Anonymous
Should I convert sgd to usd now, considering how well the usd is doing in the current market climate?
Should i convert sgd to usd now? it seems like a good time, so i can use it for investments overseas in the future.
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Rais M
28 Feb 2020
Accountant at SME
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Too early to say. There's still the elections coming up.
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Very hard to answer this type of question actually because it is tough to predict fx, especially when it comes to overseas investments as there are also the selling and exchange back to SGD to consider.
Assuming the exchange rate between USD to SGD is 1:1.4 now and you are going to make an investment of USD100k. You will need SGD140k.
5 years later, you believe you have make a profit of 10% and decided to sell the investment. But the exchange rate is now 1:1.3. USD110 (USD100k + 10% profit) will give us SGD143k.
Due to exchange rates, a profit of USD10k when convert to SGD is only SGD3k. Do take note of this FX risks.