Best money exchange rates in Singapore
Whether you’re traveling, sending money abroad, or exchanging currency for business, understanding how money exchange works in Singapore can help you get the best value for your dollar. In this guide, we’ll walk you through the fundamentals, top locations, insider tips, and common mistakes to avoid.
| Currency | Code | Price |
|---|---|---|
 USD United States | USD | 1.2882 |
 JPY Japan | JPY | 0.009 |
 GBP United Kingdom | GBP | 1.7399 |
 AUD Australia | AUD | 0.8319 |
 CAD Canada | CAD | 0.938 |
 HKD Hong Kong | HKD | 0.1642 |
 IDR Indonesia | IDR | 0.0001 |
 KRW South Korea | KRW | 0.0009 |
 MYR Malaysia | MYR | 0.3035 |
 NZD New Zealand | NZD | 0.7726 |
 PHP Philippines | PHP | 0.0231 |
 THB Thailand | THB | 0.0396 |
 SGD Singapore | SGD | |
Understanding Currency Exchange Fundamentals
Currency exchange is the process of converting one country’s currency into another. It’s driven by exchange rates, which fluctuate based on economic factors such as:
- Supply and demand for specific currencies
- Interest rates and inflation
- Global economic events and political stability
For example, if the USD strengthens against the SGD, it means you’ll need more Singapore dollars to buy one US dollar.
There are two types of rates to be aware of:
- Market (or interbank) rate: the actual rate used by banks and financial institutions.
- Retail rate: the rate offered by money changers, often slightly higher due to markup and fees.
Understanding this gap helps you spot a good or bad deal when you’re at a money changer or using an app.
Identifying the Best Money Changers and Rate Comparisons
Top Places for Currency Exchange in Singapore
If you’re looking for competitive rates, location matters. Here are the most popular spots:
- The Arcade @ Raffles Place
This is a hub for office workers and travelers, the highest number of money changers is The Arcade at Raffles Place. with over 20 money changers in one building. It is the best place for comparing rates on the spot. - People’s Park Complex (Chinatown)
Known for favorable Asian currency rates like MYR, THB, and CNY. It’s one of the oldest and most trusted places for currency exchange. - Lucky Plaza (Orchard Road)
A hotspot for tourists and foreign workers, offering solid rates for PHP, MYR, and IDR. - Mustafa Centre (Little India)
Open late into the night, this is perfect for last minute exchanges with a wide range of currencies available.
How to Compare Rates
You can use online tools like:
- Google currency converter for market rates
- Apps like XE or Wise for real time comparisons
- Local sites (e.g., CashChanger, Get4x) to find the best rate across changers nearby
Always compare at least 2-3 changers before exchanging.
Insider Tips and Tricks
Here are some lesser known but effective strategies to maximize your exchange value:
- Exchange during weekdays (Mon – Thu): Rates tend to be more stable when markets are active.
- Avoid airports and hotels: Their convenience comes at a cost, often with the worst rates and highest markups.
- Negotiate: Some changers are open to small negotiations, especially for larger amounts (over S$1,000).
- Bring clean, undamaged bills: Some changers offer lower rates for torn or old notes.
- Use apps for bulk alerts: Apps like Get4x can notify you when your preferred rate becomes available.
How to Avoid Common Pitfalls
Many people lose money or face unnecessary hassles due to common exchange mistakes. Here’s how to avoid them:
- Don’t Assume “No Commission” Means Better Value: Money changers often make up for it by offering worse rates. Always calculate the total amount you’ll receive.
- Always Count Before Leaving the Counter: Once you walk away, it’s hard to dispute discrepancies. Count carefully in front of the staff.
- Ask for a Receipt: This provides proof of transaction and rate, useful in case of disputes or future reference.
- Beware of Fake Notes: Stick to licensed changers in malls or commercial centers. Avoid shady, unmarked locations.
- Plan Ahead for Rare Currencies: Currencies like TWD, VND, or ZAR may not be readily available at every changer. Call ahead or reserve online if needed.
Trusted Money Changer Reviews and Comparisons
Reading reviews or asking around can help you avoid bad experiences and discover the best deals. Recommended resources:
- Google Maps Reviews: Search for “money changer near me” and filter by top ratings. Look for consistent feedback on fairness, speed, and customer service.
- Reddit Singapore Threads: The r/singapore community often discusses where to get the best exchange rates and shares firsthand tips.
- Facebook Travel Groups: Communities like “Singapore Cheap Travel Tips” or “Singapore Travel Tips & Plans” often have members sharing updated experiences.
By combining online tools with local reviews, you can confidently choose a money changer that’s trustworthy and offers competitive rates.
Changi Airport Money Changer for Traveller
Singapore Changi Airport offers a wide range of money changers across all terminals, making it easy for travellers to exchange currency on arrival or before departure. With options like Travelex, Changi Recommends, and Prosegur Change, you’ll enjoy convenience, competitive rates, and multiple currency choices.Yes, Changi Airport offers a wide range of currencies for exchange through various providers. The availability of specific currencies may vary by provider and location within the airport.
Money Exchange Provider at Changi Airport:
| Provider | Currencies Available | Terminals Available |
|---|---|---|
| Prosegur Change | Over 20 currencies including:
|
Terminals 1, 2, 3 & 4 |
| Travelex | 50+ currencies including:
|
Terminals 1, 2, 3 & 4 (Arrival, Departure & Transit) |
| Changi Recommends (ChangiFX) | Common currencies such as:
|
Terminals 1, 2, 3 & 4 (Pre-order pickup) |
| UOB Bank | Wide range including:
|
Terminals 1, 2, 3 & 4 |
| FXC Plus (Automated Kiosks) | 16 currencies including:
|
Jewel Changi Airport (24/7) |
Money Exchange FAQ
Q: What is the best area in Singapore for money exchange?
A: The Arcade at Raffles Place is one of the top locations, offering a high concentration of money changers for rate comparison. Additionally, People’s Park Complex and Lucky Plaza are popular spots known for competitive rates.
Q: How do money changers determine their exchange rates?
A: Exchange rates are influenced by global market rates, local economic conditions, and individual money changer fees or commissions. Rates may vary throughout the day based on market dynamics.
Q: Are there any fees associated with money exchange in Singapore?
A: Yes, some money changers may charge service fees or include hidden charges within the offered rate. It’s important to compare the final rate and confirm there are no extra fees before exchanging.
Q: How can I be sure I’m getting the best money exchange rate?
A: Compare rates across multiple money changers, both online and in person. Use trusted review sites and real-time rate comparison apps to ensure you receive competitive offers.
Q: What should I do if I notice discrepancies or unfair charges during a money exchange?
A: If you encounter unexpected fees or rates that differ significantly from local averages, ask for a detailed breakdown from the money changer. If issues persist, consider reporting the incident to local consumer protection authorities.
