Ruqayyah Snyder
If you're looking to exchange Australian dollars for Singapore dollars, there are a few things to keep in mind to get the best deal. First, it's important to know the mid-market exchange rate, so you're aware of the true value of your home currency. You can use an online currency converter to compare the exchange rate you're offered with the real rate. Additionally, be cautious of exchanging money at airports, hotels, or foreign ATMs, as these often offer less favourable rates. Instead, consider using ATMs in Singapore that are partnered with your home bank, as this could save you money on charges. In terms of locations, certain areas in Singapore, such as The Arcade at Raffles Place, Lucky Plaza, and Mustafa Centre, are known for offering currency exchange services. Online exchanges and in-person exchanges at banks or money changers are also options to explore.
| Characteristics | Values |
|---|---|
| Exchange rate (SGD to AUD) in the last 30 days | High: 1.2417, Low: 1.1832, Average: 1.2019 |
| Exchange rate (SGD to AUD) in the last 90 days | High: 1.2417, Low: 1.1713, Average: 1.1899 |
| Exchange rate (AUD to SGD) in the last 30 days | High: 0.8452, Low: 0.8053, Average: 0.8321 |
| Exchange rate (AUD to SGD) in the last 90 days | High: 0.8538, Low: 0.8053, Average: 0.8405 |
| Exchange rate (SGD to AUD) average over the past 10 years | 0.96 |
| Exchange rate (AUD to SGD) average over the past 10 years | 1.06 |
| Places to exchange currency in Singapore | The Arcade at Raffles Place, Lucky Plaza, Mustafa Centre, People's Park Complex, Parkway Parade, ATMs |
| Places to exchange currency in Australia | Online, in-store at money exchangers, banks, Australia Post, the airport |
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What You'll Learn
Online exchanges
One such platform is Xe, which offers an exchange rate API with real-time, accurate, and reliable data for hundreds of currencies, including SGD and AUD. Their proprietary rates are sourced from financial data providers and banks. Xe also provides a currency converter and transfer services, claiming to beat competitor rates.
Another option is Wise, which offers a currency converter for SGD to AUD and vice versa. Wise claims to provide the mid-market rate without any hidden markups, ensuring transparency in their exchange rates. They also allow you to compare their rates and fees with those of competitors.
Additionally, websites like The Currency Shop and Travel Money Oz provide tools to help you determine how much foreign currency you will need based on your trip details and destination spending data. They also offer comparisons of exchange rates and providers, helping you find the best deal.
When using online exchanges, it is important to consider factors such as transfer fees, exchange rate margins, and the security of the platform. It is recommended to use reputable and regulated services to ensure the safety of your funds.
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In-store money exchangers
Research and Compare Exchange Rates
Before visiting an in-store money exchanger, it's a good idea to research the mid-market exchange rate. This will help you understand the true value of your Australian dollars and allow you to compare it with the rates offered by different money changers. Websites like The Currency Shop and Wise provide tools to track exchange rates and find the best deals.
Be Aware of Hidden Fees
When comparing exchange rates, be mindful that some companies may advertise "zero commission" or "low-cost transfers" but add hidden markups to their exchange rates. These hidden fees can significantly increase the cost of your transaction. Look for money exchangers that offer transparent and competitive rates, such as those suggested by Wise and The Currency Shop.
Popular In-Store Money Exchangers in Singapore
What to Bring
When visiting an in-store money exchanger, remember to bring your valid photo ID (such as a driver's license or passport) and your preferred payment method. Most money exchangers accept cash, debit cards, and credit cards for purchasing foreign currency.
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Banks
It is recommended to research the mid-market exchange rate before committing to a service. Banks often advertise free or low-cost transfers but add a hidden markup to the exchange rate. The mid-market rate is the 'real' exchange rate that banks use to trade money between themselves, and it is the same rate you will find on Google.
Before exchanging money at a bank, check with your local bank to see if they have any partnerships with banks operating in Singapore, as using those ATMs could save you money in charges. When using an ATM in Singapore, you may be asked if you want to be charged in your home currency. It is recommended to answer 'no' to this, as this option allows the ATM to convert at its own rate, which you won't be shown. Instead, choose to be charged in the local currency or select your home bank's rate, which will be fairer.
Additionally, consider exchanging your Australian dollars into Singapore dollars before you leave, as the Australian dollar often receives a better exchange rate in Australia, helping you avoid less favourable rates and potential fees overseas.
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Airports
Singapore Changi Airport (SIN) is the main airport in Singapore and has several money changers providing currency exchange services. These money changers are located in the public and transit areas of all four terminals and are open 24 hours a day.
While airport exchange services are convenient, they tend to offer less favourable rates and higher fees. For example, on one day, the mid-market AUD exchange rate was 0.876 SGD for 1 Australian Dollar, while the rate offered at Singapore Airport was 0.857 SGD/AUD, 2.2% lower than the mid-market rate.
If you are looking for the best exchange rate at Changi Airport, in most cases, you can stick to UOB Money Changer for getting Singapore dollars. However, for exchanging USD or buying back foreign currency in exchange for SGD, you might get a better rate at Travelex Money Changer.
To get the best deal, it is recommended to research the mid-market exchange rate ahead of time and compare it with the rate offered by the money changer. Additionally, you can use mobile applications or websites like CashChanger, Get4x, or XE.com to monitor average currency exchange rates.
Another option is to use an ATM in the airport to withdraw Singapore dollars. By using an ATM, you can avoid the potential security issue of carrying large amounts of cash. However, it is advisable to check with your local bank to see if they have any partnerships with banks operating in Singapore, as this could save you money on charges. When using a foreign ATM, it is also important to decline the option to be charged in your home currency, as this allows the ATM to convert at their own rate, which may not be favourable.
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ATMs
If you're looking to exchange Australian dollars in Singapore, one option is to use an ATM. There are more than 3,000 ATMs in Singapore, and they can be found at the airport, in bank branches, on main tourist streets, in shopping centres, food lanes, and a few office buildings.
When using an ATM in Singapore, you may be asked if you want to be charged in your home currency. It is recommended that you opt to be charged in the local currency, Singapore dollars (SGD), to avoid hidden ATM rip-offs and get a fairer exchange rate. Choosing to be charged in your home currency gives the ATM permission to create an arbitrary exchange rate, which will likely be less favourable.
It's important to note that there may be fees associated with using ATMs in Singapore. Most bank ATMs charge between SGD 3 to SGD 8 per transaction for foreign cardholders. However, there are some fee-free ATMs, and you can use the ATM Fee Saver mobile app to locate these. Additionally, some banks in Singapore offer fee-free cash withdrawals, but this is usually only for existing customers with a local bank account.
Before using your card at an ATM in Singapore, remember to notify your bank to avoid any suspicion of fraudulent activity. Also, be mindful of overseas ATM fees and currency conversion fees.
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Frequently asked questions
You can exchange Australian dollars for Singapore dollars at Arcade Plaza Traders or Arcade Money Changers at Raffles Place, Lucky Plaza, Mustafa Centre, People's Park Complex, and Parkway Parade. It is recommended to research the mid-market exchange rate ahead of time and to avoid exchanging money at or around airports and hotels as these deals are usually not great.
It is recommended to research the mid-market exchange rate before committing to a service. Additionally, beware of services that advertise "zero commission" as they will still charge for their services with a commission or a one-off fee. Make sure you know the terms before proceeding with the transaction.
A convenient and economical way to exchange money is to use an ATM in Singapore. Check with your local bank to see if they have any partnerships with banks in Singapore. If they do, you may be able to withdraw money from these ATMs with no additional charges.
The exchange rate for Australian dollars to Singapore dollars fluctuates. As of 2021, the exchange rate average is close to 1.06, with a high of 1.35 in early 2012 and a low of 0.83 in early 2020.
You can buy Singapore dollars with Australian dollars online, in-store at money exchangers, banks, Australia Post, and the airport. It is recommended to bring a valid photo ID (driver's license or passport) and your preferred payment method as most places accept cash, debit, and credit cards.
