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Should you exchange money before going to Singapore?

Published in Singapore Travel Money 4 mins read

While it's not strictly necessary to exchange all your money before arriving, it's often advisable to obtain some Singapore dollars (SGD) in advance for convenience, or strategically exchange your home currency in Singapore for potentially better rates.

The decision to exchange money before or after arriving in Singapore depends on several factors, including convenience, cost, and access to favorable exchange rates.

Pre-Trip Exchange: Ordering Singapore Dollars

One option is to order Singapore dollars in cash before you travel. This provides the convenience of having local currency immediately upon arrival, avoiding the need to seek out exchange services at the airport or in the city right away.

  • Pros:
    • Immediate access to SGD upon landing.
    • Peace of mind knowing you have local currency for initial expenses like taxis or snacks.
  • Cons:
    • Rates for pre-ordered currency might not always be the most competitive compared to exchange services in Singapore.
    • You might incur delivery fees or less favorable exchange rates from your home bank or currency exchange service.

Exchanging Money Upon Arrival in Singapore

Singapore offers various avenues for exchanging money once you've landed, each with its own advantages and disadvantages.

Airport Currency Exchange

You can exchange your currency at Changi Airport upon arrival. While undoubtedly convenient, getting cash at the airport can often be a pricier option. Airport exchange booths typically offer less favorable rates compared to those found elsewhere, due to the premium placed on their accessible location.

  • Consideration: If you choose this option, it's recommended to exchange only a small amount for immediate needs, such as a taxi fare or initial snack, then seek better rates elsewhere for the bulk of your funds.

City Currency Exchange Shops

A more economical approach is to carry your home currency in cash (for instance, Australian Dollars - AUD, if that's your starting currency) and exchange it at dedicated currency exchange shops located throughout Singapore. These shops are widely available in key areas, especially in the city's business districts and popular tourist zones.

  • Pros:
    • Often offer more competitive exchange rates than airports or even some banks.
    • Easy to find in well-trafficked areas.
  • Recommendation: This method is generally recommended for larger sums, as the favorable rates can lead to significant savings.

Smart Money Exchange Strategies for Singapore

To ensure you get the most out of your money when visiting Singapore, consider these practical tips:

  • Weigh Up Costs and Rates: Before committing to any exchange, always compare the exchange rates and any associated fees. This applies whether you're exchanging pre-trip, at the airport, or in city shops. A small difference in rate can add up for larger sums.
  • Mix of Payment Methods: While having some cash is useful, Singapore is a highly card-friendly country. Consider using a travel-friendly debit or credit card for most transactions to minimize cash exchange needs and potentially leverage interbank rates, which are often the best. However, always have some cash for smaller purchases or places that may not accept cards.
  • Avoid Tourist Traps: Be mindful of where you exchange money. While city exchange shops are generally good, some smaller, less reputable establishments might offer poor rates. Stick to well-known chains or those with clear, transparent rate boards.

Summary of Exchange Options:

Exchange Method Convenience Cost/Rates Recommendation
Pre-ordering SGD Cash High Can be less competitive, potential fees Good for initial small amounts, ensures immediate cash on arrival.
Airport Exchange in Singapore High (on arrival) Often pricey, less favorable rates Exchange minimal amount for immediate needs, then seek better rates in the city.
City Exchange Shops in Singapore Moderate (need to locate them) Generally favorable, competitive rates Ideal for larger sums; carry home currency cash (e.g., AUD) to exchange here.

In conclusion, while you can exchange money before you go to Singapore, it's wise to consider your options for getting the best value. Combining a small pre-trip exchange with larger exchanges at favorable rates in Singapore's city exchange shops often provides the most balanced approach.