![]() You may use the interbank rate as a quick and approximate reference, but not if you want to make precise calculations involving large sums. ATM withdrawal overseas (including any fees).credit cards (including fees and benefits).competing money-changers (locally and overseas).You should be comparing to other alternatives that are available to you, such as the exchange rates from: Whatever the case, the interbank rate is probably not an opportunity cost for you as a retail consumer, especially not if you're performing a retail point-of-sale transaction. ![]() The short answer: Don't use the interbank rate Wait a minute, how is it possible for money-changers to offer better rates than those shown on Google or XE? From Jul-17 to Nov-17, many money-changers in Singapore were offering to sell CNY at exchange rates that were better than the interbank or wholesale rates. Unfortunately, you may have just gotten a poor deal. You then proceed to exchange your SGD for CNY with this money-changer. The money-changer quotes you a rate of 4.82 CNY/SGD and you think to yourself, “oh, that seems like a good rate! It is quite near to the rate shown on Google”. You need to get a fairly large sum of Chinese Yuan and want to make sure you’re really getting a “good rate”, so you whip out your mobile phone and type “sgd to cny” into Google’s search bar and see this result: You make your way towards a money-changer in your neighbourhood after work.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |