The benefit of online money transfer services like Wise is the ability to transfer money to more parts of the world, while still saving money per transaction.Ī cheap, fast and transparent alternative: Wise This is on top of the hassle of having limited foreign currency options and the physical need to go down to the Mustafa Foreign Exchange counter. And while it can appear small, it can really begin to add up and result in less money in your hands. In just a few currencies, you can see the amount you are losing per Singapore dollar you convert. Here is how just a few of the Mustafa Foreign Exchange rates compare to the mid-market exchange rate²: Currency in S$ 1 It is the same one that you see on Google or Reuters and the one Wise uses. The mid-market exchange rate is the rate banks use themselves. And better yet, not have to carry around cash even when you need to spend in a different currency.īut first, let’s look at the costs to you for using Mustafa Foreign Exchange versus the mid-market Exchange rate. With new digital providers, like Wise, you can save money on every transfer. But that doesn’t mean it continues to be the easiest or cheapest to use nowadays. The legacy of Mustafa Foreign Exchange is one of trust and ease, especially for those sending money to South Asia. The true cost of money changing with Mustafa Foreign Exchange Leave the guesswork behind, and get transparent, secure and fast transfers with Wise. And right from the Wise homepage, you can see the exchange rate, delivery time and the one low transaction fee for all your transfers. Over 7 million people have already used Wise. Wise has made it as simple as possible with low-cost money transfers all over the globe. Money transfers don’t need to be complicated. Again, the process is still very much in-person based which makes it difficult to send or exchange money when you aren’t able to get down to the exchange counter yourself. In addition, one thing that is not clear through Mustafa Foreign Exchange is the delivery time for sending remittances. The process isn’t clear on the site but it does require you to sign up as a member first to access the form and exchange rate you will receive. On the Mustafa online website, you will also find an online process for remittances. And that is why you would find it difficult to know their rates and fees if you don’t go down there yourself.Īll this being said, you can take a look at a few of the currencies they offer on their website.
And while you can find some of the buy and sell rates they are offering on their website, the majority of their business is done in person at the counter in Mustafa Centre. Mustafa Foreign Exchange operates similarly. Money changers use the difference between the buy and sell rates, which is called the spread, to give you a hidden fee. Money changers set the rates they buy and sell at weaker than the mid-market rate, which is the rate banks use themselves. So what may look like no additional fees isn’t actually true. The latter having greater access to global currencies, apps, and strong security to make money exchanging better and easier.įor money exchangers like Mustafa, charges and fees are usually built into the exchange rates they offer. While these businesses have been core to travel and remittances since the 1970s, they haven’t been able to innovate for the digital age, unlike digital-first companies. Mustafa Foreign Exchange is one of a number of money changers in Singapore. Mustafa Foreign Exchange charges and fees With Wise’s multi-currency account, you can hold and exchange 30+ currencies from one account with just a press of a button Learn more about how Mustafa Foreign Exchange works, including it’s in-person, and limited online processes. So whether you want to exchange cash or remit money, the Mustafa Foreign Exchange counter is open 24 hours a day, 7 days a week. Anything you are ever looking for, you can find it in Mustafa Centre on Syed Alwi Road.
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