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Foreign currency

Travel Forums General Talk Foreign currency

1. Posted by gaaf (First Time Poster 1 posts) 2y

gaaf has indicated that this thread is about Singapore

Which is better to travel with - Foreign Cash or Travellers Cheques? If so, Stearling Pounds of US $? Which of the two offer better and less bank charges / commision charge?

2. Posted by daphnemaia (Full Member 155 posts) 2y

Foreign cash. There are many companies dealing with foreign money exchange in Singapore and u don't have to go to a bank. U can find these shops along many Roads and in many malls. They're all reliable. Banks charge admin fees and give less favorable rates and there are usually long queues...

3. Posted by Degolasse (Travel Guru 814 posts) 2y

I just go to ATM's and withdraw money from my home bank account with my debit card. Easy peasy and available 24 hours most places.
Does anyone actually use traveller's check these days?

Always good to have some spare cash in USA, Pounds, Euros, whatever, just in case of an emergency. Hide it in a deep dark corner of your bag or money belt.

4. Posted by daphnemaia (Full Member 155 posts) 2y

agreed abt carrying extra cash in USD/GBP/Euros etc. but withdrawing from ATMs incurs a fee that might be a shock if you've not checked it out. it could be a percentage or a 1x admin fee which makes it only worthwhile if you withdraw a lot at one go.

i'd still say go to the money exchanger (lots of them in Singapore, around every corner!) hehe.

5. Posted by talesbackpack (Full Member 117 posts) 2y

Travellers cheques are a thing of the past. They are still available, but they are becoming increasingly more difficult and expensive to use. Shops and hotels often won't process them anymore which means you have to find a currency exchange or a bank to do it for you. Then they will charge anywhere from 1% up to 10% of the value of the cheque for the privilege of cashing it for you.

Cash and a bank card are your best bet. As for which currency, use whichever is easiest for you. All three are easy to exchange in Singapore, so use the one that makes the most sense for you.

[ Edit: Edited on 18-Jun-2012, at 10:11 by talesbackpack ]

6. Posted by CheersT (Travel Guru 1683 posts) 2y

Traveller's Cheques are so.... '70's.... There's only a few places in the world where they still make sense (example, in Cuba for Americans for anyone with access only to USDs) so leave them at home.

Cash and Debit/Credit Cards work great almost anywhere. Be sure to get a Debit Card that doesn't charge foreign transaction fees.

Cheers,
Terry

7. Posted by bex76 (Moderator 3606 posts) 2y

The last time I used traveller's cheques was 2006 in SE Asia and it was a pain finding somewhere to change them; I haven't used them since. Also, carrying them around means it's just one more thing to worry about losing! I always just withdraw from ATMs when I'm travelling and I don't get charged transaction fees by my bank so it works well for me.