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Foreign Exchange Guide to Singapore

Read this currency guide to Singapore with money transfer and travel tips.   [USD/SGD=1.3757]

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

Principal drivers of the Singapore dollar in 2018 have included global trade concerns and the stronger US dollar.

In early October, SGD weakened to a 16-month low of 1.387 per USD before recovering by the time of this report (October-13) into the high 1.37s – still a 2.9 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 traded at 1.02.

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 October, ING warned against holding second-tier, trade-dependent currencies like the Singapore dollar; it suspected global trade tensions would return following November’s US mid-term elections.

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 Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Singapore dollar (SGD)

ProviderSpend Amount USDExchange RateCostReviewsLinks to Offers
Travelex Online US logoTravelex Online US
$1228.30 SGD
Top Provider
1.228310.78%
 
HSBC logoHSBC
$1216.00 SGD
$12 less
1.21611.67%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
$1199.73 SGD
$29 less
1.207812.85%
Wells Fargo Bank logoWells Fargo Bank
$1191.68 SGD
$37 less
1.21613.44%
U.S. Bank logoU.S. Bank
$1191.50 SGD
$37 less
1.191513.45%
Travelex Online US: rate, rating & reviews
From amount:$1,000 USD
To amount:$1228.30 SGD
Exchange Rate:1.2283
Total Cost:10.78% (against USD/SGD mid-rate: 1.3767)
Fees:$0
Timestamp:
Rate Fetched: Mon Oct 15 2018 08:15:03 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$1,000 USD
To amount:$1216.00 SGD
Exchange Rate:1.2160
Total Cost:11.67% (against USD/SGD mid-rate: 1.3767)
Fees:$0
Timestamp:10:08 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate :
From amount:$1,000 USD
To amount:$1199.73 SGD
Exchange Rate:1.2046
Total Cost:12.85% (against USD/SGD mid-rate: 1.3767)
Fees:$10
Wells Fargo Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:$1191.68 SGD
Exchange Rate:1.2160
Total Cost:13.44% (against USD/SGD mid-rate: 1.3767)
Fees: Minimum 20 USD
Timestamp:10:08 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:$1191.50 SGD
Exchange Rate:1.1915
Total Cost:13.45% (against USD/SGD mid-rate: 1.3767)
Fees:$0
Timestamp:10:08 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/SGD mid-rate: 1.3767
Rates @ 10/15/2018
 

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 Foreign Transfers vs the Banks

Send USD $10,000 → Receive SGD

ProviderReceive Amount SGDExchange RateCostReviewsLinks to Offers
OFX logoOFX
$13,598 SGD1.35981.23%
 
Wells Fargo Bank logoWells Fargo Bank
$13,316 SGD1.3343.28%
HSBC logoHSBC
$13,306 SGD1.33263.35%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
$13,225 SGD1.33033.94%
Bank of America logoBank of America
$13,139 SGD1.32724.56%
U.S. Bank logoU.S. Bank
$13,139 SGD1.32724.56%
 
OFX: rate, rating & reviews
From amount:$10,000 USD
To amount:$13,598 SGD
Exchange Rate:1.3598
Total Cost:1.23% (against USD/SGD mid-rate: 1.3767)
Timestamp:
Rate Fetched: Mon Oct 15 2018 08:03:45 GMT+0000 (UTC)
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:$13,316 SGD
Exchange Rate:1.3340
Total Cost:3.28% (against USD/SGD mid-rate: 1.3767)
Difference:
$282 SGD less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$10,000 USD
To amount:$13,306 SGD
Exchange Rate:1.3326
Total Cost:3.35% (against USD/SGD mid-rate: 1.3767)
Difference:
$292 SGD less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate :
From amount:$10,000 USD
To amount:$13,225 SGD
Exchange Rate:1.3244
Total Cost:3.94% (against USD/SGD mid-rate: 1.3767)
Difference:
$373 SGD less than using OFX
Bank of America: rate, rating & reviews
From amount:$10,000 USD
To amount:$13,139 SGD
Exchange Rate:1.3272
Total Cost:4.56% (against USD/SGD mid-rate: 1.3767)
Difference:
$459 SGD less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:$13,139 SGD
Exchange Rate:1.3272
Total Cost:4.56% (against USD/SGD mid-rate: 1.3767)
Difference:
$459 SGD less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/SGD mid-rate: 1.3767
Rates @ 10/15/2018
 

Major SGD cross rates


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

DateExchange RatePeriodChange
14 Oct 20180.7257Latest
07 Oct 20180.72301 Week+0.37%
14 Sep 20180.72791 Month-0.3%
17 Apr 20180.76256 Months-4.83%
14 Oct 20170.74111 Year-2.08%
14 Oct 20160.72002 Years+0.79%
15 Oct 20130.80425 Years-9.76%
16 Oct 20080.675110 Years+7.5%

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

DateExchange RatePeriodChange
14 Oct 20180.6270Latest
07 Oct 20180.62731 Week-0.05%
14 Sep 20180.62591 Month+0.18%
17 Apr 20180.61636 Months+1.74%
14 Oct 20170.62701 Year0%
14 Oct 20160.65622 Years-4.45%
15 Oct 20130.59445 Years+5.48%
16 Oct 20080.502210 Years+24.85%

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

DateExchange RatePeriodChange
14 Oct 20180.5517Latest
07 Oct 20180.55081 Week+0.16%
14 Sep 20180.55701 Month-0.95%
17 Apr 20180.53346 Months+3.43%
14 Oct 20170.55791 Year-1.11%
14 Oct 20160.59072 Years-6.6%
15 Oct 20130.50295 Years+9.7%
16 Oct 20080.391010 Years+41.1%

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

DateExchange RatePeriodChange
14 Oct 201881.4379Latest
07 Oct 201882.20711 Week-0.94%
14 Sep 201881.55981 Month-0.15%
17 Apr 201881.61036 Months-0.21%
14 Oct 201782.87631 Year-1.74%
14 Oct 201674.95812 Years+8.64%
15 Oct 201379.07905 Years+2.98%
16 Oct 200868.072110 Years+19.63%

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

DateExchange RatePeriodChange
14 Oct 20181.0202Latest
07 Oct 20181.02481 Week-0.45%
14 Sep 20181.01781 Month+0.24%
17 Apr 20180.98176 Months+3.92%
14 Oct 20170.93941 Year+8.6%
14 Oct 20160.94502 Years+7.96%
15 Oct 20130.84415 Years+20.86%
16 Oct 20080.998510 Years+2.17%

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

DateExchange RatePeriodChange
14 Oct 20180.9464Latest
07 Oct 20180.93611 Week+1.1%
14 Sep 20180.94911 Month-0.28%
17 Apr 20180.95786 Months-1.19%
14 Oct 20170.92391 Year+2.44%
14 Oct 20160.94782 Years-0.15%
15 Oct 20130.83375 Years+13.52%
16 Oct 20080.803610 Years+17.77%

SGD News and Forecasts