Planning on a trip overseas and trying to understand the forex table that is on the back of all these money changers. But this is a cheat sheet to try to understand them:
Examples:
1. You are from Singapore going to Malaysia.
a. If you are changing money in Singapore, you will look at the 'sell rate' say it is 0.4013
b. You will then 'divide' by the amount you want to change say $100
c. So you will net: $100/0.4013 = $249.19 MYR
2. You are from Malaysia going to Singapore.
a. If you are changing money in Singapore, you will look at the 'buy rate' say it is 0.3987
b. You will then 'multiply' $100 * 0.3987 = $39.87 SGD
| Remember, buy and sell is always from the money exchanger point of view | ||
| Hence in Singapore, | ||
| Buy Rate: | The bank buying TWD (multiply) | |
| Sell Rate: | The bank selling TWD (divide) | |
| Hence in Taiwan | ||
| Buy Rate: | The bank buying SGD (multiply) | |
| Sell Rate: | The bank selling SGD (divide) | |
| At home, look for selling rate. Overseas look at buying rate. | ||
Examples:
1. You are from Singapore going to Malaysia.
a. If you are changing money in Singapore, you will look at the 'sell rate' say it is 0.4013
b. You will then 'divide' by the amount you want to change say $100
c. So you will net: $100/0.4013 = $249.19 MYR
2. You are from Malaysia going to Singapore.
a. If you are changing money in Singapore, you will look at the 'buy rate' say it is 0.3987
b. You will then 'multiply' $100 * 0.3987 = $39.87 SGD
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