Anonymous

05 Aug 2019

∙

What is the best way to exchange foreign currency?

I will be based in Australia for about 6 months and would like to know which platform is the best for me to exchange foreign currency:

Traditional money changer (dangerous as we will be carrying a lot of cash)
Multi-Currency Account (saw that DBS has this but the account generates 0% interest)
YouTrip (not sure how this works)

Thanks in advance!

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HC Tang

05 Aug 2019

Financial Enthusiast, Budgeting at The Society

1) DBS visa debit card - Transfer $ from your DBS account to the card and change to AUD and store in the card and use.

2) Youtrip - Same as #1 just that you need to transfer to Youtrip account then change to AUD using the app as and when you need then treat the Youtrip card like a debit / master card.

Traditional $ changer only suitable if you keep travelling around or one lump sum. Dangerous as you said.

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Mark

02 Aug 2019

YouTrip is better. See it as getting 3% rebate. Top up via app as and when required. Plus now no dormancy fee. The only drawback is that it doesn't support online payment that requires one time pin (OTP)

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