Commute in an MRT train in Singapore
Being a smart traveler, you might be inclined to squeeze every dollar out of your exchange at the money changers. You might even travel that extra mile to get to the best money changer in town.
But is that the best way?
Actually no, as we can prove that sometimes, a nearer money changer might offer a better value.
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 traveled to Raffles Arcade where the top few money changers are located at, that would have set you back 22 minutes:
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 a near money changer, even if they do not provide the absolute best rates.
- And and by default, we sort money changers according to their 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.
As always, do ping us directly for any feedback, and we’ll be happy to hear what you have in mind.
Are you a money changer? Join us by leaving your contact here directly and stand to gain our whole suit of software and hardware for free to help digitize your business. :)