I want to convert singapore dollars in INR.What should i do to get maximum out of it?

Question

should i first convert it into us dollar n then to inr?

because it seams us dollar is growing...

thanx in advance...

Answer 1

Cross currency is profitable only when you have a very large amount. otherwise due to the transaction or conversion fees and taxes, little bit of profit earned gets nullified.

If you have large amount then I think you should convert SGD into USD, then USD into euro and euro into INR. the reason is maximum gain by this.

I calculated gains by taking SGD1000 with different combinations like:

1. SGD - INR

2. SGD-USD-EUR-INR

3. SGD-USD-INR

4.SGD-EUR-INR

All are Fetching almost equal results with variation of 5-10 Rs.

In my opinion if you have large amount then only opt for 2nd combination, otherwise you will loose what ever you will gain in transcation cost.

Answer 2

If you want to convert lower then 20k - 30k then go to money changer, cos money changer will give you much if compare with a bank. If you want to convert a large sum of money, then you need to convert in a bank.