What is the Currency of Singapore?
Heading off to Singapore? Whether you're excited to see the futuristic skyline at Marina Bay Sands, explore the lush Gardens by the Bay, or indulge in the local food at a bustling hawker centre, there’s one essential detail to get straight before you land: What is the currency of Singapore?
This guide has everything you need to know about the currency in Singapore — from its denominations and exchange rates to whether you should carry cash or rely on cards. We’ll also explain where to buy Singapore dollars before your trip and clear up any questions about using other currencies in the city. So, let’s get into the essentials of spending like a pro in Singapore!
What is the Currency of Singapore?
The official currency of Singapore is the Singapore dollar, abbreviated as SGD and symbolised by S$. Since its introduction in 1967, the Singapore dollar has become a symbol of the country’s economic success. If you’re exploring Singapore, you'll be using this vibrant and stable currency across the city-state.
Though Singapore is a small nation, the Singapore dollar is a big player on the global financial stage. It’s even interchangeable with the Brunei dollar at a 1:1 rate, thanks to an agreement between the two nations. So, if you find yourself hopping between these two Southeast Asian gems, you won’t need to worry about exchanging currencies again.
Singapore Dollar Denominations
When you’re out and about in Singapore, you’ll be using a mix of banknotes and coins. Here’s a breakdown of the denominations you’ll likely encounter:
Banknotes:
2 SGD
5 SGD
10 SGD
50 SGD
100 SGD
1,000 SGD (rarely used)
10,000 SGD (mainly used for interbank purposes)
Coins:
5 cents
10 cents
20 cents
50 cents
1 SGD
The banknotes are beautifully designed, with iconic figures and landmarks, representing Singapore’s heritage and progress. For a detailed look at these designs, head over to the Monetary Authority of Singapore, where you can explore the history and security features of Singapore’s currency.
Can I Use US Dollars in Singapore?
While Singapore is an international financial hub, US dollars are not widely accepted in most places. Some high-end hotels, large retailers, and duty-free shops may take US dollars, but the majority of businesses — especially local markets, restaurants, and public transport — expect payment in Singapore dollars.
To avoid exchange rate confusion and added fees, it’s best to use Singapore dollars throughout your trip. You can easily buy Singapore dollars online from Travelex before you go, so you're fully prepared to hit the ground running.
History of the Singapore Dollar
Singapore’s rise from a small trading post to a global financial powerhouse is mirrored in the story of its currency. The Singapore dollar was introduced in 1967, just two years after Singapore’s independence from Malaysia, marking the country’s economic sovereignty.
Before the introduction of the Singapore dollar, the city-state used the Malayan dollar as part of a shared currency arrangement with Malaysia and Brunei. However, after splitting from Malaysia, Singapore established its own national currency. Today, Singapore has retained a currency interchangeability agreement with Brunei, which allows both countries to use each other's currency at a 1:1 rate.
The Strength of the Singapore Dollar
Singapore’s economy is one of the most robust in Asia, and the Singapore dollar reflects that strength. The currency is managed by the Monetary Authority of Singapore (MAS) and operates under a managed float regime. This means that while its value fluctuates based on market conditions, MAS occasionally steps in to adjust the currency’s value to maintain stability.
Thanks to Singapore's strong financial position and strategic policies, the Singapore dollar has consistently remained one of the strongest and most reliable currencies in the world. If you’re wondering whether the Singapore dollar is strong, the answer is a resounding yes!
Where to Get Singapore Dollars
Now that you know what currency you’ll be using, let’s talk about where to get your hands on some Singapore dollars before you go. Singapore is a highly developed city, and you’ll find credit and debit cards are accepted almost everywhere — from fine dining restaurants to small cafes and public transport. Many locals use contactless payments or mobile wallets like PayNow and GrabPay for convenience.
That said, it’s still a good idea to carry a bit of cash for smaller purchases, especially at food stalls or local markets where cash may still be preferred. ATMs are widely available across the city, but if you’d rather avoid international withdrawal fees, it’s smart to bring some Singapore dollars with you.
Wondering where to buy Singapore dollars? You can order them online from Travelex and have them delivered directly to your home or collect them from one of the convenient Travelex locations including most UK airports.
For those who prefer to go cashless, the Travelex Money Card is an excellent choice. Load it up with Singapore dollars, lock in your exchange rate before you leave, and enjoy the convenience of contactless payments while you explore the Lion City.
FAQs About the Singapore Dollar
How Many Singapore Dollars to the Pound?
At the time of writing (October 2024), 1 British pound (GBP) is worth approximately 1.65 Singapore dollars (SGD). However, exchange rates fluctuate, so it’s always a good idea to check the live rate using a currency converter before you make any exchanges.
What Currency Does Singapore Use?
Singapore’s official currency is the Singapore dollar (SGD). While some major international hotels or retailers may accept US dollars, day-to-day transactions will require Singapore dollars, so be sure to have some on hand before you arrive.
What Currency Can I Use in Singapore?
Although US dollars and other foreign currencies may be accepted in some tourist-heavy areas, the Singapore dollar is the official and most widely used currency. For smaller purchases, hawker centres, and public transport, you’ll need Singapore dollars.
Is the Singapore Dollar Strong?
Yes, the Singapore dollar is considered one of the strongest and most stable currencies in the world, reflecting Singapore’s well-managed economy and its position as a global financial hub. The currency is managed by the Monetary Authority of Singapore, ensuring that it remains stable against other global currencies.
Singapore Dollar Denominations
The Singapore dollar comes in various banknotes and coins. Banknotes are available in 2, 5, 10, 50, 100, 1,000, and 10,000 SGD denominations, although the higher denominations are rarely used by travellers. Coins are available in 5, 10, 20, and 50 cents, as well as 1 SGD.
If you’re curious to learn more about the design of Singapore’s currency, including security features and their unique look, check out the Monetary Authority of Singapore’s page.
Can I Use US Dollars in Singapore?
While some high-end hotels and duty-free shops may accept US dollars, the Singapore dollar is the official currency of the country. To avoid issues with fluctuating exchange rates or additional fees, it’s best to use Singapore dollars throughout your stay.
Where to Buy Singapore Dollars
You can easily buy Singapore dollars online from Travelex. Have your currency delivered to your door or pick it up from one of the many Travelex locations at UK airports. By ordering in advance, you’ll lock in a great exchange rate and avoid unnecessary fees, so you can start your trip on the right foot.
Ready to Buy Some Singapore Dollars?
You’ve done your research, planned your trip, and now you’re ready to buy some Singapore dollars!
Buy Singapore dollars online and enjoy free home delivery on orders over £500, or choose to click & collect from convenient locations around the UK, including major airports. Get great rates and pay no commission when you buy online now from Travelex.
Travelex Money Card
If you prefer going cashless, the Travelex Money Card, powered by Mastercard, is your perfect travel companion. Load it up with Singapore dollars, lock in your exchange rate, and use it to pay for everything from your hotel stay to a delicious meal at a hawker centre. Your card isn’t linked to your bank account, which means your bank funds remain secure while you’re exploring Singapore. Accepted at millions of locations worldwide, the Travelex Money Card is a safe and convenient way to spend abroad. Get yours now from Travelex.
Now that you’re well-versed in the currency of Singapore, you’re all set to enjoy your trip! Whether you’re taking in the sights, tasting your way through the city’s famous food scene, or shopping for unique souvenirs, having your Singapore dollars ready will make your journey smooth and enjoyable. Safe travels!