Some money changers in Singapore see booming business, as travel takes off after borders reopen - CNA

BORDERS REOPEN

“It's very much a relief for us, compared to the last two years. Last year, there were a lot of restrictions for travelling,” said Mr Syed Habeeb, director of NewsCrest Exchange and vice president of the Money Changers Association.

“This year, after April, the government lifted so many restrictions, people started to travel.

“It's very good now. For November, December, it's a long holiday, it's a school holiday, so people are travelling a lot.”

His shop is also getting more tourists, including those from Indonesia and India, as global travel demand takes off, but they are not back at pre-pandemic levels yet. These tourists account for about 20 per cent of his customers.

During this period last year, nearly all of his customers were Singapore residents.

The Money Changers Association said about a fifth of money changers in Singapore, or around 50 stores, had put their businesses on hold during the height of the COVID-19 pandemic.

However, things are starting to look up.

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