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Foreign Exchange Guide to Singapore

Read this currency guide to Singapore with money transfer and travel tips.   [USD/SGD=1.3705]

Singapore
Country Code:
SG
Domestic Currency:
Singapore Dollar
Symbol - Code:
$ SGD
Telephone Prefix:
+65

This is a foreign exchange guide to Singapore, the Singapore Dollar currency plus SGD transfers and travel tips.


In this Singapore currency guide we take a look at :

  1. Singapore Dollar info - general info about the Singapore Dollar
  2. Singapore Dollar in the markets - recent SGD moves and predictions from the FX markets
  3. Travelling in Singapore - currency & money saving tips
  4. Buying Singapore Dollar cash online - travel money for Singapore
  5. Sending money to Singapore - save on Singapore Dollar bank transfers to Singapore
  6. Singapore Dollar exchange rates - latest & historic exchange rates.
  7. SGD News - the latest Singapore Dollar related articles from our blog.

Singapore Dollar (SGD) general currency information


What is the Singapore Dollar currency code and symbol?

The three letter currency code for the Singapore Dollar is SGD and the symbol is $.


Which countries use the Singapore Dollar?

It is the domestic currency in Singapore.

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.


Singapore Dollar (SGD) in the markets

28-November-18: Principal drivers of the Singapore dollar in 2018 have included global trade concerns and the strong US dollar.

In October, SGD weakened to a 16-month low of S$1.387 per USD before recovering somewhat in November into the low S$1.37s – still a 2.5 percent loss for the year.

SGD fared better against the other majors though, especially the Australian dollar, against which it broke parity. At the time of writing, SGD/AUD was trading precisely at 1.00.

At October’s semi-annual meeting of the Monetary Authority of Singapore, the slope of the S$NEER currency band was adjusted slightly upwards, as widely expected, although the width and centre of the band were left unchanged. What many consider to be a more hawkish bias within the MAS is the result of improved outlooks for inflation and the labour market.

In November, ING warned against holding second-tier currencies from small, open, trade-dependent countries like Singapore because of its suspicion that trade tensions between the US and China would resurface heading into year-end.

The interactive chart below shows the USD to SGD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-SGD 3 Month chart
USD-SGD 3 Month chart
USDSGD currency converter

Travel, Currency and Money saving 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. Singapore can get very humid in summer, be ready for that when making travel plans. 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.

There are plenty of buses and taxis around Singapore, but the Mass Rapid Transit (MRT) runs the length and breadth of the country. 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.

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.

 

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.

 

Compare USD to SGD Travel Money Exchange Rates vs the Banks

ProvidersAmount SGDExchange RateFee USDTotal CostReviewsDeal Links
Wells Fargo Bank logoWells Fargo Bank
$1282.04 SGD
Top Provider
1.3082$206.37%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
$1281.87 SGD
$SGD0.17 less
1.2950$106.39%
U.S. Bank logoU.S. Bank
$1281.70 SGD
$SGD0.34 less
1.281706.4%
Travelex Online US logoTravelex Online US
$1221.40 SGD
$SGD61 less
1.22140^10.8%
 
Wells Fargo Bank: Travel Money USD→SGD
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:1.3082 (4.46% from mid-rate)
SGD amount:$1282.04 SGD
Total Cost:6.37%
Time:6:08 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo

Travel Money USD→SGD
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:1.1981 (12.5% from mid-rate)
SGD amount:$1281.87 SGD
Total Cost:6.39%
U.S. Bank: Travel Money USD→SGD
USD amount:$1,000 USD
Fee:0
Exchange Rate:1.2817 (6.4% from mid-rate)
SGD amount:$1281.70 SGD
Total Cost:6.4%
Time:6:08 Local
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→SGD
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:1.2214 (10.8% from mid-rate)
SGD amount:$1221.40 SGD
Total Cost:10.8%
Time:
Rate Fetched: Mon Dec 10 2018 04:15:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs USD/SGD mid-rate: 1.3693
Rates @ 12/10/2018
 

Singapore Trip Checklist    

 
  1. Compare SGD travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Singapore
  3. Lonely Planet - world's best travel guide (coupon and deals)

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 foreign-transfer exchange 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 here).


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 our Send to SGD 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!

 

Compare USD to SGD Foreign Transfers vs the Banks

ProvidersAmount SGDExchange RateFee USDTotal CostTransfer SpeedTransfer ServicesReviewsDeal Links
WorldFirst logoWorldFirst
$13,639 SGD
Top Provider
1.363900.4%1-2 daysOnline, Bank Account to Bank Account
 
OFX logoOFX
$13,639 SGD1.36390^0.4%1-2 daysOnline, Bank Account to Bank Account
 
Wells Fargo Bank logoWells Fargo Bank
$12,927 SGD
$SGD712 less
1.295185.6%2-3 daysOnline, Branch, Bank Account to Bank Account
HSBC logoHSBC
$12,918 SGD
$SGD721 less
1.2937$155.67%2-3 daysOnline, Branch, Bank Account to Bank Account
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
$12,838.75 SGD
$SGD800 less
1.2914156.25%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of America logoBank of America
$12,755 SGD
$SGD884 less
1.2884$1006.86%2-3 daysOnline, Branch, Bank Account to Bank Account
U.S. Bank logoU.S. Bank
$12,755 SGD
$SGD884 less
1.2884$1006.86%2-3 daysOnline, Branch, Bank Account to Bank Account
WorldFirst: Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:
Exchange Rate:1.3639 (0.4% from mid-rate)
SGD amount:$13,639 SGD
Total Cost:0.4%
Time:6:07 Local
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:1.3639 (0.4% from mid-rate)
SGD amount:$13,639 SGD
Total Cost:0.4%
Time:
Rate Fetched: 6:07 Local
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:18
Exchange Rate:1.2950 (5.43% from mid-rate)
SGD amount:$12,927 SGD
Total Cost:5.6%
Difference:
$SGD712 SGD less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:1.2937 (5.53% from mid-rate)
SGD amount:$12,918 SGD
Total Cost:5.67%
Difference:
$SGD721 SGD less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:15
Exchange Rate:1.2858 (6.1% from mid-rate)
SGD amount:$12,838.75 SGD
Total Cost:6.25%
Difference:
$SGD800 SGD less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Bank of America: Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2884 (5.91% from mid-rate)
SGD amount:$12,755 SGD
Total Cost:6.86%
Difference:
$SGD884 SGD less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→SGD
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2884 (5.91% from mid-rate)
SGD amount:$12,755 SGD
Total Cost:6.86%
Difference:
$SGD884 SGD less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs USD/SGD mid-rate: 1.3694
Rates @ 12/10/2018
 

Popular SGD cross rates


SGD/USD - Singapore Dollar to United States Dollar - 10 Year History

DateExchange RatePeriodChange
09 Dec 20180.7299Latest
02 Dec 20180.73031 Week-0.05%
09 Nov 20180.72511 Month+0.66%
12 Jun 20180.74806 Months-2.42%
09 Dec 20170.73931 Year-1.27%
09 Dec 20160.70002 Years+4.27%
10 Dec 20130.80075 Years-8.84%
11 Dec 20080.671810 Years+8.65%

SGD/EUR - Singapore Dollar to Euro - 10 Year History

DateExchange RatePeriodChange
09 Dec 20180.6413Latest
02 Dec 20180.64391 Week-0.4%
09 Nov 20180.63951 Month+0.28%
12 Jun 20180.63676 Months+0.72%
09 Dec 20170.62791 Year+2.13%
09 Dec 20160.66282 Years-3.24%
10 Dec 20130.58195 Years+10.21%
11 Dec 20080.505410 Years+26.89%

SGD/GBP - Singapore Dollar to British Pound Sterling - 10 Year History

DateExchange RatePeriodChange
09 Dec 20180.5733Latest
02 Dec 20180.57281 Week+0.09%
09 Nov 20180.55901 Month+2.56%
12 Jun 20180.55936 Months+2.5%
09 Dec 20170.55201 Year+3.86%
09 Dec 20160.55672 Years+2.98%
10 Dec 20130.48685 Years+17.77%
11 Dec 20080.449510 Years+27.54%

SGD/JPY - Singapore Dollar to Japanese Yen - 10 Year History

DateExchange RatePeriodChange
09 Dec 201882.2870Latest
02 Dec 201883.09001 Week-0.97%
09 Nov 201882.53351 Month-0.3%
12 Jun 201882.62176 Months-0.41%
09 Dec 201783.88261 Year-1.9%
09 Dec 201680.50922 Years+2.21%
10 Dec 201382.37865 Years-0.11%
11 Dec 200861.563210 Years+33.66%

SGD/AUD - Singapore Dollar to Australian Dollar - 10 Year History

DateExchange RatePeriodChange
09 Dec 20181.0127Latest
02 Dec 20180.99041 Week+2.25%
09 Nov 20181.00281 Month+0.99%
12 Jun 20180.98766 Months+2.54%
09 Dec 20170.98451 Year+2.86%
09 Dec 20160.93952 Years+7.79%
10 Dec 20130.87555 Years+15.67%
11 Dec 20081.001510 Years+1.12%

SGD/CAD - Singapore Dollar to Canadian Dollar - 10 Year History

DateExchange RatePeriodChange
09 Dec 20180.9725Latest
02 Dec 20180.96811 Week+0.45%
09 Nov 20180.95801 Month+1.51%
12 Jun 20180.97366 Months-0.11%
09 Dec 20170.95001 Year+2.37%
09 Dec 20160.92322 Years+5.34%
10 Dec 20130.84985 Years+14.44%
11 Dec 20080.828210 Years+17.42%

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