Quote:
Originally Posted by nono1973
Not gonna correct you cos i can't. Reason is,i am talking about SGD to USD,then to IDR but you are talking about USD to SGD,then to IDR.
In my next trip,i am going to recce if bro Blackpage's method would work by approaching the money changer for the rate of SGD to USD and then from USD to IDR. Regardless how the rate is like,the rate for SGD to USD then to IDR compare a direct SGD to IDR needs to be exactly the same. Meaning if i use 1SGD to change to US$0.80,then to IDR needs to be the same as 1SGD to IDR. If it's the same,then i make the exchange. If there is a difference,i will need to see if US$0.80 can get better rate then 1SGD to IDR.
Yes,money changer do make profit from the exchange rate.If i change 1SGD to US$0.80 in a Money changer,i can never change US$0.80 back to S$1. Most likely i can only change US$0.80 back to S$0.95. The profit for money changer is therefore S$0.05.
Next week's trip,i will go ask the money changer 3 questions :
How much is....
USD to IDR = ???
USD to SGD = ???
SGD to IDR = ???
If the amount do not allow me to make "profit" or make too little "profit",then i will just change from SGD to IDR direct. Profit around 65k rupiah leh...i can take taxi from Harbour Bay to Formosa and then from Formosa to Harbour Bay,and still got 5k to tip the taxi driver.
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Bro nono, base on my opinion, I doubt can make a profit if you change sing$ to USD and then to rupiah
with the same money changer.
This is because when you first change from sing$ to USD, the money changer will sell you USD at a high price. (exchange rate loss no.1)
Then when you change USD to rupiah, the money changer will buy your USD at very low price. (exchange rate loss no.2)
Sometimes the difference in the buy and sell rate of a certain currency can be quite large, that is why money changers, banks, financial companies, etc all can make damn good monies.
Even if you try
with different money changer like you buy USD with one changer and sell USD with another by finding out the best rate offered by the various changers.
In the end you will still get lesser rupiah by changing
sing$ to USD to rupiah than
sing$ to rupiah direct.
This is because the
exchange rate differences between the various money changers is still
considered as insignificant compare to the
twice exchange rate loss by changing twice.
