Jazmin Li
Singapore's official currency is the Singapore dollar (SGD), which has been the currency of the country since it became independent from Malaysia in 1965. The Brunei Dollar (BND) is also considered legal tender in Singapore, operating on a 1:1 exchange rate with the Singaporean Dollar. Changi Airport in Singapore accepts all major currencies in its retail outlets, but the exchange rate is not the best. Money changers in the airport's public and transit areas are a convenient way to exchange foreign currency before departing Singapore, but it is recommended to monitor average currency exchange rates using mobile applications or websites like CashChanger, Get4x or XE.com.
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What You'll Learn
- Money changers at Changi Airport offer convenience and decent exchange rates
- ChangiFX lets you pre-book currency/rates and exchange them at the airport
- Singapore money changers don't charge a commission for foreign currency exchange
- Using a credit card for purchases under S$50 is a good alternative to exchanging currency
- Monitor average currency exchange rates with mobile apps like CashChanger or Get4x
Money changers at Changi Airport offer convenience and decent exchange rates
Changi Travel Exchange is an MAS-approved money changer that allows travellers to buy foreign currency online and collect it at the airport. They offer reasonable rates, and you can skip the queues by collecting your currencies at the Changi Recommends counters before your flight. Travellers can choose from 19 different foreign currencies and make payments through PayNow.
ChangiFX is another option, allowing you to pre-book your currency and exchange it at the airport. This service is for local residents looking to obtain foreign currency before leaving Singapore. You can find ChangiFX counters at Terminal 1's Departure Hall, Transit Area, and Arrival Hall.
While the airport exchange rates may not be the absolute best, they are still fairly competitive. The convenience of picking up your cash at the airport, especially if you don't live near a good money changer, makes it a popular choice. Additionally, the money changers at Changi Airport are operated by reputable banks, so you can be assured that they won't rip you off.
Singapore's official currency is the Singapore Dollar (SGD), but the Brunei Dollar (BND) is also considered legal tender and operates on a 1:1 exchange rate with the Singapore Dollar.
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ChangiFX lets you pre-book currency/rates and exchange them at the airport
Singapore's official currency is the Singapore dollar (SGD), which has been the currency since the nation became independent from Malaysia in 1965. The Brunei Dollar (BND) is also considered legal tender in Singapore, operating on a 1:1 exchange rate with the Singaporean Dollar.
Changi Airport accepts all major currencies in its retail outlets, but the exchange rate is not always favourable. Money changers at the airport, operated by banks like American Express and UOB, do not charge a commission for foreign currency exchange.
ChangiFX is one such money changer at Changi Airport. It offers a wide range of services, including currency exchange and the Changi Airport baggage wrapping service. With ChangiFX, you can pre-book currency and exchange rates and then collect your currencies before you fly. This allows you to skip the queues and ensure you get a favourable exchange rate.
ChangiFX has a branch in Terminal 1, where it operates alongside UOB, and in Terminal 2, where it competes with UOB and Travelex Money Changer.
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Singapore money changers don't charge a commission for foreign currency exchange
Singapore is known for having some of the best foreign currency exchange rates in the world. Money changers in Singapore, including those at Changi Airport, do not charge a commission for foreign currency exchange. These money changers are operated by banks like American Express and UOB.
While money changers in Singapore do not charge a commission, they may add a percentage or fee to the exchange rate offered to customers to protect their profits. This means that the mid-market exchange rate, which is the rate banks and money changers get when they buy foreign currencies, is not always passed on to customers. As a result, it is important to compare the exchange rate you are offered against the mid-market rate to understand the true costs of converting your money.
There are a few things to keep in mind when exchanging currency in Singapore. First, it is generally not recommended to change currency on the weekend, as global currency markets are closed, which may result in extra fees when the markets reopen. Second, it is a good idea to use a money changer in a key currency exchange hub, as increased competition can keep overall costs down. Additionally, consider getting a multi-currency account so you don't need to switch currencies frequently, as this can be both cheaper and more convenient.
If you are looking to exchange Malaysian currency in Singapore, you may be able to find money changers that offer this service, particularly at Changi Airport. However, it is always a good idea to research and compare exchange rates before making a transaction to ensure you are getting a fair deal.
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Using a credit card for purchases under S$50 is a good alternative to exchanging currency
Singapore's official currency is the Singaporean Dollar (SGD), which has been the country's currency since it gained independence from Malaysia in 1965. The Brunei Dollar (BND) is also considered legal tender in Singapore and operates on a 1:1 exchange rate with the Singaporean Dollar.
Changi Airport in Singapore accepts all major currencies in its retail outlets, but the exchange rate is not always favourable. Money changers at the airport, operated by banks like American Express and UOB, do not charge a commission for foreign currency exchange.
However, it is important to be cautious when using credit cards overseas due to potential fees and fraud. Foreign transaction fees may apply, and dynamic currency conversion may result in uncompetitive exchange rates. To avoid unnecessary costs, refuse to sign any receipts that are not expressed in the local currency. Notify your credit card company of your travel plans to ensure your charges are not blocked, and consider selecting a travel credit card that does not impose foreign transaction fees.
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Monitor average currency exchange rates with mobile apps like CashChanger or Get4x
While it is possible to use other currencies at Changi Airport in Singapore, it is always a good idea to have the local currency on hand when travelling. Singapore's official currency is the Singapore Dollar (SGD), and the Brunei Dollar (BND) is also considered legal tender.
To ensure you are getting a fair rate when exchanging your money, it is a good idea to monitor average currency exchange rates. This can be done easily with mobile apps like CashChanger and Get4x.
CashChanger allows you to select your country and city, and it will find the exchange rate you are looking for. This app is particularly useful when travelling as it can be used in multiple locations.
Get4x allows you to compare money changer rates around you from the convenience of your mobile device. The app displays cash exchange rates from money changers globally, providing both indicative and live rates. With Get4x, you can search for foreign currency rates from currency exchanges in 22 cities, including Singapore, Bangkok, Hong Kong, and Mumbai.
By using these apps, you can easily monitor exchange rates and plan your currency exchanges to ensure you are getting a fair deal. This is especially useful in places like Singapore, where money changers do not charge a commission, so the exchange rate will be the deciding factor in choosing where to exchange your money.
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Frequently asked questions
Yes, you can exchange currency at Changi Airport in Singapore. However, the exchange rate may not be the best.
The official currency of Singapore is the Singapore Dollar (SGD), sometimes referred to as the "Sing-dollar" or "Sing".
Money changers in the public and transit areas of Changi's terminals offer convenient ways to exchange currency. While some suggest that the first money changer after arrival may not offer the best rates, hotspots like The Arcade at Raffles Place, People's Park Complex, and Mustafa Centre are known for their good rates.
