This small country called Singapore is also known as Switzerland in Southeast Asia with a developed banking system and a high standard of living. Singapore’s currency is also one of the most reliable currencies in the region.
Visitors to Singapore will find it very easy to exchange USD for Singapore dollars at any private bank or exchange office. Singapore is a developed country, so the law on currency trading is like London or New York.
Therefore, visitors expect the bustling shopping scene in Singapore and the duty-free shopping scheme will be extremely easy to achieve your goals.
Currency exchange in Singapore
The Singapore dollar, abbreviated SGD, is the official currency of Singapore. These tickets are available in $ 2, $ 5, $ 10 and $ 50 (minus current denominations of $ 100, $ 500, $ 1,000 and $ 10,000).
The Brunei dollar is also converted to Singapore dollars at a ratio of 1: 1 with the agreement of these two small Asian countries.
Certain shopping centers and hotels will accept transactions in USD, Australian dollars, Japanese yen and British pounds with exchange rates lower than those of private exchange offices.
Currency exchange in banks or private exchange offices?
Singapore is the financial center of Asia, the banking and redemption system has therefore been extremely developed. Money can be exchanged at any bank on the island.
Licensed private exchange offices can be found at Changi International Airport, shopping malls on Orchard Road and in a few other areas, including Chinatown – Chinatown and Little India – Little India.
Private money changers have competitive rates and are even better than bank exchanges as we won’t have to pay any additional service fees. These foreign exchange bureaus also exchange currencies other than the Singapore dollar but make sure you understand this before trading.
Exchanging money at the bank is safer and the bank is at any corner, although you have to pay SGD 3 for each conversion.
Banks work there from 9:30 a.m. to 3:00 p.m. weekdays and 9:30 a.m. to 11:30 a.m. on Saturdays.
ATM in Singapore
ATMs are everywhere – from banks, metro stations to shopping malls. ATMs with photos of Plus and Circus (two financial networks linked to Visa and Mastercard respectively) will allow you to withdraw money with your ATM card and most will accept Visa and Master cards. menu.
Credit cards are also used across the island without limits, if establishments impose or charge extra fees when dealing with credit cards, contact the agencies below immediately to resolve them.
American Express (www.americanexpress.com, + 65-6299-8133)
Diners Club (www.dinersclub.com.sg, + 65-6294-4222)
JCB (www.jcbusa.com/, + 65-6734-0096)
MasterCard and Visa (1800-345-1345)
You do not need to tip when using the service in Singapore. Tips are not recommended by the government and even taxi drivers and cafes do not need to tip you.
How to save money in Singapore?
Singapore is known as a country with a high standard of living and high prices, but you can still save in the following ways:
Eat and drink at street stalls: everywhere in Singapore, there are inexpensive food stalls that you can fill with just 5 SGD instead of going to fancy restaurants.
Use public transport: do not use Uber for anything and use the EZ-Link card to use most public transport in Singapore such as the metro and buses.
Accommodation instead of a hotel: Sure, it’s easy to get around Orchard Road or downtown, but lower standard motels like Chinatown and Kampong Glam will keep you out of your pocket.