Money changers in Singapore - where should I go?

[Jude Starr]

We are off to Singapore at the weekend, and I know that getting currency changed here doesn't give me the best rates. So, I am after recommendations of where to go once we arrive in Singapore to get the best deal. We are staying in the Marina Bay area, but we'll be going all over the place (mainly via MRT). Thanx!

 

[dajop]

I always change money over at Mustafa's dept store in Little India (near Farrer Park MRT station). No commission and the spread between buy and sell rates is usually only 1-2% depending on currency (on AUD:SGD it is usually 1.6-1.8%, so effective fee of 0.8-0.9% compared to the mid-rate at any point in time). Smaller money changers at different shopping centres on Orchard, in city etc are also OK.

 

[thewinchester]

As a regular visitor to SIN, I actually don't have a problem with the on-airport rates offered by AMEX in arrivals. Their rates are always on par with the rates offered by the Singaporean banks, and traveling to Little India just for a couple of tenths of a percent doesn't seem worth it.

And most of the time, I just pay off the card or draw directly in local currency from any major ATM as the rates are more than reasonable IMHO.

 

[Cynicor]

Anywhere in Singapore offers decent rates. Mustafa is good for comparison as they display their rates on the internet. Check in the morning then head out and try to negotiate a rate better than what you they offer. I like Chinatown now as I am usually there anyway at some point.

Of course, you can't beat the xe.com rate so have a look for threads on the 28degrees mastercard (formerly wizard card) for next time you head overseas. Fee free currency withdrawals.

 

[Cruiser Elite]

And most of the time, I just pay off the card or draw directly in local currency from any major ATM as the rates are more than reasonable IMHO.

Absolutely the way to go - don't waste your time charging aroiund town trying to find 1/10c better rates - use ATM and enjoy your time instead.

Forget exchanging at hotels - most of them will try to get up your skirt.

 

[Timba-Jet]

I generally go with ATM withdrawals as well.

If wandering around Orchard shopping precinct, look out for small money booths tucked away at the back, corner or basement level. Save the glossy shop front and get a better rate.

 

[auriga]

Mustafa's, or Orchard Rd ( Lucky Plaza ground floor/basement), or Chinatown ( People's Park). The latter two has many changers close together, and the rates are very competitive. If you have a 28degree card, you will get pretty much the same rate too.

 

[ermen]

The locals go to Change Alley in the Raffles Place MRT area...

 

[Awesom Andy]

Note that the AMEX counters at the airport have closed. The UOB ones are still there, and the rates aren't too bad. The buy/sell rate difference today is about 2.5% for AUD, so for smaller amounts, it wouldn't make much of a difference. They don't charge commission either, and it's as simple as going up to the counter, handing over AUD, and they'll hand you back SGD. No forms or anything like that.

The process is similar at the smaller money changers in town, but you need to know your rates. They do attempt to rip people off from time to time. Sometimes, you'll also need to negotiate, and make sure you have confirmed on the rates before handing over the cash.

 

[gwilli1]

I have not long come back from Singapore & agree that exchanging at the airport is fine and convenient as soon as you get into the terminal. Rates are pretty good .Whatever you do dont exchange in Australia before you leave.

 

[dcd]

We lived in Singers for 7 years and know it well. Lots of good tips in this thread. However be careful of 1 particular money changer in Lucky Plaza. He is downstairs and has a booth inside a clothing shop. After being ripped off when we bought some Egyptian pounds we took it back and demanded our Sing $ back and after a bit of haggling he gave us back our money. All the others we found really good and we exchanged a lot of money over those years.

Have a good holiday

 

[brucek]

Have been a very regular to SIN since 1975. We usualy change some A$ to S$ with Travellex at get some QF rewards points at MEL on day of departure so we have some local currency when we arrive. Post arrival we usualy pay as much as we can by credit card, and use money changers at other times. The Mustafa Centre has already been mentioned and thisis good advice.


Not sure if you've been to SIN before, however for what it's worth avoid Orchard Road save for sight seeing, and do all or most of your shopping at Mustafa. We find them very competative for most things, has an excellent range, and unless you're a shopping junky you can treat MC as a one stop shop and use the rest of the time to enjoy the many features of SIN.


Have a good trip!

 

[waynerkk]

Just to add to what others have said: I always use ATMs to withdraw local currency in SIN and other Asian countries. I have always been quite surprised to find out how good an exchange rate I have received when I get my bank statement after returning home.
Have a great trip.

 

[Jude Starr]

Thanx everyone for the great tips...can't wait to get on that plane!

 

[ellein]

Try to avoid lucky plaza. Although there are many money changers located in the plaza for you to walk around and compare rates, they are worked together (maybe these changers are under a company) in a way that one outlet offers the best rate of the day. In this way, one of the changers will earn your $$, rather you walk away and bring your business outside lucky plaza.

My suspicion arose when I walked to ask around for their rates and when I was happy with one changer, they asked me to wait while they got someone to bring the currency. Apparently the 'delivery man' was one of the changers I came across earlier on.

I prefer Mustafa, Chinatown and raffles place (The Arcade)

 

[BlueyJohn]

Lucky Plaza is very good, the money changers in the basement are where to go, yes you can barter for a better rate however you need to see a number of them which is quite easy as they are within in 15 metres of each other.

 

[Awesom Andy]

Lucky plaza is good, but only if you know what you are doing. It's very easy to get ripped off there, and this also applies for other non-fx related shops in that place.

 

[sage]

Changing money in Singapore is easy and you get decent rates in most places (except hotels). However if you are staying in the Marina area and you are in the Suntec Convention Centre mall (ground floor) then look for the money changer in the main mall. This money changer always has better rates than I have found anywhere in that area (and definitely better than the airport), which was evidenced by the queue out the door. Suntec is a big mall...so I am talking about the section where the convention centre is located (this is the end closest to the Raffles, Pan Pacific and Marina Mandarin Hotels).
And while you are in the area of this money changer, head towards the convention centre foyer to find the Food Republic food court. It is one of the best budget food places in that area.

 

[Awesom Andy]

However if you are staying in the Marina area and you are in the Suntec Convention Centre mall (ground floor) then look for the money changer in the main mall.

I believe you are referring to the small shop called Fountain Money Changer. I haven't used them before, but queues do form regularly at this joint. It's on the ground floor, shop #01-052.

 

[Baysider]

I use an ATM at the airport upon arrival. Either from savings or put your credit card into credit and withdraw as a cash advance.