Singapore Dollar to Canadian Dollar (SGD-CAD) - 10 Year History
The below table shows the historic variation in the SGD/CAD exchange rate over the last 10 years. The percentage change is the difference from the date shown to present. This lets you decide if the current rate is in your favour.
20 Aug 2018
13 Aug 2018
21 Jul 2018
21 Feb 2018
20 Aug 2017
20 Aug 2016
21 Aug 2013
22 Aug 2008
The three things you need in order to get a good SGD to CAD exchange rate
Know the latest SGD/CAD market mid-rate.
The closer your final exchange rate is to this real market rate the better deal you are getting.
You should also judge how the current rate compares to the historic rate over the past 10 years.
Compare your Bank's transaction costs
licensed FX providers, remember to compare the exchange rate margins as well as the various types of fees.
We make that easy to do with our calculators for
Transaction Costs - Margins and Fees for SGD/CAD Transfers and Currency Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from SGD to CAD.
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount
you are transferring and if you are willing to shop around.
Currency News, Research and Forecasts for Singapore Dollar and Canadian Dollar
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency must always be quoted in comparison to a second currency.
So it follows that if you are determining the best time to transact, in this case the SGD vs CAD, you should pay attention to both Singapore Dollar and Canadian Dollar news and forecasts.
Singapore Dollar (SGD) - Market news and forecasts
In April, the Monetary Authority of Singapore said for the first time in six years that it would allow the Singapore dollar to appreciate. Unconventionally, the MAS manages monetary policy by managing the value of SGD. By allowing the currency to rise, it will effectively tighten policy in response to robust economic growth – 4.3% in the fourth quarter.
USD/SGD has, for the most part, followed the broader market for dollar pairs in 2018. The pair reached 1.3 in January for the first time since 2014 but since then has rallied. It was back to 1.4 in early May.
In early May, for the first time in nearly two years, the Singapore dollar broke parity with the Australian dollar. When last seen, AUD/SGD was at 0.998.
Based on a global macro model and analyst expectations, the team at TradingEconomics.com is forecasting USD/SGD at 1.37 at the end of April 2019.
Canadian Dollar (CAD) - Market news and forecasts
In spite of serious question marks over NAFTA, the Canadian dollar is among the best performing currencies this year.
Approaching mid-August, the Canadian dollar remains at or near long-term highs against many of the world's major currencies, although not against a very strong US dollar (1.308). The "loonie" has been well supported since the end of June following a hawkish repricing of Canadian interest rate expectations.
The average of forecasts of three major banks sees USD/CAD falling by year-end to 1.275 and EUR/CAD (in the low 1.48s at the time of this report) rising to 1.5.
Mid-year, banks highlighted the importance of fruitful trade talks between the US and Canada for meaningful Canadian dollar strength. The market consensus remains for an 8-10 percent drop in the CAD’s value should NAFTA fall apart.
Supporting CAD in 2018 has been the high price of oil which, at $67 per barrel, remains nearly $20 dollars above prices twelve months ago.
Why can't I just get the same SGD/CAD market rate I see on Google or in the Media?
The SGD/CAD mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the SGD / CAD was traded (bought or sold) in the international markets.
When you look up the current Singapore Dollar to Canadian Dollar exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great SGD to CAD mid-market rate is all about timing, so unless you
are able to wait, watch and time the market this is largely beyond your control.
This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will
get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use our SGD to CAD currency converter to calculate equivalent amounts in each currency using the latest mid-market exchange rates.
Then choose your transaction type for specific Singapore Dollar cross rates and reviews of leading foreign exchange providers versus the Banks.
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