Currency in Singapore SGD - Things to know
Foreign exchange guide to Singapore and the Singapore dollar
What's in this Singapore currency guide?
What currency is used in Singapore?
The official currency of Singapore (country code: SG) is the Singapore dollar, with symbol S$ and currency code SGD.
Things to know about the Singapore dollar
According to the Bank for International Settlements, trading in the Singapore dollar contributes to 1.8% of the foreign exchange market’s daily turnover, and as such the currency is Asia’s third most traded (behind the Japanese yen and China’s yuan) and the twelfth most traded in the world.
Singapore’s currency is of special importance to the country’s central bank, the Monetary Authority of Singapore (MAS). The SGD value is managed against a basket of currencies from the country’s major trading partners.
The currency’s all-time valuation low against the US dollar occurred in September 1985 when USD/SGD reached 2.31. It's all-time high came in August 2011 when USD/SGD fell to just 1.2.
The Singapore dollar banknotes and coins
The physical currency consists of coins and banknotes. The coins come in denominations of 1 cent, 5 cents, 10 cents, 20 cents, and 50 cents. The banknotes come in denominations of $1, $2, $5, $10, $20, $50, and $100. The banknotes feature images of famous Singaporean historical figures, such as Yusof Ishak, S.R. Nathan, and Goh Keng Swee. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel money for Singapore
Save money and time by Ordering your Singapore dollar online from Travelex, you get better rates and can pick up the SGD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Singapore dollar otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Singapore
Singapore is a city-state located in Southeast Asia that is known for its blend of modernity and tradition. It is a vibrant and cosmopolitan city with a mix of cultures, languages, and religions.
Singapore has a strong economy and is known for its high standard of living, efficient public transportation system, and low crime rate. The city is home to a number of landmarks, including the Gardens by the Bay, the Singapore Zoo, and the Marina Bay Sands hotel.
Singapore is also known for its diverse and delicious food, which reflects the city's multicultural population. Overall, Singapore is a safe and clean city that is popular with tourists and business travelers alike.
Top things to do in Singapore
Singapore is a city-state in Southeast Asia that is known for its blend of modernity and tradition. Here are a few of the best things to do in Singapore:
Visit the Gardens by the Bay, a futuristic park that features giant metal "supertrees" and a massive glass greenhouse called the Flower Dome.
Take a walk through Chinatown, which is known for its vibrant street markets, temples, and traditional shophouses.
Go up to the observation deck of the Marina Bay Sands hotel, which offers panoramic views of the city.
Visit the Singapore Zoo, which is home to over 2,800 animals from around the world.
Take a ride on the Singapore Flyer, a giant Ferris wheel that offers views of the city from a height of 165 meters.
Go to Sentosa Island, which is home to a number of attractions such as Universal Studios Singapore, the S.E.A. Aquarium, and the Tiger Sky Tower.
Visit the National Gallery Singapore, which houses the largest collection of modern art in Southeast Asia.
Take a walk through Little India, which is known for its colorful markets, temples, and delicious food.
Go on a food tour of Singapore to try local dishes such as chicken rice, laksa, and satay.
Visit the Singapore Botanic Gardens, which is home to over 10,000 species of plants and flowers.
Singapore laws travelers should note
Here are a few laws that travelers to Singapore should be aware of:
It is illegal to consume alcohol in public places from 10:30 pm to 7:00 am.
It is illegal to import or use drugs in Singapore. Penalties for drug offenses can be severe, including imprisonment and fines.
Photography of certain landmarks and government buildings is not allowed in Singapore.
It is illegal to engage in any kind of gambling in Singapore, except for betting on horse races at the Singapore Turf Club.
Public displays of affection, such as kissing or holding hands, are generally accepted in Singapore but it is considered rude to engage in such behavior in public.
It is important to dress modestly and respect local customs and traditions. This includes wearing clothing that covers the shoulders and knees in public.
It is illegal to import or use any kind of pornography in Singapore.
The Singaporean authorities take cybercrime seriously and have strict laws against online fraud, hacking, and the distribution of illegal or inappropriate content.
It is important to respect the local culture and traditions, including the prohibition on eating or drinking in public during the daylight hours of the month of Ramadan.
It is a good idea for travelers to familiarize themselves with the local laws and customs before visiting Singapore to ensure that they do not inadvertently break any laws.
How to get around in Singapore?
There are several ways to get around in Singapore:
MRT (Mass Rapid Transit): The MRT is Singapore's subway system and is a fast and efficient way to get around the city. The MRT has multiple lines that cover most parts of the city, and it is easy to use with the use of a stored value card called an "EZ-Link" card.
Bus: Singapore has an extensive public bus network that covers most parts of the city. Buses are a convenient and affordable way to get around, and you can use your EZ-Link card to pay for your ride.
Taxi: Taxis are widely available in Singapore and are a convenient way to get around, especially for longer distances or late at night. You can hail a taxi on the street or book one through a ride-hailing app such as Grab or Gojek.
Car: If you prefer to drive, you can rent a car or use a car-sharing service such as GrabCar or Gojek. Keep in mind that traffic can be heavy in some areas of Singapore, and parking can be expensive.
Bicycle: Singapore has a network of dedicated bicycle lanes and paths, and it is possible to get around by bike in some parts of the city. You can rent a bike through a bike-sharing service such as oBike or SG Bike.
Foot: Singapore is a small city and it is possible to get around by foot in some areas, especially in the central business district. Walking is a good way to explore the city and experience the local culture.
USD/SGD Market Data
The below interactive chart displays the USD/SGD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Singapore?
The domestic currency in Singapore is the Singapore dollar.
What is the Singapore dollar currency code and symbol?
The three letter currency code for the Singapore dollar is SGD — symbol is S$.
Which countries use the Singapore dollar?
It is the domestic currency in Singapore.
Is the Singapore dollar a closed currency?
No, the Singapore dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and SGD?
Converted at USD/SGD interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Singapore - Best Rates
To get a good (and fair) exchange rate when sending money to Singapore you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Singapore
When sending money to Singapore it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Singapore dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted SGD amount will be transfered to the recipient account you specify in Singapore.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Singapore dollar deposited into the recipient bank account and less margins and fees kept by the banks!
