[Gemstar]

As I was in a bit of hurry I did not check exchange rate before changing...but he offered 3.32 per sgd which sounds reasonable.

Later I check the spot rate on forex market the exchange rate was 3.34

Means if you change S$100 you lose 2 ringgit around 50cts.
Which is half a percent.

If you use credit card in Malaysia the bank charges 1.5-2.5% ...that is so much higher than money changer.

So the moral of the story is this Singapore have very good money chnagers much better than bank conversion rate for credit card. Always save by changing cash at money changer rather than use credit card all the time.

It is best advised not to use credit cards overseas unless necessary. Banks earns so much from the exchange rates. In Europe countries, the exchange rates spread can be very wide. That’s why banks are so profitable.