Dollar Exchange Singapore: Your full guide

Dollar Exchange is a currency exchange and remittance counter at Jurong Point Shopping Center, by the Boon Lay MRT Station and bus interchange. On top of remittances and exchanging money, Dollar Exchange offers bank drafts and Foreign Currency Cheques. Learn more about Dollar Exchange and how it works, and to see if it can be a good option for your foreign currency needs.

But if you’re looking for an easy, fast and cheap way to send money around the world, with just one small fee, and at the real exchange rate, check out Wise. You can send money into over 60 local currency bank accounts straight from your phone or computer.

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How to exchange currency with Dollar Exchange

Dollar Exchange can be found at Jurong Point Shopping Center at #01-18. They are open 7 days a week, including holidays, from 10 am-930pm. They have a limited online presence but you can also reach them by phone at +65 6438 4300 or by email at dollarex@singnet.sg.¹

As mentioned, you can exchange currency as well as send remittances from Dollar Exchange. For currency exchanges, they offer 20+ currencies including²:

The day’s rates for all of the currencies on offer will be displayed on the board and you can buy or sell the currency you need right at their counter. But make sure to bring a government-issued ID with you for any transaction.

In case you are looking to do a remittance, Dollar Exchange offers three kinds of money transfer services. You can do a telegraphic transfer, or TT, which is essentially a SWIFT transfer around the world. You can also send a transfer through an online service with agents of Dollar Exchange, and lastly, you can use internet banking to send the funds. But in all three cases, you will need to physically go to the Dollar Exchange counter with your beneficiary’s bank account information to make the transfer³.

Your beneficiary can expect the funds to reach their account within 3 business days and depending on the contact information you give Dollar Exchange they will fax, email, or mail you the confirmation. There is no minimum or maximum for remittances or money changing with Dollar Exchange⁴.

Dollar Exchange charges and fees

Dollar Exchange is not clear on their charges and fees upfront. And there is a flat handling charge depending on the transaction, whether you are sending money or exchanging currencies. But they don’t state what that fee is beforehand.

The exchange rate that you get for your transfer or exchange is set by Dollar Exchange. Often money changers like Dollar Exchange set their exchange rates in two ways. The first is that they set it different from the mid-market rate, and then the second factor that determines the exchange rate is how popular the route is. The rates change daily in most cases so keep an eye out or give Dollar Exchange a call to know the day’s rates.

Dollar Exchange offers you a few different ways to pay for your transaction, in particular for remittances. You can pay by cash, cheques, through an ATM transfer or online. Credit to customers is not available.⁵

Want a way to send money around the world without having to leave your house? Try Wise. Wise has an award-winning app and an easy-to-use website that lets you transfer money to a local bank account in 60+ currencies. You can sign up for a free account today and send money cheaply and easily from Singapore.

The true cost of money changing with Dollar Exchange

How much will it really cost you to send money with Dollar Exchange? It is hard to say. They are not upfront or transparent with their fees or rates. So unless you are at the counter, you won’t know how much it is costing you.

There will be a flat rate on your transaction as a service/handling fee. But there is also going to be a hidden fee in the exchange rate that you get from Dollar Exchange. By setting its own exchange rates, Dollar Exchange is able to take a cut of the difference between the mid-market exchange rate and the one they offer. You may be familiar with the mid-market exchange rate as that is the one that is shown on Google. And it is also the one that the banks use themselves.

With weaker exchange rates than the mid-market rate and a spread between the buy and sell rates of different currencies, Dollar Exchange is able to profit from every transfer or conversion. And while it may seem small, the more often you transfer money or if you send larger amounts, that hidden fee can really hurt your wallet.

As a customer, it is important to be informed of how much money transfers are going to cost you. That is why Wise is completely transparent with you on the one low fee and the exchange rate you will get. There are no hidden fees or surprises here. You will get the real mid-market exchange rate on your transfer and one cheap transfer fee. Both of which you will see upfront. It is as clear and simple as that.

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A cheap, fast and transparent alternative: Wise

Wise has been used by over 7 million customers around the world to send money to family, friends, back home, or for work. The low fee paired with the transparent exchange rate make it one of the cheapest ways to send money. Wise is up to 7x cheaper than banks and PayPal to send money.

Plus there is no standing in a queue or going down to the mall to use Wise. You can do it all from your phone or computer.

Wise also takes it one step farther with a free multi-currency account where you can hold over 40 currencies in one account. So whether you want to send money, shop on websites abroad, or travel, you have one account with Wise that lets you do it all. And all with one low transfer fee and the real mid-market exchange rate every time.

Wise is able to make global money transfers cheap and easy by using smart technology. And in that way, it is able to pass on the savings to you. All you need to do is sign up for a free account today to get started.

All sources checked as of 21 May, 2020