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Best Money Changer in Singapore: Buy or Sell? Which Column To Look At?

2 min read

Looking to travel soon? On top of booking of flights and accommodation, I guess the next brain draining chore will be to change your currencies.

Allow us to address some of the frequently asked questions Singaporeans have at the money changer.

Changing money at the money changer: Buy or Sell? Which Column To Look At?

No surprise, the most commonly asked question is mainly about which column to look at. Is it the ‘Buy’ or ‘Sell’ column?

 

  • A good way will be to treat the foreign currency which you wish to exchange as an object.
  • Ask yourself if the money changer is the buyer or seller.
  • If you are travelling overseas, you are the buyer, looking to buy foreign currency from the money changer with your SGD. Hence, you look at the “We Sell” column.
  • If you are holding on to foreign currency, you are selling it to the money changer for SGD. Hence, the money changer is the buyer. Hence, you look at the “We Buy” column.

The best place to get the best rates when changing money

As usual, we open the question to our Personal Finance Community for the best place to change money.

Here are the answers for the best place to change money in Singapore:

  • The Arcade at Raffles Place
  • Mustafa Money Changer
  • Simei Eastpoint
  • People’s Park Complex

While the above is the preferred choice of the community, we went on to do a bit more research.

Further reading: Which money changer provides the best rate for which currency?

To further elaborate our choice of the best money changers in Singapore, we used a few currencies to compare the rates.

From which, we state the Top 3 money changers that give the best rate.

Best exchange rate for these currencies.Name of money changerAddress
Malaysia Ringgit
(MYR)
Haja T&T TradingThe Arcade #02-21, 11 Collyer Quay, Singapore 049317
Fiat Money ChangerThe Arcade #02-37, 11 Collyer Quay, Singapore 049317
MM Ismail & Co930 Yishun Ave 2 #B1-42 North Point Shopping Centre, 769098 Singapore
US Dollar
(USD)
Fiat Money ChangerThe Arcade #02-37, 11 Collyer Quay, Singapore 049317
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
Eng Lok Money Changer#01-61c Peoples Park Complex 1 Park Road, Opposite OG Dept Store
Thai Baht
(THB)
Fiat Money ChangerThe Arcade #02-37, 11 Collyer Quay, Singapore 049317
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
Firman $hah International Exchange208B New Upper Changi Road #01-71, Singapore 462208
Taiwan Dollar
(TWD)
Fiat Money ChangerThe Arcade #02-37, 11 Collyer Quay, Singapore 049317
Haja T&T TradingThe Arcade #02-21, 11 Collyer Quay, Singapore 049317
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
Chinese Yuan
(RMB)
R&R Money Exchange Pte Ltd201B Tampines 21 #01-1063 Tampines Estate, Singapore 522201
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
$ & C Xchange Centre101 Upper Cross Street, #01-26 (along main road) Peoples Park Centre, Singapore 058357
Japanese Yen
(JPY)
Haja T&T TradingThe Arcade #02-21, 11 Collyer Quay, Singapore 049317
Fiat Money ChangerThe Arcade #02-37, 11 Collyer Quay, Singapore 049317
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
Australian Dollar
(AUD)
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
Sarmus Exchange (Chinatown)#01-K95A Peoples Park Complex 1 Park Road
MM Ismail & Co930 Yishun Ave 2 #B1-42 North Point Shopping Centre, 769098 Singapore
Indonesian Rupiah
(IDR)
Fiat Money ChangerThe Arcade #02-37, 11 Collyer Quay, Singapore 049317
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
MM Ismail & Co930 Yishun Ave 2 #B1-42 North Point Shopping Centre, 769098 Singapore
Indian Rupee
(INR)
Haja T&T TradingThe Arcade #02-21, 11 Collyer Quay, Singapore 049317
Peoples Corner Money ChangerThe Arcade #02-07, 11 Collyer Quay, 049317
R&R Money Exchange Pte Ltd201B Tampines 21 #01-1063 Tampines Estate, Singapore 522201

Credit: Cash Changer

  • The safest bet to change money physically and get a good rate will be at The Arcade. Their rates dominated across most currencies.
  • One can also look at North Point Shopping Centre for good exchange rate for MYR, AUD and IDR.
  • For INR and RMB, 201B Tampines has good rates for them.

Changing foreign currencies online

If you are a fan of doing everything online, here are some other options to look at.

Thin Margin

One can skip the queue at the money changer using an online money changer, Thin Margin.

  • Thin Margin allows Singaporeans to order currencies online, and they will deliver the currencies to their doorstep.
  • They are regulated under the Monetary Authority of Singapore (MAS) regulatory sandbox.
  • On top of that, they hold a security deposit with MAS just for exchange purposes to safeguard their client’s interest.

Tools or mobile apps to help you get the best exchange rate

Instead of heading down physically to find out the rate on the electronic board at the money changer, Singaporeans can rely on these tools to help them determine which money changer to head to:

  • CashChanger helps Singaporeans find the best and cheapest foreign exchange rates in Asia.

    Simply tap on the currency you wish to convert and they will list out the money changer with the best rates for you!
  • get4x.com is another website that helps Singaporeans discover the best cash exchange rates from money changers in Singapore.

What to do with leftover foreign currency?

One major problem that comes with travelling is the leftover foreign currencies which serves zero benefits should you keep them.

For those with leftover currencies, feel free to try out Marco Polee. Marco Polee allows a platform to connect travellers looking for a certain currency with travellers with the same leftover currency.

Simply put, it is like a Carousell for currencies. How awesome is that?

Read also: 3 Singapore Travel Influencers Share Their Tips and Hacks On Travelling 

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