This cosmopolitan island city-state is the most financially stable and prosperous in the region. Before you embark on your adventure to tour the lush gardens, shopping malls and street food stalls, stash a travel credit card in your wallet to pay for your travels. The card waives any foreign transaction fees and lets you earn miles with your purchases.
Most locals use Singapore dollars or credit cards to pay for goods and services. Since Singapore has one of the lowest rates of crime in the world — yes, no jaywalking or littering while you’re there — you shouldn’t feel threatened carrying cash. To your advantage, getting cash from bank-owned ATMs means no operator fees.
20,000 miles (equal to $200 in travel) after spending $500 in the first 3 months
Earn unlimited 1.25x miles on all purchases
Low intro rates on purchases and balance transfers
Travel card, debit card or credit card?
Major card brands are widely accepted in Singapore, but some merchants will charge a surcharge. ATMs in Singapore will accept the major brands Visa, Mastercard and American Express. As for travel money cards, most of them support SGD but may not be the most secure option because they don’t have your name on the card.
These are your options for spending money in Singapore
Almost everyone in Singapore uses credit cards, so find yourself a travel credit card that waives foreign transaction fees, like the Capital One VentureOne Rewards Credit Card (Terms apply, see rates & fees). Carrying a credit card gives you the added benefit of travel insurance and discounts, depending on your provider. For added savings, take advantage of the interest-free period by paying your balance in full each month.
Cards that offer travel perks and waive fees often charge an annual fee, so make sure the fee is worth it before you bring it along on your travels. If you’re ever in a jam, credit cards offer cash advances, though we don’t recommend it. You’ll pay high fees, and interest rates apply the moment you get your money.
Tip: It’s worth researching credit cards that offer travel benefit and rewards for things you’ll buy anyways like flights and hotel stays.
Pros
Widely accepted, especially Visa and Mastercard
Find a card with no annual fees, foreign exchange fees
Exchanges at the best possible interchange rate
Cons
Credit cards usually charge currency conversion fee
Cash withdrawals using your credit card are considered cash advances which will incur a costly fee and high rate
A debit card to use while you’re overseas could be a good travel money choice to take to Singapore. You’ll have access to cash each time you come across an ATM without carrying lots of cash on you. Because you’re spending your own money, you avoid interest charges. Find a bank that waives or reimburses those international ATM fees, such as the
Betterment Checking.
Tip: Singapore bank ATMs do not charge an ATM operator fee.
Pros
Singapore bank ATMs do not charge an ATM operator fee
ATMs are located all over the city-state. Every bank or shopping center has its own
Better for managing your budget
Cons
Most debit cards will charge a currency conversion and ATM withdrawal fee
Travel cards can lock in conversion rates once you load USD. Use it for purchases without worrying about rates each time you spend — debit and credit cards often charge 3% for each transaction.
Where you save in the conversion rates, you may pay in fees. You’ll pay fees each time you load the card, ATM withdrawals and sometimes even an inactivity fee.
Compare these cards by looking at fees for international ATM withdrawals, initial loading and reloading, and inactivity.
Tip: Prepaid travel cards are dual card accounts, meaning you’ll receive an additional card.
Pros
Can be preloaded with foreign currency and canceled at any time
Most travel cards support SGD
Cons
Comes with lots of fees for loading and reloading, inactivity and ATM withdrawals
Exchange rates are lower than credit cards and debit cards
You’ll need cash if you want to shop in the market areas of Haji Lane, Sim Lim and Burgis. Otherwise, you’ll find that you can use your card for the majority of purchases in Singapore.
Pros
Accepted anywhere
Convenient
Take as much as $30,000 into Singapore without declaring it.
Security is the main advantage of using traveler’s checks, as each check has a unique serial number and can only be cashed with a photo ID. They’ve been replaced by less expensive debit, travel and credit cards. You can cash them at the Changi Airport and major money exchanges in Singapore, but you’ll pay a high commission and get a less favorable rate than using plastic.
Tip: Traveler’s checks are good for locking in a good exchange rate. So if you watch the forex market, get them while the getting’s good.
Visa and Mastercard apply a foreign exchange rate for over-the-counter purchases and ATM withdrawals. This rate is a touch above the midmarket rate and is better than what you’ll get at exchange offices and banks.
Live Rate
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Buying Singapore dollars in the US
It’s better to wait until you arrive in Singapore and make an ATM withdrawal or at an exchange office rather than get money exchanged in the US. The rates will be better. You can bring up to $14,000 into the country without making a customs declaration.
You can always send your money to Singapore ahead of time with a money transfer service and have it waiting to be picked up when you arrive.
Singaporean currency
The main banks in Singapore are:
Developmental Bank of Singapore
Post Office Savings Bank
United Overseas Bank
OCBC Bank
Standard Chartered Bank
Citibank
HSBC
State Bank of India
Barclays Bank
Bank of China
ATMs in Singapore
You can find ATMs in Singapore inside banks or near shopping areas like malls and grocery stores. ATMs should accept Visa, Mastercard, American Express and Discover, though you’ll want to look for your card’s logo on the ATM before inserting your card.
Keep in mind that you might see Visa’s Plus and Mastercard’s Maestro or Cirrus symbols. To avoid hefty foreign currency exchange and ATM fees, go with a Betterment Checking debit card in hand, which automatically reimburses these fees.
How many dollars do I need to bring to Singapore?
You’ll find that Singapore is more expensive than other countries in Southeast Asia but less expensive than cities in the US and Europe. Hostels and inexpensive hotels are easy to find, and you can find tasty Asian cuisine to fit any budget.
For a backpacker’s budget, you can plan for less than $60 per day. Midrange to luxury travelers can expect to spend between $100 to $300 a day. All prices are in US dollars.
Budget
Midrange
Expensive
Accommodation
Hostel $10–$25 per night
2-star hotel $60–$100 per night
5-star hotel $200–$500 per night
Meals
Chicken and fish dumpling noodles (street stall) $5
Lunch or dinner at a mid-range restaurant $15–$45 per person
4-course dinner at the Singapore Flyer $200 per person
Activities
Visit the Singapore Botanic Gardens free
Visit the Changi Museum War Trails $58 per person
VIP tour of Universal Studios Singapore $300 per person
Prices are approximate and based on summer seasonality and are subject to change.
Case study: Shirley's experience
Shirley
Case study: Shirley in Singapore
Shirley spent two weeks in Singapore and told finder.com about what she thinks the best travel money options are.
What are your money travel tips for Singapore?
Be sure to notify all your credit cards and banks about your travel abroad. Credit cards want to safeguard against fraud, so they will freeze your account if any unusual spending occurs.
Singaporean restaurants don’t include service charges, so remember to account for these when paying for goods and services.
She says the exchange rates were better in Singapore than in the US, so she waited to exchange money until she arrived. She says the more you change, the better the rate.
Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University.
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