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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, with a 1:1 exchange rate with the Singapore dollar. Changi Airport, Singapore's international airport, accepts all major currencies in its retail outlets, but the exchange rate is not the best. It is recommended to use a credit card or change your money at an authorised money changer, which often offers more attractive exchange rates.
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What You'll Learn
- Singapore airport money changers offer decent rates and convenience
- The Brunei Dollar is legal tender in Singapore with a 1:1 exchange rate
- Changi Airport accepts major currencies but the exchange rate is not the best
- You can pay for duty-free goods in various currencies, but the exchange rate is expensive
- The 7% Goods and Services Tax can be refunded at the airport before you leave Singapore
Singapore airport money changers offer decent rates and convenience
Singapore's Changi Airport (SIN) is the main airport in the country and a major travel hub in Southeast Asia. It is known for its convenience and connectivity, serving as a popular stopover for travellers en route to other destinations. When it comes to currency exchange, the airport offers a range of money changers providing competitive rates.
Changi Airport is home to various money changers, including ChangiFX and UOB, a leading bank in Asia. These money changers are conveniently located at all four terminals, with clear signage and maps making them easily accessible. The proximity of multiple money changers at Terminal 1, for instance, allows travellers to easily compare exchange rates and make informed decisions.
While airport exchange rates are often considered unfavourable compared to other options, Changi Airport's money changers have been described as offering "fairly decent rates". They provide a convenient option for travellers who may not have the time or inclination to seek out money changers outside the airport. In some cases, the rates at Changi Airport can even be more advantageous than those offered by banks in the traveller's home country.
For example, one traveller noted that the exchange rate for GBP at Changi Airport was only 0.8% lower than the mid-market rate, which is still better than what most European banks offer for international withdrawals. Additionally, ChangiFX offers the convenience of pre-booking currency and rates online for collection at the airport, further enhancing the ease of use for travellers.
However, it is worth noting that some travellers still advise against exchanging large amounts of money at any airport due to potentially unfavourable rates. For substantial sums, it may be more cost-effective to explore other options, such as exchanging currency in one's home country or at locations outside the airport, like Mustafa in Little India, which offers currency exchange until 11 pm. Nonetheless, for smaller amounts or when convenience is a priority, Changi Airport's money changers provide a decent option without the need to venture far from the airport.
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The Brunei Dollar is legal tender in Singapore with a 1:1 exchange rate
The official currency of Singapore is the Singapore 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, with a 1:1 exchange rate with the Singapore Dollar. This means that the two currencies are interchangeable at par, and you can use either currency to make purchases in Singapore.
The Currency Interchangeability Agreement between Brunei and Singapore was established in 1967 to promote monetary cooperation between the two countries. Under this agreement, the central banks of both countries accept each other's currency notes and coins and exchange them at par and without charge. This agreement also allows businesses and individuals to use either currency when making or accepting payments without any concerns.
While the Brunei Dollar is legal tender in Singapore, some retailers or individuals may be unaware of this agreement and may reject your Brunei Dollars. In such cases, you can easily exchange your Brunei Dollars at a 1:1 rate at banks or money changers in Singapore. Changi Airport in Singapore also accepts all major currencies in its retail outlets, but the exchange rate may not be favourable. Therefore, it is recommended to exchange your currency before arriving at the airport.
Additionally, when shopping in Singapore, you can take advantage of the Goods and Services Tax (GST) refund available at the international airport. This 7% tax refund can be claimed at eTRS self-help kiosks before or after check-in, and you can receive the refund in cash or on your card.
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Changi Airport accepts major currencies but the exchange rate is not the best
Changi Airport in Singapore is a popular stopover for travellers flying through to Europe or other parts of Asia. The airport offers a convenient way to exchange foreign currency before departing the country. Changi Airport accepts all major currencies at its retail outlets and money changers. However, it is important to note that the exchange rate at the airport may not be the most favourable.
While Changi Airport provides a straightforward option for currency exchange, travellers should be aware of the potential drawbacks. The "sell rate" refers to the rate when changing Singapore dollars (SGD) to foreign currencies, while the "buy rate" is the rate when changing foreign currency back to SGD. The exchange rates offered by money changers at the airport may be less competitive than those found elsewhere.
It is recommended to compare exchange rates before arriving at the airport. Mobile applications and websites like CashChanger, Get4x, or XE.com can help monitor average currency exchange rates. Additionally, some money changers outside the airport may offer better rates, such as The Arcade at Raffles Place, People's Park Complex, or Mustafa Centre. These locations are known for their competitive rates, but finding the best rate can be time-consuming.
When exchanging a small amount of money, the difference in exchange rates may not have a significant impact. In such cases, changing money at Changi Airport can be a convenient option, especially if you are short on time. However, if you are exchanging a large amount, the difference in rates can result in considerable savings. In this case, it may be worth exploring other options, such as exchanging money outside the airport or using a credit card for purchases.
Overall, while Changi Airport accepts major currencies, travellers should be aware that the exchange rate may not be the most favourable. By comparing rates and considering alternative options, travellers can make informed decisions to maximise their financial savings during their time in Singapore.
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You can pay for duty-free goods in various currencies, but the exchange rate is expensive
Singapore's official currency is the Singapore dollar (SGD). The Brunei dollar (BND) is also considered legal tender in Singapore, operating on a 1:1 exchange rate with the Singapore dollar.
Changi Airport in Singapore accepts all major currencies in its retail outlets. However, the exchange rate is not the best, and you may want to exchange your money before shopping at the airport. The exchange rate specified by the shops is quite expensive. If you are using a credit card, check with your bank on the exchange rate charged by your card to make sure you have a better bargain.
If you are buying small items, you can charge them to your credit card. If your purchase in Singapore is going to be less than S$50, simply charge it to your credit card. You can also use other currencies, like Euros and Australian dollars, at Changi Airport. However, the exchange rate will apply.
Money changers in the public and transit areas of Changi's terminals are a convenient way to exchange foreign currency before departing Singapore. The exchange rates offered by money changers are generally competitive and don't differ by much. However, as some money changers offer better rates than others, finding the best rate can be time-consuming.
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The 7% Goods and Services Tax can be refunded at the airport before you leave Singapore
The official currency of Singapore is the Singapore Dollar (SGD), which has been used since the country gained independence from Malaysia in 1965. The Brunei Dollar (BND) is also considered legal tender in Singapore, with a 1:1 exchange rate with the Singapore Dollar.
Changi Airport in Singapore accepts all major currencies in its retail outlets, although the exchange rate may not be favourable. It is recommended that you exchange your money before arriving at the airport, as airport exchange rates are often unfavourable compared to other money changers in the country. However, if exchanging a large amount of money, Changi Airport may offer a competitive rate.
If you are a tourist in Singapore, you can take advantage of the Tourist Refund Scheme (TRS) to claim a refund on the 7% Goods and Services Tax (GST) paid on goods purchased from participating retailers. This scheme is administered by Singapore Customs on behalf of the Inland Revenue Authority of Singapore (IRAS). To be eligible for a GST refund, you must meet certain conditions, including:
- No more than $500 SGD (approximately AUD$520) in taxes may be refunded per person.
- Items must have been purchased in Singapore within the last two months.
- The tax will not be refunded if you are leaving Singapore by land or cruise ship.
- You must have the original invoice or receipt issued by the retailer, clearly stating the price, description, and serial number of the goods.
- You must present your physical passport and boarding pass or confirmed air ticket.
To claim your GST refund at Changi Airport, follow these steps:
- Arrive at the airport early to allow sufficient time for the processing of your refund and inspection of goods.
- For bulky goods or goods to be checked in, apply for your GST refund at the designated GST refund area in the Departure Check-in Hall before checking in your purchases.
- For high-value goods or goods that can be hand-carried, apply for your GST refund in the Departure Transit Lounge after Departure Immigration.
- Proceed to the eTRS self-help kiosk to apply for your refund. At the kiosk, you will need to scan your physical passport and confirm the purchases you are bringing out of Singapore.
- Choose to receive your refund in cash or on your card.
- Take the printout from the kiosk, along with your receipts and the goods purchased, to the approved central refund counter operator to receive your refund.
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Frequently asked questions
Singapore Changi Airport accepts all major currencies in its retail outlets, but the exchange rate is not the best. It is recommended to use Singapore dollars (SGD) or a credit card to make purchases.
There are money changers located in the public and transit areas of Changi Airport's terminals. While they offer convenience, the exchange rates may not be the best. It is recommended to compare rates before exchanging large amounts of currency.
It is generally recommended to avoid exchanging large amounts of currency at airports due to unfavourable exchange rates. If possible, consider exchanging some money beforehand or using a credit card for purchases. For small purchases, using leftover foreign currency can be an option.
