The official currency of Singapore is the Singapore Dollar (SGD). It is considered to be one of the strongest currencies in the world and is available in both banknotes and coins.
In this article, we’re going to answer the most common questions we receive about the currency of Singapore and share important currency-related considerations if you are planning on opening here.
This article is part of our free series on how to open a bank account in Singapore, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Currency of Singapore
- Where Can You Exchange Money in Singapore?
- Can You Use Foreign Credit Cards in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want Help Opening a Singapore Bank Account?
Currency of Singapore: Singapore Dollars
The official currency of Singapore is the Singapore Dollar. The Singapore Dollar is represented by the currency code of SGD and uses the symbol S$.Â
In the following sections of the article, we will discuss currency exchange, local payments, banking and financial services in Singapore, and answer common questions we receive from our members. This will be important to understand, especially if you are looking to open a personal bank account in Singapore.
Likewise, businesses considering local operations or opening a business bank account in Singapore will want to understand how their home currency compares to SGD. The same goes for anyone looking to open private bank accounts in Singapore.
That said, Singapore is an offshore banking jurisdiction. So, prospective customers should consider the costs of opening a Singapore bank account before contacting banks in Singapore. Not to mention, the benefits of banking in Singapore and how you can specifically benefit from banking here.
To get more insights on banking in Singapore as a foreign non-resident, access any of our free resources covering the requirements to open bank accounts in Singapore and much more. Of course, if you want to unlock instant access to the best banks in Singapore, you can use GlobalBanks IQ to get started immediately.
But, before diving in, it’s important to note that even though Singapore is not a dollarized economy, banks in Singapore do offer multi-currency accounts. So, if you’re looking for an international account in Singapore with access to USD or other major currencies or are looking to send money to Singapore, opening an account here could be an option worth considering. That said, like banking elsewhere, it’s important to consider the risks of banking in Singapore before applying.
Where Can You Exchange Money In Singapore?
Where you can exchange money in Singapore depends on the amount you want to exchange, the fees you’re willing to pay, and where in the country you are located. That said, most people elect to either exchange money at currency exchanges, branches of major banks, the airport, or hotels.
Of course, exchange rates and fees will vary drastically between each of these options. So, it’s very important that you compare the exchange rates and fees that each of these options will charge you before choosing which method to use.
Can You Use Foreign Credit Cards in Singapore?
Yes, you can use foreign credit cards in Singapore. In fact, most foreign credit cards are widely accepted in Singapore at major restaurants, hotels, taxis, bars, and other establishments.
That said, it’s important to keep in mind that if you are using a foreign credit card to complete a purchase in Singapore, you will likely be charged foreign exchange fees. Of course, if you have a foreign credit card that has zero foreign exchange fees, this won’t apply to you.
Can You Use Foreign Currencies in Singapore?
No, you cannot use foreign currency in Singapore. The Singapore Dollar is the only currency in Singapore. Therefore, you will need to exchange your money for SGD before arriving in Singapore.
That said, popular tourist destinations like certain hotels may accept major currencies. However, you will likely pay significantly higher exchange rates for the privilege of using foreign currency at these locations.
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Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people asking about the currency of Singapore. If you have further questions you would like answered, don’t hesitate to get in touch.
Is it OK to Use US Dollar in Singapore?
No, it is not ok to use US Dollar in Singapore. The local currency, the Singapore Dollar, is the only currency accepted. That said, US Dollars are exchangeable at most local banks, currency exchange offices, and most hotels.
How Much Is $100 US in Singapore?
$100 US in Singapore is equivalent to 134.43 SGD. That said, the conversion rate and value can vary. So, it’s important to always check the updated exchange rate before exchanging USD into SGD.
Do I Need to Bring Cash to Singapore?
You can bring cash to Singapore or you can use foreign credit cards to make payments. Fortunately, Singapore is known for having the world’s lowest crime rate, therefore tourists and locals can feel comfortable carrying cash in Singapore.
Does Singapore Use Baht?
No, Singapore does not use Baht. In fact, Singapore only uses the local currency, the Singapore Dollar. That said, foreign credit cards are widely accepted throughout major establishments in Singapore. However, foreign exchange fees will apply.
Do You Want Help Opening a Singapore Bank Account?
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