When is a good time to change money?

16 October 2018

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I'm traveling next month, should I change my money now? Will Japanese Yen go up or down tomorrow or next week? What about British Pound, Euro, etc.?

These are typical questions that we have heard of all too often from our customers. Don't get us wrong, these are all good questions that you should be asking. But unfortunately, your guess is probably as good as ours.

In fact, no one knows! Of course, there are some who may be able to forecast (more like 'guess' to us) but more often than not, actual exchange rates movements turn out to be very different from forecasts. Imagine…if it was that easy, a lot of people would be trading currencies for a living.

The money market is mind-boggling big and very liquid. FX trading runs 24 hours a day and it is highly reactive to events around the world. And there's no lack of events happening around the world right now that will make exchange rates go one way or the other (US-China trade war, US mid-term election, Brexit, the list goes on…).

So back to your question at the start….whilst we can't give you a direct answer, we can give you a few tips to help you with managing your currencies:

  1. You are busy enough, stop monitoring rates yourself. Let us do the dirty work for you free of charge. Just drop us a note at support@moolahgo.com and tell us the Currencies and Exchange rate level at which you want to be alerted (Example: USDSGD 1.39 or SGDJPY 81.65).

  2. Use a "Limit Order". What's a Limit Order? In simple terms, it is an order that is executed when your preferred rate is reached. Typically, such sophisticated features are only made available to high-net worth clients of banks. Good news for you, by using MoolahGo, you get access to this cool feature absolutely at no costs whatsoever!

    Click on the link below to find out how to use this feature.

    Using MoolahGo's Advanced Features

  3. Keep yourself updated on currency news so that you can tell hot air from real practical advices whenever you hear someone giving you currency forecasts.

  4. If you need a large amount of a specific currency (definition of 'large' differs, but we would say something more than S$ 5,000 equivalent), you may want to change small amounts at periodic intervals to average-out your exchange rate.

    With MoolahGo, you can change your money and have it stored in your secured MoolahGo e-Wallet Account. And when you are ready to get the cash, just inform us. This way, you don't have to keep a stack of cash at home and worry about losing it.


    Your e-Wallet can be found in your MoolahGo Account Dashboard under My Profile

  5. Use MoolahGo's Peer-to-Peer Currency Exchange e-Marketplace to change your money with other members. Going through the e-Marketplace allows you to list your currency needs at the market rate for other members to transact with you. This service is especially useful after you have returned from a trip and have some spare cash to change back to your home currency.

  6. Lastly, with MoolahGo, you earn reward points ('GO7Coins') whenever you perform a transaction. These GO7Coins can then be used to redeem shopping vouchers. So even if you have changed money at the wrong time and made some exchange losses, don't feel too bad as you've earned some reward points from MoolahGo.

 

About MoolahGo

MoolahGo is a Fintech Startup based in Singapore offering online currency exchange and online money transfer services at highly competitive exchange rates, low cost while providing convenience and security to its users. MoolahGo is the First Fintech in Singapore to obtain a full money-changing license from MAS to offer an online currency exchange service and is a Stored Value Facility (SVF) holder. It is also believed to be the Largest online money changer in Singapore currently.



Cautionary Statement

The contents of this article are purely for informational purposes only and should not in any way come across as a recommendation to buy or sell any currencies. You should do your own thorough research before making any decision to buy/sell currencies. MoolahGo does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.



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