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One of the many money changers you find in Chinatown is Crante Money Changer. They have been in the money-changing business since 1986 and if you are looking for Hong Kong dollars or yuan, Crante Money Changer can be a good option for you. But one hurdle is that they don’t have a website or way to exchange money online, so you will have to go to the counter to complete your transaction. Read on to learn more about Crante Money Changer and how it works.
But if you are looking for an easy and cheap way to exchange, transfer, and spend in over 40+ global currencies right from your phone, look no further than Wise.
Crante Money Changer can be found at #01-28 People's Park Complex, 1 Park Road in Chinatown, right off exit C of the Chinatown MRT station. You won’t be able to miss it with it’s purple and yellow sign by the escalators and the long lines often in front at peak times.
The working hours are normally from 9 am to 9 pm every day, and usually, lunchtimes get busy. And although they don’t have an online presence or app, you can reach them by phone at +65 6532 5008. They also do update their Facebook page from time to time with rates and information.¹
Crante Money Changer is well-known locally for exchanging currencies like the Renminbi, Yuan, and Ringgit. They also offer US dollars, Euros, Taiwan Dollars, Thai Baht, Indonesian Rupiah, and British pounds. The day’s exchange rates for buying and selling will be listed on the board at the entrance. Once you get to the counter, the teller will help you with your transaction.²
Crante Money Changer is not upfront with their fees, so you will only know how much your transaction will cost when you get to the counter. The lack of transparency on costs can make it difficult to make the best decision or compare fees with other money changers.
That being said there are certain fees that you can expect with most money changers. The first is a transaction or service charge. This is primarily the cost of conducting the transaction, and can vary based on the type of currency you are exchanging, how much, the popularity of that currency and how you are paying for it. The other cost you might incur is through the exchange rate, which is often a hidden fee.
Want to make safe and secure global transfers to local bank accounts around the world? You can do it easy, cheap and fast with Wise. With a free online account and access to 60+ currencies, you can send money with just one low fee per transaction and at the real exchange rate. With Wise there will never be any surprises when it comes to your money and you will always know how much the transaction will cost.
One of the highest costs to you for exchanging money with Crante Money Changer could be the one hidden in the exchange rate. Crante Money Changer sets their own exchange rates, which are weaker than the real mid-market exchange rate for the same currency.
The mid-market rate is the exchange rate that you see on Google and is the same one that the banks use themselves. It does not have a markup and is considered the real exchange rate. Crante Money Changer sets their own exchange rates, for both buying and selling, to be different from the mid-market exchange rate. By doing that they are able to take a cut of every dollar exchanged, and you walk away with less in your pocket.
When it comes to your money, the more information you have, the better it is. That is why Wise gives you the real exchange rate on every transfer and lets you know the fees and delivery time upfront. You can calculate it before you even begin, or even before you sign up. And it can all be done right from your phone or computer, whether you are on the go or at home.
There is a lot of hassle with exchanging money at a counter, whether it's the lack of information on costs beforehand or the time taken to do it in person, let alone safety in carrying cash. That is why Wise has made it easy to buy, exchange, and send money online to local bank accounts. Over 7 million people have chosen Wise for their global money transfer needs.
Wise uses smart technology to make the money transfer process easier and faster. And with that, the savings are passed on to you. You will only pay one low fee for every transaction and you will always get the mid-market exchange rate. Plus with Wise you get access to over 60 different currencies, the length and breadth of the world that many other money changers aren’t able to provide.
What’s more, is that Wise also offers a free multi-currency account where you can hold 40+ currencies in one account. You can exchange Singapore dollars into Baht, Renminbi, Dollars, or Ringgit all at the low transfer fee and at the real exchange rate. You can then use the currency locally as you need. And it is all done through your phone or computer. It is that simple.
So choose the convenient, fast, secure, and low-cost option for money transfers that will always let you know your costs. Sign up for Wise today and see how much you can save on your next global transfer.Sources used for this article:
All sources checked as of 25 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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