Let's say I'm going to holiday to Japan. I am changing the Singapore Dollar into the Japanese Yen. So am I selling/buying ?
Selling Sing dollar right? Ok, there's this question in my paper which has something to do with that. I only have this part to clarify.
yes selling sing dollar and buying japanese yen
Originally posted by anpanman:Let's say I'm going to holiday to Japan. I am changing the Singapore Dollar into the Japanese Yen. So am I selling/buying ?
Selling Sing dollar right? Ok, there's this question in my paper which has something to do with that. I only have this part to clarify.
If you are saying there is a Buy/Sell table, then you are wrong. The Buy/Sell is from the perspective of the Moneychanger. It is the Moneychanger who is BUYING the SGD or SELLING the Yen to you.
Either that or simplify work both rates out and take the poorer rate as obviously the moneychanger need to profit from the exchange.
yep, this is correct.
So although you are selling S$ and buying yen,
but to the money changer, he is buying S$ from you and selling you yen.