Wondering which card is better for overseas use - Trust card vs YouTrip? We compared the fees and exchange rates and also included an alternative option Wise
Fountain Money Changer can be found in the blue zone of Marina Square Shopping mall. Having moved from its original location in Suntec, Fountain Money Changer is an option for currency exchange if you are in the vicinity. Want to know more about how Fountain Money Changer works? Read on to learn how to exchange currency and its charges and fees.
And if you want to send and buy currencies in over 59 currencies straight from your phone, check out Wise. Without going to a public branch or waiting in line, Wise lets you send, buy, and spend all straight from one, cheap and easy online account.
If you are looking to exchange money to or from Singapore dollars, you can head to Fountain Money Changers between 10am and 8pm every day. Fountain Money Changer does not have a website or app for up to date information, but you can give them a call at +65 6336 4988 to check rates or timings. If you do go during lunchtime or after work, you can expect there to be a queue at this popular money changer.¹
Once you are physically there, you can head to a counter to begin your transaction. The current day’s exchange rates will be listed on the board for you to see. Fountain Money Changer offers a variety of currencies, including Swedish Kroner and Russian Rubles. It is important to note that Fountain Money Changer does set their own exchange rates.²
With most money changers, you can expect a flat fee for exchanging currencies, and the same would go for Fountain Money Changer. How much that flat fee is depends on a few different factors about your unique exchange.
How much you are exchanging and into what currency can affect the fee you get. The more popular the exchange currency, typically the lesser the fee is relative to others. How you are paying for it, whether by transfer or by cash also plays a role. Since Fountain Money Changer does not list their fee information online or on their Facebook page, you will have to go to the branch or give them a call to get any information.
The second fee you may find is actually hidden away in the exchange rate. By setting their own exchange rates, Fountain Money Changer is able to take a small cut of every dollar exchanged. But more on that in the next section.
Want to know the fees and exchange rate for a global transfer without having to go to the mall? Try Wise. Wise’s easy-to-use website and award-winning app make it easy for you to see exactly how much the fee is and the real exchange rate you will get. Plus with Wise you can transfer online directly to a local bank account in over 60 countries around the world.
The best type of money changer is a money changer that keeps you informed. Knowing exactly how much a transaction is going to cost, what the fees are and if there are mark-ups should be a right for the customer. Unfortunately, with Fountain Money Changer it is hard to know this information before you start your exchange at the counter.
Without the information clearly displayed, you are not able to compare rates or fees, and make the best choice for you. So you may end up paying more in fees and not know it. When it comes to the exchange rate, the hidden fee mentioned before can add up quite quickly.
The hidden fee is the difference between Fountain Money Changer’s rate and the mid-market exchange rate. The mid-market exchange rate is the non-marked up exchange rate that banks use between themselves to transfer money. By setting an exchange rate that is weaker than the mid-market rate, money changers are able to take a slice of every dollar exchanged at the weaker rate. It becomes an additional fee for you and less exchanged currency in hand.
Between a weak exchange rate and unknown fees, isn’t it better to use a company that uses the real mid-market exchange rate instead and lets you know the single fee upfront? Wise always lets you know the real exchange rate you will get and the one low fee right from the start.
Over 7 million customers around the world trust Wise for their global transfers. It is an easy, convenient, and cheap way to transfer money directly abroad. And you can do it all straight from the comfort of your own home or when you’re on the way to work. No need to carry around cash or queue up in line.
And the best part is that you can know if Wise will give you the best deal on your particular transfer right from your phone. So you are informed and can make the best decision for you. And it’s important to note that it is completely free to sign up for a Wise account.
But Wise takes it even one step further with a flexible and convenient multi-currency account. From this one free account, you can hold up to 40+ currencies at one time. All you have to do is exchange from Singapore dollars to the currency of your choice right in your account. You can then spend that foreign currency when you travel or are shopping from websites overseas. It is that easy.
With low fees, more transparency, and always the real exchange rate, see how much time and money you can save by switching to Wise for your global transfers.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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