If you plan a trip to another country, you have probably spent a lot of time thinking about the airline, hotel, food, and the fun things to experience. What you might have skipped is arranging money for your trip. While money is a saviour in most situations, it is imperative to acquire knowledge of foreign currency exchange. They tell you a country’s currency is worth to other countries. All currencies have different values, which change daily.
SGD to INR values change based on factors like inflation, economic stability, and interest rates. When you exchange currencies, you trade some money in one currency to get the same in another. Following are the factors responsible for fluctuation:
High fees
Most methods used for exchanging money come with a set fee. Consider them while deciding where to exchange your money. A 1% fee may sound more attractive than a flat dollar amount but could add up to more if you exchange large amounts of money. Some banks also charge fees when converting your money from 1 SGD to INR at an airport currency exchange teller.
Conversion rate
While the deviation in conversion rate may seem small, it adds up, mainly if you exchange a large amount of money. It differs from the wholesale currency exchange rate. Irrespective of the conversion method, you pay the rate while converting USD to INR in India. Check with your bank as it is an additional fee to pay during conversion.
Convenience
It is the value of your time and effort to exchange money. Consider how accessible the currency exchange is from where you live. With the innovation of Online Banking, you can quickly check the conversion rates on your smartphone while converting the Pound to INR or any other currency. You weigh the value of comfort, ease, and convenience versus actual monetary savings.
Best conversion options
If you are travelling, you ensure changing currency is affordable. The most cost-efficient way to exchange money in a foreign country is to withdraw cash from an ATM. They are famous globally and situated every few kilometres away to make SGD convert to INR hassle-free. Secondly, convert currencies using a Credit Card. Many options do not include transaction fees when converting, for example, Euro to INR.
They are an ideal option when buying anything overseas. They reduce your load and increase your freedom to buy goods within the credit limit. Lastly, you can visit your bank branch and exchange widely used currencies at the most affordable conversion rates. Before going to your bank, check their currency exchange policies online or speak to a representative over the phone.
Confirm whether your branch offers currency conversion services and carries the currency you need.
