Mustafa Foreign Exchange Singapore: Your full guide

Aman Saxena

Anything you are ever looking for, you can find it in Mustafa Centre on Syed Alwi Road. Including foreign exchange. So whether you want to exchange cash or remit money, the Mustafa Foreign Exchange counter is open 24 hours a day, 7 days a week. Learn more about how Mustafa Foreign Exchange works, including it’s in-person, and limited online processes.

With Wise’s multi-currency account, you can hold and exchange 30+ currencies from one account with just a press of a button

Mustafa Foreign Exchange charges and fees

Mustafa Foreign Exchange is one of a number of money changers in Singapore. While these businesses have been core to travel and remittances since the 1970s, they haven’t been able to innovate for the digital age, unlike digital-first companies. The latter having greater access to global currencies, apps, and strong security to make money exchanging better and easier.

For money exchangers like Mustafa, charges and fees are usually built into the exchange rates they offer. So what may look like no additional fees isn’t actually true. Money changers set the rates they buy and sell at weaker than the mid-market rate, which is the rate banks use themselves. Money changers use the difference between the buy and sell rates, which is called the spread, to give you a hidden fee. And make their money.

Mustafa Foreign Exchange operates similarly. And while you can find some of the buy and sell rates they are offering on their website, the majority of their business is done in person at the counter in Mustafa Centre. And that is why you would find it difficult to know their rates and fees if you don’t go down there yourself.

All this being said, you can take a look at a few of the currencies they offer on their website. The currencies include¹:

Indian RupeeBahrain DinarJordanian DinarDanish Krone
Pakistani RupeeSri Lanka RupeeSouth African RandBangladesh Taka

International remittance with Mustafa

On the Mustafa online website, you will also find an online process for remittances. The process isn’t clear on the site but it does require you to sign up as a member first to access the form and exchange rate you will receive.

In addition, one thing that is not clear through Mustafa Foreign Exchange is the delivery time for sending remittances. Again, the process is still very much in-person based which makes it difficult to send or exchange money when you aren’t able to get down to the exchange counter yourself.

Money transfers don’t need to be complicated. Wise has made it as simple as possible with low-cost money transfers all over the globe. Over 7 million people have already used Wise. And right from the Wise homepage, you can see the exchange rate, delivery time and the one low transaction fee for all your transfers. Leave the guesswork behind, and get transparent, secure and fast transfers with Wise.

The true cost of money changing with Mustafa Foreign Exchange

The legacy of Mustafa Foreign Exchange is one of trust and ease, especially for those sending money to South Asia. But that doesn’t mean it continues to be the easiest or cheapest to use nowadays. With new digital providers, like Wise, you can save money on every transfer. And better yet, not have to carry around cash even when you need to spend in a different currency.

But first, let’s look at the costs to you for using Mustafa Foreign Exchange versus the mid-market Exchange rate. The mid-market exchange rate is the rate banks use themselves. It is the same one that you see on Google and the one Wise uses. Here is how just a few of the Mustafa Foreign Exchange rates compare to the mid-market exchange rate²:

Currency in S$ 1Mustafa Foreign ExchangeMid-Market Exchange RateDifference
Bahrain Dinar3.51003.72-.21
Danish Kroner0.2100.210
Jordanian Dinar1.85001.99-.14
Data collected as of April 10, 2020

In just a few currencies, you can see the amount you are losing per Singapore dollar you convert. And while it can appear small, it can really begin to add up and result in less money in your hands.

This is on top of the hassle of having limited foreign currency options and the physical need to go down to the Mustafa Foreign Exchange counter. The benefit of online money transfer services like Wise is the ability to transfer money to more parts of the world, while still saving money per transaction.

A cheap, fast and transparent alternative: Wise

There was a time when the best way to exchange money was to read a board and hand over your Singapore dollars at a storefront. But times have changed. Now with the internet and technology, spending in multiple currencies and transferring Singapore dollars to the other side of the world can be done from your kitchen table.

You can check rates, fees and exchange into foreign currencies with just a few clicks of a button with Wise. When you sign up for the borderless account, you have access to over 30 different currencies that you can exchange into at any time. On top of that, you get a debit Mastercard to spend from the relevant currency in your account online or when you are traveling. It is as simple as that.

And whether you are sending money or exchanging in the multi-currency account, you will always get the mid-market exchange rate and one low transaction fee. You will never have to worry about a markup or being in the dark about how much you are getting. It is cheap, easy and secure. So forget the cash, TranserWise’s borderless account can be your full money changer and more, from the palm of your hand.

Sources used for this article:
  1. Mustafa Online Currencies
  2. Mustafa Online Rates

All sources checked as of 15 April, 2020

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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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