Singapore Currency & Foregin Exchange Guide for Indians - Money, Payments & Transfer

Tourists planning their trip to the island nation of Singapore must learn about and be familiar with its local currency system. Besides settling flight tickets, hotel rooms and a few other things prior to the trip, individuals will need its local currency to pay for the services used and goods purchased during their stay in this city-state. On this page, you will find everything you need to know about Singapore currency, the procedure to acquire it, tips related to currency exchange, etc., for your trip.

What is the currency of Singapore?

Did you know?

• The banknotes of S$1, S$20, S$25, S$500, S$1000, and S$10,000 are legal tender but very rarely used. The same goes for the coin denomination of 1 cent, S$ 5 and S$ 10.
• For price reference, a 330ml bottle or can of beer in Singapore can cost around 14 to 16 SGD, whereas a bottle of packaged drinking water is around 1.18 to 3.10 SGD per litre. A decent meal at the Hawker Centre can be roughly 10-20 SGD, but it can get well over 120 SGD at the Equinox.

The official currency of the city-state of Singapore is the Singapore Dollar. It is represented by the sign S$ and code SGD. The Monetary Authority of Singapore, or the MAS, is responsible for issuing this currency. One Singapore Dollar can be divided into hundred cents, i.e., 1 S$ = 100 Cents. In terms of banknotes in circulation, you can find denominations S$2, S$5, S$10, S$50, and S$100. As for coins, you will encounter 5c, 10c, 20c, 50c and S$1.

Why do I need to have Singapore currency?

Did you know?

• Excluding accommodation, the average daily cost of travelling in Singapore is approximately 200 to 230 SGD per person. This amount can cover two decent meals, transfers, tickets to a few tourist attractions, etc.
• Singapore is a massively developed city-state, and nearly all its businesses are well-equipped to accept payments via cash, card, e-wallets, etc. This same statement is valid in the case of making payments on local transport.

There are numerous reasons why tourists visiting Singapore must acquire SGD for their tour, such as;

1. Wide acceptance: The main reason tourists need to acquire SGD for their Singapore trip is that it is the only legal tender accepted in this city-state. Most businesses in Singapore, except for a handful of establishments, don’t accept other foreign currencies as a form of payment.

2. Hassle-free transaction: From small shops to large businesses, everyone accepts payments in SGD in Singapore. This simple payment procedure terminates the need for any additional steps or other complications.

A travel tip: The local currency also comes in handy for the aspect of tipping in Singapore. However, do note that tipping is not mandatory in the city-state, and some places, such as the airport, don’t allow their staff to accept tips.

3. Better value: Using local currency in Singapore offers much better value to tourists than using any other foreign currency. This way, they will be able to avoid paying large conversion fees and service charges associated with payment through other currencies.

4. Convenience: Using SGD in the form of cash, card, or e-wallet offers the most convenient payment experience. With this, tourists will not have to go through additional steps of exchanging money or finding institutions that specifically accept other currencies.

How to acquire Singapore's currency?

Did you know?

• Do note that the smallest banknote denomination you can get at most ATMs in Singapore is S$ 10. You can also find a few machines that only dispense S$ 50 banknotes. Only a few selected ATMs are equipped to dispense S$2, S$5, S$10, S$50 and S$100.
• If you fail to get a small denomination at the ATMs, you can simply ask for change from a street hawker or a local convenience store. However, it is better to stack up sufficient S$2, S$5 and S$10 banknotes by getting forex prior to your Singapore trip.

Here are some ways you can easily acquire sufficient SGD for your Singapore trip;

1. Banks: The most traditional and reliable way to acquire SGD for your Singapore trip is through your local bank prior to the trip. Most banks in India offer currency exchange services at reasonable market rates. You can also opt for foreign currency exchange services at the local banks in Singapore after your arrival.

A travel tip: Most major banks in Singapore’s Central Business District and their branches in the suburban areas offer foreign exchange services. While exchange rates vary from bank to bank, expect to pay a flat fee of 2-3 SGD per transaction.

2. Authorised dealers: Another popular way for individuals to acquire Singapore Dollars is by using the exchange services offered by local authorised dealers in their home nation or in Singapore. You can find such services in abundance, and the best part is that there’s no need for a bank account in this case. You can also do a bit of haggling to get better rates than the ones they initially offer.

A travel tip: When using ATMs in Singapore, tourists should always choose to withdraw cash in the local currency, i.e., the Singapore Dollar (SGD). It lets them get the ‘mid-market rate’, which is the best exchange rate they can possibly get from the ATM.

3. ATMs: International ATMs are available at nearly all corners of this city-state. Most of these ATMs allow tourists to withdraw money via the most prominent cards. Do note that you may have to pay a few additional charges with this method, such as foreign transaction fees, ATM access fees, etc.

A travel tip: Many tourists prefer to exchange currency at the moneychangers on Singapore’s Orchard Road. They usually offer decent market exchange rates and don’t include any additional transaction fees.

4. Airports: You can also opt for currency exchange services available at Singapore Changi Airport. However, you should do so only as a last alternative as the exchange rates offered at the airport may be similar to the ones in the city, but the extra fees make them not worth it.

Tips to save money when in Singapore?

Did you know?

• There are tons of free tourist activities that you can indulge in Singapore. It includes watching free movies at Sentosa, enjoying free live concerts at Esplanade, experiencing the MacRitchie Treetop Walk, etc.

These are some vital tips that can help you save money on your Singapore trip;

1. Use local currency: The best way to save money during your Singapore trip is by using its local currency for payments. This way, you won’t have to pay additional conversion fees, service charges, commissions, etc., with each transaction.

A travel tip: You can find some of the cheapest hotels and other accommodations in certain parts of Singapore, such as Geylang, Little India, Chinatown, etc.

2. Save on transport: The public transport system of Singapore is very well-developed and reliable. You can easily skip private transfers, like taxis, and use the MRT/LRT, public buses, etc., to travel from one place to another for cheap.

A travel tip: Investing in a Singapore Tourist Pass will give you access to unlimited rides on public transport for a specified number of days. It can help save you a ton of money, especially if you are relying on using trains and public buses for transport.

3. Learn about the general prices: Knowing the prices of general items and services in Singapore, you can save yourself from shedding extra cash. For example, you can get beer for cheap at supermarkets instead of buying them at most stores in Singapore.

4. Save on hotels: One of the best ways to save money during your Singapore trip is by choosing cheaper accommodations. While a luxury hotel room can cost around 300 to 500 SGD/night, you can opt for a 20 SGD/night bed at a shared dormitory or a budget hotel room for around 80-200 SGD/night.

What are the payment methods accepted in Singapore?

Did you know:

• While you can still use traveller’s cheques for payments in Singapore, it is better to avoid it. They are very expensive and don’t usually attract competitive rates. Also, it is more convenient to pay with other modes as traveller’s cheques are not widely accepted all across the city-state.

Following are the payment methods widely used and accepted in the city-state of Singapore;

1. Cards: You can easily use debit or credit cards for payments all across Singapore. They are accepted at nearly all small-scale and major businesses, including public and private transport.

A travel tip: Credit cards from major networks, like Mastercard, Visa, and American Express, are widely accepted at most hotels, restaurants, retailers, etc., in Singapore.

2. Cash: While the majority of the general public prefers cashless payments, you can easily use cash for transactions in Singapore. It also comes in handy if you run into some problems while using your card.

A travel tip: Some of the most accessible e-wallets you can use for payments in Singapore include GooglePay, GrabPay, NETSPay, WeChat Pay, etc.

3. Digital wallets: Payments using digital or e-wallets have also become massively popular across Singapore. From street hawkers to shopping malls, you can use them everywhere.

4. Forex travel card: Pre-loaded Forex travel cards are another popular mode of payment accepted in Singapore. It is often a better alternative than using credit or debit cards.

Can I use INR in Singapore?

Did you know?

• One of the best places in Singapore where you can get good exchange rates for INR to SGD conversion is Mustafa Centre. The rates offered for other Asian currencies at this location are also pretty reasonable. However, do note that traveller’s cheques are not accepted here. You can easily reach the Mustafa Centre from Farrer Park MRT Station.

Unfortunately for Indian tourists, INR is not accepted in the city-state of Singapore. Individuals are required to exchange INR into SGD if they wish to make purchases and pay for services in this country. However, tourists may be able to use other major currencies like USD or GBP at some hotels and tourist establishments.

Conclusion

This sums up all the key details about the local currency of Singapore that every tourist needs to know about. Even though tourists can acquire SGD after arriving in Singapore, it is always better to complete foreign exchange prior to the trip. Also, make sure to have a clear understanding of how the local currency in Singapore works in order to have a simpler spending experience during your trip. Also, it is advised to invest in a Travel insurance for Singapore to cover any unforeseen emergencies like lost wallets or medical expenses. In today’s age, getting travel insurance online is quicker than ever, which is why having an international travel insurance is not just easy, but crucial.

Faqs

1. How much INR can Indians carry to Singapore?

Indian residents can carry a total of up to INR 25,000 in Indian currency banknotes on their Singapore trip.

2. What are some popular areas where tourists can exchange money in Singapore?

Some well-known areas and centres for money exchange in Singapore are the Lucky Plaza, The Arcade, Parkway Parade, Mustafa Centre, etc.

3. Which foreign currency is the most convenient to exchange for Singapore Dollars?

The U.S. Dollar is one of the easily exchangeable foreign currencies that you can use to get SGD at local moneychangers and banks in Singapore.

4. How much is 1 INR and 1 USD to SGD?

As of 20th August 2023, the value of 1 INR is equal to 0.016 SGD. On the other hand, 1 USD is equivalent to 1.36 SGD.