Does this money changer app really offer the highest forex rate conversion in Singapore?

I always used to head to Change Alley in Raffles Place and join the queue of whichever money changer had more people. But honestly, I wasn’t exactly sure if there was really much difference between the many money changers competing with each other.

Registration is pretty straightforward, although you have a few steps to go through, which include keying in 2 OTPs sent to your mobile and email before verifying your identity with Singpass or keying in your particulars, including occupation and average monthly salary. There's also a handy WhatsApp button at the bottom right that takes you to a chat directly with iChange, which is a plus point because you can speak to a customer service person directly and don't have to deal with irritating AI bots that can't understand your request.

However, there are only a total of 6 money changers for comparison. I'm not sure how the 'best' rate is derived. Is there some aggregation going on behind the scenes? For Singapore, you can only pay your local telco. When I clicked Indonesia, there were more options to pay for different services such as telco, utilities and insurance. Most places only offer telco payments with the exception of India and the Philippines where you could also pay for your cable and satellite TV.

A positive thing to note is that iChange also informs the user what purpose it's collecting data for-e.g. for payment services and user identification.Compared to traditional money changers, iChange finds the one with the best rates for you so you can immediately change your money. No more going around to different money changers at Change Alley to look for the cheapest rates.

Source: News Formal (newsformal.com)

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