MONEY, CURRENCY & EXCHANGE IN SINGAPORE

Singapore, a global financial hub, boasts a robust monetary system and a currency that reflects its economic stability. Understanding the local currency, banking facilities, and exchange options is essential for a seamless financial experience during your stay.

Currency and Denominations

  • Overview: The official currency of Singapore is the Singapore Dollar (SGD). Banknotes come in various denominations, including $2, $5, $10, $50, and $100, while coins are issued in 5, 10, 20, and 50 cents, as well as $1 and $2.

Banking System

  • Overview: Singapore’s banking system is well-developed, with a range of local and international banks offering services. Local banks include DBS Bank, OCBC Bank, and United Overseas Bank (UOB). ATMs are widespread, and most establishments accept major credit cards.

Currency Exchange

  • Overview: Currency exchange services are readily available at Changi Airport, banks, and authorized money changers throughout the city. Rates may vary, so it’s advisable to compare rates before exchanging significant amounts.
  • Recommended Places: Arcade @ The Arcade, Mustafa Centre, and Changi Airport.

Credit and Debit Cards

  • Overview: Credit and debit cards are widely accepted in Singapore, including at hotels, restaurants, shops, and public transportation. Visa and MasterCard are commonly used, while American Express and UnionPay are also accepted in certain establishments.

ATMs

  • Overview: ATMs are prevalent in Singapore, allowing easy access to cash. They are commonly found in shopping malls, transport hubs, and near banks. International cards are widely accepted, and instructions are available in multiple languages.

Mobile Payments

  • Overview: Singapore embraces mobile payment methods such as Apple Pay, Google Pay, and various local options like GrabPay and PayLah! These are widely used for everyday transactions, from shopping to dining.
  • Accepted Platforms: Apple Pay, Google Pay, GrabPay, PayLah!

Tipping Culture

  • Overview: Tipping is not a common practice in Singapore, as a 10% service charge is typically included in restaurant bills. Tipping is appreciated but not obligatory. Taxi drivers and service staff do not expect tips, but rounding up the fare is common.

Goods and Services Tax (GST)

  • Overview: Singapore imposes a 7% Goods and Services Tax (GST) on most goods and services. Some items, such as essential food items and financial services, may be exempt.

Bargaining

  • Overview: Bargaining is not a common practice in Singapore, especially in established retail outlets. Prices in malls and stores are fixed. However, in certain markets and informal settings, some negotiation may be possible.

Currency Regulations

  • Overview: There are no restrictions on the amount of foreign currency that can be brought into or taken out of Singapore. However, amounts exceeding SGD 20,000 or its equivalent in foreign currency must be declared.

Financial District

  • Overview: Singapore’s financial district, including Raffles Place and Shenton Way, is home to numerous banks, financial institutions, and currency exchange services. It’s a convenient area for financial transactions.

Online Banking and Services

  • Overview: Singapore has a highly advanced digital infrastructure. Online banking services offered by local banks provide convenient access to account management, fund transfers, and financial transactions.

Emergency Assistance

  • Overview: In case of lost or stolen cards or other financial emergencies, contact your bank immediately. Singapore has a 24/7 emergency hotline for lost/stolen credit cards: +65 6339 6666.

Investment and Wealth Management

  • Overview: Singapore’s financial sector includes reputable wealth management services. International visitors seeking financial advice or investment services can explore options provided by local and global institutions.