About Singapore > Setting Up Your Home
Contact Us Today


 We can help you
 relocate to Singapore

 +65 6536 1966

Setting Up Your Home
Banks / Money
Consulates / Visas
Home Search 
Media and Communications
Paperwork / FAQs
Recruitment / Business
Utilities


Banks / Money

Currency and Exchange Rate

The Singaporean currency is dollars and is abbreviated as SGD or use the symbol $.

There are paper notes for SGD 2, SGD 5, SGD 10, SGD 20 (rarely used), SGD 50 and SGD 100, SGD 1,000 and 10,000 that is the largest note. There are coins for SGD 1, 50 cents, 20 cents, 10 cents, 5 cents, and even the 1 cent that is rarely used and no longer issued.

Exchange Rate

From 1985 until now, Singapore adopted a somewhat market-oriented exchange regime – classified as a Monitoring Band – in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. This theory allows the Singaporean government to have more control over imported inflation and to ensure that Singapore's exports remain competitive. All issued Singapore dollar currency in circulation is fully backed by international assets to maintain public confidence.

Currency Conversions

Some currency conversion links to check exchange rates:

Website: www.xe.com
Website: http://sg.finance.yahoo.com/currency

Exchanging Money

You can exchange foreign currency for Singapore dollars at the airport, almost all major banks in the Central Business District, and many bank branches in the suburbs. Exchange rates vary from bank to bank, and a flat fee of $2 to $3 is often charged per transaction. A cheaper way to exchange your money is at the moneychangers that can be found along Orchard Road, around the CBD, at many tourist attractions and the suburban Centres. These moneychangers don't charge any transaction fees.

Cash is of course widely used in Singapore, although cashless options are available at most stores, restaurants, and taxis. Singaporean banks use a debit card system called NETS that is widely accepted. All the major credit cards are widely accepted, with Visa and Mastercard being the most common. Some retailers may charge you 3% to 5% extra if you decide to pay by credit card, so remember to check your receipt.

Travellers cheques are another convenient and safe way for you to conduct transactions in Singapore. You can exchange them for Singapore dollars at banks or moneychangers. ATMs are found all over Singapore, and a large proportion allows for cash withdrawals from Visa or Mastercard credit cards.