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Money changers have been a part of the fabric of Singapore for a long time for workers, travelers, traders, and merchants. In the past few decades the focus of using a money changer for travel has been growing. VIP Exchange was started over 20 years ago and specializes in currency exchanges. But their services are only available if you go to their counter.
Read on to learn more about VIP Exchange and if it can be an option for you. But if you want a modern way to exchange, transfer, and spend money that is completely online, look no further than Wise
VIP Exchange is a money changer that can be found at 5 Tanjong Pagar Plaza. It is a small office that is right by the POSB bank. They are open Monday through Saturday from 8 am-6 pm, although some reviewers have noted that they often close an hour or two early on Saturday. You can reach VIP Exchange directly by phone at +65 6223 7271 to get more information.
VIP Exchange does not have a website or digital presence, so finding information prior to going to the counter is difficult. But like most money exchangers in Singapore, you will need to bring a government-issued ID with you to start your transaction. The currencies that they have available will be written on the board by the counters, and they offer global currencies including MYR.¹
Without going down to the counter and starting a transaction it is not possible to say how much you will be charged by VIP Exchange. As mentioned, they do not have a digital presence to be transparent about their charges and fees. Only once you’re there and with your specific transaction will the fees be detailed.
That being said there are usually two different types of fees. One is a transaction fee for the service provided by the money changer. This transaction fee can depend on which currency you are exchanging into or out of, the popularity of that currency route, how you are doing the payment, and if you are buying or selling. The second fee is actually hidden in the exchange rate, which will be discussed in the next section.
Want to transfer money directly to a bank account in 60+ countries right from your phone? You can do that and more with Wise. Wise has an award-winning app and easy to use website that lets you send money fast, easy, and cheap around the world. And all with just one low fee and a transparent exchange rate you will know upfront.
The costs with VIP Exchange are going to be in terms of fees but also your time. VIP Exchange does not offer any other way to do money exchanges besides going to the office. Nor does it offer money transfers if you need to send money back home, to family, or make payments. So the time spent traveling to VIP Exchange, and possibly waiting in line, is time away from the important things in life.
While the actual fees are not transparently disclosed there is going to be one surety in regards to the VIP Exchange exchange rate. VIP Exchange sets their own exchange rates for the currencies they offer. They make the buy and sell rate different from the real mid-market exchange rate. The mid-market exchange rate is the rate that banks use themselves and it is the one you’ll find on Google. By setting an exchange rate that is weaker to you as a customer, VIP Exchange is able to take that difference between the two rates as profit. And with the spread between the buy and sell rates, VIP Exchange is able to make money while you come away with less in your wallet.
But if you choose Wise for your global money transfer, you will actually get one low fee that you will see upfront and the real mid-market exchange rate. There are no markups on the exchange rate so you can save money on every transfer. And you will know exactly how much the transfer will cost you before you even start. Plus, by being able to make transfers right from your phone you save time too.
Low fees and a transparent exchange rate are just two of the reasons why over 7 million people around the world have chosen Wise. You can send money directly to a bank account in Europe, the US, South America, Africa, or in neighbouring countries at a cost that is 7x less than banks or Paypal.
But you can even go one step further with Wise and sign up for the free multi-currency account. This account lets you hold over 40 currencies in one account so you can send, spend and travel when and as you wish. So whether you are shopping from Qoo10, or paying for a holiday home in Europe, or even invoicing a client in the US, you can do it all with the Wise multi-currency account. And it is all at the same low fee and transparent exchange rate you always get with Wise.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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