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
If you’re on Jurong Gateway Road, there is no way you are missing the large Jem shopping complex right by the Jurong East MRT. And tucked inside this expansive mall is Jem Swift Exchange. So if you have currencies you would like to exchange or buy, you can do so from the Jem Swift Exchange counter on B1. Read on to learn more about how Jem Swift Exchange works and what to expect when exchanging currency.
And if you would rather buy or spend 60+ currencies from the comfort of your own home, then check out Wise. With an easy to use website and app, you can shop on overseas websites and send money directly to local bank accounts for family or friends.
Jem Swift Exchange is open 7 days a week from 10am-9pm normally. The currencies available will be listed on the board, with popular currency exchanges being British pounds, US dollars, and Malaysian Ringgit¹. You can also do money transfers from the Jem Swift Exchange counter. Just remember to bring a government-issued ID with you when you go to the counter, and in case of a transfer, the full bank details for your beneficiary.
Jem Swift Exchange does not have a website but, you can reach out to them by phone at +65 6341 5255.
It is difficult to know what the charges or fees will be for your transfer with Jem Swift Exchange, without going down there yourself. They do not have a website or list their fees online or their exchange rates.
Normally with money changers, they charge a hidden fee in the exchange rate that they offer. But more on that in the next section. The exchange rate that you get and how weak or strong it will be, depends on a few factors. The factors are how popular the currency exchange route is, how much you are exchanging or sending, and how you are paying for it. There also may be additional fees levied by Jem Swift Exchange for executing the exchange, so pay a close eye to your bill when you are at the counter.
Want to know how much a transfer will cost before you start? Check out Wise. TransferWIse has a transparent calculator that tells you exactly how much the one low transaction fee is, the real exchange rate you will get, and when the funds will be delivered. So you are informed to make the best choice for you and your wallet.
So how much will it cost you to exchange money with Jem Swift Exchange? Without fees or the exchange rates being listed upfront, it is difficult to say.
But one thing that is for sure, is that Jem Swift Exchange does set its own exchange rate. And that exchange rate is weaker than the mid-market exchange rate. The mid-market exchange rate is the rate that banks use themselves to exchange currencies. It is also the same one that you see on Google or Reuters, and it does not carry a markup.
So whether you are buying or selling currencies you are not getting the real exchange rate. And in that difference between their exchange rate and the mid-market exchange rate is where Jem Swift Exchange makes its money. And that means less in your wallet.
And when the only way to do a transfer is to go to the counter, you also lose out on time you could’ve been spending on doing more important things. Why waste time and money on unclear fees and rates? Get a free account from Wise and start sending money around the world right from your phone, no matter where you are. And with Wise you will only ever pay the real mid-market exchange rate and one upfront fee. That’s it.
Over 7 million people have chosen Wise for their global money transfers and more. With a commitment to transparency and low-cost transfers, it is easy to understand why.
Wise uses smart technology to make global transfers fast and low-cost, and then pass the savings on to you. For any transaction you do in the 60+ currencies available, you will always pay the mid-market exchange rate and the low upfront fee. No hassles or surprises here.
And if you want more flexibility to exchange, hold and spend around the world, you can sign up for Wise’s free multi-currency account. You can hold over 40 currencies at once from one account, and then spend it as you need. Whether that is while you are on holiday, or shopping on websites like Alibaba, Amazon, or Qoo10.
So leave the old money changers behind and sign up for Wise to not only save money but take a step into the future.Sources used for this article:
All sources checked as of 20 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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