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The currency in Singapore is the Singapore Dollar (SGD), and it is recommended that you check for the currency rate before planning your Singapore trip. The exchange can be done either before travelling from India or in Singapore. Moneychangers can be found everywhere – right from airports to the shopping centres and shopping streets. Most of them operate 24/7, specifically the ones at the airport. It’s still advisable to check for the domestic rates to make a conscious decision. It is not recommended to do the exchange at the hotels, as the commission could be really high.
| Overview | Singapore Dollar |
|---|---|
| Currency Name | SINGAPORE DOLLAR |
| Short Name | SGD |
| Symbols | S$ |
| Unit | 1/100, CENT |
| Frequently Used Currency (Denomination) | S$1, 5S¢, 10S¢, 20S¢, 50S¢ |
Take into consideration that the exchange rates keep on scaling up and down, so it is best to buy the currency when it is at a lower rate when compared with earlier patterns. At SOTC, we can help you out with the best transaction details through a proper channel.
Get in touch with us and plan a hassle free trip.
Located off southern Malaysia in SouthEast Asia, Singapore is an island city-state that is also a global financial center. The city enjoys a tropical climate and has a multicultural population. Singapore is today one of the most prosperous and tax-friendly countries and also the busiest port in the world. To visit this country you need a Singapore visa.
People from all over the world come to Singapore daily, be it for work or for tourism purposes. This leads to continuous transactions in the Singapore dollar.
Singapore dollar is the official currency used in Singapore. The Singapore dollar is denoted as $. 100 cents make 1 Singapore dollar. The dollar notes are in the denominations of 2, 5, 10, 50, 100, 1000 and 10,000 and the coins in use are in the denominations of 5c, 10c, 20c, 50c, and $1.
The currency of Singapore could be denoted as S$ or as SGD.
The Singapore currency is today one of the strongest currencies in the world. It is a safe haven for the traders and serves as a proxy for the South East Asian countries. All the monetary aspects of the country are regulated by the Monetary Authority of Singapore also called the Central Bank. Department is responsible for setting the monetary policy of the country. The Bank is also responsible in managing the exchange rate by intervening in the foreign exchange market and adjusting the liquidity of the banking system.
The monetary system of Singapore adopts the exchange rate policy that is responsible for guiding the exchange rate of the Singapore dollar. At present you can buy 1 GBP for 1.79 Singapore dollars, 1 Euro for 1.52 Singapore dollars and 1 USD for 1.38 Singapore dollars.
The monetary system of Singapore adopts the exchange rate policy that is responsible for guiding the exchange rate of the Singapore dollar. At present you can buy 1 GBP for 1.79 Singapore dollars, 1 Euro for 1.52 Singapore dollars and 1 USD for 1.38 Singapore dollars.
Founded by the British, Singapore had a host of currencies in circulation. These include the Straits dollar, the Malayan dollar, the Malaya and British Borneo dollar which were the currencies in circulation between 1845 and 1967.
It was after the breaking of the union between Brunei, Malaysia, and Singapore in the year 1965 that the Singapore dollar was introduced. Until the year 1973, the Singapore dollar was at par with the Malaysian Ringgit. Even till date the Singapore dollar and the Brunei dollar are exchangeable and at par with each other. Till the Bretton Woods system collapsed the Singapore dollar was pegged at $60 to 1 pound sterling unit. It was in the year 1985 that the dollar was allowed to float. The Monetary Authority of Singapore was set up in the year 1971 to govern the currency and the financial market of the country.
Foreign travellers to Singapore need to get their money exchanged for the Singapore currency. Singapore has many licensed money exchange service providers who offer the best rates for most of the foreign currencies.
There are money exchange counters at Changi airport. Shopping malls in Singapore also have some registered and licensed money exchange counters. The money exchange counters at the airport and at your hotel may however not offer the best rate. To get the best exchange rate, it is recommended to approach some of the reputed hubs like the Mustafa Centre in Little India, Parkway Parade in Marine Parade, Arcade in Raffles Place, People’s Park Complex in Chinatown and Lucky Plaza on Orchard Road.
The above places are also well-known tourist attractions which can easily be accessed by the Singapore public transport. Make sure to first check the online exchange rate before you get your money exchanged. This will not just let you get a fair deal but will also let you bargain better. Always calculate to see the final amount that you receive after including the commission and the fees that the money exchange counter is charging to exchange your foreign currency to Singapore currency.
Singapore is one of the leading economies in the world that is powered by digital innovation. With the vision of being a Smart Nation, the government of Singapore is working on a number of initiatives to digitize all payments.
PayNow, launched by the government is an electronic fund transfer system to pay anyone just by using a national identification number or a mobile phone.
Singapore aims to be a cashless nation and thus credit cards and other forms of contactless payments are broadly accepted in the country. All the major bank credit cards are accepted in Singapore. One can also use credit cards to purchase train and bus tickets.
Being a financially advanced and technologically developed country, digital transactions are widely accepted in Singapore. Still, you may want to carry some amount of Singapore currency to pay in the small establishments that do not accept plastic money.
There are also ATMs across the country which can be used to withdraw money.
Before traveling to any foreign country knowing the tipping etiquette is mandatory to avoid facing any unpleasant situation. Luckily in Singapore tipping is not customary. You are not obliged to pay tips for any of the services that you use in Singapore.
However, if you feel that someone has offered exceptional service then you can thank them with a tip in Singapore money.
The restaurants in Singapore include a 10% service charge to the total bill so tipping is not expected at the restaurants. If you still wish to tip the waiter at the restaurant then hand the cash directly to him because most of the restaurants will keep the tip if you leave it on the table.
Taxi drivers in Singapore do not accept tips. If you give them extra they will return the change back to you.
