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Travel Smart: Why the SGD-AUD exchange rate is key for your holiday

Travel Smart: Why the SGD-AUD exchange rate is key for your holiday

In today’s fast-paced world, a getaway is always on the cards as a way to de-connect from work and recharge.

One key consideration when deciding on the holiday destination is  the exchange rate. This can significantly impact one’s travel budget and determine how much your money is worth in the destination country.

Australia is one of the top travel destinations for Singaporeans. How can you put FX markets to work to help maximise your travel budget?

Maximizing your travel budget

To make the most of your travel budget, consider the following tips to stretch your Singapore Dollar for your holiday Down Under:

  1. Monitor exchange rates: Keep an eye on the SGD to AUD exchange rate in the months leading up to your trip. Exchange rates can fluctuate, so monitoring trends can help you exchange your money when the rate is favorable.
  2. Exchange AUD at competitive rates: Exchange your AUD through reputable sources that offer competitive rates. Consider using Standard Chartered LiveFX for competitive rates and earn rewards while you’re at it. Avoid exchanging money at tourist spots or airports where rates may be less favorable.
  3. Budget wisely: Plan your travel budget carefully, taking into account major expenses such as accommodation, food, transportation and activities. Having a clear budget can help you manage your finances effectively during your trip.

Understanding the outlook for the AUD versus SGD

Exchange rates are usually influenced by several factors including interest rate movements, inflation and geopolitical events. Monitoring these trends can help travellers make informed decisions about when to exchange their money for the best rates.

As inflation continues to ease in Singapore, policymakers are likely to favour a softer currency, applying downward pressure on SGD. In contrast, Australia’s central bank remains focused on fighting inflation and, hence, keeping interest rates elevated. Given these divergent policy efforts, we see the AUD strengthening against the SGD over the next six months. This outlook argues for buying AUD on dips over the coming months ahead of any upcoming travel plans.

Understanding the movement of the SGD/AUD exchange rate can help you make informed financial decisions, ensuring that you make the most of your travel experience without breaking the bank.

This is where Standard Chartered LiveFX comes in.

With this one-stop FX platform, you can stay updated on the latest exchange rates and make informed financial decisions for your trip. Other beneficial features include:

Equip yourself now with essential FX information and save more on your travels. Get the best exchange rates for your trip Down Under with Standard Chartered Live FX today!

Disclaimer

This article is for general information only and it does not constitute an offer, recommendation or solicitation of an offer to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This article has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice or an investment recommendation. It has been prepared without regard to the specific investment objectives, financial situation or particular needs of any person or class of persons. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product or invest in an investment. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product or service described herein is suitable for you.

You are fully responsible for your investment decision, including whether the investment is suitable for you. The products/services involved are not principal-protected and you may lose all or part of your original investment amount.

Standard Chartered Bank (Singapore) Limited will not accept any responsibility or liability of any kind, with respect to the accuracy or completeness of information in this article.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. For clarity, these investment products are not deposits and do not qualify as an insured deposit under the Singapore Deposit Insurance and Policy Owners’ Protection Schemes Act 2011. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

The information stated in this article is accurate as at the date of publication.