8 Best Money Changers in Singapore

Singapore has thousands of money changers catering to the needs of both locals and visitors. Those planning a holiday abroad must find the best rates for your currency exchange. The same goes for workers who need to send money to families back home. When the rates of money changers are favourable, it’s easier to see a difference in your wallet.

Although there are so many available multi-currency mobile apps today, knowing where to go for the best money changers in Singapore is still needed because nobody wants to deal with not having cash on hand in cases when your phone loses battery.

Nestled in the heart of Singapore’s CBD, The Arcade is a mecca for money changers. With a myriad of operators lined up side by side, it’s truly heaven for rate comparison.

The place is quite busy during lunch hours so avoid peak times if you’re in a hurry. While rates are generally competitive, do not forget to still do your homework. Keep in mind though that most money changers here only operate on weekdays only so plan your visit accordingly.

Mustafa Centre – the 24-hour shopping paradise home to one of the best money changers in Singapore. Located on the ground floor, Mustafa Foreign Exchange is a godsend for night owls needing to change currency at ungodly hours.

It’s particularly popular for South Asian currencies like Indian Rupees. A pro tip you should remember here is to try your hand at bargaining during off-peak hours so you might just snag an even better rate. Prepare for potential crowds especially on weekends.

If you’re in Orchard and need to change money, Lucky Plaza’s your best bet because it’s a hotspot for Southeast Asian currencies like Philippine Pesos. Most money changers are clustered at B1 and Level 1, making rate comparison a breeze.

Rates fluctuate daily so what you see today might not be what you get tomorrow. Don’t be shy to ask about rates as not all changers display them openly.

Located smack in the middle of Chinatown, People’s Park Complex is everyone’s go-to for Chinese Renminbi. It’s also a good spot if you’re changing Hong Kong Dollars. You’ll find competitive rates for other Southeast Asian currencies here too.

Most money changers here operate until late, making it a convenient option if you can’t make it to The Arcade before closing. Like many money changers in Singapore, bargaining is accepted here. So channel your inner auntie and haggle away – you might just walk away with a better deal.

Heading to Malaysia? Make a pitstop at Capital City Trading in Bugis Street Market which is a stone’s throw from Queen Street Bus Terminal and offers some of the best rates for Malaysian Ringgit. But don’t write it off if you’re not Malaysia-bound Its central location makes it a solid choice for changing other major currencies too. Just remember to bring cash since some smaller money changers in Singapore might not accept cards.

Who said you need to go downtown for good rates? For those living in central Singapore, Toa Payoh HDB Hub is a hidden gem for money changing. It’s particularly known for competitive Malaysian Ringgit rates which makes it great for frequent daytrippers. The competition among money changers here is fierce so shop around and bargain. It’s conveniently located near the MRT and bus interchange.

Breaking away from traditional brick-and-mortar shops, Thin Margin is Singapore’s best online money changer. It’s perfect for those who prefer to handle their currency exchange from the comfort of their home.

Simply choose your currency, select a delivery time slot, and make your payment online. The best part? Delivery is free and all transactions are fully insured. It’s a hassle-free option for those who don’t fancy queueing at physical money changers in Singapore.

Before you rush off to change your cash, take a moment to look around for good current exchange rates online to give you a benchmark to compare against when you’re at the money changer. Rates fluctuate throughout the day so what you see in the morning might not be the same in the afternoon. Also familiarise yourself with the notes of the currency to avoid any confusion or potential scams.

Timing can make or break your money changing experience. Try to avoid peak hours especially lunchtime at places like The Arcade, where office workers flock to change currency. Early mornings are usually less crowded. Late afternoons work better too. If you’re flexible, consider visiting on weekdays when rates might be slightly better due to higher trading volumes.

Although Singapore is increasingly going cashless, most money changers in Singapore still prefer cash transactions. Some might accept cards but you’ll likely get better rates with cash. Plus you’ll avoid any potential card fees.

It’s perfectly acceptable to bargain at many money changers in Singapore. If you’re changing a large amount, don’t be shy to ask for a better rate. Sometimes even a small improvement can make a significant difference. The worst they can say is no.

After your exchange, take a moment to count your money and check the notes before leaving the counter. Make sure you’ve received the correct amount and that all notes are in good condition. Some countries are particular about the state of foreign currency notes so it’s best to get crisp undamaged ones.

If a money changer is offering rates that seem suspiciously better than everywhere else, proceed with caution. While competition among money changers in Singapore is fierce, unusually high rates could be a red flag for hidden fees or counterfeit notes. Trust your gut.

Moreover, only deal with a licensed money changer.

Always ask for and keep your receipt. This is not just for your own record-keeping. If there’s any issue with the notes you’ve received, you’ll need the receipt to make a claim.

With these tips in your back pocket, you’ll be well-equipped to snag the best rates. For those looking to stay on top of their finances beyond just currency exchange, Money IQ is your go-to resource for all things money in the Lion City.

If you find yourself in need of extra funds, perhaps for that dream vacation you’ve been planning, Money IQ also offers the best loan matching platform in town from licensed lenders so help you get the best options without the hassle of running from bank to bank.