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Allbest Exchange was started in 1991 and is a provider of money changing and remittance services. They have 5 branches across Singapore, and are licensed by the Monetary Authority of Singapore. And while it does have a legacy in the money services business, using Allbest does require you to physically visit a branch, and the fees are not clear until you are at the counter.
Read on to learn more about how Allbest Exchange works and if it could be an option for you. But if you want a quick and cheap way to send money online, look no further than Wise.
You can find Allbest Exchange branches in Boon Lay Shopping Centre, Jurong Point Shopping Centre, Kranji MRT Station, City Plaza, and Woodlands MRT Station. All branches are open to 9 am-9:30 pm, except for the Kranji MRT Station branch which is open from 8 am-8 pm. Kranji MRT Station also only offers money changing services and not remittances.¹
When you are at a branch, you can go up to the counter and get your transaction started. The currencies you can exchange into will be listed on the board and includes Malaysian Ringgit and Chinese Renminbi. For remittances, Allbest Exchange uses Telegraphic Transfers (TT) as the electronic service to transfer money to a bank account abroad. There are no minimum or maximum limits on how much you can send or exchange. For transfers, your recipient can expect to receive the amount in 4 days.²
The countries you can send money to are Malaysia, India, Taiwan, Hong Kong, Bangladesh, UK, Indonesia, China, Thailand, Philippines, Australia, and the US. You may be able to send money to other countries but check with your counter teller first. Also, be sure to carry a government-issued ID with you, as well as the details of your beneficiary’s bank account.³
One of the attractive points of Allbest Exchange is that there are no charges for money exchange services. But, they do set their own exchange rates, which means their rates are different from the mid-market exchange rate. So while there isn’t a service charge, the fee can be wrapped up in the exchange rate you get. But more on that in the next section.⁴
Although there is no service charge, you will have to keep an eye on the exchange rate you are quoted. Many customers have noted in their reviews on Google of Allbest that the exchange rates can fluctuate between what you are told and the rate you are given. So a rate given over the phone can be different and weaker by the time you arrive at the counter. The reviews also mention that customer service can be improved at Allbest Exchange branches.⁵
Want an easy way to send money overseas with low fees and clear exchange rates? Check out Wise. You can send money directly from the Wise website or app, and you will know exactly how much it will cost you upfront. And all from the comfort of your own home or on the go.
One of the challenges of using Allbest Exchange is the fact that you won’t be able to predict beforehand the exchange rate you will get on your transaction. Without a more in-depth online presence or app, the only way you can know exactly how much the transaction is going to cost you is by going down to the counter.
And it can possibly end up costing you more than you realize. Allbest Exchange does not use the mid-market exchange rate. The mid-market rate is the one you see on Google and the rate that the banks use themselves. And most importantly, the mid-market exchange rate does not have a markup.
When Allbest Exchange sets their own exchange rate, they make their own rates weaker than the mid-market exchange rate. And in that difference, they are able to take in a profit from every dollar exchanged. So although there isn’t a service charge, Allbest is able to take a hidden fee with the exchange rate they offer.
This hidden fee and a weak exchange rate can really hurt your wallet as you continue to transfer money abroad or exchange money. Why not choose a money transfer service like Wise that gives you the real mid-market exchange rate? You will get a transparent exchange rate with no markups or hidden fees, with just one low fee. All from your phone.
With a clear exchange rate and one low fee, it is no wonder that over 7 million people have chosen Wise for their global money transfers. Wise has an award-winning app to make money transfers easy, convenient, and fast. And Wise can send money directly to local bank accounts in over 60 currencies.
You can sign up for a Wise account online and for free. And your transactions are secured and powered by smart technology, to make fast and cheap money transfers. No matter where you are in the world.
And with TranserWise’s free multi-currency account, you can exchange into 40+ currencies all from one account. So whether it is Thai Baht, Ringgit, or Pesos, you can hold them all in your account, and save and spend as you need. That goes for spending on global shopping websites too like Qoo10, Alibaba or Amazon. So leave the counters, unclear rates and fees behind, Wise lets you do global money transfers for the 21st century.Sources used for this article:
- Allbest Exchange branches
- Allbest Exchange
- Allbest Exchange Currencies
- Money Exchange Service Charges
- Allbest Exchange reviews
All sources checked as of 27 May, 2020
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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