How to Convert Canadian Dollars to Singapore Dollars?
You can save in more ways than one when converting Canadian to Singapore dollars. MTFX reveals how to find the best exchange rates and low transfer fees for your currency conversion.
In recent times¹, the Singapore dollar (SGD) has been counted as one of the most used currencies in international payments.
First, Singapore is an attractive investment destination, thanks to its business-centric environment and highly skilled and educated workforce.
The Asian country was Canada's 16th largest importer² of machinery, electricals, and rubbers, among other things, for 2021 ($3.29B). It's for these reasons that businesses and individuals in Canada need to convert CAD to SGD.
If you're looking to exchange your Canadian dollars to Singapore dollars, you’ll need to navigate exchange rate fluctuations and avoid expensive transaction costs. How quickly, easily, or cheaply you can convert currency depends on your provider.
Luckily, using a dedicated transfer service makes many of these issues melt away, so your money counts for more when converting CAD to SGD.
Why is the CAD to SGD Exchange Rate Important?
The CAD to SGD exchange rate matters because it's the single most crucial factor affecting the overall cost of your currency conversion. You'll find that this exchange rate varies from provider to provider.
Banks and other transfer services have a trick up their sleeves. They take the mid-market rate, which is the real exchange rate, and add a percentage to it, usually 3-5%. So, when they offer you this rate, you're overpaying without your knowledge.
If you want the best available exchange rate at the time, look for a specialist provider that doesn't hide fees in the exchange rate.
For example, MTFX gives you the real rate, which typically beats the bank by 3-5%. That's the rate that should matter because it translates to hundreds and thousands of savings when converting CAD to SGD in large sums.
Currency Converter Canadian Dollar to Singapore Dollar
Looking for the CAD to SGD live exchange rate? MTFX offers the solution you need. Our rate calculator enables you to match the Canadian dollar to the Singapore dollar in real-time before you initiate your transfer.
So if you need a CAD to SGD converter, this is the perfect tool to use. MTFX uses mid-market rates derived from the mid-point between the "buy" and "sell" transactional rates from the global currency market.
What Other Tools can Help with my CAD to SGD Conversion?
When looking for the best international money transfer services, there's more to it than competitive exchange rates and low transfer fees.
Another significant advantage of using a specialist provider is access to currency exchange tools. This important feature helps you save money and time when converting currency and making international transfers.
MTFX provides expert foreign exchange tools, including:
- Currency charts. You can view our latest currency charts and keep tabs on what's trending in real-time for your chosen currency pair.
- Historical rates. This tool allows you to view the CAD to SGD exchange rate history and analyze rate trends for your currency pair.
- Currency rate alerts. You can also set the currency rate alerts. MTFX will notify you when the market swings in your favor so you can take advantage.
What's the Best Way to Convert CAD to SGD in Large Sums?
Converting CAD currency to SGD in large sums at a later date comes with risk. The exchange rate may be good today, but that does not mean it will remain so in the days ahead.
A lot of exchange rate movements can happen in that time, some of them unfavorable. Even a small unfavorable difference in the exchange rate could mean losing thousands of dollars when converting currency.
To avoid exchanging currency at wildly different exchange rates than expected, there are risk management tools you can use to protect the value of your money.
- Forward Contracts. A forward contract requires a deposit but allows you to lock in a chosen CAD to SGD exchange rate. That means you can budget for future transactions with certainty amidst market fluctuations.
- Market Orders. This tool is ideal for transfers without a deadline and allows you to target a specific rate that's high enough or a lower acceptance rate to protect you from loss should the rate move unfavorably. Your transfer is automatically completed once the specified rate is reached.
How to Convert Canadian Dollars to Singapore Dollars?
You can exchange CAD to SGD and send funds to a Singaporean bank account in three simple steps.
- Sign up for a free account or log in to view live exchange rates for the CAD/SGD pair.
- Set up your transfer by first adding funds, choosing the appropriate currency, and entering the amount.
- Make your payment and track its progress online. (MTFX usually takes 24-48 hours to deliver funds to your recipient).
Transfer Canadian Dollars to Singapore Dollars Today
Exchanging CAD to SGD with a bank often translates to significant conversion losses due to poor exchange rates plus slow and expensive legacy systems. MTFX offers a better alternative.
Sign up for a business or individual online account with MTFX to convert currency at the real exchange rate and for low transfer fees.
Transferring CAD to SGD is fast and secure, plus you can track your international money transfer online. On top of that, you'll benefit from having access to expert FX tools, and personalized guidance from our currency specialists.
All this gives you peace of mind that you're making the most of such an important transaction.
Open an account today to convert CAD to SGD with MTFX at the best currency exchange rates available to you and for low, transparent fees.
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