In today’s times, converting currencies has become relatively easy. Technological advancements in financial services can be thanked for this. Moreover, various online platforms offer competitive exchange rates and lower fees. All of these aspects combined make the practice of currency exchange more cost-effective and convenient for individuals and businesses.
So, if you have been meaning to SGD to INR, you can enjoy the same perks as mentioned above. How? Just follow these simple steps to get started:
Step 1: Find out the exchange rate
An exchange rate is the price at which one currency can be exchanged for another. It is the value of one country’s currency against another country’s currency. Therefore, the first step in converting SG Dollars to INR is to determine the current exchange rate. For this, you can check online currency converter websites. You also have the option of reviewing the rates at a bank or a money exchange bureau to be sure.
Step 2: Choose a conversion method
Nowadays, there are several means available for currency conversion. You could opt for a bank, a money exchange agency, online platforms, or mobile apps. Hence, you must choose one avenue, based on your requirements. For instance, if you want to convert SGD to Rupees on the go, you can do so through your Banking app. If you have time, you could visit a money exchange agency.
In any case, you must note that each provider charges specific fees. Hence, it is important to compare to get the best deal.
Step 3: Provide the asked information
Based on the conversion method you choose, you will have to provide information, like:
- The amount of SGD you wish to convert
- Your personal details
- Your payment information
You may be asked to give out other relevant details as well. This is a standard requirement for remittance services as well.
Step 4: Complete the transaction
After submitting the necessary details, the next step is to complete the transaction. This may involve transferring SGD from your Bank Account to the conversion service. Or, you might have to exchange physical currency at the money exchange bureau.
Step 5: Receive the INR
Once the transaction is complete, you will receive the equivalent amount of INR. This amount can be deposited to your Bank Account, used for purchases, or withdrawn as cash. There is no implication on how you use the funds.
Quick tips to enjoy smooth currency exchange
- Always pick a reliable and authorised money exchanger. Do a quick background check to assess the credibility.
- Review the exchange rates beforehand. This will save you from the deduction of unexpected from your NRI Account.
- Go over the required documents in advance. That way, you will experience swift and efficient exchanges.
- While providing your details online, be on the lookout for typos or other errors.
- Check the fees and taxes associated with the currency exchange.