5 Best Money Changers to Get the Best Rates in Singapore

If you’re looking at this article, firstly, Happy Holidays! Have fun at your well-deserved break! But just before you jet off on that plane, you must make sure you have enough money to shop and enjoy your holiday. If you’re not going off on a holiday, you might also be looking for the best money changers in Singapore to send money back home, in whichever currency.

If you’re unsure where to exchange currencies, read on, as this guide contains some of the trusted, best money changers in Singapore you can go to get your currency changed. Regardless of which currency, various options in this guide are well-covered for you to visit.

Where to Exchange Money in Singapore? : Top 5 Places

1. Mustafa Center, Little India – Best for competitive South Asian currencies

2. Lucky Plaza, Orchard Road – Best money changer rate in Singapore specifically for PHP, THB & MYR

3. The Arcade, Raffles Place – Best for those in the CBD area

4. Parkway Parade – Best for the Easterners

5. People’s Park Complex, Chinatown – Best money changer rate in Singapore for regional currencies

Mustafa Center, Little India – Best for competitive South Asian currencies

Mustafa Center in Singapore is a popular shopping spot and is open till 2 am everyday. It is known to have a wide selection of products sold, like clothes, food, and electronics and includes other services such as luggage storage and passport renewal. It also houses a few of the best money changers in Singapore, which we have listed below for you.

Tourists and locals alike swarm this place for its low prices, so it is known to be crowded and can be very overwhelming. We recommend that you go prepared!

Things to look out for when exchanging money at Mustafa Center:

• If you’re there to exchange money, avoid changing money on the weekend here!
• During the weekend, not only does it get busy with long lines, money changers generally price their rates lower since the forex markets are closed, so you may not get the best rates.

How can I get there?

Two convenient ways to get to Mustafa Center:

1. Via MRT: Take the Farrer Park MRT and walk out of Exit G for 3 minutes.
2. Via bus: Take either the 21, 125 or 130 bus lines and stop at B07231, then walk for 4 minutes.

Popular money changers based at Mustafa Center, Little India

1. Mustafa Foreign Exchange

• What we like: Go-to place for various South Asian currencies

Mustafa Foreign Exchange is located at Unit #02-07 of Mustafa Centre. Although there are other options within the same building, this is the trusted place for anyone to change money, particularly if you’re looking for the most competitive rates for various South Asian currencies.

Unit no: #02–07
Phone: +65 62929252
Opening hours: 10 am-11 pm

Lucky Plaza, Orchard Road – Best money changer rate in Singapore specifically for PHP, THB and MYR

Lucky Plaza is known for its diverse range of affordable goods and services. This shopping complex, located on Orchard Road, is also known to be a hub for Filipino eateries and shops. Similar to Mustafa Center, this complex is a must-visit place for tourists, locals as well and the Filipino community residing in Singapore.

Offering many services like clothing, electronics, food, and homeware, it is safe to say that Lucky Plaza houses some of the best money changers in Singapore, with over 11 money changers in the complex.

Things to lookout for when exchanging money at Lucky Plaza:

• Most money changers do not have a digital board that shows the current buy/sell pricing, so ask for help when you are there.
• With 11 money changers, we encourage you to compare rates as much as you can before buying as you will be able to get the most competitive rates.
• Due to the competitive nature here, you have the bargaining power, so bargain away!

How can I get there?

1. Via MRT : Take the Orchard MRT and walk out of Exit D for 2 minutes
2. Via bus : Take either the 7, 14E, 16, 65, 106, 111, 123, 175, or the 502 bus lines and stop at B09048, then walk for 2 minutes.

Popular money changers based at Lucky Plaza, Orchard Road

1. Rahiman Trading

• What we like : You can call them up front to check rates and avoid the queue especially on the weekend.

One of the best money changers in Singapore, this small shop has good exchange rates, but always ask the staff for the current rates, as they may not be displayed.

Unit no : #B1-10(C)
Phone : +65 6235 7206
Opening hours : 10.00am- 8.00 pm

2. Rabi Trading

• What we like : Excellent rates, even better customer service!

Equally popular, Rabi Trading is also a favourite as it offers an extensive range of currencies aside from the top 3 currencies. They are also popular for delivering good customer service and are rated 5 stars on Google!

Unit no: #01-37(A)
Phone: +65 6738 5268
Opening hours: 9:00 am – 7:00 pm

The Arcade, Raffles Place – Best for those in CBD area

Unlike the first two places in this guide, The Arcade at Raffles Place is not a shopping complex, rather it is a retail and office building area located in the central business district (CBD) in Singapore. Tourists and business people flock to this place for some of the most impressive skylines, featuring numerous skyscrapers, including the famous Raffles Place Towers.

It is also home to many of Singapore’s most important financial institutions, making it one of the places with the best money changers in Singapore.

Things to look out for when exchanging money at Raffles Place:

• Since its location is in a business district, visiting during weekdays, especially lunch hour, might get a little busy, so we recommend coming during office hours on a weekday.
• If you’re specifically searching for Euro, USD or GBP, this should be your go-to. Its location in the CBD ensures rates for these frequently transacted Western currencies are far greater than the rest.

How can I get there?

1. Via MRT: Take the Raffles Place MRT and walk out of Exit C for 1 minute.
2. Via bus: Take either the 10, 10E, 57, 70, 75, 100, 107, 128, 130, 131, 162, 167, 196, or the 19 bus lines and stop at B03019, then walk for 2 minutes.

Popular money changers based at The Arcade, Raffles Place

1. Arcade Money Changers

• What we like: If you cannot visit them when the rates are in your favour, you can book your currency at your convenience online and pick it up within the day. Pay during collection.

Arcade Money Changers is one of the best money changers in Singapore that has been in business for over 40 years. It offers competitive exchange rates for a wide range of currencies. It is a go-to spot for currency exchange needs in the city’s heart.

Unit no: #01-18
Phone: +65 6221 2080
Opening hours: 9:30 am – 6:30 pm

2. Sheen International Exchange

• What we like: No guessing game – just look at their board for the up-to-date exchange rates for the day!

Located conveniently in the city, Sheen International Exchange provides competitive currency rates. Whether you’re a local or a visitor, they offer a reliable option for your currency exchange needs, ensuring a hassle-free experience.

Unit no: #02-04
Phone: +65 6222 2040
Opening hours: No official information, but safe to visit weekdays between 10am-6pm

Parkway Parade, Marine Parade – Best for the Easterners

Another shopping complex in the list is Parkway Parade, a large shopping mall on the eastern coast of Singapore. For folks around the Katong area, this complex has been almost a permanent fixture housing various shops and services, including clothing, electronics, food, homeware and many more.

It is also popular amongst tourists due to its money changer services as they do not have to travel far to get great rates.

Things to look for when exchanging money at Parkway Parade:

• With over 300 stores in Parkway Parade, it may get a bit intense to find the location of the best money changers in Singapore, so just head to Level 1 as they are mostly located there.

How can I get there?

1. Via MRT : Take the Dakota MRT and walk out of Exit A for 30 minutes or walk about 1 minute to take a bus (no16) then walk for 8 minutes
2. Via bus : Take either the 15, 31, 36, 43, 76, 135, 196, 196E, 197, 853#, or the 966 bus lines and stop at B920419, then walk for 2 minutes.

Popular money changers based at The Arcade, Raffles Place

1. Sino Money Changer

• What we like : It stays open during the Friday peak prayer time, and it has less people, so best time to visit them!

Conveniently located in this bustling mall, Sino Money Changer offers competitive rates for various currencies, making it a go-to choice for locals and visitors in the east of Singapore.

Unit no : #01-01
Phone : +65 63441064
Opening hours : 10.00am-9.00pm

2. Yakadir Money Changer

• What we like : Conveniently exchange and remit cash right away all at one place!

Yakadir Money Changer has been in business for over 30 years and is known for its competitive exchange rates and wide range of currencies offered. They also offer other services, such as remittance and sales of prepaid cards.

Unit no : #01-16B
Phone : +65 63449652
Opening hours : 10.00am-8.00pm

People’s Park Complex, Chinatown – Best money changer rate in Singapore for regional currencies

Built in the 70s, the People’s Park Complex in Chinatown is renowned for its diverse mix of shops, stalls, and businesses. The mall is quite popular amongst the locals and tourists who visit for the cheap shopping experience, popular food heaven and, of course, because it houses some of the best money changers in Singapore that one can find in Chinatown.

This building is also eye-catching with its vibrant colours and British style of architecture, turning it almost into a landmark in Singapore. With various services offered, People’s Park Complex is definitely a crowd-puller!

Things to look for when exchanging money at People’s Park Complex:

• The central location of this complex means convenience but also means crowd, and therefore, we suggest you be very careful of pickpockets, especially if you intend to change large sums of money.
• There are many money changers, so walk all around level 1 to compare rates before changing your dollars!

How can I get there?

1. Via MRT: Take the Chinatown MRT and leave Exit C for 3 minutes.
2. Via bus: Take either the 2, 12, 33, 61, 63, 80, 143, 197, 961, 961#, 970, CT18, CT28 or the CT bus lines and stop at B05013, then walk for 1 minute.

Popular money changers based at People’s Park Complex, Chinatown

1. AK Money Changer

• What we like: Lunch and dinner are the busiest, so if you’d like to go in and out to change your currency, avoid these hours! Try as early as 9 a.m. during opening.

Though they operate in a small space, get ready to queue up or spot a long line of people trying to change their currencies. AK Money Changer is that popular!

Unit no: #01-K95C
Phone: +65 6557 0234
Opening hours: 9.00 am-9.00 pm every day except Sunday. 10.00 am-8.00 pm on Sunday

2. Crante Money Changer

• What we like: Bargaining is acceptable, so bargain your way especially if you’re changing large sums!

Another frequently visited money changer, Crante, is known for excellent competitive rates, which explains the crowd around this kiosk.

Unit no: #01-28
Phone: +65 65325008
Opening hours: 9.00 am-9.00 pm

Tips for a Safe and Efficient Money-Changing Experience

If you’re looking for the best money changer in Singapore, here are our recommended tips to help you make the most of your currency exchange experience:

1. Call Ahead for Large Amounts

If you’re exchanging a large amount of money, it’s a good idea to call the money changer ahead of time to make sure they have enough cash on hand. This will save you time and hassle. Also, remember to bring your ID cards for any sum greater than $5,000, as you will need to provide them with your ID and your address for verification.

2. Beware of Hidden Fees

Don’t fall for attractive exchange rates as some money changers may advertise them but charge extra fees through commission or transaction fees. Avoid this by asking about any additional charges upfront before exchanging your money.

3. Check for Counterfeit Notes

While this might take some time, always check your notes before you leave the money changer’s counter. Look closely at the bills you have received. Ensure that they’re not counterfeit notes. The best money changers in Singapore are often reputable places and will provide you with genuine currency, but it’s always a good idea to double-check.

4. Keep Receipts for All Transactions

Keep your receipts for all currency exchange transactions, no matter how small. These receipts will come in handy if you need to verify your transaction or address any issues like a counterfeit issue! They are the only proof of your exchange.

Additionally, you should also:

• Look for money changers that are licensed by the Monetary Authority of Singapore (MAS). This ensures that the money changer is reputable and follows strict regulations.
• Compare, compare, compare! Exchange rates differ from one money changer to the other. You can use online comparison tools or visit different money changers to compare the rates.
• Avoid exchanging money at the airport at all cost! The rates are often less favourable than money changers in the city.

Digital Alternatives to Traditional Money Changers

While traditional money changers in Singapore have been around for decades, there are much better alternatives to them today, thanks to technology. These options are convenient, save you time and offer equally competitive rates.

Before choosing one, here are a few things to look out for when you choose a digital money changer in Singapore :

• Exchange rates: It is still wise to compare rates offered by different platforms as you would onsite money changers to get the best deal.
• Fees: Often a fee is charged for exchanging currency, so be sure to compare them too.
• Features: Think about the features it offers like the variety of currencies offered, the ability to exchange quickly, and the ability to send them to others when choosing digital money changers.

Mobile Apps for Currency Exchange:

• Revolut: Use this app to change currencies at real-time interbank rates. Enjoy fee-free international spending and hold multiple currencies in one account.

• TransferWise or now known as Wise: Get transparent currency conversion with low fees. Receive money wherever you are and get the most current exchange rate.

Read more: Wise Travel Card Review: Is It Worth Getting a Wise Card?

Online Platforms with Physical Collection Points

• InstaReM: Think online money changer with real shops, except everything is actually virtual! Order money online with InstaRem and pick them up at collection points in Singapore. Literally built for convenience!

• FXChange: Licensed and Approved by the Monetary Authority of Singapore, FXChange has conveniently placed their money changer kiosks in over 100+ hotels across Singapore as well as the airport (near the Jewel, Changi Airport)

Benefits of Digital Currency Exchange Platforms

• Better Rates : Digital platforms can be the ones to offer much better rates when compared to a traditional money changer. For example, a traditional money changer may charge a commission fee of 2% for exchanging currency, while a digital currency exchange platform may only charge a fee of 0.5%. That’s a huge saving especially when you’re changing a large amount.
• Convenience: Skip the lines and the queues, ignore the day and time because you can do it all online at the convenience of your home via your phone or computer. You can also save time by using a digital currency exchange platform!
• Transparency: Nothing like knowing what you’re getting into before committing! Digital currency exchange platforms are normally extremely transparent and will show exactly how much they charge for every exchange before you even say yes. This allows you to also compare amongst apps to get the best deal possible.
• Speed: It often takes only minutes for your exchanged currencies to show up on your screen. It is definitely faster than any traditional money changers, especially if you’re changing a large sum.

Conclusion

We know that finding the best money changers in Singapore might be a little daunting, but it doesn’t have to be. This guide is put together to give you a list of options regarding location and the best money changers you can visit at the said location with additional tips and recommendations.

Keep in mind all the suggestions that we have made to avoid any surprises because every cent counts! With a little research, you can secure favourable rates from the closest money changers in your area.

If all else fails, there are digital platforms you can consider, too. With low fees and convenience, along with other features that some offer, they surely measure up well compared to some of the best money changers in Singapore that operate traditionally. Regardless of your preferences, remember to shop around and compare different providers to help yourself get a fair rate.

**Disclaimer: This guide on the “5 Best Money Changers in Singapore 2023” is for informational purposes only. Rates and services may vary. Before transacting, verify details with the respective money changers. We are not responsible for inaccuracies or any resulting issues. No endorsements are implied. Use this information at your own risk.