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Thread: Beware .... moneyshortchanger

  1. #1

    Default Beware .... moneyshortchanger

    Last week my friend went to the "Ishwarya Money Changer" at the basement 1 of the Tampines Mall to change for some Vietnamese đồng. She wanted to have some petty cash and so she changed a S$100 for some 776,000 dong, which the botak guy assured her was the best rate in town... Thinking that it was only a small sum, she was reassured.
    When she was in Vietnam, she also changed a S$100 but this time the Hilton Hanoi's cashier gave her 1,000,000 dong! .... and I suppose the rate would even be better if changed outside the hotel.
    She was quite furious about the dishonesty of this money changer and went back to him a few days ago. She told him about the bad exchange rate (25% higher?) but seeing her alone and looking "not local", he even shouted at her and called her a liar ... when she asked him what he said, he spelt out "L I E..." loudly....
    This is bad, very bad. .......
    So brudders and sisters here, even for those "unpopular" currencies, maybe check with some of the ppl here before you even go to these moneyshortchangers.
    BTW, the place used to be occupied by TOMMY, which used to be a very popular and fair moneychangers. For me, no more "Ishwarya".
    always the Light, .... always.

  2. #2

    Default Re: Beware .... moneyshortchanger

    Thanks for warning. It's holiday time now and many people will be changing foreign currency soon.
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  3. #3
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    Default Re: Beware .... moneyshortchanger

    exchange rates are easily available online, next time can check the rates beforehand to avoid all these headaches.

  4. #4

    Default Re: Beware .... moneyshortchanger

    If i'm not wrong, Vietnam Dong (VND) is not supposed to brought out of Vietnam.
    As such, it is not supposed to be possible to obtain VND in Singapore actually... perhaps that is the reason behind the bad rates. When I went in June, it was about 1SGD:10000VND. I changed SGD to USD and used USD to change into VND there, because I wouldn't think SGD to be regarded highly as compared to USD.

    But i think Bad Rates and Being Very Rude are different issues actually

  5. #5

    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by overdodo View Post
    If i'm not wrong, Vietnam Dong (VND) is not supposed to brought out of Vietnam.
    As such, it is not supposed to be possible to obtain VND in Singapore actually... perhaps that is the reason behind the bad rates. When I went in June, it was about 1SGD:10000VND. I changed SGD to USD and used USD to change into VND there, because I wouldn't think SGD to be regarded highly as compared to USD.

    But i think Bad Rates and Being Very Rude are different issues actually
    yeap. what i last remembered is also that there is no place to change for dong outside vietnam...

    hmm. now it's not bad rates problem. sneaky..

  6. #6

    Default Re: Beware .... moneyshortchanger

    erm actually some local $$ changer also nt very good.

    i have experience at people's park that they told me taiwan $$ to SG $$ is $52..and wah i thought so good rate, in the end the $$ he gave me is incorrect, then i said isn't it $52 for 1000NT? then he said is $50.20 .......... =.= .....and what can I do? he already took my $$.....hai~~
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  7. #7

    Default Re: Beware .... moneyshortchanger

    I my be mistaken, but isn't a moneychanger the one who decides the rates for his or her own store just like different camera stores charge different prices for the same brand/model and it's up to customers to shop around and check? So if a Nikon XYZ costs $500 at one store, and someone buys the same exact item/package at $800 at another store, who's at fault?

    However, I agree - bad service and harressing the customer is strictly a

    Since VND isn't supposed to be brought outside the country, guess your friend could always alert the Vietnamese Govt/consulate to the alledged infringement/illegal activities of this money changer. Just a thought...

  8. #8

    Default Re: Beware .... moneyshortchanger

    I usually go to the Indian money changer at Chimes (you can see the shop when you cross the road from Bras Basah). He's a nice and friendly chap and the rates he gives are a good deal reasonable.

  9. #9
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    Default Re: Beware .... moneyshortchanger

    Dongs rate in SG normally not good lah. I checked before last year and early this year, mostly $1 to 7000+ dongs onli. Even airport rate in Hanoi/HCM better.

  10. #10

    Default Beware .... moneyshortchanger

    Quote Originally Posted by Ah_Seng;
    Dongs rate in SG normally not good lah. I checked before last year and early this year, mostly $1 to 7000+ dongs onli. Even airport rate in Hanoi/HCM better.

    so was "Ishwarya" at fault?

  11. #11

    Default Re: Beware .... moneyshortchanger

    i guess if u consider VND isn't supposed to be brought out of the country ... then "Ishwarya" is at fault for illegally bringing VND out .. and for being rude ... exchange rate? .. it's up to him i suppose .. but the rudeness is unacceptable

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    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by Reliance View Post
    so was "Ishwarya" at fault?
    Well, i suppose if like what KEX mentioned, doing an online check will tell you that SGD$1 will give you $9-10K dongs, so normally one wouldn't accept a rate of $7K+ right?

  13. #13
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    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by Expiredyoghurt View Post
    i guess if u consider VND isn't supposed to be brought out of the country ... then "Ishwarya" is at fault for illegally bringing VND out .. and for being rude ... exchange rate? .. it's up to him i suppose .. but the rudeness is unacceptable
    I agree that there is no need to be rude to the lady.

  14. #14
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    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by Expiredyoghurt View Post
    i guess if u consider VND isn't supposed to be brought out of the country ... then "Ishwarya" is at fault for illegally bringing VND out .. and for being rude ... exchange rate? .. it's up to him i suppose .. but the rudeness is unacceptable
    I believe it wasn't the money changer who brought the Dong outside Vietnam, it would have been more likely some person exchanged the Dongs to him here in Singapore...........

    Who was rude in the first place? We only hear one side of the story, maybe the friend was also rude to the moneychanger, don't forget, she is telling him off for being dishonest.....while there may have been good reasons why the rate was so bad compared to changing in Vietnam itself.

    And I don't think comparing rates between rates for Dong given here and in Vietnam is a valid comparison for reasons given in above posts.

    A good comparison would have been to compare with other moneychnagers WITHIN Singapore.

    Hong Sien

  15. #15
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    Default Re: Beware .... moneyshortchanger

    Caveat emptor - Buyer beware

    It applies (surprise) even to buying foreign currency. Your friend failed to check the going rate, and she paid for it by getting a poorer exchange.

    Are you sure that other moneychangers in town (ie Singapore) charge a rate different to Ishwarya?

    However it must be said that the rudeness is unacceptable.

  16. #16
    Senior Member dominator's Avatar
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    Default Re: Beware .... moneyshortchanger

    The moneychanger let you know the rate and if you agree to change, you can blame no one.
    Same like buying camera equipments or anything, check out before carrying out any transaction.

    Rude is unacceptable, but was anything said to have cause it?
    Cleanse your thoughts, not by the foods you eat.

  17. #17
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    Default Re: Beware .... moneyshortchanger

    hm.. what about if the published rate is 1pound to S$2.8x then after you handed your money in, the money changer only gave you the rate of 1.8? and the reason is because the notes are old and you have no choice coz you need the money. and as a 16-year-old you dont dare to ask the evil-looking man to give you back your money anyway.
    =)

  18. #18
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    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by Donna View Post
    hm.. what about if the published rate is 1pound to S$2.8x then after you handed your money in, the money changer only gave you the rate of 1.8? and the reason is because the notes are old and you have no choice coz you need the money. and as a 16-year-old you dont dare to ask the evil-looking man to give you back your money anyway.
    Is this fiction or reality? As far as I know there is a distinction between smaller and bigger notes of USD, and sometimes Rupiahs too but not too sure about the last one......

    The money changer I use at Mustafa or near Cathay always tells me the exact rate and after I agree I off course can't say anymore, and this is reciprocal off course.

    Not asking your money back when the moneychanger has difficulty accepting your notes, is your own fault I guess. For example older USD notes for example will not be accepted in Indonesia, cause there are higher chances for them being fakes......

    So, try to also think from their side.......

    HS

  19. #19

    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by dominator View Post
    The moneychanger let you know the rate and if you agree to change, you can blame no one.
    Same like buying camera equipments or anything, check out before carrying out any transaction.

    Rude is unacceptable, but was anything said to have cause it?
    Haha .... the reason i post this bad experience is for others to be careful, and esp when dealing with this company. It was only a $100 exchange, and in an "unfamilair" currency .... in a normal course of business, my friend, incl me and i am sure many of you there would not be bothered about the rate coz we will never expect the rate to be so very far off ... definately not by 25%.
    It is the same principal as buying a camera .... but if you being overcharged by some 25% ... of course you wont blame anyone but you still get pissed off, and you still want to tell ppl to avoid that shop.
    The lady went back to tell him that he has overcharged her (a matter of principal, as well as to warn him not to do that to other customers) and that she got a much better rate even in a hotel in Hanoi, and also her friend in a shop in Parkway .... Do you think she will want to be rude to a rough looking guy? He challenged her and called her a LIAR ....
    So you think it's her fault and better to keep quiet since she accepted the exchange in the first place? I think sometimes someone juz need to speak up for the others ....
    always the Light, .... always.

  20. #20

    Default Re: Beware .... moneyshortchanger

    Quote Originally Posted by Canonised View Post
    So you think it's her fault and better to keep quiet since she accepted the exchange in the first place? I think sometimes someone juz need to speak up for the others ....

    Her only "fault" is that she is ignorant (did not make an effort to do a research on market rates) , accept the rates by the money changer, and decide to vent her frustration on the money changer when she discover the market rates.
    Last edited by kitkat; 5th November 2006 at 11:22 PM.

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