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Being a smart traveller, you might be inclined to squeeze every dollar out of your exchange at a money changer. You might even travel that extra mile to get to the best rate money changer in town.
But is that the best way? We found out that sometimes, your neighbourhood money changer may offer a better value.
Here’s why your neighbourhood money changer will do
Lets say you’re looking to change S$3,000 for Malaysian Ringgit. You’re now at Toa Payoh Lorong 1, near Braddell MRT.
The nearest money changer would have been Two-Way Exchange, right outside Bishan MRT Station. The commute would have taken you just 7 minutes:
However, in the list sorted by best rates, they are not the best of the day, coming in at S$1 = 3.09 (right at the bottom):
Therefore, the difference at S$3,000 would have been MYR12, or S$ 3.88.
If you had travelled to Raffles Arcade where the top few money changers are located at, that would have set you back 22 minutes + public transportation cost of S$ 1.29. Not to mention time spent queuing.
Therefore, even at a fairly large transaction of S$3,000, it might have been better to deal at your neighbourhood money changer, even if they do not provide the absolute best rates.
- And by default, Cash Changer sorts money changers according to location.
While this is just one example, it really depends on the rates being offered by individual money changers – so as always, check CashChanger to get an accurate picture of the rates you’re getting the next time you’re changing money.
Remember, you’re not just trading in your cash, you’re also trading in your time.
This article was first published on Cash Changer and is republished here with permission. It has been edited for clarity and flow.
