Best Money Changers In Singapore With The Best Exchange Rates
 
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Best Money Changers In Singapore With The Best Exchange Rates

Ming Feng
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Travelling soon?

After booking your flights and accommodation, the next brain-draining task is probably changing money.

You’re probably wondering where is the best money changers in Singapore? And which one would give me the best exchange rate

Mr Krabs Bathing Money
Source: SpongeBob SquarePants | giphy

Look no further as we got you.

Disclaimer: we’re not sponsored in any way, we’re just recommending platforms which we find to be the most useful in finding the best money changers who give the best exchange rates!


The Best Money Changers In Singapore With The Best Exchange Rates

When we asked the ever-helpful Seedly Community where is the best place to change money, here’s what we got:

  • The Arcade at Raffles Place
  • Lucky Plaza on Orchard Road
  • Mustafa Shopping Centre in Little India
  • Parkway Parade in Marine Parade
  • People’s Park Complex in Chinatown

The recommendations are great, but we decided to do a little bit more research to try looking for money changers all over the island.

We used the following currencies (we conducted a poll amongst the Seedly team on which are the most popular currencies) to compare rates:

  • Australian Dollar (AUD)
  • British Pound (GBP)
  • Chinese Yuan (RMB)
  • Euro (EU)
  • Hong Kong Dollar (HKD)
  • Indonesian Rupiah (IDR)
  • Japanese Yen (JPY)
  • Korean Won (KRW)
  • Malaysian Ringgit (MYR)
  • Taiwan Dollar (TWD)
  • Thai Baht (THB)
  • US Dollar (USD)

And narrowed down the top 3 money changers which give the best rates for the above-listed currencies:

Best Exchange Rate ForMoney ChangerAddressContact
Australian Dollar (AUD)Capital Forex Pte Ltd11 Collyer Quay, #02-01A, The Arcade, S(049317)6260 4797
Cuppage Money Changer5 Koek Road, #01-06, Cuppage Plaza, S(228796)6732 8252
Universal Money Express Pte Ltd11 Collyer Quay, #02-04, The Arcade, S(049317)6222 2040

6222 2041
British Pound (GBP)SG Exchange Pte Ltd1 Pasir Ris Close, #01-333, [email protected] East, S(519599)6284 2564
Al-Najib Enterprise30 Sembawang Drive, #03-02, Sun Plaza, S(757713)6483 5336
Simlim Exchange and Trading1 Rochor Canal Road, #01-49, Sim Lim Square, S(188504)6336 2232
Chinese Yuan (RMB)Faizam Forex Pte Ltd11 Collyer Quay, #02-13A, The Arcade, S(049317)6788 7688
8451 5553
Universal Money Express Pte Ltd11 Collyer Quay, #02-04, The Arcade, S(049317)6222 2040

6222 2041
Cuppage Money Changer5 Koek Road, #01-06, Cuppage Plaza, S(228796)6732 8252
Euro (EUR)Universal Money Express Pte Ltd11 Collyer Quay, #02-04, The Arcade, S(049317)6222 2040

6222 2041
People's Corner Money Changer11 Collyer Quay, #02-07, The Arcade, S(049317)6223 3040
Triple Star Exchange211 Holland Avenue, #01-K4, Holland Road Shopping Centre, S(278967)6463 5334
Hong Kong Dollar (HKD)Firman $hah International ExchangeBlk 208B New Upper Changi Road, #01-71, S(462208)6284 6225

8104 2234
Two-Way ExchangeBlk 311 New Upper Changi Road, #02-01A, Bedok Mall, S(467360)6262 6234
R&R Money Exchange Pte LtdBlk 201B Tampines 21, #01-1063, Tampines Estate, S(522201)6588 1318

8202 4842
Indonesian Rupiah (IDR)Mr Currency ExchangeBlk 5001 Beach Road, #01-K67D, Golden Mile Complex, S(199588)8725 6241
(WhatsApp Call only)
People's Corner Money Changer11 Collyer Quay, #02-07, The Arcade, S(049317)6223 3040
Fiat Money Changer11 Collyer Quay, #02-37, The Arcade, S(049317)6224 0901
Japanese Yen (JPY)Two-Way ExchangeBlk 311 New Upper Changi Road, #02-01A, Bedok Mall, S(467360)6262 6234
Mr Currency ExchangeBlk 5001 Beach Road, #01-K67D, Golden Mile Complex, S(199588)8725 6241
(WhatsApp Call only)
MM Ismail & CoBlk 930 Yishun Avenue 2, #B1-42, North Point Shopping Centre, S(769098)6755 8445

6257 9618
Korean Won (KRW)Mr Currency ExchangeBlk 5001 Beach Road, #01-K67D, Golden Mile Complex, S(199588)8725 6241
(WhatsApp Call only)
Firman $hah International ExchangeBlk 208B New Upper Changi Road, #01-71, S(462208)6284 6225

8104 2234
Two-Way ExchangeBlk 311 New Upper Changi Road, #02-01A, Bedok Mall, S(467360)6262 6234
Malaysian RinggitMM Ismail & CoBlk 930 Yishun Avenue 2, #B1-42, North Point Shopping Centre, S(769098)6755 8445

6257 9618
Unique Money ChangerBlk 209 New Upper Changi Road, #01-K1, S(460209)6469 4378
Capital Forex Pte Ltd11 Collyer Quay, #02-01A, The Arcade, S(049317)6260 4797
Taiwan Dollar (TWD)Universal Money Express Pte Ltd11 Collyer Quay, #02-04, The Arcade, S(049317)6222 2040

6222 2041
Capital Forex Pte Ltd11 Collyer Quay, #02-01A, The Arcade, S(049317)6260 4797
Firman $hah International ExchangeBlk 208B New Upper Changi Road, #01-71, S(462208)6284 6225

8104 2234
Thai Baht (THB)People's Corner Money Changer11 Collyer Quay, #02-07, The Arcade, S(049317)6223 3040
Fiat Money Changer11 Collyer Quay, #02-37, The Arcade, S(049317)6224 0901
Capital Forex Pte Ltd11 Collyer Quay, #02-01A, The Arcade, S(049317)6260 4797
US Dollar (USD)Fiat Money Changer11 Collyer Quay, #02-37, The Arcade, S(049317)6224 0901
People's Corner Money Changer11 Collyer Quay, #02-07, The Arcade, S(049317)6223 3040
Sarmus Exchange1 Park Road, #01-K95A, People's Park Complex, S(059108)6694 8393

Source: CashChanger

Here’s what we found out:

  • The majority of money changers with the best exchange rates are located in The Arcade, but you’ll probably need to find some time to get down there before 6pm because that’s when they’re closed
  • East siders rejoice as they’ve got plenty of options in Bedok and Tampines like Firman $hah International Exchange and Two-Way Exchange
  • North siders have MM Ismail & Co to rely on
  • West siders don’t really have a lot of choices, and even if they do, the rates aren’t as great as what you would get from moneychangers in the Central or East

Note: as exchange rates change on a regular basis, this is just an agar-ation of which money changer gives the best exchange rates. It would be a better idea to check CashChanger to get real-time information as to which money changer has the best exchange rates.


Some Commonly Asked Questions About Money Changers

1. Buy Or Sell? Which Column Should I Be Looking At?!

The most commonly asked question that most of us have is: “Which column should I be looking at? Is it the ‘Buy’ or ‘Sell’ column?”

Well, here’s a very simple exercise to help you:

  • Think of the foreign currency which you wish to change for as an ‘object’
  • Ask yourself if the money changer is the buyer or seller of that ‘object’

Alternatively…

  • If you are travelling overseas, you are looking to buy foreign currency from the money changer: Look at the “Sell” column
  • If you are holding foreign currency, you are looking to sell foreign currency to the money changer: Look at the “Buy” column

2. Is A Higher Or Lower Exchange Rate Better For Me?

It really depends.

If you are travelling overseas and want to buy foreign currencies then a higher exchange rate is better. This means we can get more foreign currency in exchange for our SGD.

If you just came back from overseas and want to sell your extra foreign currencies then a lower exchange rate is better. This means our foreign currency is worth more and that gives uyus more SGD back!

3. How Do Money Changers Earn Money?

Mr Krabs I Like Money
Source: SpongeBob SquarePants | giphy

They earn through the bid-ask spread, which is the difference between the buying and selling price of a currency.

Let’s use a popular currency pair like USD-EUR.

Assuming the exchange takes place in America, the base currency would be in USD.

Buy Price: 1.1

Sell Price: 1.2

Joey is an American travelling to Europe and wants to buy 1000 EUR. He pays USD$1,200 and gets 1000 EUR.

Emily is an American returning from Europe and wants to sell her leftover EUR. She sells 1000 EUR and gets back USD$1,100.

The difference of USD$100 here is the bid-ask spread and is the profit which the money changer pockets.

4. Why Are Some Money Changers Able To Give Better Exchange Rates?

It all boils down to supply and demand.

Have you ever walked into the Arcade at Raffles Place during lunchtime?

The number of money changers packed into that place and the number of people looking to change money is mind-boggling.

Lost In The City
Source: giphy

For money changers in busy locations like the Arcade, Mustafa, or People’s Park Complex, the only way they can stand out amongst the competition is to provide the most competitive rates as possible.

5. When Is The Best Time To Change Money?

Whenever you’re free lah

Cat Guarding Money
Source: giphy

Okay, not funny.

Tip 1: Avoid The Weekends

Besides the obvious fact that EVERYBODY will be changing their money on the weekends as they were too busy to do it on a weekday due to work or other commitments.

The Foreign Exchange (forex) markets are opened for 24 hours a day from Monday through Friday, but they’re all closed on the weekends.

So whatever exchange rate that the money changers work with would be the last available quote on Friday.

When the markets re-open on Monday, there’s a chance that the currencies might open at higher or (even) lower rates.

In order to mitigate this, the moneychangers will factor in a slight mark-up and the resultant exchange rates would be a little worse than what you should be enjoying.

No hard feelings ya? It’s all business.

Tip 2: Monitor And Buy Bit By Bit

Let’s say you’re damn kiasu and planned your overseas holiday a year in advance.

You can monitor the exchange rates month-on-month and compare it against the prevailing 1-year average exchange rate for whatever currency you wish to change your SGD to.

You can also separate the amount of money you would like to change into batches, for example, 30% + 30% + 40%.

It’s a little like buying stocks during a market correction.

Since you can never catch when the price will hit the bottom, similar to how you can never catch the highest possible exchange rate, changing your money in batches ensures that you at least can enjoy some measure of good exchange rates.

Note: this really only matters if you’re changing a huge sum of money. If you’re changing only $200 for a weekend in Bangkok then it might not be worth the time or effort.


What Can I Do With Leftover Foreign Currency?

One major problem that comes with travelling is leftover foreign currency.

Especially if it’s a country which you’re probably never going to visit again.

If you don’t want to sell it to the money changer, you can always try a p2p platform like Marco Polee which allows you to connect with other travellers who’re looking to buy the currency which you wish to get rid of.

marco polee logo

Best of all, there’re no hidden fees or commission, and you can always arrange a meetup at your convenience.

Using Marco Polee
Source: Marco Polee

Simply put, it is like a Carousell but for foreign currencies.

How awesome is that?


Are There Any Alternatives To Physically Going Down To Change Money?

Thin Margin Logo

If you don’t have time to queue at The Arcade, you can always try Thin Margin.

How Thin Margin Works
Source: Thin Margin

It’s a 24/7 service which allows you to order currencies online and have it delivered right to your doorstep.

If you’re thinking that it’s too good to be true, they’re licensed by the Monetary Authority of Singapore (MAS) and the Singapore Tourism Board (STB).


Pro Tips On How To Find The Best Exchange Rate

Here are a couple of tools which you can use to find out which money changer gives you the best exchange rate:

CashChanger

Cashchanger interface on mobile
Source: CashChanger

All you have to do is key in the currency you want and the site will list the money changers with the best rates.

Rates are updated regularly and can even be sorted based on area so you can find the closest money changer to you.

Get4x.com

Get4x mobile app
Source: Get4x

It’s kind of like CashChanger, except that it allows you to book a currency rate with the money changer of your choice.

That’s very helpful if you managed to secure the best exchange rate but can’t head down immediately to change your money.


Do you have any tips when it comes to changing money and getting the best exchange rates? Feel free to share them below!

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About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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