Singapore Chronicles - 01

Date : 21 May 06
Time : 17:15 H

7 days ago, I was in Singapore again for a biomedical service training for Sorin and this time, I was armed with a digital camera. I was not about to let this chance pass to do my usual antics with a camera in Singapore. ^^

Armed with this enthusiasm, I whipped out the camera right after immigration. Just inside Changi Airport, past the immigration line (of terminal 2) stood two foreign exchange counters. One was an American Express Foreign Exchange. The other was a United Overseas Bank. As I was approaching to exchange the money I brought into Singapore, several people went for the American Express counter. Only 1 or 2 people went for the United Overseas counter.

I observed the following from the American Express crowd:

a) most of them are Filipinos (like myself)
b) generally not acquainted with each other

Given that the US Dollar is the most stable currency (besides the fact it was the one I was carrying), I checked the exchange rate on both banks first before I approached any. United Overseas was paying better SGD for your USD but only by a fraction.

I exchanged my money at the United Overseas Bank, and told the lady at the counter that I don't get why the people exchanging their money thronged on the AE counter. The lady, with a laugh and a smile, told me it's probably because it was nearer from the immigration exit. And add to the fact that those people really did not even bother approaching the UO counter.

With those data, I deduced the following from the above: convenience is a real big issue, people, like electrical current, will always take the path of least resistance, this is besides factors like consequence, non-apparent benefits and rules.

Before making this journal entry, I made a computation of the exchange rate of the Philippine Peso against the Singapore Dollar using the USD-SGD exchange rate from both banks. If they made a PHP-SGD exchange, those people actually got a few more dollars than what would they have gotten otherwise. Which is a good thing ofcourse.

To be continued..