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Foreign Exchange Guide to Singapore

Read this currency guide to Singapore with SGD money transfer and travel tips.

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 guide we review :

  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.

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

In April, the Monetary Authority of Singapore said for the first time in six years that it would allow the Singapore dollar to appreciate. Unconventionally, the MAS manages monetary policy by managing the value of SGD. By allowing the currency to rise, it will effectively tighten policy in response to robust economic growth – 4.3% in the fourth quarter.

USD/SGD has, for the most part, followed the broader market for dollar pairs in 2018. The pair reached 1.3 in January for the first time since 2014 but since then has rallied. It was back to 1.4 in early May.

In early May, for the first time in nearly two years, the Singapore dollar broke parity with the Australian dollar. When last seen, AUD/SGD was at 0.998.

Based on a global macro model and analyst expectations, the team at TradingEconomics.com is forecasting USD/SGD at 1.37 at the end of April 2019.

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.

 

Travel Money Exchange Rates Compared

Buying SGD Cash with USD 1,000

ProviderRatingFeesExchange RateMargin
Travelex US logo Travelex US
 
$01.2234$1223.40 SGD10.49%
HSBC logo HSBC
$01.2112$1211.20 SGD11.38%
Average Bank Rate
U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
$101.2030$1194.96 SGD12.57%
Wells Fargo Bank logo Wells Fargo Bank
Minimum 20 USD1.2112$1186.98 SGD13.15%
U.S. Bank logo U.S. Bank
$01.1867$1186.70 SGD13.17%
 
Travelex US logo Travelex US
Free Home Delivery when you Buy Online Travel Money & Cards with $0 commission and great exchange rates only available from Travelex Online. Zero cost for Home Delivery or pickup your foreign cash at your local Travelex store or at the airport on departure day. * Home deliveries can only be made to the registered billing address of your chosen payment method.
Price Details
Receive: $1223.40 SGD
Exchange Rate: 1.2234
(Inverse 1SGD=USD 0.8174)
Fees: $0
Total Cost : 10.49% (from mid-rate: 1.3667)
Amount of cash that could be received at rate USD/SGD=1.2234 and inclusive of the fee of $0.
Rate timestamp : Tue Aug 21 2018 04:15:03 GMT+0000 (UTC)
 
HSBC logo HSBC

Price Details
Receive: $1211.20 SGD
Exchange Rate: 1.2112
(Inverse 1SGD=USD 0.8256)
Fees: $0
Total Cost : 11.38% (from mid-rate: 1.3667)
Receive SGD $12.2 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/SGD=1.2112 and inclusive of the fee of $0.
 
Average Bank Rate
U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
This is the average USD to SGD Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.


Price Details
Receive: $1194.96 SGD
Exchange Rate: 1.1959
(Inverse 1SGD=USD 0.8362)
Fees: $10
Total Cost : 12.57% (from mid-rate: 1.3667)
Receive SGD $28.44 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/SGD=1.2030 and inclusive of the fee of $10.
 
Wells Fargo Bank logo Wells Fargo Bank

Price Details
Receive: $1186.98 SGD
Exchange Rate: 1.2112
(Inverse 1SGD=USD 0.8256)
Fees: Minimum 20 USD
Total Cost : 13.15% (from mid-rate: 1.3667)
Receive SGD $36.42 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/SGD=1.2112 and inclusive of the fee of Minimum 20 USD.
 
U.S. Bank logo U.S. Bank

Price Details
Receive: $1186.70 SGD
Exchange Rate: 1.1867
(Inverse 1SGD=USD 0.8427)
Fees: $0
Total Cost : 13.17% (from mid-rate: 1.3667)
Receive SGD $36.7 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/SGD=1.1867 and inclusive of the fee of $0.
% Margins to latest USD/SGD mid-rate: 1.3667
Rates @ 08/21/2018
 

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!

 
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

Compare Foreign Transfers

Sending USD 10,000 to SGD

ProviderRatingFeesExchange RateMargin
OFX logo OFX
 
$01.3546$13,546 SGD0.89%
Wells Fargo Bank logo Wells Fargo Bank
$181.3235$13,211 SGD3.34%
HSBC logo HSBC
$151.3221$13,201 SGD3.41%
Average Bank Rate
Bank of America logo  U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
$151.3198$13,120.5 SGD4%
Bank of America logo Bank of America
$1001.3167$13,035 SGD4.62%
U.S. Bank logo U.S. Bank
$1001.3167$13,035 SGD4.62%
 
OFX logo OFX
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: $13,546 SGD
Exchange Rate: 1.3546
(Inverse 1SGD=USD 0.7382)
Fees: $0
Total Cost : 0.89% (from mid-rate: 1.3667)
This is the amount of money that could be received by your transfer at rate USD/SGD=1.3546 and inclusive of the fee of $0.
Rate timestamp : Tue Aug 21 2018 04:03:45 GMT+0000 (UTC)
 
Wells Fargo Bank logo Wells Fargo Bank

Price Details
Receive: $13,211 SGD
Exchange Rate: 1.3235
(Inverse 1SGD=USD 0.7556)
Fees: $18
Total Cost : 3.34% (from mid-rate: 1.3667)
Receive SGD $335 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/SGD=1.3235 and inclusive of the fee of $18.
 
HSBC logo HSBC
Rate available to HSBC Online Banking customers only.

Price Details
Receive: $13,201 SGD
Exchange Rate: 1.3221
(Inverse 1SGD=USD 0.7564)
Fees: $15
Total Cost : 3.41% (from mid-rate: 1.3667)
Receive SGD $345 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/SGD=1.3221 and inclusive of the fee of $15.
 
Average Bank Rate
Bank of America logo  U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
This is the average USD to SGD International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.


Price Details
Receive: $13,120.5 SGD
Exchange Rate: 1.3140
(Inverse 1SGD=USD 0.7610)
Fees: $15
Total Cost : 4% (from mid-rate: 1.3667)
Receive SGD $425.5 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/SGD=1.3198 and inclusive of the fee of $15.
 
Bank of America logo Bank of America

Price Details
Receive: $13,035 SGD
Exchange Rate: 1.3167
(Inverse 1SGD=USD 0.7595)
Fees: $100
Total Cost : 4.62% (from mid-rate: 1.3667)
Receive SGD $511 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/SGD=1.3167 and inclusive of the fee of $100.
 
U.S. Bank logo U.S. Bank

Price Details
Receive: $13,035 SGD
Exchange Rate: 1.3167
(Inverse 1SGD=USD 0.7595)
Fees: $100
Total Cost : 4.62% (from mid-rate: 1.3667)
Receive SGD $511 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/SGD=1.3167 and inclusive of the fee of $100.
% Margins to latest USD/SGD mid-rate: 1.3667
Rates @ 08/21/2018
 

Major SGD cross rates


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

DateExchange RatePeriodChange
20 Aug 20180.7296Latest
13 Aug 20180.72641 Week+0.44%
21 Jul 20180.73411 Month-0.61%
21 Feb 20180.75516 Months-3.38%
20 Aug 20170.73341 Year-0.52%
20 Aug 20160.74292 Years-1.79%
21 Aug 20130.78025 Years-6.49%
22 Aug 20080.709110 Years+2.89%

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

DateExchange RatePeriodChange
20 Aug 20180.6370Latest
13 Aug 20180.63721 Week-0.03%
21 Jul 20180.62581 Month+1.79%
21 Feb 20180.61496 Months+3.59%
20 Aug 20170.62391 Year+2.1%
20 Aug 20160.65582 Years-2.87%
21 Aug 20130.58415 Years+9.06%
22 Aug 20080.479510 Years+32.85%

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

DateExchange RatePeriodChange
20 Aug 20180.5712Latest
13 Aug 20180.56921 Week+0.35%
21 Jul 20180.55891 Month+2.2%
21 Feb 20180.54286 Months+5.23%
20 Aug 20170.56971 Year+0.26%
20 Aug 20160.56812 Years+0.55%
21 Aug 20130.49865 Years+14.56%
22 Aug 20080.382310 Years+49.41%

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

DateExchange RatePeriodChange
20 Aug 201880.5213Latest
13 Aug 201880.36571 Week+0.19%
21 Jul 201881.79181 Month-1.55%
21 Feb 201881.23726 Months-0.88%
20 Aug 201780.18131 Year+0.42%
20 Aug 201674.44682 Years+8.16%
21 Aug 201376.20715 Years+5.66%
22 Aug 200877.912010 Years+3.35%

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

DateExchange RatePeriodChange
20 Aug 20180.9969Latest
13 Aug 20180.99981 Week-0.29%
21 Jul 20180.99011 Month+0.69%
21 Feb 20180.96846 Months+2.94%
20 Aug 20170.92521 Year+7.75%
20 Aug 20160.97432 Years+2.32%
21 Aug 20130.86865 Years+14.77%
22 Aug 20080.813310 Years+22.57%

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

DateExchange RatePeriodChange
20 Aug 20180.9531Latest
13 Aug 20180.95401 Week-0.09%
21 Jul 20180.96541 Month-1.27%
21 Feb 20180.95896 Months-0.6%
20 Aug 20170.92301 Year+3.26%
20 Aug 20160.95522 Years-0.22%
21 Aug 20130.81595 Years+16.82%
22 Aug 20080.742310 Years+28.4%