question on foreign exchange
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Currency Unit Selling TT/OD Buying TT buying OD
US Dollar 1 1.6630 1.6480 1.6420
What does the TT and OD stand for?
If i want to buy US$, do i get it at the rate of 1.663 under their selling TT?
Pls advise. Thanks -
All i know is that...you buy at a higher price...
u sell is lower.. -
If you want to buy USD, you will get the rate of 1.6630.Originally posted by pqr:Currency Unit Selling TT/OD Buying TT buying OD
US Dollar 1 1.6630 1.6480 1.6420
What does the TT and OD stand for?
If i want to buy US$, do i get it at the rate of 1.663 under their selling TT?
Pls advise. Thanks
ie. SGD166.30 will buy you USD100.
If you are selling USD, then you use the other rate ie. 1.6480.
ie. USD100 will get you SGD164.80.
I am not too sure about OD though. Probably Overdraft rate.
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Anyway, i suppose 1 of it , the highest is the buying price for a unit
the lowest is the selling price...
the one neither here nor there should be the official exchange rate... -
Well I do know in banking terms
TT = Telegraphic Transfers
OD = Overdraft
Bank will buy at lower rate and sell the currency to you at a higher rate -
Originally posted by elindra:
Thanks elindra.
Well I do know in banking terms
TT = Telegraphic Transfers
OD = Overdraft
So will get at the rate of 1.663 when i pop into the bank to buy US$? -
i already know that..thanksOriginally posted by SMAPLionHeart:All i know is that...you buy at a higher price...
u sell is lower.. -
Err exchange rate change all the time. Depends on how big the change to see if they actually adjust it. It should be around there unless their is a spike or drop due to some earth-shattering news. I've been away for over a week and it is now 1.663Originally posted by pqr:Thanks elindra.
So will get at the rate of 1.663 when i pop into the bank to buy US$?
That is damn high. -
try overseas banks eg HSBC or Citibank. see if they offer something better.
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they do not show their exhange rate online? i cant findOriginally posted by io:try overseas banks eg HSBC or Citibank. see if they offer something better. -
These rates only apply if you are doing THAT specific transactions. For cash, go check at the board in a branch or give them a call. But the rates changes eh? So, if you are serious, booked that rate and reserve the cash. Hope that's how it still works. Give it a shot.Originally posted by pqr:Currency Unit Selling TT/OD Buying TT buying OD
US Dollar 1 1.6630 1.6480 1.6420
What does the TT and OD stand for?
If i want to buy US$, do i get it at the rate of 1.663 under their selling TT?
Pls advise. Thanks
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think have to register one...they get all the rate feeds from all over the world.Originally posted by pqr:they do not show their exhange rate online? i cant find -
http://finance.yahoo.com/currency?uOriginally posted by kaobeikaobu:think have to register one...they get all the rate feeds from all over the world. -
he referring to banks lah..nt yahoo lah...Originally posted by BITCHY_BITCH: -
my mistake..register is if u want an account with them.Originally posted by pqr:they do not show their exhange rate online? i cant find
here hsbc online rates.
http://www.datafeeds.hsbc.com.sg/sg/unitrust/forex/exchange_rates_main.jsp -
IT IS the SAME. Still exchange rates mah...Originally posted by kaobeikaobu:he referring to banks lah..nt yahoo lah... 
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I watch the SGD, EUR and USD carefully each day because my company deals with all these currencies. I also handle T/T monthly (both receive and send). As somebody had already answered your questions, I won't repeat the answers. However, I have to say that if you're buying USD, watch the rates carefully.
I don't know which bank you're using, but my bank (DBS) do have their rates on-line.....although by the time you reach the bank, the rates may have changed already.
Lots of good economic news have been coming out of the US these past days. Deficit is down, durable goods orders up, home sales up, etc....coupled with the bad news coming out of the Eurozone, its pushing the USD up.
I'm surprised that the USD fell tonight after the good news which emerged....but I suspect that it will go up again in the coming days.
So watch the SGD-USD rates carefully.......
(I'm stopping one step shy of telling you to buy USD as soon as possible because that would be trying my hand at fortune telling....and I can't be sure that its the right choice).
If you're just changing SGD cash to USD cash....then just go to any money changer. They may have better rates than banks.....and if you're changing big amounts, you can bargain with them for better rates too. -
on surface they make no difference...just informational...for people who dun trade.Originally posted by BITCHY_BITCH:IT IS the SAME. Still exchange rates mah...
but the rates between them are definitely different...dun know how banks work with third-parties rate feeds on information rates..maybe someone here can explain that.
and the tt/od info provided by the banks.a few cents difference can burn a big hole if the volume is huge. -
i have found out is not the same...Originally posted by BITCHY_BITCH:IT IS the SAME. Still exchange rates mah...
Yes they are exchange rate but if you want to buy foreign $ from them is different from their "TT/OD rate".
UOB website have 2 rates; 1 for TT,the other for selling foreign $