If you’re the kind of person who scrambles to exchange money at the airport an hour before your flight, we highly suggest you reconsider your travelling habits – unless you don’t mind losing precious dollars, that could otherwise be spent on a good beer, to unfavourable rates. So, skip the lonely money changer at your neighbourhood mall and head to one of these six competitive foreign exchange hubs instead.
As the most popular spot for exchanging money in Singapore, you’ll find long lines of white collar workers nearly any time of the day due to a supply of all major currencies and decent rates. You won’t be waiting long though, as service is quick and highly reliable. While there are counters on all floors of the building, we find Arcade Money Changers, Arcade Plaza Traders, and Sheen International Exchange to be the friendliest.
Best rates for: USD, GBP, EUR, THB, MYR, JPY, TWD
The Arcade is located at 11 Collyer Quay, Singapore 049317.
People’s Park Complex
The most iconic building in the whole of Chinatown (we never fail to be impressed by its striking green and yellow facade), People’s Park Complex houses a plethora of money changers – most of them right next to each other on the ground floor. Bargaining of rates is acceptable and recommended here, though you may want to keep in mind the long queue of people behind you. The more famous shops include Emerald Money Changer, AK Money Changer, and Crante Money Changer.
Best rates for: THB, MYR, HKD, CNY, PHP
People’s Park Complex is located at 1 Park Road, Singapore 059108.
In the heart of Orchard Road, Lucky Plaza is perhaps the most convenient location to exchange your money after your shopping. Since many of the counters do not display the latest rates, it’s a good opportunity to practice your bargaining skills. Be sure to make a comparison between the different brokers in order to get the best rates (then, spend your savings on a plate of delectable ayam penyet on the fourth floor). The more reputable shops here are Rahiman Trading, Rabi Trading, Fajar Money Changer, and True Blue Money Changer, all of them on the first floor.
Best rates for: PHP, THB, MYR
Lucky Plaza is located at 304 Orchard Road, Singapore 238863.
Are you an East-ie or better still, live around the Katong neighbourhood? Look no further than Parkway Parade Shopping Centre, a money exchange hub with excellent rates. We recommend staying on the first floor as most of the recommended counters – particularly Sino Money Changer, Yakadir Enterprises, Everpeace Money Changer, and Parkway Money Changer – are all located there.
Best rates for: THB, USD, MYR, JPY, HKD
Parkway Parade is located at 80 Marine Parade Rd, Singapore 449269.
Mustafa is a haven for the night owl; where else in Singapore can you get toiletries, groceries, and even clothes at 4am in the morning? Naturally, the money changers in the building are also open 24-hours a day. Most of the money changers are located outside the building and in the basement, separated from the department store ‘enclosure’. Offering very competitive rates for a large number of Asian currencies, the most popular and reliable counter here is Mustafa Forex Exchange.
Best rates for: IND, IDR, RMB, MYR, CNY, HKD, PHP
Mustafa Centre is located at 145 Syed Alwi Road, Singapore 207704.
If you live far out in the Wild Wild West, and can’t afford the time to travel to the city centre, make your way to Jurong Point right next to Boon Lay MRT station. While the rates here may not be nearly as good as the ones in the city, it still beats an hour’s journey back and forth just to save a couple of bucks (assuming you’re not changing more than a thousand dollars). We favour Raffles Money Change – an offshoot of the original exchange at The Arcade – down in the basement as well as Dollar Exchange on the first floor.
Best rates for: MYR, IDR, HKD
Jurong Point is located at Jurong West Central 2, Singapore 648886.