Singapore Dollar (SGD) has become popular among traders and investors as it offers many trading opportunities. Singapore has a very well-developed economy and its citizens love travelling worldwide. In some countries, SGD has appreciated against local currencies and Singaporeans can use this to travel in those countries cheaper. Let’s list some of the best destinations where you can get more local currency for your SGD.
Currency exchange rates and its impact on travel
When SGD strengthens against another currency, it means, you can receive more of this other currency for 1 SGD. It boosts your purchasing power and local services and goods become cheaper. Many things like economic policies, market conditions, and global trends can impact currency appreciation.
Japan
Japan has been known for its low interest rates which traditionally make JPY (Japanese yen) cheaper than other currencies, including SGD. SGDJPY has been on the rise recently, meaning you get more JPY for each 1 of your SGD. Japan is very well-developed and is home to Tokyo trading sessions, which makes it a financial hub for Asia similar to Singapore. Singaporeans will find many familiar things in Japan. Before you go anywhere, you should check currency rates and prices and the best solution for this challenge is to use a platform that lists currency exchange rates in real-time just like the MetaTrader 5 platform.
Malaysia
The Malaysian ringgit (MYR) was in a strong uptrend for months and the country might be one of the most attractive destinations this Christmas. The best spots in the country include Kuala Lumpur, Penang, and Langkawi. Apart from good exchange rates, there are many similarities when it comes to Malaysian and Singaporean culture which makes seamless travel options available. SGDMYR is currently 0.3 meaning, you can buy 1 MYR for just 0.3 SGD which is super attractive for cheap travel.
Indonesia
With a favorable SGD to Indonesian Rupiah (IDR) rate, the luxury lifestyle in Indonesia is more available than ever. The SGDIDR currency pair has been in a strong uptrend for months and Singaporeans can exchange their SGD for more IDR now. The most visited destinations in Indonesia include Bali, Jakarta, and Yogyakarta. With favorable exchange rates, even premium experiences are available at lower prices.
Vietnam
Vietnam offers a rich culture and great value for money. Vietnamese Dong (VND) against the Singapore Dollar has been moving downward, meaning less SGD is required to buy 1 VND. This low exchange rate makes Vietnam an excellent choice for a value-for-money destination. Key cities include Hanoi, Ho Chi Minh City, and Da Nang. Singaporean tourists can enjoy affordable local cuisine, accommodations, and tours.
Philippines
The Philippines offers tropical escapes to Singaporean tourists. The favorable Philippine Peso (PSP) exchange rate with SGD opens doors to stunning tropical destinations like Manila, Cebu, and Palawan. SGDPSP is in an uptrend and allows for more PSP for 1 SGD which is super attractive for tourists. The country is known for warm hospitality and diverse attractions supported by the rich cultural heritage of the country.
South Korea
South Korean Won (KRW) has depreciated recently against the SGD which was only accelerated by the recent political instability episode in the country. The political crisis was quickly resolved and South Korea remains one of the most popular destinations for tourists, especially with its K-pop. The best places to visit include Seoul, Busan, and Jeju Island. South Korea is among the countries that combine super-advanced modern life with a rich cultural heritage.
South Africa
SGDZAR (South African Rand) has started to move upward recently which makes South Africa yet another affordable option. South Africa offers exceptional value to Singaporean visitors with its Safaris in Kruger National Park and Cape Town adventures. Amazing flora and fauna can be found in SA which makes it a popular destination for tourists worldwide and cheaper ZAR only makes it an even more attractive destination.
