The unit if currency in Singapore is the Singapore dollar, denoted
by the sign $, S$ or SGD.
- Coins are
denominated in 1c (cent), 5c, 10c, 20c, 50c and $1 coins
- Notes are
denominated in $2, $5, $10, $50, $100, $500, $1,000 and $10,000
Exchanging money
You can exchange your foreign currency for Singapore dollars at
almost all major banks in the Central Business District,
and many bank branches in the suburbs. Exchange rates vary from
bank to bank, and a flat fee of $2 to $3 is often charged per transaction.
Most banks open from 9.30am to 3 pm during weekdays and 9.30am to
11.30am on Saturdays. They are closed on Sundays and public holidays.
A cheaper way to exchange your money is at the moneychangers that can be found along Orchard Road, the CBD, at many tourist attractions
and the suburban town centres. These moneychangers don't charge
any transaction fees.
Cash is of course still widely used in Singapore, although
the island is moving at a rapid rate towards its dream of being
a cashless society. Most hotels, for instance, would require your
credit card details when you're reserving a room, as a form of insurance.
All the major credit cards are widely accepted, with Visa
and Mastercard being the most common. Some retailers - especially
after a hard session of bargaining - may charge you 3% to 5% extra
if you decide to pay by credit card. This practice is frowned upon
by the tourism board, and you may want to report the incident to
the credit card company if such a thing happens.
Travellers cheques are another convenient and safe way for
you to conduct transactions in Singapore. You can exchange them
for Singapore dollars at banks or moneychangers, and some shops
and restaurants even accept them as direct payment.
ATMs are found all over Singapore, and a large proportion
allow for cash withdrawals from Visa or Mastercard credit cards. |
