Understanding the Singaporean Dollar (SGD) 

The Singaporean dollar (SGD), often abbreviated as S$, is the official currency of Singapore. It is one of the most stable currencies in Asia and is widely accepted across the city-state. Here's what you need to know about the SGD before getting started with currency exchange. 

Exchange Rates 

• Against the US Dollar (USD): The SGD typically fluctuates around 1.30-1.40 to 1 USD. However, always check live conversion rates before exchanging. 

• Against the Euro (EUR): The exchange rate to the Euro tends to range between 1.40-1.50 SGD for every 1 EUR.

Currency exchange rates can vary daily, so comparing the rate from different providers can save you money. 

Denominations 

• Coins: Coins in circulation include 1, 5, 10, 20, 50 cents and the $1 coin. They vary in size, shape, and weight, making it easy to distinguish between them.

• Notes: The bills come in denominations of $2, $5, $10, $50, $100, $500, $1,000, and $10,000. The most commonly used notes are the $2, $5, $10, and $50 bills, perfect for everyday expenses. 

Where to Exchange Currency in Singapore 

Singapore offers a wide range of options for exchanging currency. Here’s a quick overview of the best spots to convert your money. 

1. Licensed Money Changers 

• Found in malls, neighbourhood markets, and Changi Airport, licensed local money changers usually offer some of the best rates for tourists and expats. 

• Popular locations include The Arcade at Raffles Place, Mustafa Centre in Little India or Lucky Plaza in Orchard Road. All known for their competitive rates. 

2. Banks 

• Banks in Singapore, such as DBS, UOB, and OCBC, offer currency exchange at relatively secure and safe rates. However, banking hours and slightly higher fees may make this option less convenient. 

3. Exchange Kiosks at Airports 

• Changi Airport offers numerous exchange counters, making it a convenient, albeit slightly pricier, option for travellers landing in Singapore. 

4. ATMs 

• If you need cash on the spot, you can withdraw Singapore dollars directly from ATMs using your international debit or credit card. Be mindful of fees from your home bank. 

Why You Should Have Cash in Singapore 

While Singapore is incredibly advanced when it comes to digital payments, with widespread acceptance of credit cards and mobile wallets like PayNow, GrabPay, and Apple Pay, there are still instances where cash is necessary.

Reasons to Carry Cash 

• Food Courts and Hawker Centres: Street food is a must-try in Singapore, but many hawker stalls are still cash-only. 

• Taxis: While most taxis accept card payments, some drivers might prefer cash, especially for shorter trips. 

• Small Purchases: Local stores, wet markets, and budget-friendly shops often require cash for smaller transactions. 

• Tips (where applicable): Though tipping is not expected in Singapore, having small denominations of cash is always practical if you'd like to leave one.

Tips for Currency Exchange in Singapore 

• Avoid exchanging money at hotels as their rates tend to be less favourable. 

• Always count your money before leaving the counter, and make sure it matches your receipt. 

• Compare rates online or via mobile apps to lock in the best deal before heading to a money changer. 

• If exchanging at money changers, avoid peak hours (lunchtime or weekends) as it can be busy. 

Final Thoughts 

Taking the time to understand the Singaporean dollar and making use of smart exchange practices can save you both time and money during your trip to Singapore. Whether you're a tourist keen to try the famous chicken rice or a business traveller managing expenses, these tips will ensure you’ve got your currency situation covered. 

Got questions? Drop them in the comments below! Start planning your trip with confidence and enjoy your Singapore adventure without a currency hassle!