Why Moolahgo just makes a bit more sense when you Travel!

June holidays offer a precious opportunity to de-stress, reconnect, and foster a deeper sense of love and togetherness. Embrace this valuable time, savour precious moments, and make the most of this remarkable season of family bonding. Let Moolahgo handle your travel needs when it comes to your money!
Problems with exchanging money physically.
Travelling can be a very stressful affair, with the planning, buying of tickets, packing and eventually travelling. Worrying about exchanging our money in Singapore only adds to our long list of to-dos before we travel.
Carrying around this large wad of cash while in a foreign land is much more stressful. We need to declare these sums at the customs if we bring in more than US$10,000 or its equivalent into certain countries. This may not be far-fetched if we are on a European or US holiday.
Safety concerns is definitely another area we need to note. Not every country is as safe as Singapore, and carrying around large sums will only attract the wrong kind of attention.
Convenience is another matter – handling large stacks of money can be burdensome and make us stick out in a crowd (for the wrong kinds of attention).
Lastly, we also tend to overestimate how much we need while overseas. This is because we don’t want to be left short of money while overseas. This behaviour often leads to overspending or bringing home large quantities of foreign currencies (which either need to be exchanged at a loss or kept at home).
Where possible, we should try to use credit cards to cater for the emergency scenarios, as well as utilise multi-currency accounts (MCA) or multi-currency apps such as Moolahgo, to be secured and to travel cashless.
Cash or Credit Cards?
There are pros and cons to using credit cards while overseas.
Perks of using a credit card
As mentioned above, credit cards gives you the flexibility of an emergency fund without attracting the wrong kind of attention holding large wads of cash overseas.
Credit cards also allow us to keep track of our overseas transactions, and flag it to our credit card companies, the authorities and even insurance companies for instances where we are pressured into making a large transaction overseas.
But try NOT to
Many of us don’t realise that our credit card companies will charge us double conversions for our transactions. First, our overseas transactions will be converted into US Dollars, and then, it will be converted into Singapore Dollars when billed to us.
The conversion rates we are charged may be poor as well.
On many credit cards, we will be charged a foreign transaction administrative fee whenever we use our credit cards overseas.
Online is always better!
Instead of using credit cards as our emergency funds, we can also choose to exchange our money online, and use cards and/or apps to make transactions overseas, in foreign currencies.
We can also exchange money on-demand, which means we will be able to avoid exchanging too much or too little. As the money is stored in our accounts, that we can access digitally, it becomes a more convenient and safe way to travel. Click here to to see the best rates for changing money online!
Tip’s if you have to deal with Money Changers.
If you are confused whether to look at the buy or sell column when trying to exchange money, ask yourself this question: am I buying or selling the foreign currency? The answer: you are the buyer of the foreign currency, which makes the money changer the seller of the foreign currency. Therefore, you should look at the “sell” column for the rate that applies to you.
HOWEVER, if you are overseas tying to exchange your home (foreign) currency into the local currency, you become the seller of the foreign currency, and the money changer is the buyer of your foreign currency. Hence, you have to look at the “buy” column when exchanging your currency.
We recommend to just to this online with Moolahgo! Saves you the hassle and we ensure that you always get the best rates when you are overseas.
Find out how you Moolahgo can help you make your travels this June seamless! Click here