Best legitimate conversion from SGD to USD

[rayzzzz82]

If I want to convert 10k SGD to USD, what is the cheapest way to do so with the lowest spread? Can anyone advise?

 

[BBCWatcher]

If I want to convert 10k SGD to USD, what is the cheapest way to do so with the lowest spread? Can anyone advise?

The cheapest way is when the person or organization you’re paying in U.S. dollars accepts a major credit card without any markup. Then you can use an ICBC Global Travel Mastercard (as one notable example) to make the payment and actually come out a bit ahead, effectively paying less than spot rate for U.S. dollars.

Interactive Brokers is the next least expensive. You’ll get spot rate and only pay the broker a US$2 commission, plus GST on the commission if it’s Interactive Brokers Singapore Pte. Ltd. But Interactive Brokers is not a payment service if that’s what you have in mind. They provide foreign currency and securities trading services.

 

[rayzzzz82]

The cheapest way is when the person or organization you’re paying in U.S. dollars accepts a major credit card without any markup. Then you can use an ICBC Global Travel Mastercard (as one notable example) to make the payment and actually come out a bit ahead, effectively paying less than spot rate for U.S. dollars.

Interactive Brokers is the next least expensive. You’ll get spot rate and only pay the broker a US$2 commission, plus GST on the commission if it’s Interactive Brokers Singapore Pte. Ltd. But Interactive Brokers is not a payment service if that’s what you have in mind. They provide foreign currency and securities trading services.

I am looking at conversion only from SGD to USD and not on payment via credit card

I am not exploring IBKR conversion as it is deemed to be non legitimate by IBKR

appreciate if anyone can recommend the legitimate method of conversion

 

[BBCWatcher]

I am looking at conversion only from SGD to USD and not on payment via credit card

OK, so the entity you’re paying doesn’t accept credit cards. Got it.

I am not exploring IBKR conversion as it is deemed to be non legitimate by IBKR

Currency conversion is perfectly legitimate at Interactive Brokers. I do it every month. But that‘s to buy securities, not for (routine) payment purposes.

appreciate if anyone can recommend the legitimate method of conversion

If you’re trying to pay someone in U.S. dollars who doesn’t accept credit cards and starting from Singapore dollars then take a look at well-known international remittance specialist firms such as Wise and their competitors.