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Money changers in Singapore
How to find the best deal when you're exchanging foreign currency in Singapore.
Whether you’re going overseas for a long-anticipated vacation or paying a visit to Singapore, you’ll need some cash for your trip. But before you just head to wherever’s closest, it’s worth reading up on your options so you can shop around for the best deal.
Read on for our list of where to exchange foreign currency in Singapore and some tips to help you push your dollars even further.
Who can change my money in Singapore?
1. Arcade Money Changers
Conveniently located at the heart of the business district, Arcade Money Changers (AMC) at The Arcade offers a broad range of available currencies at favourable exchange rates. It’s worth avoiding a visit during lunch hours due to its consistently long queues. Alternatively, there are around 20 other money changers located in the same building, allowing you to compare and find the best rates within a short walk.
- Address: The Arcade, 11 Collyer Quay, #01-18, Singapore 049317
- Opening hours: Monday to Friday from 9.30am to 6pm, Saturday from 9.30am to 2.30pm. Closed on Sundays
2. Mustafa Foreign Exchange
Located at Singapore’s famous 24-hour shopping mall, Mustafa Foreign Exchange is the only money changer in Singapore that offers 24/7 money exchange service.
- Address: Mustafa Centre, 145 Syed Alwi Road, #03-00, Singapore 207704
- Opening hours: Open 24 hours daily
3. AK Money Changer
If you’re looking for one of the best places to purchase Asian currencies, especially renminbi or Japanese yen, AK Money Changer typically offers rates close to the mid-market rate. It is located at the entrance of People’s Park Complex, which also houses around 20 other money changers with competitive rates.
- Address: People’s Park Complex, 1 Park Road, #01-K95C, Singapore 059108
- Opening hours: Daily from 9.30am to 10pm
4. Europe Fancy Store
Lucky Plaza houses the highest concentration of money changers in Orchard Road, Singapore’s main shopping belt. So if you’re around the area, or want to compare rates between the money changers before choosing a service, Europe Fancy Store is a convenient option to consider.
- Address: Lucky Plaza, 304 Orchard Road, #B1-141, Singapore 238863
- Opening hours: Monday to Friday from 10am-8.30pm, Saturday from 1pm-6pm, Sunday from 9.30am-6.30pm
5. Beauty Trading
If you’re around the Bugis area, your options for money changers are somewhat limited. Unless you’re in a real hurry, we suggest avoiding money changers in Bugis Junction and visiting Beauty Trading (located at Bugis Street Market) for more favourable rates – especially for Australian dollars and British pounds.
- Address: Bugis Street, 2 New Bugis Street, #DFL-09, Singapore 188866
6. Dollar Exchange Pte Ltd
If you’re staying in the West, you can find a money changer called Dollar Exchange Pte Ltd conveniently located within Jurong Point. Dollar Exchange Pte Ltd offers competitive exchange rates as well as remittance services.
- Address: Jurong Point, 63 Jurong West Central 3, #01-18, Singapore 648331
- Opening hours: Daily from 10am to 9.30pm
7. Yakadir Enterprises
For those living on the East side, Parkway Parade is the place to go to exchange foreign cash due to the sheer number of providers located on the first floor. One of the most popular money changers here is Yakadir Enterprises, but since it’s in close proximity to other competitors, make sure to compare the exchange rates offered before settling on a deal.
- Address: Parkway Parade, 80 Marine Parade Rd, #01-91, Singapore 449269
- Opening hours: Daily from 10.30am to 8.30pm
8. Ahnaaf Money Exchange
Sun Plaza may have less foot traffic compared to other major malls in the North, but the two money changers here offer great rates, especially Malaysian ringgit. So if you’re intending to cross the causeway to Johor, consider visiting Ahnaaf Money Exchange to exchange your cash for some MYR beforehand.
- Address: Sun Plaza, 30 Sembawang Dr, #B1-10, Singapore 757713
- Opening hours: Daily from 10.30am to 8pm
9. Iban Express
For those staying in Ang Mo Kio, you don’t have to travel far to exchange foreign currency before your trip. Iban Express at Ang Mo Kio Hub provides competitive rates, particularly for Vietnamese dong.
- Address: Ang Mo Kio Hub, 53 Ang Mo Kio Ave 3, #B2-10, Singapore 569933
- Opening hours: Daily from 10.45am to 9.30pm
10. R. Money Changer
Another option for those residing in Central estates is R. Money Changer at Junction 8 as it offers rates close to the mid-market rate. However, try to visit them during off-peak hours if you want to avoid snaking queues.
- Address: Junction 8, 9 Bishan Place, #01-K10, Singapore 579837
- Opening hours: Monday to Saturday from 10.30am to 9pm, Sunday from 11am to 9pm
Tips for getting the best deal when exchanging money
- Watch out for hidden fees. If the service provider advertises “no fees”, it usually means that there’s a hidden margin added to the exchange rate. A less favourable exchange rate may cause you to lose more money. Before committing to the exchange, make sure to ask for the fees upfront.
- Shop online for foreign currency. Most money transfer providers have an integrated calculator on their websites that displays an upfront amount of how many Singapore dollars you can exchange with your currency or vice-versa. Research online to get an idea of the rates available before you head to your nearest money exchange agent.
- Know the current mid-market rate. Always find out what the mid-market rate is for the day with a quick search on Google or Reuters so that you can spot the companies charging the best (or worst) margin easily.
- Pay with a bank transfer or cash. Avoid paying for your currency with a debit or credit card whenever possible, as you may be charged for a cash advance rate, which could cost an extra 2-5% in fees.
- Avoid using ATMs. Withdrawing foreign cash from ATMs is convenient and tempting, especially if you’re in a hurry. However, ATMs usually charge a flat fee around S$5 to $15 per transaction. Try to anticipate how much you need and exchange your currency in advance to avoid high bank fees and unfavourable exchange rates.
- Pre-buy your currency. If you’re not in a rush, consider pre-buying foreign cash from services like the ones listed above. Pre-buying currency gives you the advantage to observe the exchange rates and lock in the one you want.
- Steer clear from airport currency exchange vendors. If you need cash before you arrive at the airport, plan ahead by pre-buying currency at home to avoid high prices.
- Request a price match. If you’ve found a more competitive deal online or at another kiosk, don’t hesitate to barter politely. There’s no harm in trying and you might even stand to gain from a better deal.
Compare money transfer services
If you need to send money to someone overseas, whether to their bank account or a cash pick-up location, take a look at some services that can help you out below.
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