Worry-Free Guide to the Best Currency Exchange in Singapore!
From the iconic Merlion and Marina Bay Sands to the thrilling theme parks on Sentosa Island, Singapore is packed with must-visit attractions. It’s no surprise that this vibrant city remains a top travel destination for tourists, consistently ranking among the most popular international destinations.
One of the key concerns for first-time visitors is money exchange. If you’re looking for the best way to exchange money in Singapore, we’ve got you covered! This guide will help you find the most cost-effective exchange options for a worry-free trip.
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Worry-Free Guide to the Best Currency Exchange in Singapore!
1. Currency Exchange in Singapore
The currency of Singapore is the Singapore Dollar (SGD), and there are five main ways to exchange money for SGD: Banks, Changi International Airport, hotels in the city, private money changers, and ATM withdrawals using a card.
Now, let’s look at the remaining four methods. Here’s the ranking of exchange methods from best to worst in terms of rates:
① ATM withdrawals
② Private money changers
③ Changi Airport exchange counters
③ Hotels and banks in the city
One notable feature of exchanging money in Singapore is that the difference in exchange rates among these four methods is relatively small. However, it's essential to consider convenience, fees, and safety when choosing the best exchange method. Plan wisely and enjoy a hassle-free trip!
2. Changi Airport
Singapore’s journey begins at Changi International Airport, a world-class hub for travelers. If your trip does not include airport transfers, you will likely need some cash before leaving the airport, making currency exchange at Changi Airport a common necessity. The key question is how much to exchange—just enough for transportation or a larger amount?
For short trips where you only need a few hundred Singapore dollars, exchanging your money at the airport is recommended. The exchange rates and fees are generally reasonable, so converting a lump sum here saves time compared to searching for better rates in the city. At the arrival area, you’ll find multiple 24-hour bank exchange counters—rates may slightly vary, so take a moment to compare before making a decision.
3. Private Money Changers in the City
If you're particular about getting the best exchange rates, private money changers in Singapore’s city center offer the most competitive rates. While the difference may not be huge, getting a better rate is always beneficial, especially for long-term stays or large transactions.
Singapore has numerous money changers, primarily located inside shopping centers. Among them, these three locations are known for offering the best exchange rates:
① Lucky Plaza (Orchard Road, Basement 1) – Home to multiple money changers, making it easy to compare rates.
② Mustafa Centre (Little India, Open 24/7) – The Mustafa Exchange is a popular spot for exchanging money at competitive rates any time of the day.
③ People’s Park Centre (Chinatown, Level 1) – A well-known hub with a high concentration of money changers, allowing you to find the best rate.
By using these locations, you can exchange currency at better rates compared to banks or airports.
4. ATMs
Singapore is a highly card-friendly country, and ATMs for cash withdrawals are widely available. In fact, using credit card cash advances or international debit cards for ATM withdrawals often provides the best exchange rates.
Many travelers hesitate to use ATMs because they involve a machine rather than a human teller, but once you get used to it, it’s one of the most convenient and cost-effective ways to exchange currency.
There are two types of cards you can use for ATM withdrawals:
• Credit cards (Cash advance option) – This functions as a loan that needs to be repaid.
• International debit or cash cards – These withdraw funds directly from your bank account.
To use an ATM, look for machines displaying the PLUS or CIRRUS network logos. Although the interface is in English, the process is simple once you’re familiar with it.
However, to reduce the risk of skimming fraud, it’s best to withdraw cash from ATMs inside banks or hotels.
◎ Summary
For short-term stays, exchanging currency at the airport upon arrival is the most convenient option. It saves time and is highly recommended. While older travelers may feel hesitant, using an ATM for cash withdrawals with a credit card is a convenient and cost-effective way to exchange currency. If you have a VISA or Mastercard credit card, you can enjoy better exchange rates. Recently, JCB credit and debit cards have also become more widely accepted. If you're unfamiliar with the process, it's best to have an experienced traveler guide you the first time. Make the most of your foreign exchange options and enjoy your trip to Singapore!
