29 Jun '16, 9am

#singaporeans talk abt #moneychangers #forex #finance 29-Jun-16:

#singaporeans talk abt #moneychangers #forex #finance 29-Jun-16:

If you are dealing with large amounts, or constantly exchange large sums, you might want to find a Forex broker instead. For example, if you are moving to Australia, it might be impractical and unsafe to convert several hundred thousand dollars of your life savings at a money changer. Likewise, if you are converting money from the entire sale of your flat because you’re moving, a bad rate could mean losing a spectacular amount of money. You also stand to absorb significant losses if you constantly exchange large amounts. For example, if your side business in the United States is bringing in converted sums of S$3,000 every month, and you lose two per cent in various transaction costs, that’s S$720 a year, on top of any exchange rate losses. On a related note, do open a multi-currency account if you have income in foreign currency. This will let you wait to convert it at a b...

Full article: http://singaporedaily.net/2016/06/29/six-places-to-get-mo...

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