If you’re like most people, you want to get the best deal possible when exchanging your currency. In Singapore, there are many places where you can do this – but not all of them offer the same rates. So how do you know which one is the best for you? This comprehensive guide will help make the decision easier! We’ll discuss where to go, what to watch out for, and what kind of rates to expect.
Where to Exchange Foreign Currencies in Singapore
Money changers: There are many money changers throughout Singapore, and they usually offer competitive rates. Just be sure to compare rates before you exchange, as some places may charge higher commissions than others.
Some of the popular money changers in Singapore are:
- The Arcade at Raffles Place
- Mustafa Shopping Centre in Little India
- People’s Park Complex in Chinatown
- Lucky Plaza in Orchard Road
There are several money changers located within the same area, take The Arcade at Raffles Place for example. You may expect to spend one to two hours comparing one store with another, which might be stressful if you are short on time. The rates are usually very competitive but do watch out for the commission charges, which could add up quickly if you are exchanging a large sum of money.
Banks: Another option is to go to your bank and exchange your currency there. This is usually a good idea if you have a lot of money to exchange, as the rates are often quite favourable. However, banks can be busy places, so it’s important to plan ahead and allow yourself plenty of time.
Changi Airport: If you’re looking for convenience, Changi Airport is the place to go. All you need to do is walk in and exchange your money at one of the many kiosks or counters available. The rates here are generally very competitive, and they offer a wide range of currencies. Just be aware that there is a small commission charged on all transactions.
Credit cards: Finally, you can also use your credit card to get cash advances or make purchases overseas. This can be a good option if you have a card with no foreign transaction fees. However, the exchange rates for credit cards are often not as favourable as other methods.
What to look out for when exchanging foreign currencies?
Pay attention to the spread (the difference between the buy and sell rates) as this will affect your overall cost.
If you’re travelling overseas, look at the ‘sell’ rate to see how much money you’ll get back for your Singapore dollars. This is the rate that the money changer will give you when you exchange your currency.
If you wish you sell your foreign currencies in exchange for the Singapore dollar, then, you look at the ‘buy’ rate – this is the rate that the money changer buys foreign currency from you.
The difference between these two rates is known as the ‘spread’, and this is how money changers make their profit. Generally speaking, the larger the spread, the worse deal you’re getting. So it pays to shop around and compare rates before making a decision.
Check if the money changer is licensed by the Monetary Authority of Singapore (MAS). You can check this easily by looking for the license number on display at the store.
Generally, it’s more economical to exchange larger sums of money.
Click & Collect Currencies Before Your Trip
Here’s another way to exchange foreign currencies without the hassle of carrying large amounts of cash and travelling to different money changers! What’s more, the collection point is at Changi Airport!
Look no further than Changi Recommends FX, you can buy currencies at real-time exchange rates comparable with Raffles Place and neighbourhood money changers. Plus, there’s no need to carry large amounts of cash around or queue up at the money changer. Simply order online and collect your foreign currency from any of the Changi Recommends counter (Terminal 1 / Terminal 3) before your flight. It’s a good idea to take some cash with you when travelling abroad, just in case. You never know what might happen and it could be handy!
