Change SGD to AUD - Should I Do It in Sydney or Singapore?

macr0hard on 07/06/2015 - 01:15

Hi all, I made a mistake by using Qantas Cash. Long story short, I'm now in Singapore with a large amount of SGD, about 4K. I want to change it to either AUD or USD.

Question is - should I hold and wait till the AUD drops and change it all in Sydney later, or should I just change them now while I'm still in Singapore. Where would I get a better rate? I also dont mind getting them in USD. Should I change all SGD to USD instead of AUD? If I should change in Singapore, where would be a good place? I was thinking Mustafa but not sure.

Thanks for all the help!

Travel

Comments

  • OzBestDeal on 07/06/2015 - 11:00
    -2

    Be careful when you exchange cash at street forex in Singapore.
    Their rates are competitive, but some are tricky and will try to steal money out of you. That will defeat any rate savings you earn.

    Tips:
    1. Do your own calculation with rates displayed
    2. Ask for any fees/commission before exchanging
    3. Count and re-count your money
    4. Always watch them count your money too

    • KaTst3R on 08/06/2015 - 12:37

      This applies to everywhere you go. It is good diligence to double check your money when doing face to face forex. Singapore is already lesser of a risk than doing forex in Indonesia, Malaysia, Vietnam, Thailand and anyother developing countries. The penalties for commiting a crime in Singapore is extremely heavy and you cant bribe your way out if you get caught. So I doubt stealing a few dollars from tourist is worth a 10 year jail term…

  • jctdell on 07/06/2015 - 13:33
    +2

    Singapore is a major financial hub - hence the exchange rates are very competitive .IMHO, their rates are far far better than what we can get in AU .

    If I were you , I would certainly change the currency in Singapore .
    I'm not sure how the Money exchanges can "cheat" you. Their rates are clearly displayed , and you should count the $$ in their presence .
    You can also request they count the money in their machines , in your presence .
    $4k is relatively a small amount .
    The china tourist can easily change in excess of $10,000 cash , while some Indonesians can do more than $100,000 cash . It is all business as usual to the Money exchangers .

    (of course, if you anticipate the AUD$ to fall further , then U may wish to hold on to the SGD $)

    • gooddealmate on 07/06/2015 - 14:11

      Looking at the rates i'd agree with you. Just had a bit of a look and for $4000 SGD, most banks only returning around $3600 AUD back in Australia.

      Just googled these guys based in Singapore, http://www.raffles1.net/currency.php and for the same $4000, you'll get back $3809, rates as of yesterday.

  • theo96 on 08/06/2015 - 20:37

    To minimise hassle, just use the money changers at the (Singapore Changi) airport — safe, convenient and rates are good enough.

  • macr0hard on 08/06/2015 - 21:00

    thanks all. Decided to hold on to SGD instead, will see how the AUD goes, or I'll just have to keep coming back to Singapore :)

    • Donaldhump on 16/06/2015 - 01:55

      you got easy spend 4k in a week in gaylang

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