Singapore Currency: Your Complete Guide to the Singapore Dollar (SGD)

• Singapore currency is the Singapore Dollar (SGD).  It is regulated by the Monetary Authority of Singapore (MAS), which keeps its value quite stable.
• The most common denominations of banknotes are S$2, S$1 ABC and S$1,000, with coins starting at 5 cents to S$1.
• Exchange rates are best available on the streets of Chinatown and Little India. 
• Digital payments are very usable. However, not all hawker centres and local markets accept anything other than cash.
• Singapore's currency system is tourist-friendly with clear denominations and advanced security features. 

The currency system in Singapore is unmatched in its ease of use for foreign visitors. The Singapore Dollar is one of the strongest currencies in the world, well-managed by the Monetary Authority of Singapore. It is signified with S$ to distinguish it differently with other dollar currencies such as the American Dollar or the Australian Dollar. As the most stable monetary unit, there is nothing to fear from such unexpected devaluations when you are on the trip. 

Here's what you need to know about Singapore's currency system:

The history of Singapore's currency can be traced back to 1967. It was introduced in order to replace the Malaya and British Borneo dollar after the independence of Singapore. It is governed by the Board of Commissioners of Currency initially, and later in 2002, the Monetary Authority of Singapore (MAS) took over completely. Thus, making the financial system of Singapore even more efficient.

Being a major financial centre and being strongly associated with the global trading world, the SGD currency plays an important role in forex markets.

ALSO READ: Singapore Travel Guide

Getting the Best Exchange Rates

Want to stretch your travel budget? Here's the insider scoop on Singapore currency exchange:

Money Changer Locations: 

• Chinatown – Competitive rates in People's Park Complex 
• Little India – Great deals along Serangoon Road 
• Orchard Road – Convenient but slightly pricier options
• Raffles Place – Business district with multiple choices

Before You Exchange:

• Check current SGD rates on XE.com or similar platforms
• Bring clean, undamaged bills for better rates
• Larger denominations (USD 100, EUR 100) get better rates
• Always ask for the total amount before confirming

During Exchange:

• Count your money before leaving the counter
• Keep your receipt for record-keeping
• Don't exchange at airports unless it's an emergency
• Licensed operators display their MAS license prominently

1. Licensed Money Changers: The best rates are always available at licensed money changers in terms of Singapore Dollar exchange rates. Look for the MAS license displayed prominently – it's your guarantee of legitimacy.
2. Banks (Convenient but Pricier):  Local banks like DBS, OCBC, and UOB provide currency exchange during business hours. International banks such as HSBC and Citibank also serve account holders, though rates may be less favourable.
3. ATMs (Good for Small Amounts): ATMs are everywhere in Singapore and offer decent exchange rates for international cards. Just watch out for your home bank's foreign transaction fees.
4. Airport Exchange (Emergency Only): Changi Airport has multiple currency counters, perfect for immediate needs, but expect to pay premium rates for the convenience.

Online payments are widely accepted in Singapore. The city-state has embraced cashless transactions like few other places in the world. Some of the popular digital payment options are PayNow, GrabPay, PayLah, Google Pay & Apple Pay. 

Cash vs Digital: What You Need to Know

Singapore tourism widely accepts digital payment methods in shopping malls and restaurants. However, some places like Hawker centres, traditional markets and small retailers prefer cash.

Tips: Always have S$50- 100 in cash with you, but remember to have your electronic modes of payment with you to make a big buy.

Singapore's currency system is very convenient for travellers and easy to understand. Having a competitive exchange rate, extensive use of digital payments, and stability of the Singapore Dollar, you will easily manage money in Singapore. And will have a convenient experience during your visit.