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Singapore - Singapore Dollar - Currency Guide

 

Foreign exchange guide to Singapore and the Singapore Dollar (SGD)

   

General Currency Info - 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). Unlike other central banks which tighten or ease monetary policy by adjusting a national interest rate, the MAS achieve the same end via management of Singapore dollar exchange rates – an unconventional method which has served the country well since its introduction in 1981.

Because of its importance to monetary policy, the value of the Singapore dollar is managed carefully under a ‘managed float’ regime and is not truly freely floating. Its value is managed against a basket of currencies from the country’s major trading partners and the trade-weighted Singapore dollar exchange rate is restricted by the central bank to moves within a specified range, the boundaries of which are announced every six months.

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.

   

SGD News, Forecasts and Trends

At the end of March, Singapore's central bank eased its monetary policy, as widely expected, with the city-state's bellwether economy bracing for a deep recession due to the coronavirus pandemic.

The MAS said it would adopt a zero percent per annum rate of appreciation of the policy band starting at the prevailing level, currently slightly below the mid-point of the policy band.

The markets viewed this annoucement as showing the MAS has kept some fire-power in reserve and could intervene again to lower the SGD.

NAB told Bloomberg TV that it sees a recovery in Asian currencies in the 2nd half of the year if the coronavirus comes under control.

Overall, it was a mixed 2019 for the Singapore dollar, with small gains (<2 percent) against the euro and Australian dollar, but small losses against the US dollar and pound.

For more SGD currency market forecasts you can read the full article Singapore Dollar Forecasts. The below interactive chart shows the USD to SGD exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to SGD 90-day trend
 
14-DAY-LO
USD/SGD at 1.3923 was trading 1.4% below AVG:1.4125 with LO:1.3834 and HI:1.4611 (90 days). There are no current rate alerts.

US Dollar to Singapore Dollar - Historical Rates

USD/SGD rateChangePeriod
29 Jun 2020 : 1.39330.1% ▼1 Week
06 Jun 2020 : 1.39280% ▼30 Days
07 Apr 2020 : 1.42532.3% ▼90 Days
07 Jul 2019 : 1.36002.4% ▲1 Year
08 Jul 2015 : 1.35083.1% ▲5 Years
09 Jul 2010 : 1.38070.8% ▲10 Years
USD/SGD 10 year historic rates & changes to 06-Jul-2020 : 1.3924
 

U$1,000 USD
=
S$1,392 SGD

Converted at USD/SGD wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Singapore Dollar - Quick Conversions

USD SGD
U$ 1 S$ 1.3921
U$ 5 S$ 6.9605
U$ 10 S$ 13.92
U$ 20 S$ 27.84
U$ 50 S$ 69.61
U$ 100 S$ 139.21
U$ 250 S$ 348.03
U$ 500 S$ 696.05
U$ 1,000 S$ 1,392
U$ 2,000 S$ 2,784
U$ 5,000 S$ 6,961
U$ 10,000 S$ 13,921
U$ 50,000 S$ 69,605
U$ 100,000 S$ 139,210
More amounts
USD SGD
U$ 0.7184 S$ 1
U$ 3.5920 S$ 5
U$ 7.1840 S$ 10
U$ 14.37 S$ 20
U$ 35.92 S$ 50
U$ 71.84 S$ 100
U$ 179.60 S$ 250
U$ 359.20 S$ 500
U$ 718.40 S$ 1,000
U$ 1,437 S$ 2,000
U$ 3,592 S$ 5,000
U$ 7,184 S$ 10,000
U$ 35,920 S$ 50,000
U$ 71,840 S$ 100,000
More amounts

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?

 

Travel, Currency and Money saving tips for Singapore

Famous for it's cleanliness, diverse culture, fantastic food and stunning architecture, Singapore is becoming an increasingly popular destination.. The concrete jungles that once dominated Singapore’s skyline are slowly giving way to green skyscrapers, which look more like living ecosystems than business hubs. Fervently working towards its ‘City in a Garden’ dream, the nation is ploughing money into becoming more sustainable and, well, green. Head out of town a little and you’ll find plenty of walking trails, treetop jungle bridges, wildlife galore and the city's green jewel, the Unesco World Heritage–listed Singapore Botanic Gardens: these are the lungs of Singapore.

What currency is used in Singapore?

Singapore’s official currency is the Singapore Dollar (SGD), and it is divided into 100 cents. Foreign currencies, travelers’ checks, and personal checks can be changed at most banks and licensed money changers. ATMs can be found all over Singapore, and major credit cards are widely accepted.

How to get around in Singapore?

There are plenty of buses and taxis around Singapore, but the Mass Rapid Transit (MRT) runs the length and breadth of the country. The efficient Mass Rapid Transit (MRT) subway system is the easiest, quickest and most comfortable way to get around Singapore. The system operates from 5.30am to midnight, with trains at peak times running every two to three minutes, and off-peak every five to seven minutes. MRT tickets vary in price, as they are based on the distance traveled, but generally cost around 4 SGD. Travel on public transport is just 10 SGD per day for tourists with a Singapore Tourist Pass. This will get you unlimited rides on a number of buses and trains.

Singapore's extensive bus service is clean, efficient and regular, reaching every corner of the island. The two main operators are SBS Transit and SMRT. Both offer similar services. For information and routes, check the websites. Alternatively download the 'SG Buses' smartphone app, which will give you real-time bus arrivals.

For the budget travelers the stalls here offer food for less than 6 SGD and are a great place to sample local snacks, otherwise eating out can cost you. If you struggle with finding your way around there is a very complex underground system that is very useful.

Visit the Southern Islands of Singapore from the Marina South Pier. There are regular bumboat (motorised sampan) services from Changi Point Ferry Terminal to Pulau Ubin (S$3). To get there, take bus 2 from Tanah Merah MRT.

Travel tips for Singapore.

Singapore is not cheap, but that aside it is a classy, and impressive place to visit. Singapore is expensive by Southeast-Asian standards, with everything costing about double what it does elsewhere in the region. However, the extra fees may be worth it because it’s small enough to explore adequately in a short amount of time, and has modern conveniences and infrastructure right at your fingertips.

There is so much to do in Singapore, try to spend a few days, the food is amazing. That said, it can get pretty humid, so depending on your tastes decide on your travel time wisely. Singapore‘s tropical climate means it’s like summer all year round, with temperatures ranging from 26–34 degrees Celsius (about 78–93 degrees Fahrenheit) on average. The high humidity also means a lot of perspiration when outdoors, so pick the right clothing to wear or risk looking like a sweaty, frazzled mess throughout your trip. Plan your outdoor activities for cooler mornings, and urban walks at night when the lights come on.

Food in Singapore is taken very seriously. From cheap hawker fare to Michelin-starred fine dining, food-enamoured Singaporeans will line up for it, Instagram the hell out of it and passionately debate whether it is ‘die, die, must try’ – Singlish slang for ‘to die for’. Don’t fret about finding a place to chow down, as each neighbourhood is home to local hawker centres and coffeeshops dishing up some of the island’s best meals for just a couple of bucks.

Located along Marina Bay, Gardens by the Bay is a urban landscaping project is a series of fake “supertrees”. At heights of 80-160 feet, the metal structures have roughly 200 species of orchids, ferns, and other tropical plants coating their structure and forming a lush, colorful skin. It’s free to walk through the outdoor gardens, but you have to pay $8 SGD ($6 USD) for entry if you want to do the OCBC Skyway (the 128-metre long walkway through the canopy of the Supertree Grove).

 

Travel money for Singapore

Save money and time by Ordering your Singapore Dollars 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 Dollars otherwise you may get much worst exchange rates.

 
Provider ReviewAmount SGD(S$)Exchange RateFee USDDeal Links
TransferWise
> Best Overall
S$1,364.42
2%
1.3852U$15.00
U.S. Bank logo
U.S. Bank
S$1,303.2
6.39%
S$61 less
1.30320
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
S$1,290
7.33%
S$74 less
1.303215
Wells Fargo Bank logo
Wells Fargo Bank
S$1,277.14
8.26%
S$87 less
1.3032U$20
Travelex Online
S$1,241.8
10.8%
1.24180^
TransferWise
 
loading
TransferWise: Travel Money USD→SGD
From Amount (USD)U$1,000
Fee:U$15.00 USD (1.5%)
Exchange Rate:1.3852 (-0.5% from mid-rate)
To Amount (SGD) S$1,364.42
Total Cost:2%
Time:22:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


U.S. Bank
 
loading
U.S. Bank: Travel Money USD→SGD
From Amount (USD)U$1,000
Fee:0
Exchange Rate:1.3032 (-6.39% from mid-rate)
To Amount (SGD) S$1,303.2
Total Cost:6.39%
Time:22:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Banks - Average Rate
 
loading
Travel Money USD→SGD
From Amount (USD)U$1,000
Fee:15
Exchange Rate:1.2182 (-12.5% from mid-rate)
To Amount (SGD) S$1,290
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-


Wells Fargo Bank
 
loading
Wells Fargo Bank: Travel Money USD→SGD
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:1.3032 (-6.39% from mid-rate)
To Amount (SGD) S$1,277.14
Total Cost:8.26%
Time:22:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Travelex Online
 
loading
Travelex Online: Travel Money USD→SGD
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:1.2418 (-10.8% from mid-rate)
To Amount (SGD) S$1,241.8
Total Cost:10.8%
Time:
Rate Fetched: Mon Jul 06 2020 22:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


 
loading
Snapshot 07/06/2020 - View live rates

Sending money to Singapore

When searching around for information on how to get a good exchange rate when sending money to Singapore you need to start with finding out the latest Singapore Dollar exchange rate for foreign-transfers, which can be very different to the wholesale rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.

 

USD to SGD International Money Transfers

Provider ReviewReceive SGD(S$)Exchange RateFee USDDeal Links
OFX
> Best Overall
S$1,381.1
0.8%
1.38110^
HSBC logo
HSBC
S$1,334.99
4.11%
S$46 less
1.337U$1.50
U.S. Bank logo
U.S. Bank
S$1,331.6
4.35%
S$49 less
1.33160
Bank of America logo
Bank of America
S$1,311.63
5.79%
S$69 less
1.3316U$15
Wells Fargo Bank logo
Wells Fargo Bank
S$1,311.63
5.79%
S$69 less
1.3384U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
S$1,322
5.01%
S$59 less
1.334615
OFX
 
loading
OFX: Foreign Transfer USD→SGD
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:1.3811 (0.8% from mid-rate)
To Amount (SGD) S$1,381.1
Total Cost:0.8%
Time:
Rate Fetched: 22:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
HSBC
 
loading
HSBC: Foreign Transfer USD→SGD
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:1.3370 (3.96% from mid-rate)
To Amount (SGD) S$1,334.99
Total Cost:4.11%
Difference:
S$46 SGD less than using OFX
Time:22:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare HSBC Rates
U.S. Bank
 
loading
U.S. Bank: Foreign Transfer USD→SGD
From Amount (USD)U$1,000
Fee:0
Exchange Rate:1.3316 (4.35% from mid-rate)
To Amount (SGD) S$1,331.6
Total Cost:4.35%
Difference:
S$49 SGD less than using OFX
Time:22:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare U.S. Bank Rates
Bank of America
 
loading
Bank of America: Foreign Transfer USD→SGD
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:1.3316 (4.35% from mid-rate)
To Amount (SGD) S$1,311.63
Total Cost:5.79%
Difference:
S$69 SGD less than using OFX
Time:22:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of America Rates
Wells Fargo Bank
 
loading
Wells Fargo Bank: Foreign Transfer USD→SGD
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:1.3384 (3.86% from mid-rate)
To Amount (SGD) S$1,311.63
Total Cost:5.79%
Difference:
S$69 SGD less than using OFX
Time:22:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Wells Fargo Bank Rates
Banks - Average Rate
 
loading
Foreign Transfer USD→SGD
From Amount (USD)U$1,000
Fee:15
Exchange Rate:1.3288 (4.55% from mid-rate)
To Amount (SGD) S$1,322
Total Cost:5.01%
Difference:
S$59 SGD less than using OFX
Transfer Speed:
Services:


 
loading
Snapshot 07/06/2020 - View live rates

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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Singapore Dollar amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. 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 Send to Singapore Dollars 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 Dollars deposited into the recipient bank account and less margins and fees kept by the banks!


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