What do “We Buy” and “We Sell” exchange rates mean?
Do you have questions concerning We Sell and We Buy when it comes to currency exchange? H ere to help you understand how to view We Sell and We Buy.
Everyone will exchange foreign currency at home before travelling abroad to travel, but many people won’t know how to interpret the exchange rate because foreign exchange merchants will sort their two lists of We Sell and We Buy.
The basic tenet of currency exchange is that you should look at We Sell when you want to exchange from MYR to foreign currency. In order to convert foreign currencies to MYR, you should check We Buy.
You may notice the greater price when you wish to exchange foreign currency from MYR since, in general, the price of We Sell will be higher than the price of We Buy.
Here is an illustration of trading fresh money. The money changer’s SGD We Sell and We Buy prices are RM3.248 and RM3.235, respectively.
When converting MYR to SGD, you must look at We Sell, which costs RM3.248. You must pay RM3.248 to obtain 1 SGD. When converting from SGD to MYR, you must look to We Buy, where you may gain RM3.235 for every SGD you exchange.
In order to eliminate confusion regarding which exchange rate to use in the future while converting currencies, the exchange rate principle is clarified below.
Principle 1: You should look at We Sell when converting from ringgit to a foreign currency.
Principle 2: You should check out We Buy when you want to convert foreign currency back into Ringgit.
