Singapore Currency Guide for Travellers - Money, Payments & Transfer

Singapore, with its blend of urban sophistication and rich cultural heritage, is one of the world’s top travel destinations. But before embarking on your journey, understanding Singapore foreign exchange, payment methods, and transfer options can make your trip smoother and more enjoyable. From currency exchange rates to convenient payment methods, here’s everything you need to know about handling money in Singapore.

Understanding Singapore’s Currency – The Singapore Dollar (SGD)

The official currency of Singapore is the Singapore Dollar, denoted as SGD or S$. Coins are available in denominations of 5, 10, 20, and 50 cents, as well as 1 SGD. Notes come in denominations of 2, 5, 10, 50, 100, and 1,000 SGD. Singapore’s currency is well-regarded globally, with a strong and stable exchange rate, making it widely accepted in international transactions.

For Indian travellers, understanding the current exchange rate of Singapore currency to INR is essential. Rates can vary depending on where and how you exchange your money, so it’s best to monitor exchange rates for favourable conversion times. You can check the latest conversion rates for Singapore currency to INR online through currency exchange platforms or financial apps to keep track of fluctuations.

Exchanging Singapore Currency in India and Singapore

1. Exchanging Currency in India

If you prefer having Singapore Dollars before you arrive, you can exchange Singapore currency in India at banks, authorised money exchange centres, or even online currency exchange platforms. Many Indian banks and financial institutions offer SGD, and you can complete the transaction with minimal paperwork. Online currency exchanges also provide the option of home delivery, making it easy to get cash without visiting a bank or exchange centre.

However, while convenient, some Indian exchange centres may offer less competitive rates compared to options available in Singapore. Compare exchange rates across different providers to ensure you get the best value.

2. Exchanging Currency in Singapore 

Once in Singapore, currency exchange options are abundant. You’ll find authorised currency exchange counters at Changi Airport, shopping malls, and popular areas like Orchard Road and Chinatown. Singapore’s exchange centres are known for competitive rates, often better than those available in India. It’s recommended to check multiple counters to find the best rate, as rates may vary slightly between providers.

Read Also: Singapore Citizenship for Indians

Payment Methods in Singapore

Singapore’s well-connected financial infrastructure makes paying for goods and services convenient, with cashless transactions widely accepted.

1. Cash 

Although Singapore is highly digital, cash is still commonly used, especially in hawker centres, smaller shops, and certain public markets. Having cash on hand is helpful for purchases in such places, and it’s always a good idea to keep small denominations for convenience. However, carrying large amounts of cash isn’t necessary, as digital payments are accepted almost everywhere.

2. Credit and Debit Cards 

Visa, Mastercard, and American Express are widely accepted in Singapore, making credit and debit cards convenient options for tourists. Major retailers, restaurants, and hotels typically accept card payments. 

3. Mobile Payment Platforms

Singapore has fully embraced mobile payment platforms like Google Pay, Apple Pay, and Samsung Pay, which are accepted in numerous establishments. Additionally, local mobile payment options like PayNow and GrabPay are popular in Singapore, though these may require a local bank account. 

4. Prepaid Travel Cards

Prepaid travel cards are another safe and convenient option for international travel. These cards allow you to load SGD and spend as you would with a debit card, avoiding foreign transaction fees. Many banks in India offer prepaid travel cards in multiple currencies, including SGD, which can be topped up as needed.

Transferring Money to and from Singapore

If you need to transfer money to or from Singapore, there are several options available:

1. Bank Transfers

Banks offer international wire transfer services for sending money to Singapore. However, bank transfers may come with higher fees and longer processing times than other methods. Some Indian banks also offer remittance services to Singapore through partnerships with local banks, which can be convenient if you have an account with the same bank.

2. Online Money Transfer Platforms

Platforms like Wise, PayPal, and Western Union offer quick and secure money transfers, often with lower fees than traditional bank transfers. Wise, for instance, uses real-time exchange rates and has transparent fees, making it a popular choice for transferring funds internationally. Many of these services have apps that allow easy transfers, providing flexibility for travellers in Singapore who may need funds.

3. International Remittance Apps

Some mobile banking apps, such as Paytm and ICICI Bank’s Money2World, facilitate easy remittances from India to Singapore. These apps generally offer competitive rates, making them a cost-effective solution for transferring funds, especially for tourists on extended stays or those studying or working in Singapore.

Conclusion

From currency exchange options to cashless payments and transfer methods, understanding the Singapore foreign exchange system can make your travels smoother and more enjoyable. Singapore’s infrastructure offers great flexibility in managing your funds, with a wide array of convenient options for tourists.

At Niva Bupa, we encourage secure and convenient travel. As you explore Singapore’s attractions, safeguard your journey with our international travel insurance plans to witness a peaceful visit.