Money changing businesses offer relief to foreigners who need to exchange their home currency once they arrive at their overseas destination. There is stiff competition in this sector, and dealers resort to different tactics to attract customers.
If you require the services of a money changer in Singapore, not only do you need to be streetwise, but this guide will help you make the right decision when you want the best SGD rates.
What’s a Money Changer?
The practical description of a money changer is an individual or an organisation that specialises in the exchange of currency of one country to that of a corresponding state. They indulge in this business to make a profit. The currency exchanged can be in coin or notes form.
Tips When Dealing With Money Changers
Tourists, foreigners, and ordinary residents require to exchange currency at some point for various reasons. Here are tips to help you deal with a moneychanger professionally.
- Deal with an authorised money changer: Only authorised moneychangers give you the benefit of security, excellent exchange rates, and peace of mind.
- Request for small and large denominations: Having small and large denominations of foreign currency is efficient and convenient
- Bargain around for the best rates: Moneychangers face competition, and they can offer better rates compared to banks. Shop around to find a money changer with a reputation and the potential to maximise the value of your cash after exchange.
- Don’t change all your cash at the airport: Moneychangers at airport currency kiosks present the worst exchange rates. Only Change a little amount if you require petty cash.
Company |
Arcade Money Changers |
| Highlights | Arcade money changers have served clients with currency exchange spanning 30 years. Upon their founding from 1978, they rose to become top money changers within The Arcade. Their address is in Raffles Place that forms central business district in Singapore. They form the biggest currency exchange locally. They may convert all sums, all day. They conduct exchanges within very secure and lawful manner. They offer their clients top rates from Singapore. Their clients get original exchange rates from their shop.
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| Website | https://arcademoneychangers.com.sg/ |
| Address | The Arcade #01-18, 11 Collyer Quay, Singapore 049317 |
| Telephone | (65) 6221 2080 |
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| Review 1 |
Awesome rates! Beat Google rates for some currencies. Great place for less popular currencies in good amounts, and still at good rates. – Manik Jain
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| Review 2 |
Professional service .honest and best rates in town .thats why google recommends this money changer . – Haleelur Rahman
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| Review 3 |
Easy to find store. Long queues but extremely competitive exchange rates. One of the most reputable money changers in singapore. Famous with frequent travellers/businessmen. – Liheng96
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Company |
Arcade Plaza Traders |
| Highlights | Arcade Plaza Traders (APT) began operations from 1974 within Singapore’s currency exchange scene, then they soon converted to private limited enterprise from 1983, then remained in steady operations within Raffles Place, locally. This outfit remained steadily engaged heavily within local currency exchange practice over past 30 years long. Over many years, APT grew, established many strong financial contacts in Singapore, overseas. Employing the rich practice gained, APT started gaining a rich customer following from multiple outfits or more retail suppliers. From the starting 90s, APT also included a core inclusion within its operations for currency exchanged. Licensed through Monetary Authority of Singapore, APT remains specialized in remitting currency from Singapore to overseas banks using fair rates and with minor base charges.
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| Website | https://www.aptonline.com.sg/ |
| Address | 11 Collyer Quay, #02-03 The Arcade, Singapore 049317 |
| Telephone | (65) 6227 7660 |
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| Review 1 |
Reasonably good rates for currencies not much traded in Singapore. E g. TWD was just 0.5% away from the FX pro rate, and the best around together with AMC. – Viva La Vida
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| Review 2 |
BEST RATES, PAY NOW ACCEPTED – Mohamed Siddiq
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| Review 3 |
Good place to exchange money. – Roberto Lee
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Company |
Mustafa Foreign Exchange |
| Highlights | Many have noted that issues from The Arcade currency exchange remain the early closing of currency changers from 6pm. Still, one does not encounter such challenged from Mustafa Foreign Exchange as these form portions of Singapore’s best known 24-hour retail complex which stays open constantly.
Thus, suppose one delayed the currency exchange up to the latest moments, you have opportunities to exchange currencies within Changi Airport. Visit, go to Mustafa from late hours to receive very fair exchange rates, also including Asian trades.
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| Website | https://www.mustafa.com.sg/ |
| Address | 145 Syed Alwi Road, Singapore 207704 |
| Telephone | (65) 6292 9252 |
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| Review 1 |
Excellent rates on major currencies. Sure the staff are not friendly, but if you ere looking to make a friend at a money changers, it’s frankly a little sad. Highly recommended. – Reality Bites
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| Review 2 |
All the staffs are friendly and helpful. All the staffs are very polite as well. Mustafa Foreign Exchange provides the best exchange rates in Singapore. Many of my friends recommend this place for good Exchange rates. – Theepan
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| Review 3 |
Best exchange rate I found. Quick and didn’t chat much. Just stated what I wanted have the 150 Singapore Dollar and got 450 ringitt back. Even added 3 sen to my 150 Singapore Dollar to make it exactly 450 ringitt. Can only recommend – Michael
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Company |
AK Money Changer & Department Store |
| Highlights | As a prime tourist spot, Chinatown holds multiple money changers with AK Money Changer remaining a top choice. Found in People’s Park Complex, they are reputed to hold great rates over Chinese Yuan, Philippine Peso, Thailand Baht, Malaysian Ringgit, and Hong Kong Dollars.
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| Website | https://www.facebook.com/akmoneychanger/ |
| Address | 1 Park Road #01-K95C People’s Park Complex, Singapore 059108 |
| Telephone | (65) 6532 5008 |
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| Review 1 |
Satisfied with customer service and of course better rate. – Asan Mohamed |
Company |
Emerald Money Changer |
| Highlights | People’s Park Complex holds many easy spots for exchange currency. Outram holds many money changers housed close to each other, rendering access easy for tourists or Singaporeans to view exchange rates. Emerald Money Changers hold great rates for CNY, PHP, THB, MYR, and HKD.
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| Website | https://www.facebook.com/EmeraldMoneyChanger/ |
| Address | 1 Park Road, #01-61 People’s Park Complex, Singapore 059108 |
| Telephone | (65) 6438 7897 |
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Company |
Rahiman Trading |
| Highlights | There are up to 20 Lucky Plaza money changers. As many hordes of foreign workers or tourists visit there on weekends, they hold many currencies from Southeast Asian countries.
Money exchangers here are licensed, including Rahiman Trading.
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| Website | https://rahiman-forex.webs.com/ |
| Address | 304 Orchard Rd, Lucky Plaza, Singapore 238863 |
| Telephone |
(65) 6235 7206
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| Review 1 |
Good rates and need to bargain a little, nice gentleman. – Louis Siow
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Company |
Dollar Exchange Pte Ltd |
| Highlights | Dollar Exchange Pte Ltd began operations from 1996 with focus on remittance or currency exchange. Holding firm, connected networks in the Asia Pacific Region, they rose to emerge as a premium and reputed currency exchange shop. For many years, Dollar Exchange has consolidated links with many companies, building strong and firm networks in SEA. They have performed many transactions, covering buying, or selling of basic currencies. Their clients retain access to fair rates with minimal handling fees.
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| Website | https://www.dollarex.com.sg/index.php |
| Address | 63 Jurong West Central 3, Jurong Point #01-18, Singapore 648331 |
| Telephone | (65) 6438 4300 |
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| Review 1 |
The exchange rate is a lot better. See for yourself. I have been their customer for the past 2 years. – Anndy Lian
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| Review 2 |
Fairly good rates compared to other money changers but always a long queue and huge crowd. Remittance services available here. – Jeslyn Lim
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Company |
Yakadir Pte Ltd |
| Highlights | At Yakadir Enterprises they formed their operations from 1981. They worked within the money changing market for close to 3 decades. They remain a top money changing or remittance houses within Singapore. They are totally authorized or licensed by MAS.
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| Website | http://yakadir.com/ |
| Address | 80 Marine Parade Rd, Parkway Parade #01-91, Singapore 449269 |
| Telephone | (65) 6344 9652 |
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| Review 1 |
One of the two very competitive money changers in parkway. Good rates. – Julien
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| Review 2 |
One of the best money changer I went to! Very reliable and good customer service. The rates were much better compared to other places I went to. Definitely a good choice to consider! Will recommend to my family and friends! Thanks for your service! – Ganesan Mohan
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| Review 3 |
Good service and friendly… used to go there to change money since young… my mum’s favourite money changer. – Nurul Nabihah
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Company |
Mayura Money Changer |
| Highlights | The exchange rates are good as the queues show well.
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| Website | https://cashchanger.co/singapore/mc/mayura-money-changer/61 |
| Address | 520 Lorong 6 Toa Payoh #01-52 HDB Hub, Singapore 310520 |
| Telephone | (65) 6250 0136 |
| Operating Hours |
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| Review 1 |
Fuss free transaction. The processing is quick and the waiting time in the queue is only 5 minutes. – Gerald Yup
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| Review 2 |
Longest queue . Very impressed. Was at least 30 ppl waiting jus to get exchanged. Competitive rates! – Zachary Wayne
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| Review 3 |
Fast and good rates for a changer in a central location. – Zongyin Li
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Company |
Golden City Foreign Exchange |
| Highlights | Found across Toa Payoh HDB Hub, Golden City Foreign Exchange remains many locals, tourist’s favored money changer, reputed to provide good rates or top service.
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| Website | https://www.facebook.com/goldencityfx |
| Address | 190 Lor 6 Toa Payoh, Toa Payoh Mall #01-536, Singapore 310190 |
| Telephone | (65) 6338 0127 |
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| Review 1 |
Longest queue among all the money changers in hdb hub toa payoh. Big big tv display all the rates. – Damian Neo
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| Review 2 |
Rates offered by this shop is usually very good. Dont understand some of the negative comments about them being dishonest; I have never experienced it. – Ed Neo
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| Review 3 |
Rate and Customer service are good. – Mohamed Anwar Sadat
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Company |
AR Money Exchange |
| Highlights | Their main draw is the reduced time in waiting, queuing. The rates are particularly good. They are competent with money changing.
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| Website | https://www.facebook.com/pages/AR-Money-Changer-Bishan/199183203436708?nr |
| Address | 9 Bishan Pl, #01-K10 Junction 8, Singapore 579837 |
| Telephone | (65) 6250 5183 |
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| Review 1 | I love the indian uncle Good exchang rates – GEP China |
Company |
Iban Express |
| Highlights | To many residing within Ang Mo Kio, they need not travel long distances to exchange currency for abroad prior to travel. Iban Express at Ang Mo Kio Hub gives good rates, more so for Vietnamese dong.
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| Website | https://cashchanger.co/singapore/mc/iban-express/4 |
| Address | 53 Ang Mo Kio Ave 3, AMK Hub#B2 – 10, Singapore 569933 |
| Telephone | (65) 6484 1940 |
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| Review 1 |
I was not aware that there were some unpleasant reviews of this money changer. I was there yesterday around 11.30am. The male staff who served me was courteous and professional. The rate was 3.0525 for ringgit (XE rate was 3.0536). – Elaine Yeap
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Company |
Fountain Money Changer |
| Highlights | At their new location in Marina Square, they serve tourists well. Spanning many years, they constantly serviced people and big corporations simultaneously. They seek to foster lasting relations with their customers forged upon respect and trust. Incredibly good rates in many forms of currencies are at hand. Such cover Scandinavian Kronors or Russian Rubles with the major traded currencies.
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| Website | https://www.facebook.com/Fountain-Money-Changer-109031119182557/ |
| Address | 6 Raffles Boulevard, # 02-332 Marina Square Shopping Mall, 039594 |
| Telephone | (65) 6337 8128 |
| Operating Hours |
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| Review 1 |
Reliable and rates are always competitive. Here is the place to go if you dont want to go all the way to Raffles Place. Chinatown rates may be better but some are quite sneaky. – Mr Me
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| Review 2 | This place has one of the best rates in the area. The gentleman’s service is usually the better. There is always a queue as it has the better rates in the whole marina square/suntec area and serves the crowd well. The rates will be as their display and will not change even if you change a bigger amount. – Fun Kwok |
Company |
Cuppage Money Changer |
| Highlights | They are Money Changers & Exchange Dealers, providing highly competitive rates.
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| Website | https://cashchanger.co/singapore/mc/cuppage-money-changer/106 |
| Address | 5 Koek Road #01-06 Cuppage Plaza, 228796 Singapore |
| Telephone | (65) 6732 8252 |
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Company |
Ahnaaf Money Exchange |
| Highlights | A long running trusted money changer familiar to Sembawang, Yishun residents.
Sun Plaza draws fewer human visitors in comparison to the big malls nearby in the North, still, the two money changers located in here provide competitive rates, particularly Malaysian ringgit. Thus, if one wants to cross over causeway to reach Johor, try dropping by Ahnaaf Money Exchange to exchange currencies for sums of MYR prior.
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| Website | https://cashchanger.co/singapore/mc/ahnaaf-money-exchange/270 |
| Address | 30 Sembawang Drive, #B1-10 Sun Plaza. Singapore 757713 |
| Telephone | (65) 6481 2411 |
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Company |
Al-Najib Enterprise |
| Highlights | They are familiar to Sembawang, Yishun, Admiralty residents.
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| Website | https://cashchanger.co/singapore/mc/al-najib-enterprise/260 |
| Address | 30, Sembawang Drive, #03-02, Sun Plaza. Singapore 757713 |
| Telephone | (65) 6483 5336 |
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| Review 1 |
Good Service and the rate is better compare to Causeway Point . – Sebastian Nai
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Company |
Thin Margin |
| Highlights | They allow customers to fix currency orders online and next ship these foreign currencies to residences quickly.
Their website – www.thinmargin.com – will let many customers to trade 15 forms of currencies, spanning the USA greenback to top Asian currencies including the Thai Baht, Nippon yen or the South korean won.
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| Website | https://www.thinmargin.com/ |
| Address | 1 Coleman St, The Adelphi, Singapore 179803 |
| Telephone | (65) 6904 9930 |
| Operating Hours | Open 24 hours |
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| Review 1 |
Excellent service. Everything is at my own convenience. Rates is good. Delivery on time. Transaction smooth. I dont have to travel with loads of cash in hands and it saves me time. What more do you want? – Fakhla F
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| Review 2 |
I got the wrong date for the exchange and the customer service was able to help me promptly to escalate my transaction. Great service. – Yung Kaho
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| Review 3 |
Seamless and efficient! Very impressed with the experience. Well done, Thin Margin! – Tan Pei Fen
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Company |
Marco Polee |
| Highlights | Marco Polee features the peer-to-peer currency trading platform, from which anyone could connect with any contacts to meet, then trade currency exchange.
Their goal seeks to offer travelers a viable option for currency exchange that charges no hidden charges, fees, or commission charges. They do not pile charges – making trades fee exempt for all to trade any currency within prevailing rates.
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| Website | https://www.marcopolee.com/ |
| Contact | Click here to get in touch |
| Operating Hours | Open 24 hour |
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Get4x.com |
| Highlights | Get4x features a mobile app that lets you view, compare the top cash exchange rates that licensed money changers are trading in many cities across the globe. Get4x streamlines internet foreign currencies exchange trading.
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| Website | https://get4x.com/en/singapore |
| Operating Hours | Open 24 hours |
Company |
YouTrip |
| Highlights | YouTrip is the local pioneer multi-currency travel wallet holding a prepaid Mastercard®, that lets many pay bills within beyond 150 currencies charging no commission. They facilitate in-app trades of 10 currencies so one may access competitive rates.
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| Website | https://www.you.co/sg/ |
| Customer Support | customer@you.co |
| Operating Hours | Open 24 hours |
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| Review 1 |
YouTrip is perfect for me. I travel a lot for work. With YouTrip, I carry a lot less cash with me. It’s safer and more convenient. The FX rate is extremely competitive as well. – Justin
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| Review 2 |
Fees are transparent. The card with the best rates and very convenient to use overseas.. Application is simple to use and fuss free. Great card when you go to multiple countries. Great job youtrip team! 🙂 – Steve
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| Review 3 |
Used youtrip for over two years now. Fuss free and great customer service who responded sincerely with the excel spreadsheet I sent over, back when I thought there were some discrepancies. Appreciate the effort!! No problems w them. – Pamela
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Money changing market trends for 2021
The money-changing market in Singapore keeps evolving from what it was a few years ago. Numerous trends, e.g., technology, simplify the currency exchange process. It’s a win-win situation for money changers and customers.
Some exchange market trends include:
Online exchange services
Mobile technology and the internet have transformed the money-changing process. Discerning players now leverage mobile technology to capitalise on online exchange services. A moneychanger who wants to survive needs to embrace the online space.
Improved service rates
The modern moneychanger is moving from making a kill from a customer to serving them diligently. Currency exchange businesses rely on customers to thrive. The trend is moving from exploiting the customer to offering those incentives that make them repeat customers.
Enter the cryptocurrency
Some years back, cryptocurrency was a mystery on the global money-changing platform. However, it has become one of the most sought-after “currencies” on the block. Money changers can transact bitcoins like any other currency given its popularity with people who prefer it as a means of payment.
Strategised marketing
Competition in the money exchange is rife. It has engineered a rise in competitive marketing to attract customers. Dealers in this industry need to leverage creativity and online presence to stay visible.
Should I Exchange Money Before or After Flying to Singapore?
If you’re overseas bound, you’ll be pressured into exchanging your money. Many people don’t know whether to exchange it at home or from the destination.
Many factors come to play in such a situation. In some instances, changing your money after you travel can present better exchange rates. However, you need to check whether your currency is popular and more common.
If you’re traveling to Singapore, you need to realise that the country’s currency has formidable strength. If you have a bulky amount of cash that requires custom verification, it’s advisable to change your money after getting to Singapore.
The country has thriving money-changing sector. However, you need to be cautious since not all money-changing outfits are the same. It pays to consider different money changers and their rates.
If you’re from a country with highly undesirable currency, it’s advisable to exchange your money before you fly out, or you won’t be able to transact once you hit your destination.
Must-know tips before exchanging currency in Singapore
- Some money changers will offer incredible deals and no commission guarantees to attract customers. It’s wise to stay off such unrealistic SGD offers.
- Do midmarket rate research in advance. It helps you to ascertain the actual value of your home currency before you exchange it.
- To be safe, always compare the rate on offer with the real value. You can use a free online calculator to discern whether the deal is fair.
- Just like the airport, avoid falling for the rates in your hotel or those offered by foreign ATM services
- If your home bank is affiliated with a Singaporean bank, you can opt for their ATM services. They are likely to provide reasonable rates and minimal charges.
Questions to ask when selecting money changers in Singapore
- Do they have flexible working hours?
- Where are they located?
- Is their website packed with useful information and exchange rate data?
- Do they have positive testimonials and references?
- What kind of commissions do they charge, and what are their T&Cs?
Editors Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans) – please contact us at enquiry@mm.com.sg. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.
