10 Places to Get Best Currency Exchange Rates in Singapore

When you are planning an overseas trip from Singapore, an important things that needs to be considered is getting the best exchange rates for your foreign currency. Singapore is known for its competitive foreign exchange market. So, you can find many reliable currency exchange shops throughout the city. Here are some tips for finding and getting the best exchange rates in Singapore. 

Tips for Finding the Best Exchange Rates in Singapore

Compare Rates Online

There are a number of websites and apps that allow you to compare exchange rates from different money changers in Singapore. This is a convenient way to get a general idea of the best rates available without having to visit each shop in person.

Look for money changers in popular tourist areas

Money changers in popular tourist areas, for example, Orchard Road and Raffles Place, tend to offer less competitive exchange rates. If possible, try to exchange your money at a money changer in a less touristy area. This way, you will find better exchange rates.

Beware of hidden fees

Some money changers may charge for hidden fees such as commission fees, service fees, and any other fees. Be sure to read the fine print carefully before exchanging your money.

Tips for getting the best exchange rates in Singapore

Exchange larger amounts of money

Money changers typically offer better rates for larger amounts of money. Especially when travelling, you are likely to spend more money in special occasions. So, it would be wise to exchange larger amount of money in case you want to spend much.

Ask for a better rate

If you are exchanging a significant amount of money, try to bargain with the money changer for a better rate. They may be willing to negotiate, especially if you are exchanging a popular currency.

Avoid exchanging money at the airport

Exchange rates at airports are typically less competitive than at money changers in the city.

Avoid Peak Hours

Exchange your currency during off-peak hours to avoid long queues and ensure you have enough time to make an informed decision.

Top 10 currency exchange shops in Singapore

1. Raffles Money Change

Located at Raffles Place, this shop offers competitive rates and is conveniently situated in the Central Business District.

Address: 11 Collyer Quay, #2-10, Singapore 049317 (Map)

2. Mustafa Foreign Exchange

Situated in the heart of Little India, Mustafa Foreign Exchange operates 24/7, making it a convenient choice for travelers with different schedules.

Address: 145 Syed Alwi Rd, Level 1, Singapore 207704 (Map)

3. The Arcade at Raffles Place

This shopping center in Raffles Place hosts numerous currency exchange shops that compete with one another, ensuring competitive rates for those who are in need. 

Address: 11 Collyer Quay, The Arcade, Singapore 049317 (Map)

4. People’s Park Complex

Located in Chinatown, this complex houses several money changers offering competitive rates.

Address: 1 Park Rd, People’s Park Complex, Singapore 059108. (Map)

5. Straits Foreign Exchange

Known for its favorable rates, this shop is found in the heart of Orchard Road, Singapore’s shopping district.

Address: 1 Bt Batok Central, #01-05 West Mall, Singapore 658713 (Map)

6. City Money Changers

Located in the Lavender area, this shop is popular for competitive rates and accessible location.

Address: 11 Collyer Quay, #01-17, Singapore 049317 (Map)

7. Yakadir Money Changer

Leading money changer in Singapore, with over 40 years of experience, they offer a wide range of services, including currency exchange, remittance, and corporate payment solutions. Also, they provide customers with the best possible exchange rates, lowest fees, and most convenient service.

Address: 80 Marine Parade Road Parkway Parade, Singapore 449269 (Map)

8. Everpeace Money Changer

Everpeace Money Changer is a leading money changer in Singapore, with over 23 years of experience. They offer a wide range of services including currency exchange, remittance, and corporate payment solutions. Also, they are committed to providing our customers with the best possible exchange rates, lowest fees, and most convenient service.

Address: 87 Marine Parade Central, #01-503E, Singapore 440087 (Map)

9. Rahiman Trading

This outdoor food center, not only they are for delicious local cuisine; it also hosts a reputable money changer offering competitive rates.

Address: 304 Orchard Road, #B1-10 Lucky Plaza, Singapore 238863 (Map)

10. AK Money Changer

Situated in the vibrant Chinatown district, this mall has a few money changers offering competitive rates, making it a great option for travelers exploring the area.

Address: 1 PARK ROAD PEOPLE’S PARK COMPLEX #01-K95C, Chinatown Exit C, Singapore 059108 (Map)

These money changers are all reputable and offer competitive exchange rates. However, it is still a good idea to compare rates before you exchange your money, just to be on the safe side. Additionally, consider the advantages of using your credit card for overseas transactions such as fraud protection, reward redemption, and better exchange rates than money changers.

Advantages of Using a Credit Card for Overseas Travel

• Competitive Exchange Rates: Credit card companies typically offer competitive exchange rates, often close to the interbank rates. This ensures that you receive a favorable rate when making international transactions.

• Dynamic Currency Conversion (DCC) Avoidance: Credit cards allow you to opt for local currency when making payments overseas, helping you bypass Dynamic Currency Conversion (DCC) at merchant terminals. DCC can lead to unfavorable exchange rates, so choosing the local currency can save you money.

• Currency Conversion Transparency: Credit card statements provide a transparent breakdown of foreign transaction costs, making it easy to track your expenses and understand the exact exchange rates applied to your purchases.

• Convenience and Security: Credit cards are a secure and convenient payment method when traveling. While using credit cards, there is no need to carry large amounts of money, reducing the risk of loss or theft.

• Rewards and Cashback: Many travel credit cards offer rewards or cashback on overseas spending. This can help you earn valuable points or rebates on your international purchases, effectively lowering the overall cost of your trip.

• Emergency Funds: Credit cards provide a safety net in case of unexpected expenses or emergencies while abroad. You can use your card for essential expenses and quickly access funds if necessary.

• Immediate Transactions: Credit card transactions are instantly processed, allowing you to pay for services and goods without the delay associated with currency exchange or traveller’s checks.

• Worldwide Acceptance: Major credit card networks, for instance, Visa, and Mastercard, are widely accepted globally, ensuring that you can use your card in most countries and regions.

• Travel Benefits: Some travel credit cards offer additional benefits such as airport lounge access, travel insurance, airport transfer service, and purchase protection, enhancing your overall travel experience.

• Record Keeping: Credit card statements serve as a digital record of your transactions, simplifying expense tracking and helping you maintain an organized record of your travel spending.

Using a credit card for overseas travel can provide Singaporeans with numerous advantages, particularly when it comes to exchange rates. It ensures cost-effective and transparent currency conversion, making your international journey more financially efficient and stress-free.