How to change money at Singapore money changers

Today, I was at lucky plaza to change some money to Hong kong dollars HKD from Singapore dollars SGD. 

Why lucky plaza?

My top choice has always been the arcade at raffles place, simply because of the high density of money changers as well as the transparency of prices displayed on the electronic board
However, today was a Sunday and the arcade is only open on weekdays and half day on Saturday (url). Thus on a Sunday or weekends, I would typically go to Chinatown or Lucky Plaza.

As I am near to Orchard, Lucky Plaza was a natural choice.

Rate quoted verbally at Lucky Plaza

So previously I have shared with readers how to see the rate at money exchangers under we buy or we sell, but bear in mind these are rates quoted on the digital screens.
For lucky plaza, most shops did not have those screens and you have to enquire verbally.

In my case of HKD, it would have been 0.18 under we sell, but when quoted verbally, the money changer person will give you the convertd we sell rate, for example 1/0.18 = 5.62.
In this case of converted rate, the higher the number, the better.

The 5.62 stands for for each sgd, you will get 5.62 hkd.

So after asking around, I got a rate of 5.63 and settled at that rate (Rates would not differ that much though there are many shops there ).

Savings versus rate at airport

At the airport, the rate was 0.18196, which translates to 5.49.
As such, I have saved about $18 (2.3%) from my $800 change..
Not much, but since I was already in the vicinity, why not pick up the savings?

Read more: My recommendation on where to change


So in short,
when quoted verbally at the money exchanger,
The higher the rate,
the more foreign currency you will get.




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