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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.
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
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 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.
Sending money around the world? Wise makes it cheap for you to transfer money wherever it needs to go. With Wise, you will always get the real mid-market exchange rate. No markups or surprises with the exchange rate that you get. The real exchange rate, plus one low upfront fee. That’s it.
And even without a Wise account, you can still see how much money Wise can save you on your transfer right on the website. It is that easy. No need to waste time or money with money transfer providers that aren’t clear with their fees.
Even more, Wise has a multi-currency account where you can exchange and buy into over 40 currencies that you can hold. So whether you find an attractive exchange rate or get ready to travel, your Wise borderless account is the easy and cheap way to spend foreign currencies. Straight from your phone. So step into the future of money changing with Wise and see how much you can save in terms of fees, time, and hassle.Sources used for this article:
All sources checked as of 13 May, 2020
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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