About a week ago, I came back from a thoroughly enjoyable vacation in Singapore. I must say it is an incredible food city with not only a wide variety but also low prices. Part of the source of the variety and pricing is sheer competition. Everywhere you turn, there are hawker food courts where 20-100 hawker stalls surround a common table area. When dining out with friends and family, everybody can get their own food preference.
Competition is also how currency exchange is available at acceptable rates at the Singapore Airport. Perhaps you've travelled airports before and noticed the currency exchange booths. Have you ever taken a look at the rates? Ouch! In San Francisco and Hong Kong, these booths usually charge a whopping 15% fee. Macau's 5% by comparison seems heart-warming. But at Sinagpore's Changi Airport, the fee is 2.5%. Obviously you can still do better a street-level mom & pop places charging 1.5%-2% -- or better yet, less than 1% if you have access to zero-free international ATMs. But if you're between flights at an airport looking for lunch, you go with the options available.
So how does Singapore keep the rates down? By the quick method of having 2 separate companies side-by-side at every currency exchange location. This means you always have at least 2 companies competing against each other and keep the rates somewhat honest. The rates are still higher because airport rents and taxes are higher but 2.5% doesn't feel that bad when you need to swap $5 for a laksa lunch.
And speaking of lunch, the quality and cost of food at Singapore Changi Airport blows away any other airport I've been in. After passing immigration at San Francisco SFO? A cold sandwich and drink for $12-$15 is it. At Changi, not only is there a full-blown shopping mall+food court before immigration but also extensive shopping & food in the departure lounges at all 3 terminals plus free tram service between the after-immigration terminals. I had a fantastic lunch of laksa (curry noddle soup), kaya toast and teh (Malaysian milk tea) for $5.80SGD ($4.46 USD).
(Filed in economics)
Currency Exchange in Singapore Airport
Posted by Mossy
October 18, 2010 5:51 PM
Competition is also how currency exchange is available at acceptable rates at the Singapore Airport. Perhaps you've travelled airports before and noticed the currency exchange booths. Have you ever taken a look at the rates? Ouch! In San Francisco and Hong Kong, these booths usually charge a whopping 15% fee. Macau's 5% by comparison seems heart-warming. But at Sinagpore's Changi Airport, the fee is 2.5%. Obviously you can still do better a street-level mom & pop places charging 1.5%-2% -- or better yet, less than 1% if you have access to zero-free international ATMs. But if you're between flights at an airport looking for lunch, you go with the options available.
So how does Singapore keep the rates down? By the quick method of having 2 separate companies side-by-side at every currency exchange location. This means you always have at least 2 companies competing against each other and keep the rates somewhat honest. The rates are still higher because airport rents and taxes are higher but 2.5% doesn't feel that bad when you need to swap $5 for a laksa lunch.
And speaking of lunch, the quality and cost of food at Singapore Changi Airport blows away any other airport I've been in. After passing immigration at San Francisco SFO? A cold sandwich and drink for $12-$15 is it. At Changi, not only is there a full-blown shopping mall+food court before immigration but also extensive shopping & food in the departure lounges at all 3 terminals plus free tram service between the after-immigration terminals. I had a fantastic lunch of laksa (curry noddle soup), kaya toast and teh (Malaysian milk tea) for $5.80SGD ($4.46 USD).
(Filed in economics)
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