Most of us in Singapore like to travel.
If you have been reading the news, you'd probably know that the Singapore Dollar (SGD) has been appreciating against many other currencies.
This means that the Singapore Dollar is now stronger and you can get more out of your Singapore Dollar.
If you like traveling to Japan, you might be glad to know that the Japanese Yen has also weakened against the Singapore Dollar.
Psst… 1 SGD is equals to 100 JPY now!
As a budget conscious traveler, we're always looking for ways to make the most of this situation.
It is hard to tell whether the Japanese Yen will weaken further in the next few months, so it might be wise to do something now before you actually fly off for your year end trip.
Let me use Math to show you why you should care!
All right, let’s look at numbers because numbers don’t lie.
During the Covid period, 1 SGD = 75 Yen.
Now, 1 SGD = 100 Yen.
Wow, 1 SGD can get you 25 more Yen today.
Imagine if you were to change SGD 500 for your trip, you could be getting an additional 12,500 if you were to change it today as compared to 2 years ago.
That's enough to get you 125 items from Daiso! (if it's still priced at 100 Yen)
Crazy how things have changed so quickly.
There is one lesser-known benefit to changing your cash now.
With new products in the market, you can change your cash today and store it in a debit card.
This means that you can use it to pay for your hotel bookings in the future (in the foreign currency).
You are saving not just on your expenditure but also on hotel bookings.
Tada, this is why you should read my post.
Here are some ways you can make use of the very attractive exchange rates as a Singaporean today.
1. Most Duh way – Go to Money Changer
Ok, don’t bash me, but this is the most obvious way for people who like to use cash.
It is that simple.
Some of us may walk around the whole Raffles Place trying to find the best exchange rate.
An easier way would be to visit the Cashchanger website and check the best available rates around your area.
Say goodbye to squinting at the small numbers on the screen and trying to figure out which is the buy/sell price for your currency!
The downside is that you will need to find a biscuit tin to keep them in and you cannot use cash to pay for your hotel bookings.
2. Use YouTrip
YouTrip is a prepaid debit card which allows you to pay in over 150 currencies with no fees.
It also supports exchanges of 10 currencies (SGD, USD, EUR, JPY etc) so we can change and hold those currencies anytime.
I am a fan of YouTrip because I prefer to do cashless payments overseas and I do not like to “over-exchange” my cash.
YouTrip also provides better rates and it’s closer to the ones you see on Google.
I must say that the rates I get is better than the ones from money changer.
I must add that YouTrip is simple to use.
You need to top up with your cash (via Paylah/PayNow or Credit card), then click on the Exchange button and convert your SGD to the currency you want.
Voila! You are done within 30 seconds and you will see that you own some of the currency you changed.
The next time you were to use the card and pay the merchant, you do not have to change your currency again.
You just have to tap and go!
Can you use YouTrip for hotel bookings?
You can just pay through the website with the issued debit card.
Just make sure that you are paying in the currency you want to.
Oh, I just found out that YouTrip offers cash back if you were to book through their website.
I have not tried it personally but feel free to let me know if it’s good.
Can you use YouTrip to withdraw cash from an ATM overseas?
Take note that there is a withdrawal fee of SGD 5.
PS. I have used YouTrip for years and they have yet to disappoint me. Hence my recommendation.
PPS. By the way, I heard from peers that you can do the same with Revolut and they can store up to 25 currencies.
I think they should work about the same. Maybe someone can let me know in the Telegram group after they tried.
3. Use DBS Multi-Currency Account
If you're not comfortable with non-local bank issuers, fret not as I have this section for you.
Introducing DBS’ Multi-Currency account!
As the name suggests, this account grants you access to 13 currencies. You can convert your monies into the currencies you want and store them in the account.
You can link your account to a DBS Visa Debit Card for your overseas/online cashless payments.
Like YouTrip, you can also withdraw money from an overseas ATM.
DBS Multi-Currency has pretty much the same offerings as YouTrip.
The good thing is that there is no service charge.
I tried it once a few years back and I remember that YouTrip has a slightly better rate than DBS.
PS – I only have DBS Multiplier so I am unsure about UOB/OCBC/other banks. If you would like me to talk about this, you can write to Beansprout via the Telegram group.
Final words about getting the best exchange rate as Singaporeans
Let's admit it. We spend more time comparing flight ticket and hotel prices than finding out how to get the best exchange rate.
Instead of spending time around the Arcade money changer and trying to get a slightly better exchange rate, why not take some action today to make the most of your year-end holiday?
Did you find the suggestions offered useful? Share this article with your friends! (please)
Let me know in the Telegram group if you know of a better alternative!
This post is not sponsored by anyone.