Choosing The Best Money Changer In Singapore
With its wide array of things to do, places to see, and food to eat, there is no doubt why Singapore is a country that is well-loved by tourists.
But after getting awed by the view in Marina Bay Sands, getting your fill of Char Kway Teow from hawker aunties, and shopping till you drop in Orchard Road, you probably need to check your Singapore dollar stash to see if you are running low.
If you are running short on cash, do not worry. We have compiled a list of the best money changers in Singapore where you can exchange different currencies.
Here at OMY Singapore, you will discover the following:
- What to Know Before Exchanging Money in Singapore
- Top Money Changers in Singapore
What To Know Before Exchanging Money In Singapore
Here are some things you must know before heading to the best money changer in Singapore
As Much As Possible, Never Exchange At The Airport
Some establishments offer to change currencies at the airport. You even see these best money changer in Singapore right after landing. However, the rates here are higher than in town. They may rip you off with the exchange rates especially if you are a foreign tourist.
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The Actual Exchange Rate May Be Different From What Is Published Online
You can always check the exchange rates online before you go to a money changer. You can also download any currency converter Singapore app. However, this may not be the rate that is reflected in establishments. You may also google Chinatown money changer rate, Arcade money changer rate, Raffles place money hanger rates, Mustafa money changer rate, or rates in other establishments you want to check out.
Read The Receipt
Before leaving the best money exchange in Singapore, you should always read the receipt. If you plan to change a large amount of money, the exchange rate matters a lot. Checking the receipt from money exchange shops will also help you see if there are any hidden fees that you paid for.
Do not Visit A Money Changer On Weekends
The best money exchange in Singapore are very busy on weekends. This is because there are a lot of people who want to change their money.
More than that, forex markets are closed during this time so there are no live interbank rates money changers can reference. Therefore, money changers may go lower to account for fluctuations in currency exchange in Singapore based on the last closing.
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Bring Passports/NRIC For Exchanges Of More Than S$5,000
If you are only exchanging a small amount and you are a local, you might not need to bring any identification proof. But if it is a large amount, make sure to have your passport with you when you visit any of the best money exchange in Singapore since it is better to be safe than sorry.
You Can Go Cashless
Is it possible to change money in Singapore without cash? Yes. Many of the best money exchange in Singapore establishments accept credit cards and other cards. Just make sure to check the transaction fees before you make the exchange.
Know How To Look At Columns
When transacting at any of the best money exchange in Singapore, knowing how to look at the columns and the exchange rates is especially important. Knowing the difference between the columns can be tricky for newbies. But, if you know the difference, you can make a more informed decision.
For example, if you are changing SGD to USD, you are “buying” USD with SGD so you’re the buyer and the money changer is the seller. Therefore, look at the “we sell” column. Do not be afraid to ask the staff if you need assistance.
Top Money Changers In Singapore
Money changers are notorious all over the globe for their low exchange rates, but that does not always have to be the case all the time. Take a look at this side-by-side comparison of the most reliable money changers in Singapore.
|Money Changers||Best for||Location|
|Arcade Money Changer||USD, JPY, THB, HKD, MYR||Arcade Money Changers, 11 Collyer Quay, #01-18 The Arcade|
|Mustafa’s Foreign Exchange||IND, PHP, CNY, MYR, RMB, HKD||Mustafa Centre, 145 Syed Alwi Road|
|Lucky Plaza Money Changers
||MYR, PHP, THB||304 Orchard Road|
|Money Exchange at Chinatown
||CNY, PHP, HKD, THB||1 Park Road|
|Ishwarya Money Changer||USD, PHP, MYR, CNY, RMB, INR||B1-23 Tampines Mall, 4 Tampines Central 5|
|ARJ Money Changer||MYR, TWD, USD, INR, CHF, CAD, VND||21 Choa Chu Kang Avenue 4 #04-10a Lot One, Shoppers’ Mall|
|Allbest Exchange||MYR, USD, THB, JPY EUR, IDR||1 Jurong West Central 2, Jurong Point Shopping Centre (Money Changer Jurong)|
|Unique Money Changer||AUD, MYR, PHP, VND, CAD||Blk 209 New Upper Changi Road #01-K1|
|City Best||HKD, PHP, USD||5 Changi Business Park, Central 1 #B1-42|
Arcade Money Changer
Best for: USD, JPY, THB, HKD, MYR
Location: Arcade Money Changers, 11 Collyer Quay, #01-18 The Arcade
Conveniently located at Raffles Place, Arcade Money Changer is where most Singaporeans will point you if you ask them for the best money exchange in Singapore. Most office workers also head there to exchange their foreign currencies.
This Raffles money changer has been in the business for more than 40 years, so they have cemented their status in the industry. Arcade Money Changers AMC SG offer one of the most competitive rates if you want to have control over the money you want to exchange. This money changer Singapore buys and sells currencies in bulk, and its money exchange rate is updated constantly.
As an added advantage of the Raffles Place Arcade Money Changer, you can book your currency online when the rates are in your favour if you cannot head over to their physical branch. Then, you can simply pick it up at a later time and pay when you collect your funds in Arcade Money Changers AMC SG.
To do this, simply register for an account on their website, and select the currency you want to exchange for SGD. You’ll be surprised at how much you will save thanks to the affordable Raffles Place money charger rates.
After placing your order, the displayed rate will be held until the next working day. After this, Arcade Money Changers AMC SG will review your order and send you an email confirmation in 30 minutes. Finally, you can visit this money exchange raffles place to collect your money. Just bring the order confirmation and your Passport/NRIC in the Raffles Place Arcade Money Changer if your order is more than SGD5,000.
With over 20 money changers in Raffles place and its immediate area, you will be able to compare rates side by side for whatever currency you need to exchange. Keep in mind that it is not recommended to visit this place during lunchtime or on the weekend. Make sure to visit the best money exchange in Singapore after 2:00p.m. but before 6:00p.m.
Mustafa’s Foreign Exchange
Best for: IND, PHP, CNY, MYR, RMB, HKD
Location: Mustafa Centre, 145 Syed Alwi Road
If you are unable to visit The Arcade before it closes (unfortunately very early at only 6:00 p.m.), head over to Mustafa Foreign Exchange.
Mustafa money changer opening hours start at 10:00 a.m. They are open until 11:30 p.m. so you will have the luxury of time to visit even after dinner, meeting your friends for a round of drinks, or even arriving late from the airport.
This is one of the ultimate places to go to in Singapore if you are exchanging Asian currencies since the Mustafa Money Changer rate is high. The Mustafa exchange rate USD to SGD is also worth mentioning.
This best money changer in Singapore has been around since the 1970s, but Mustafa currency exchange establishment has also adapted an online presence for the convenience of their customers. The draft rates are available and constantly updated on their website.
Lucky Plaza Money Changer
Best for: MYR, PHP, THB
Location: 304 Orchard Road
After a full day of shopping, chances are, you have exhausted your on-hand cash. Thankfully, money exchange in Orchard Road is very common.
Do not be intimidated to exchange your funds in Orchard Road because while it can be extremely expensive for other goods, you will be able to benefit from great foreign currency exchange here, especially for Philippine Pesos.
With over 20 Lucky Plaza Money Changer choices that cater mostly to tourists who are visiting to shop, expect to find tons of currencies, especially Southeast Asian ones. The exchange rate SGD to PHP Lucky Plaza is also good.
Do not fret since all these money changers are licensed. All you need to do is walk around a little so you can compare the rates of different money exchange in Orchard Road. Most money changers are on Basement 1 or Level 1. Prioritise asking stores that do not have flashy monitors that display the rates, and do not hesitate to haggle.
Some of our favorite money changers here include:
- Rahiman Trading #B1-10
- Europe Fancy Store #B1-141
- True Blue Money #01-14
Money Exchange at Chinatown
Best for: CNY, PHP, HKD, THB
Location: 1 Park Road
Looking for a best money changer near me? This is one of the most convenient places in Singapore to exchange your money, especially for HKD or Renminbi. With more than 20 money exchange in Chinatown, you can sell your money in a hassle-free way.
Keep in mind that bargaining is an essential skill if you want to exchange your money in any Chinatown point money changer so make sure to sharpen up your haggling skills.
While you can benefit from amazing rates from money exchange in Chinatown, prepare to encounter tons of people since it can be crowded even during non-peak hours. This means you must queue for your turn. However, it will be worth it especially if you are planning to change a huge amount of money in this best money changer near me.
Not sure what Chinatown money changer to visit? Find these establishments:
- Crante Money Changer #1-28
- AK Money Change and Department Store #01-K95C
- Emerald Money Changer #01-61
Want to look for a money changer near me? Here are our runners-up for the best money changers in Singapore, based on the nearest money changer in your area.
Money changer Tampines: Ishwarya Money Changer
Best for: USD, PHP, MYR, CNY, RMB, INR
Location: #B1-23 Tampines Mall, 4 Tampines Central 5 (Tampines Mall Money Changer)
Lot one money changer: ARJ Money Changer
Best for: MYR, TWD, USD, INR, CHF, CAD, VND
Location: 21 Choa Chu Kang Avenue 4 #04-10a Lot One, Shoppers’ Mall (Money Changer Lot One)
Jurong Money Changer: Allbest Exchange
Best for: MYR, USD, THB, JPY EUR, IDR
Location: 1 Jurong West Central 2, Jurong Point Shopping Centre
Bedok Money Changer: Unique Money Changer
Best for: AUD, MYR, PHP, VND, CAD
Location: Blk 209 New Upper Changi Road #01-K1
Changi City Point Money Changer: City Best
Best for: HKD, PHP, USD
Location: 5 Changi Business Park, Central 1 #B1-42
A Word from OMY
Exchanging money in Singapore is easy if you know the ins and outs of money changers. As with other transactions, make sure to stay vigilant and keep your eyes peeled for scams. As much as possible, only go with registered establishments. If it looks sketchy, it’s probably a scam. Just trust your gut.
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