Singapore Airport And Us Dollars: Accepted Or Not?

Singapore Changi Airport provides currency exchange services, and US Dollars are accepted at many major shopping centres in Singapore. However, the exchange rates at the airport are not the most favourable, and it is recommended to use a credit card or withdraw local currency from an ATM upon arrival. While some big shops may accept foreign currency, it is not common, and the rates will not be favourable. Therefore, it is generally advised to change money into Singapore Dollars for cash needs such as taxis and shopping.

Changi Airport money changers offer currency exchange services

Changi Airport has several money changers that offer currency exchange services, including Changi Travel Exchange and Travelex. These services are conveniently located in the airport, allowing travellers to easily exchange their currency. Changi Travel Exchange is an MAS-approved money changer that offers reasonable rates and the convenience of airport pickup. Travellers can buy foreign currency online and collect it at the airport on the day of their trip from the 24-hour Changi Recommends kiosks in the departures area of Terminals 1 and 3. They offer 19 different foreign currencies, including US dollars, British pounds, and Saudi Riyal.

The money changers at Changi Airport are operated by banks like American Express, UOB, etc., and they do not charge a commission for foreign currency exchange. This makes it a straightforward option for travellers who need to exchange currency quickly before their flight. Additionally, Changi Airport's retail outlets accept all major currencies, so travellers can also use their foreign currency for shopping at the airport.

It is important to note that the exchange rates offered by Changi Travel Exchange may not always be the absolute best rates available. However, when compared to the search costs and convenience of picking up cash at the airport, many travellers find the rates to be good enough. The spreads differ depending on the currency, but for commonly exchanged currencies like EUR or USD, the rates are quite competitive.

For travellers who are not in a rush and have the time to explore other options, there are money changers located outside the airport in Singapore that may offer slightly better rates. However, considering the additional transport costs and time spent travelling to these locations, many travellers find it more convenient to use the money changers available at Changi Airport. Ultimately, the decision depends on individual preferences and the specific currencies being exchanged.

Singapore Dollars are needed for day-to-day purchases

Singapore Changi Airport has several money changers that provide currency exchange services. The airport's exchange rates are considered acceptable, but you can find better rates in the city. The money changers at the airport do not charge a commission for foreign currency exchange. However, the exchange rate offered may be lower than the mid-market rate, resulting in slightly lower value for your money.

While some major shopping centres in Singapore may accept US Dollars, the Singapore Dollar (SGD) is the only local currency used for payments in the country. Therefore, it is highly recommended to have some Singapore Dollars for day-to-day purchases. You can exchange your foreign currency at the airport or withdraw Singapore Dollars from an ATM.

ATMs are widespread in Singapore, and many accept cards from overseas banks. Credit cards are also widely accepted, but cheaper eateries may only take cash. If you plan to use your credit card for purchases, consider notifying your bank in advance to avoid any unexpected blocks on your account due to international transactions.

Additionally, be mindful of the Goods & Services Tax (GST) when making purchases in Singapore. While you may be eligible for GST relief on certain goods purchased overseas and brought into Singapore for personal use, GST is applicable on the value of goods exceeding the relief limits.

Foreign currency exchange rates at the airport are acceptable

Singapore Changi Airport has several money changers that provide currency exchange services. While the exchange rates at the airport are not the best, they are still considered acceptable, especially given the limited number of competitors.

For example, the mid-market USD exchange rate at the time of one traveller's visit was 1.349 SGD for 1 US dollar, while the rate offered at the airport was 1.314 SGD/USD, approximately 2.6% lower. This means that for every 100 USD exchanged, you would lose about 2.6 USD. Similarly, the mid-market EUR exchange rate was 1.468 SGD for 1 Euro, and the rate offered at the airport was 1.454 SGD/EUR, about 1% lower. As a result, you would lose approximately 1 EUR for every 100 EUR exchanged.

It is important to note that the exchange rate at the airport can vary depending on market demand. In this particular case, the demand for Euros was high, resulting in a higher exchange rate than usual.

To get a better exchange rate, you may want to consider using a Wise Card, which allows you to spend abroad at the real exchange rate and is widely accepted in Singapore. Alternatively, you can use your credit card for purchases, as major cards like American Express, MasterCard, and Visa are widely accepted in Singapore.

However, if you prefer to have cash on hand, it is recommended to use the ATMs at the airport or in the city, as they often provide better rates than the money changers at the airport. Additionally, some banks may charge lower fees for international currency withdrawals, so it is worth checking with your bank beforehand.

Some major shopping centres accept US Dollars

Singapore Changi Airport has several money changers that provide currency exchange services. While the airport's exchange rates are considered acceptable, they are not the best in the country. For instance, the mid-market USD exchange rate at the time of one traveller's visit was 1.349 SGD for 1 US dollar, while the rate offered at the airport was 1.314 SGD/USD, about 2.6% lower.

If you are looking to exchange currency, you may want to consider doing so in the city, as rates there tend to be better than at the airport. Alternatively, you can use an ATM at the airport to withdraw Singapore dollars directly.

Singapore Dollars (SGD) are used for payments in the country, and it is recommended to have cash on hand for certain situations, such as visas-on-arrival, additional airport taxes, or shopping at street markets.

However, it is worth noting that some major shopping centres in Singapore do accept US Dollars, along with other foreign currencies such as Australian Dollars, Yen, and Pounds Sterling. That said, the exchange rate for spending US Dollars directly may not be favourable, and it is generally advised to carry Singapore Dollars for day-to-day use.

Using a credit card is an alternative option

While the Singapore dollar (SGD) is the only currency used for payments in the country, some sources suggest that Changi Airport in Singapore accepts all major currencies in its retail outlets. However, the exchange rate is not the most favourable. It is recommended that you exchange your money before travelling to Singapore to get a better rate.

If you plan to use your credit card for shopping, be aware that the exchange rate may be less favourable than if you had exchanged cash. Additionally, using your credit card for cash withdrawals may be considered a cash advance by your credit card company, which can result in additional fees and higher interest rates. Check with your credit card company to understand their policies on foreign transactions and cash advances.

To avoid unexpected charges, it is advisable to notify your bank or credit card company of your travel plans to Singapore. This will help prevent your account from being flagged for suspicious activity when you make transactions abroad.

Another option to consider is a travel-specific debit or credit card, such as the DBS Visa Debit card, which offers features like no hidden transaction fees and the ability to track your spending through a mobile app. Alternatively, a Wise Card lets you spend abroad with the real exchange rate and works well in Singapore.

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