3 Common Misconceptions of Money Changing

Most travellers know currency exchange requires a lot of research and the rates can differ from one money changer to the next so many of us would check out the rates at each one of them in-person. Sounds exhausting, right? But the fact is, the money changing business is not as technologically challenged as we thought it is. It’s time to debunk some myths!

Myth 1: You can’t shop for rates online

It might be true a decade ago. If you were to search for exchange rates, you’d most probably find bank rates which isn’t exactly the most attractive deal compared to street rates. But in this digital age, you can now view the most competitive rates online and save the trip to individual stores.

Myth 2: Rates are fixed

Well, it’s kind of true. Let’s just say you’ve done your research and found a money changer you’d want your transaction to be done at, you'd take your stack of cash to the store and change it for your intended foreign currency with the exchange based on the rate board. Here's a little secret (which wouldn’t be much of a secret now, but we'll tell you anyway) is, you can negotiate rates if you buy a substantial amount, provided the merchant is agreeable to a negotiated price. You save even while you're spending! Check here to find a branch nearest to you.

Myth 3: The best rates are at the counter

That’s a common misunderstanding about most money changers as it’s second nature to perceive online rates are usually higher than street rates but we can safely say Merchantrade's online rates are as competitive or not more competitive than street rates.

Behold, our e-forex app! Instead of taking stacks of cash from the ATM to the branch, risking your safety (or perhaps it’s just our paranoia kicking in), why not purchase your currency online and pay using your online banking system, and collect your foreign currency in-store. Hassle-free and definitely incredibly safe. Don't believe us, click here to see our daily rates.

Photo: Lowyet

We’re also having our cash back promo up to RM50 on all online currecy purchase via your e-Forex app. Download the app now on your Apple App Store or Google Play Store.