changer is at Arcade, go up the escalator to 2nd floor and it's the first to the left.
Their rates and service very good. It helps to be a regular. They will ask me to sit by the side and offer me coffee.
Hi SMOL,
ReplyDeletewah! You must have changed quite abit of cash frequently. I know which one you're speaking of; it's the one that doesn't have any glass separating the changer and you... I changed pounds back with them back in December too :)
do u know where can i change myanmar money?
ReplyDeleteHi Anon,
ReplyDeleteI'm not sure about Myanmar's currency, but you can try calling the money changers and ask if they have. If they do, good for you. But if not, it might be prudent to change some US Dollars and change it when you reach Myanmar.
Cheers!
Myanmar Kyats is a controlled currency. Thus, you can only change it in Myanmar itself. I used to carry along USD and change it to Kyats at Yangon Airport.
ReplyDeleteOh yes the money changers.
ReplyDelete