Currency in Singapore
A practical currency and money guide to travel, living and doing business in Singapore and the Singapore dollar (SGD).
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 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.
Expat Money & Business Guide to Singapore
Managing your finances in Singapore
Here we list some key points for expats and businesses to consider when managing financial dealings in Singapore:
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Understand Singapore dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the SGD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Singapore dollar bank account: A local SGD bank account can make it easier for you to manage your finances and pay bills while you are in Singapore. It may also be more convenient to use a local SGD bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Singapore. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Singapore. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Singapore, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
SGD/USD – Market Data
The exchange rate of Singapore dollar (SGD), or the amount of SGD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest SGD/USD rate plus recent trend, chart, forecasts and historic rates.
| Date | SGD/USD | Change | Period |
|---|---|---|---|
12 May 2023 | 0.7469 | 0.8% ▼ | 2 Week |
25 Feb 2023 | 0.7408 | 0% ▼ | 3 Month |
26 May 2022 | 0.7286 | 1.6% ▲ | 1 Year |
27 May 2018 | 0.7459 | 0.7% ▼ | 5 Year |
28 May 2013 | 0.7887 | 6.1% ▼ | 10 Year |
31 May 2003 | 0.5776 | 28.2% ▲ | 20 Year |
What are SGD to USD forecasts?
According to recent forecasts by FX analysts, the SGD to USD exchange rate is expected to trade between 1.3150 and 1.3450 in May. The performance of the SGD will depend on rate hikes and local economic performance, including inflation and retail sales data. Although the Monetary Authority of Singapore (MAS) recently announced that they will maintain the prevailing rate of appreciation of the SGD nominal effective exchange rate (S$NEER) policy band, the slightly dovish change in language did not help the SGD. However, if the US Fed maintains its current rate hold for the next few months, it is possible to see the SGD gaining some strength back.
On the other hand, the USD made modest gains recently as a result of bearish market sentiment and increased safe-haven appeal amid increasing economic tensions between China and the US. However, tonight’s PMIs from S&P Global could dampen USD demand, given economists' expectations of weaker services reading and forecasts that factory activity is likely to stall. Additionally, economists expect the US dollar's strength over the past year to eventually reverse in 2023 as the Fed's interest rate hikes cycle finally comes to an end.
Despite trading in a stable 2.5% range for the past three months, the SGD to USD exchange rate is currently at 90-day lows near 0.7381, which is 1.3% below its three-month average of 0.7476. It is important to note that Singapore's currency is of special importance to MAS, which manages the SGD value against a basket of currencies from the country's major trading partners. Therefore, any changes in the SGD-USD exchange rate will have significant implications for businesses and individuals engaged in international transactions.
SGD/USD forecasts SGD/USD rates
Compare Singapore dollar Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Singapore or planning a trip or maybe living there, so will need to exchange and spend Singapore dollar.
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It is important to note that the exchange rate of the Singapore dollar can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect SGD exchange rates before making any financial decisions.
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