Sep 13 2012
After a trip through Southeast Asia you’re bound to have some leftover Thai baht and Malaysian ringgit lining your pockets. Why not exchange it for Singapore dollars at one of the city-state’s abundant money changers?
Money changers in Singapore state “zero commission”, but obviously they make a slight profit from the exchange rates. From my experience, exchange rates in Singapore are only 1-2% off from official rates on www.xe.com, which is infinitely better than exchange rates offered at hotels and airports.
With a few exceptions (like dong from Vietnam and kip from Laos), money changers in Singapore will exchange most foreign currencies into Singapore dollars. Alternatively, they can change your Singapore dollars into a foreign currency.
If you want to change one foreign currency into another foreign currency, say Australian dollars into Indonesian rupiah, they will gladly do this, but Singapore dollars will be used as an intermediate (thus they profit twice from the exchange rate).
The currency exchange rates at Changi Airport are fair, but not the best, so we recommend changing a small amount on arrival then the rest of your money once you’re in the city.
Nearly every mall in Singapore has a currency exchange booth where you’ll most likely get a fair rate, but for the best rates and variety we suggest the following two places:
Mustafa Centre: This department store in Little India has everything, including 24-hour money changers with the best rates and variety of currencies. There are money changing counters outside the entrance to the store as well as in the basement. Personally, I prefer to change money at the basement money changers as they are less crowded and you don’t feel rushed when counting large quantities of cash. You can check the latest exchange rates on the Mustafa Forex website.
145 Syed Alwi Road, T: 6295 5855, open 24 hours
HBZ International Exchange Co.: Just across the street from City Hall MRT Station, this money changer is as convenient as it is reputable. Their rates and variety of currencies rivals Mustafa, and they always provide a receipt. They also accept travellers cheques.
#01-17/18 Peninsula Plaza, 111 North Bridge Road, T: 6338 5233, open daily 10:00–19:00
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