Exchanging non Singaporean currency in Singapore

[seanpodge]

I'll be travelling PEK-MEL in a few weeks stopping over in Singapore for a few days on the way. Changing currency in China is a major pain both legally (foreigners permitted max US$500/day) and practically (I've once queued for over two hours in a Chinese bank! :shock. That said, you do get a fair rate for your cash. That said, I was wondering if I could exchange RMB for AUD in Singapore.

Main issues are:
Can it be done?
Will I get a good rate (i.e. something that is close-ish to the actual exchange rate, a la Citibank/28 degrees)?
Are there any extra fees or is it all rolled into the exchange rate?
Any recommendations for places to go?

 

[dajop]

Yes it can be done, however you are effectively doing two exchanges, AUD to SGD then SGD to CNY. I get my forex needs from Mustafa's, which is open 24x7 and usually can be relied to have reasonable exchange rates and minimal spread (except when their is a big hit on the currency and everyone wants to buy, like the GBP over the last few days). That and it's a few minutes from where I live. Current rates are published online here, good to check for comparisons if buying elsewhere.

At the moment, for $100 AUD you'll get $99.40 SGD, which in turn will get you 486 CNY , so ER of 1 AUD = 4.86 CNY. FWIW xe.com midrate is 4.93 CNY, so cost is about 1.4%, so not too bad.

 

[Major]

I also use Mustafa's when in SIN. I would head on down to Little India ASAP and change to SGD. It's also a great place for some really good Indian food

::Mustafa Online::

 

[Cynicor]

I change at lucky plaza and keep the Mustafa rates on me. I find everyone is about the same and most will negotiate to the same, or even better.

 

[seanpodge]

Thanks for your help, everyone. Will see how I go. Can't be worse than using an Australian bank at any rate!

 

[theblank]

Will I get a good rate (i.e. something that is close-ish to the actual exchange rate, a la Citibank/28 degrees)?

there is no chance of getting a rate *close* to "a la Citibank/28 degrees". Currency exchanges are subject to exchange rate risk, hence margins are always higher. Credit card transactions carry no rate risk for the bank handing out your money, thats why the Visa interchange rate is so good.

 

[Mona Ng]

try china town

 

[JohnK]

At the moment, for $100 AUD you'll get $99.40 SGD, which in turn will get you 486 CNY , so ER of 1 AUD = 4.86 CNY. FWIW xe.com midrate is 4.93 CNY, so cost is about 1.4%, so not too bad.

Wouldn't the cost be slightly different changing CNY to SGD and then AUD?

 

[dajop]

Wouldn't the cost be slightly different changing CNY to SGD and then AUD?

Oops, yes I did it the wrong way around. Neverthless, at the moment at Mustafa's 100 CNY buys $20.20 SGD which in turn gets $19.18 AUD. ER of 1 CNY = 0.1918 AUD. Current xe.com rate is 0.1975. Therefore cost of changing CNY to AUD is 2.9%. Assume could do slightly better in Chinatown.

 

[seanpodge]

Well, it was a couple of months ago now, but I did end up going to Mustafa's in the end. Was pleased with how it went and would do so again if I needed to. One thing worth noting I think is that they also offer slightly better rates for higher denomination notes (e.g. Euro notes E50 and higher get a better rate than smaller notes).

Thanks again to everyone who replied.