Singapore might be a small state, but it features a secure and developed financial system. The Singaporean currency is among the most firm and well-performing currency in Southeast Asia. One of the indicators of a good currency is a robust currency exchange system in the form of money changers and banks.
People use money changers for a variety of reasons. Some need it to exchange their currency when they are in a foreign country. Meanwhile, some people use it whenever they run out of money and need smaller bills.
Guests and tourists will have no trouble in exchanging their own currencies for Singaporean money in the numerous money changers operating on the island. In this article, we will discuss everything that you need to know in case you need to transact with a money changer Singapore. Without further ado, let’s start:
Which exchange rate is the best for you
An exchange rate that is higher is usually more beneficial since this will allow you to obtain more Singaporean Dollar to use on your travel. A high exchange rate allows you to get more when you are currently in a foreign country and exchanging your local currency with SGD. On the other hand, a low exchange rate is good if you are already home after your trip and exchanging your spare SGD back into your own currency.
Having a low exchange rate means that your local currency has a value that is greater than SGD, which means that you will get more.
Look up the rates on the internet
Take note that the rates that you can see on the internet are not the rate used by the majority of money changers. Money changers use a rate that is smaller than the actual exchange rate, and the difference serves as their profit.
Be sure to check the permits and legitimacy of the money changers you are transacting with
When dealing with money changers, it is important that you deal with a legitimate one. There are many benefits to transacting with a legitimate money lender, such as competitive rates, peace of mind, and not having to ask around many places for their rates.
Additionally, illegitimate money changers have a tendency to have rates and conditions that are not favorable to their customers.
Determine the best time to exchange money
Some people try to exchange currencies before they leave for Singapore, while some opt to exchange once they have arrived.
The best time to exchange money is dependent on your plans. If you have to check in to a hotel or visit somewhere as soon as you land, the best time to exchange is before you leave for Singapore. Meanwhile, if you will not spend much after arriving in Singapore, it can be a good idea to wait before you arrive prior to exchanging currencies.
This way, you can take advantage of rates presented by the different money lenders in Singapore, which will be discussed below.
Here Are The Best Money Changer in Singapore
The Arcade at Raffles Place
The Arcade can be found at Raffles Place, which is known as the business center of Singapore. As such, the place has a lot of great money changers that features competitive rates for many currencies. There is also an electronic display board at The Arcade which shows the current exchange rates so that you can consult the exchange rate without having to consult the internet.
The staff at those exchange rates also possess excellent communication abilities, so that you will be able to transact without any problem due to misunderstandings.
Money changers on The Arcade at Raffles Place features the best rates for US Dollar, Euro, Japanese Yen, British Pound Sterling, Malaysian Ringgit, Thai Baht, and New Taiwan Dollar.
A lot of money changers are located at Mustafa Centre in Singapore. One of them includes the Mustafa Foreign Exchange, a money changer that is operating 24 hours a day, 7 days a week. At that schedule, it is the only money changer in Singapore that is open day and night every day of the week.
Mustafa Centre is recommended if you are exchanging Chinese Yuan, Philippine Peso, Hongkong Dollar, Malaysian Ringgit, Indonesian Rupee, and Indian Rupee. Take note that the money changers at the Mustafa Centre do not accept traveler’s check. You can also attempt to negotiate for more competitive rates.
The money changers in Lucky Plaza can be found on Orchard Road, also known as the shopping center in Singapore. For this reason, it is a very convenient place to exchange currencies for tourists that are already visiting Orchard Road and the surrounding area.
Although no electronic display board is located on Lucky Plaza, you can still ask your queries on the employees of the money changers. Alternatively, you can consult on the internet regarding the exchange rates. Lucky Plaza money changers offer the best rates for Philippine Peso, Thailand Baht, and Malaysian Ringgit.
People’s Park Complex Chinatown
People’s Park Complex houses numerous money changers. The main feature of these money changers is the ability to compare the rates of each money changer stall prior to deciding on which one to go to. This will allow you to get the best rates possible for the currency that you have. Located at the center of Chinatown in Singapore, it is a great place to exchange money if you are already visiting the area.
The money changers in People’s Park Complex Chinatown feature the best rates for Chinese Yuan, Philippine Peso, Thai Baht, Hongkong Dollar, and Malaysian Ringgit.
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