Currency
jasonleow • 3 May 2025 •
Dang, this tariffs situation is hitting a little too close to home… and wallet.
Last month – 1USD : 1.34SGD
This month – 1USD : 1.29SGD
I earned a few hundred dollars less this month from just a $0.05 drop in USD exchange rate… not insignificant loss 😓
It’s actually been happening all along, losing some small change here and there due to poor exchange rates from banks, but I just absorbed it. No choice, right? But this is beginning to get out of hand. And with a weakening US dollar on the horizon, it’s likely going to get worse…
Plus I lose out twice, because of doubly poor exchange rates by middlemen, on top of an already bad global exchange rate.
I lose when Paypal transfers USD to my bank in SGD using their shitty exchange rates.
I lose when my client’s bank transfers to my bank using their shitty exchange rates.
How to mitigate this?
Multi-currency bank accounts to hold USD till there’s a good rate?
Use neo banks like Wise or Revolut instead of traditional banks for lower fees, better rates?
Set up rate alerts to target exchange rates for conversions?
Batch my transfers to minimize fees and during better rates?
What else can I do?
Comments
@haideralmosawi Heh yeah its good if I travel to and spend in the US… that’s about it I think
I initially thought this was a good thing for you (SGD is stronger against the USD), but then I realized you get paid in USD. 😭💔
I’m afraid I don’t know much about currency exchange to offer any practical advice.