Review of 5 best money changers in Singapore: who has the best exchange rate? (2024)

Looking for the best exchange rate in Singapore? If you need to send a payment home to a loved one abroad, if you’re looking for travel money for your next trip, or even if you need to change some foreign currency notes back to SGD, finding the best money changer in Singapore can mean you get a better deal.

This guide walks through 5 key locations where money exchange services have their offices, and also highlights some highly rated and recommended services to look out for. And because switching your SGD for foreign currency before you travel isn’t always the most cost effective option, we’ll also introduce Wise as an alternative that could help you save money.

How to find a money changer with the best exchange rate in Singapore?

Exchange rates change all the time, so there’s no single best money exchange service in Singapore - it’ll all come down to the currency you need to switch, the value of the exchange you’re looking to make, and what the market is doing.

That said, you can make sure you find the best money exchange service for your needs with a little research. Shopping around really does pay, and can mean you end up with more foreign currency in your hand in the end.

The first thing to do is to make sure you’re up to date with the mid-market exchange rate for the currency you need to buy. You can easily use a currency converter tool to keep an eye on the rate, and as a comparison against the exchange rates offered by money changers.

Rate checker tool

The mid-market rate is important because it’s the rate banks and money changers get when they buy foreign currencies themselves. However, it’s not often passed on to customers. Instead, the money changer will add a percentage - a fee - to the exchange rate they offer customers, to protect their profits.

Comparing the rate you’re offered against the mid-market rate is the best way to spot the true costs of converting your money. Look for a provider which uses the mid-market exchange rate - or as close as possible to it - to get the best available deal.

Here are a few other tips to make sure you make the most of your money when exchanging it to foreign currency:

• Don’t change currency on the weekend - global currency markets are closed, which may mean changers add extra fees hedge against fluctuations in rates when they reopen
• Use a money changer in a key currency exchange hub - like the ones we’re covering in this guide. Increased competition keeps overall costs down
• Consider getting a multi-currency account so you don’t need to switch to and from SGD too often - you’ll be able to hold a foreign currency balance more easily, which can be both cheaper and more convenient

Avoid exchange rate markups with Wise

Instead of standing in line at a money changer, check out Wise for convenient ways to hold, send, spend and exchange 50+ currencies.

Open a Wise account online, and add funds in SGD or the supported currency of your choice. You’ll then be able to switch between currencies with the mid-market exchange rate with no markups, to hold a foreign currency balance, spend with your linked Wise card, or send payments to others.

To keep things simple, Wise doesn’t roll any fees into the exchange rates used for converting currencies. Instead, all the costs are split out for transparency, and you’ll get the mid-market exchange rate every time.

Hold 50+ currencies, send payments to 70+ countries, and get paid in 9 currencies right to your Wise account. Easy.

Pricing/fees: Please see Terms of Use for your region or visit Wise for the most up to date pricing and fee information

5 Best money changers in Singapore

Money exchange services in Singapore tend to be located in hubs where lots of tourists, office workers, shoppers or migrant workers pass through. That can be handy if you’re looking to change money, as it also means you’ll be able to find several different money changers in one location, and can compare the exchange rates and fees on offer. Plus, as there’s competition you may find you can bargain a bit on rates to get a decent deal.

Here’s a run through of 5 top areas in Singapore for money exchange offices, and some specific highly rated providers you might want to look out for.

1. The Arcade, Raffles Place, CBD
2. Lucky Plaza, Orchard Road
3. Parkway Parade, East Coast
4. People’s Park Complex, Chinatown
5. Mustafa Center, Little India/Bugis

Changer 1 - The Arcade, Raffles Place, CBD

If you’re in the Central Business District, either for work or as a tourist looking around the city, Raffles Place can be a convenient option to pick up your currency in person.

There are plenty of different money changers based out of the Arcade on 11 Collyer Quay, including some which cover 15 or more regional and global currencies. Services vary, so while you can drop in to change your money, you can also choose to book your exchange online in advance if you’d like, for collection in person later. It’s worth bearing in mind that this area can get busy at lunchtimes as workers take their break - coming within office hours can mean an easier trip.

Here are a few popular money changers based at The Arcade for you to consider:

• Arcade Money Changers¹ - Unit 01-18 The Arcade, book currency exchange online and collect in person
• S&C Xchange² - Unit 02-31A The Arcade, 15+ major currencies supported, with exchange rates available online
• Hassan & Sons Exchange - Unit 02-05 The Arcade, late opening Monday to Sunday, with a broad selection of currencies offered
• People’s Corner Money Changer - Unit 02-07 The Arcade, exchange rates are displayed in store, no online service available

Changer 2 - Lucky Plaza, Orchard Road

Lucky Plaza is a handy destination if you’re in Singapore for shopping, as it’s located right on Orchard Road in the heart of the city’s shopping area. There are lots of different money exchange services located here, catering to tourists, domestic helpers and locals, with a focus on regional and major currencies. You’ll also find speciality stores, food outlets and services in the same building, so you can change your money at the same time as running your errands. Many currency exchange stores don’t display their exchange rates outside, so you’ll need to ask staff, and compare a few to see which is best for your specific currency.

Lucky Plaza can get pretty busy, particularly on weekends, so be prepared to queue for some popular money exchange outlets.

Here are a few popular money changers based at Lucky Plaza for you to consider:

• Rabi Trading³ - Unit 01-37 Lucky Plaza, well rated money exchange store with a good selection of currencies covered
• Rahiman Trading⁴ - Unit B1-10 Lucky Plaza, exchange rates available online and by phone, open 7/7 with closure for Friday prayers
• Europe Fancy Store - Unit B1-141 Lucky Plaza, currency exchange alongside other services and goods for sale

Changer 3 - Parkway Parade, East Coast

If you’re over on the east side of Singapore, Parkway Parade shopping center is the best bet for a good selection of currency exchange services which have long opening hours and 7 day availability. Some providers also offer extra services such as foreign remittances and cash deliveries if you can’t get to the store to pick up your money in person.

Here are a few money changers at Parkway Parade to look out for:

• Sino Money Changer⁵- Unit 01-01 Parkway Parade; major local and global currencies supported
• Everpeace Money Changer⁶ - Unit 01-15/16 Parkway Parade; currency can be collected or delivered for an extra fee
• Parkway money Changer - Unit 01-14 Parkway Parade; compare the exchange rates available to see if you can get a good deal for your specific exchange

Changer 4 - People’s Park Complex, Chinatown

People’s Park is a buzzing hive of food outlets and small stores - and also home to a good selection of currency exchange options. Well located in Chinatown, the currency exchange services here tend to focus on regional currencies like MYR, CNY, and HKD, but most providers will also change major global currencies for you. As with many of the popular hubs for currency exchange, the most highly rated money changers here can often have pretty long lines of people queuing for service, particularly on weekends. Compare the rates on offer from a few providers to get the right one for you.

Here’s a few of the top picks for well rates money changers at People’s Park Complex, to start your research:

• Crante Money Changer⁷ - Unit 01-28 People’s Park Complex; easy to spot, with many regional currencies supported plus major currencies like GBP and USD
• AK Money Changer & Department Store - Unit 01-K95C; currency exchange and shopping all under one roof
• Emerald Money Changer - Unit 01-61 People’s Park Complex; solid selection of currencies on offer, bargaining is acceptable

Changer 5 - Mustafa Center, Little India/Bugis

If you’re in the Little India or Bugis area, the Mustafa Center⁸ is the obvious choice for currency exchange - as well as being a convenient place to shop, arrange flights, get a visa for onward travel and more. It’s a huge shopping center with more or less everything in it, and can get busy at peak times and holidays. Mustafa was famous for opening 24 hours a day, and while Covid restrictions brought that to an end, it is back to opening until 2:00am at the time of writing, so perhaps the 24/7 policy will return in due time.

Summary

Getting a good deal on currency exchange can mean your money goes further. If you need to convert Singapore dollars in cash to a foreign currency - or if you’ve got foreign currency cash left over that you want to switch back to SGD - the areas and providers we’ve touched on here can help you get a decent deal. Shopping around is essential, so remember to compare a few different services before you make a final decision.

If you don’t need to convert cash, you may find you can get a better rate by completing your exchange electronically with Wise. Wise always uses the mid-market exchange rate with low, transparent fees, and can support 50+ popular regional and global currencies.

You’ll be able to switch from SGD to the currency of your choice within your Wise account, or to send a payment - and if you’re arranging holiday money you can also order a Wise card to make withdrawals when you arrive in your destination, with low fees and the mid-market rate every time.

Sources:

1. Arcade Money Changers
2. S&C Xchange
3. Rabi Trading
4. Rahiman Trading
5. Sino Money Changer
6. Everpeace
7. Crante Money Changer
8. Mustafa

Sources checked on 22/05/2023