Singapore might be a small state, but it features a secure and developed financial system. The Singaporean currency is among the most firm and well-performing currency in Southeast Asia.
One of the indicators of a good currency is a robust currency exchange system in the form of money changers and banks.
People use money changers for a variety of reasons. Some need it to exchange their currency when they are in a foreign country. Meanwhile, some people use it whenever they run out of money and need smaller bills.
Guests and tourists will have no trouble in exchanging their own currencies for Singaporean money in the numerous money changers operating on the island. In this article, we will discuss everything that you need to know in case you need to transact with a money changer Singapore.
Which Exchange Rate Is the Best for You
An exchange rate that is higher is usually more beneficial since this will allow you to obtain more Singaporean Dollars to use on your travel. A high exchange rate allows you to get more when you are currently in a foreign country and exchanging your local currency with SGD.
On the other hand, a low exchange rate is good if you are already home after your trip and exchanging your spare SGD back into your own currency.
Having a low exchange rate means that your local currency has a value that is greater than SGD, which means that you will get more.
Determine the Best Time to Exchange Money
Some people try to exchange currencies before they leave for Singapore, while some opt to exchange once they have arrived, which necessitates the need for many money changers,
The best time to exchange money is dependent on your plans. If you have to check in to a hotel or visit somewhere as soon as you land, the best time to exchange is before you leave for Singapore.
Meanwhile, if you will not spend much after arriving in Singapore, it can be a good idea to wait before you arrive prior to exchanging currencies.
This way, you can take advantage of rates presented by the different money changers in Singapore.
Here Are the Best Money Changer in Singapore
1. The Arcade at Raffles Place
The Arcade can be found at Raffles Place, which is known as the business center of Singapore. As such, the place has a lot of great money changers that features competitive rates for many currencies.
There is also an electronic display board at The Arcade which shows the current exchange rates so that you can consult the exchange rate without having to consult the internet.
The staff at those exchange rates also possess excellent communication abilities, so that you will be able to transact without any problem due to misunderstandings.
Money changers on The Arcade at Raffles Place features the best rates for US Dollar, Euro, Japanese Yen, British Pound Sterling, Malaysian Ringgit, Thai Baht, and New Taiwan Dollar.
2. Mustafa Centre
A lot of money changers are located at Mustafa Centre in Singapore. One of them includes the Mustafa Foreign Exchange, a money changer that is operating 24 hours a day, 7 days a week.
At that schedule, it is the only money changer in Singapore that is open day and night every day of the week.
Mustafa Centre is recommended if you are exchanging Chinese Yuan, Philippine Peso, Hongkong Dollar, Malaysian Ringgit, Indonesian Rupee, and Indian Rupee. Take note that the money changers at the Mustafa Centre do not accept traveler’s check.
You can also attempt to negotiate for more competitive rates.
3. Lucky Plaza
The money changers in Lucky Plaza can be found on Orchard Road, also known as the shopping center in Singapore.
For this reason, it is a very convenient place to exchange currencies for tourists that are already visiting Orchard Road and the surrounding area.
Although no electronic display board is located on Lucky Plaza, you can still ask your queries on the employees of the money changers.
Alternatively, you can consult on the internet regarding the exchange rates. Lucky Plaza money changers offer the best rates for Philippine Peso, Thailand Baht, and Malaysian Ringgit.
4. People’s Park Complex Chinatown
People’s Park Complex houses numerous money changers. The main feature of these money changers is the ability to compare the rates of each money changer stall prior to deciding on which one to go to.
This will allow you to get the best rates possible for the currency that you have. Located at the center of Chinatown in Singapore, it is a great place to exchange money if you are already visiting the area.
The money changers in People’s Park Complex Chinatown feature the best rates for Chinese Yuan, Philippine Peso, Thai Baht, Hongkong Dollar, and Malaysian Ringgit.
5. Dollar Exchange PTE LTD
One of the best ways to know you’re dealing with a trustworthy money changer is to look at their rates and the way they treat their customers.
Many find Dollar Exchange PTE LTD to handle exchange rates as close as possible to the financial forecast. In fact, one might wonder about the actual service fees they charge customers (because it’s closely priced to the most-recent forex rates)
If you plan to head to use Dollar Exchange PTE LTD, you’ll need to head to the first level of Jurong Point at 63 Jurong West Central with block number #01-18.
Make sure you arrive earlier than 10am too because the lines really get long. Many Singaporeans love Dollar Exchange PTE LTD for their fair rates.
The money changer has been servicing Singaporeans and foreigners for more than 20 years. In addition to its money-changing service, both citizens and foreigners can send money locally or abroad through their top-quality remittance services, which also have fairly low rates.
Dollar Exchange also features a website where you can check the total amount you’ll receive for your currency before you even queue up in the lines.
6. Crante Money Changer
We’ve mentioned People’s Park to house many money changers above. One of the most notable mentions is Crante Money Changer. You can find People’s Park Complex at 1 Park Road. The moneychanger’s block is at #01-K95C.
It’s wise to queue up early when heading to this money changer because of the long lines. If you can arrive before 9am, they can serve you as quickly as possible. This cash changer is in high demand.
Crante has long lines because it buys and sells plenty of currencies, including Renminbi, Chinese Yuan, Malaysian Ringgit. They also purchase foreign currencies including Euro, Scandinavian Krones, and others.
The moneychanger might not be as generous as other money changers when lowering their fees (and any money changer can do so because they have other services, such as local and foreign remittance), but they offer fare rates.
Furthermore, they make their services accessible, especially considering People’s Park Complex is almost at the center of everything in Singapore.
They may not have their website to help facilitate your needs, but sure enough, their excellent customer service makes your wait worthwhile.
In additon, the returns you’ll receive selling foreign currencies will help you boost your finances, even if you’re just looking to spend official tender through money changing Singapore services.
7. Yakadir Money Changer
If you’re residing near Katong Shopping Center, Yakadir PTE LTD is one of Singapore’s best-rated money changers. The proof: there are long lines almost every day.
Fortunately, you won’t need to queue up immediately with this currency convertor Singapore because you can check the currencies they’re buying and selling and their exchange rates for each type of money.
Yakadir has been providing money changing services for Singaporeans and foreigners for more than three decades. With experience comes great learnings, and Yakadir has made their practices and processes completely transparent for all their customers.
They charge modest service rates than other money changers, and this is thanks to their excellent remittance services.
Remittance services are essential for foreigners in Singapore, especially for sending their families money from their work. In addition to excellent currency prices, Yakadir features great local and international remittance rates too.
The Katong Shopping Center is a bit a ways off for other parts of Singapore. Fortunately, train systems make it possible to reach 80 Marine Parade Road immediately.
Once you’re in Katong Shopping Center, you can head to block 01-91 to have your money changing needs serviced immediately.
8. A.R. Money Changer
You’ll mostly see people complaining about the long lines and problematic length of time they spend exchanging money in A.R. Money Changer. However, those long queues exist for a reason; they A.R. Money Changer offers the best rates than other money changers.
Often, you’ll wonder if they’re still charging for service fees because of their low exchange rates close to the recent forex forecast. On the other hand, you’ll need to endure some long lines even if you go early before their opening hours at 10:30am.
You’ll find A.R. Money Changer to offer the best exchange rates than other money changers in Singapore but if only you’re willing to travel to 9 Bishan PI at #01-K10 Junction 8.
They buy and sell a great number of currencies, including the best exchange rates for Malaysian Ringgit, since they carry much more supplies than others. A.R. Money Changer also has a website where you can check for currency prices before you leave for the money changer. The exchange rates on their website are always updated regularly as well.
9. Thin Margin
Singapore’s first 24/7 online money changer is one of the best money changers in the country. Instead of falling in line and enduring long queues, you can use their online platform to buy and sell your currencies.
If you have a foreign currency bank account, the money changer can deposit your Scandinavian Krones, Russian Rubles, Malaysian Ringgit, and foreign money available. Otherwise, they will deliver the money straight to you using couriers.
Furthermore, Thin Margin is a government-backed initiative. In doing so, they offer great rates for foreign currencies greatly close to the most recent forex broadcasts.
Furthermore, their advanced financial technology allows buyers to purchase foreign currencies using online banking aside from credit cards.
Lastly, with government subsidy, you can lock in the amount during your purchase date, ensuring that you won’t pay extra for any fluctuations in the currency.
Additionally, rate alert gives you daily updates about currency prices you’d wish to remain updated. If you’re doing foreign exchange investments, this is a nifty tool to have.
10. Fountain Money Changer
If you’re residing near Marina Square, you won’t have any problems buying or selling foreign currencies. If you’ve just arrived from the airport, you can head straight to Fountain Money Changer services. With their excellent rates, you can exchange more than 100 currencies and get the best rates.
Marina Square Shopping Mall resides at 6 Raffles Boulevard at block #02-332. It’s just around Esplanade and City Hall station, which makes it accessible for almost every Singaporean in different areas. You can find money changers in Singapore along the way, but none of them can par with Fountain Money Changer.
Because of their decades-long experience in money changing, Fountain Money Changer is known for its polite service, which can top other money changers in Singapore.
Furthermore, they’re highly polite when it comes to explaining their rates and the entire process of money exchange (for first-timers). In Singapore, they offer the lowest possible rates for buyers because of their close-cut prices for all currencies they offer.
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If you’re looking for excellent money changers, no doubt you’ll find the best experience with these money changers we’ve listed here. On the other hand, if you’re looking to start your foreign exchange investment venture, you can borrow money through moneylenders to start making money.
Make sure you learn everything you need to know to make your forex venture profitable.
If you’re looking for a reliable money lender in Singapore, then you can make use of 1 Fullerton Credit‘s personal loan service. We are a licensed money lender in Singapore offering foreigner loans, personal loans, payday loans, and more.
Click here to visit our website for more information, or give them a call at 6588 1886.