Bugis Money Changer Singapore: Your full guide

If you are by the Bugis MRT station, you may have seen the Bugis Money Changer counter right by the UOB ATMs. Whether you want to send money or exchange cash to a foreign currency, you can do it from Bugis Money Changer. But how does it work?

Read on to learn more about Bugis Money Changer, its fees, and if it can help you with your money changing needs. But if you are looking for an easy and transparent way to transfer money abroad online or directly from your phone, check out Wise.

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How to exchange currency with Bugis Money Changer

There are a few money changers around Bugis street, including 2 within Bugis junction and one in the Bugis Street market¹. This will focus solely on the counter labeled Bugis Money Changer, at #1-113 in 200 Victoria Street.

They are open 7 days a week and typically from 930-930pm but be aware that there are different timings listed online for Bugis Money Changer on various websites. You can call them at +65 6333 1310 if you have any questions regarding if they are open.

One of the major drawbacks of Bugis Money Changer is that they don’t have a website to get information before your exchange or send money. But if you are in the Bugis Street area and need to exchange currency, you can go to the counter to get started. The day’s exchange rates will be listed on the board and the teller at the counter will take care of your transaction. Their busiest times tend to be during lunch and around 7 pm during the weekdays, and most of the morning and afternoon on the weekends.²

Bugis Money Changer charges and fees

Without a website or app, Bugis Money Changer isn’t able to be transparent with their charges and fees. And the only way to know what they charge and how much the fees are is to go down to the counter itself.

But money changer fees are normally charged in two ways. The first is a transaction or transfer fee. This is a cost to you as the sender to pay to the money changer to execute the transaction. The second is through a hidden fee in the exchange rate.

Typically fees for a currency exchange will depend on how much you are sending, where the money is going, how it is going to be delivered, and how you are paying for it. Normally, more popular routes are cheaper; cash deliveries tend to have a premium and bank transfers tend to be the lowest of fees.

Want to know how much a transfer is going to cost before putting in the transaction? Try Wise. Whether you are on the award-winning app or on the website, you will see upfront the one low fee and the real exchange rate, as well as the delivery time. So you can make the best decision for you and your money.

The true cost of money changing with Bugis Money Changer

The cost of changing money with Bugis Money Changer is in terms of fees, time, and convenience. On top of a transfer fee, Bugis Money Changer will give you a hidden fee in the exchange rate. It is a hidden fee because Bugis Money Changer sets its own exchange rates, often with customers not knowing its a fee. And that exchange rate it offers is lower than the mid-market rate.

The mid-market rate is the rate you see on Google and the same rate that the banks use themselves. By charging you less than the mid-market rate, Bugis Money Changer is able to take a cut of every dollar you exchange. That means less money being sent and more money in profit for the company.

Bugis Money Changer is also expensive in terms of time and ease. You will have to physically go to the counter to exchange money. Then when you are, it will take additional time to get your transfer done. That means time out of your day, and time away from more important things.

That’s where Wise comes in. You can transfer money directly to a local bank account around the world in over 59 currencies, right from your computer. You don’t have to go anywhere or waste time standing in line. With just a click of a few buttons within your Wise account, you can sit back and know your money is getting to its destination safely and securely. Plus at a low fee and the real exchange rate.

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A cheap, fast and transparent alternative: Wise

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