Top Money Changers In Singapore

most popular money changers in singapore

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.

Money changing market trends for 2020

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:

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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.

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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 travelling 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 through 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 to 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?

Company

Arcade Money Changers

Highlights

  • Widest range of currencies
  • Conveniently located at Raffles Place
  • Best rates for EUR, GBP, JPY, MYR, THB, TWD, USD

Website

https://arcademoneychangers.com.sg/

Address

The Arcade #01-18, 11 Collyer Quay, Singapore 049317

Telephone

(65) 6221 2080
Operating Hours
  • Monday – Friday: 9am to 6.30pm
  • Saturday: 9am to 3pm
  • Sunday Closed
Featured In
  • Thebestsingapore.com

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

Review 2

Professional service .honest and best rates in town .thats why google recommends this money changer . – Haleelur Rahman

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

 

Company

Arcade Plaza Traders

Highlights

  • More than three-decade trustworthy money changer for locals and tourist.
  • Specialised in transferring money from Singapore to overseas accounts at competitive rates and minimum charges.

Website

https://www.aptonline.com.sg/

Address

11 Collyer Quay, #02-03 The Arcade, Singapore 049317

Telephone 

(65) 6227 7660

Operating Hours

  • Monday – Friday: 10am to 5pm
  • Saturday: 10am to 1pm

Featured In

  • Thebestsingapore.com

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

Review 2

BEST RATES, PAY NOW ACCEPTED – Mohamed Siddiq

Review 3

Good place to exchange money. – Roberto Lee

 

Company

Mustafa Foreign Exchange

Highlights

  • 24 hour money changer
  • High exchange rate for Asian currencies

Website

https://www.mustafa.com.sg/
Address

145 Syed Alwi Road, Singapore 207704

Telephone

(65) 6292 9252

Operating Hours

  • Open 24 hours

Featured In

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

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

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

 

Company

AK Money Changer & Department Store

Highlights

  • Located in People’s Park Complex, one of the most popular and convenient places to exchange money.
  • People are able to compare exchange rates from shop to shop as the building has a number of money changers.

Website

https://www.facebook.com/akmoneychanger/
Address

1 Park Road #01-K95C People’s Park Complex, Singapore 059108

Telephone

(65) 6532 5008

Operating Hours

  • Monday – Sunday: 9am to 9pm

Featured In

  • Thebestsingapore.com

Review 1

Satisfied with customer service and of course better rate. – Asan Mohamed

 

Company

Emerald Money Changer

Highlights

  • Able to bargain for better rates
  • Located in People’s Park Complex, one of the most popular and convenient places to exchange money.

Website

https://www.facebook.com/EmeraldMoneyChanger/

Address

1 Park Road, #01-61 People’s Park Complex, Singapore 059108

Telephone

(65) 6438 7897

Operating Hours

  • Monday – Sunday: 10am to 9pm

Featured In

  • Thebestsingapore.com

 

Company

Rahiman Trading

Highlights

  • Authorized Singapore money changer situated in Orchard Road shopping district.
  • Do not charge commission

Website

https://rahiman-forex.webs.com/
Address

304 Orchard Rd, Lucky Plaza, Singapore 238863

Telephone

(65) 6235 7206

Operating Hours

  • Monday – Saturday except Friday: 10am to 8pm
  • Friday: 10am to 12.30pm, 2.30pm to 8pm

Featured In

  • Thebestsingapore.com

Review 1

Good rates and need to bargain a little, nice gentleman. – Louis Siow

 

Company

Dollar Exchange Pte Ltd

Highlights

  • Remittance
  • Money exchange
  • Bank Draft in all major currencies
  • Foreign currency cheques

Website

https://www.dollarex.com.sg/index.php

Address

63 Jurong West Central 3, Jurong Point #01-18, Singapore 648331

Telephone

(65) 6438 4300

Operating Hours

  • Monday – Sunday:10am to 9.30pm

Featured In

Review 1

The exchange rate is a lot better. See for yourself. I have been their customer for the past 2 years. – Anndy Lian

Review 2

Fairly good rates compared to other money changers but always a long queue and huge crowd. Remittance services available here. – Jeslyn Lim

 

Company

Yakadir Pte Ltd

Highlights

  • Outward Remittance
  • Money Exchange

Website

http://yakadir.com/
Address

80 Marine Parade Rd, Parkway Parade #01-91, Singapore 449269

Telephone

(65) 6344 9652

Operating Hours

  • Monday – Sunday: 10.15am to 8.45pm

Review 1

One of the two very competitive money changers in parkway. Good rates. – Julien

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

Review 3

Good service and friendly… used to go there to change money since young… my mum’s favourite money changer. – Nurul Nabihah 

 

Company

Mayura Money Changer

Highlights

  • Conveniently located above Toa Payoh MRT
  • Competitive rates 

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

  • Monday – Sunday: 9.30am to 9.30pm

Review 1

Fuss free transaction. The processing is quick and the waiting time in the queue is only 5 minutes. – Gerald Yup

Review 2

Longest queue . Very impressed. Was at least 30 ppl waiting jus to get exchanged. Competitive rates! – Zachary Wayne

Review 3

Fast and good rates for a changer in a central location. – Zongyin Li

 

Company

Golden City Foreign Exchange

Highlights

  • Located in the central region of Singapore for fuss-free money exchange 

Website

https://www.facebook.com/goldencityfx
Address

190 Lor 6 Toa Payoh, Toa Payoh Mall #01-536, Singapore 310190

Telephone

(65) 6338 0127

Operating Hours

  • Monday – Thursday: 11.30am to 8.30pm
  • Friday: 11.30am to 12.30pm, 2.30pm to 8.30pm
  • Saturday: 11.30am to 5pm

Review 1

Longest queue among all the money changers in hdb hub toa payoh. Big big tv display all the rates. – Damian Neo

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

Review 3

Rate and Customer service are good. – Mohamed Anwar Sadat

 

Company

AR Money Exchange

Highlights

  • Competitive Rates
  • Located in Bishan neighbourhood mall

Website

https://www.facebook.com/pages/AR-Money-Changer-Bishan/199183203436708?nr
Address9 Bishan Pl, #01-K10 Junction 8, Singapore 579837

Telephone

(65) 6250 5183

Operating Hours

  • Monday – Saturday: 10.30am to 9pm
  • Sunday: 11am to 9pm

Review 1

I love the indian uncle
Good exchang rates – GEP China

 

Company

Iban Express

Highlights

  • Located in Ang Mo Kio Hub
  • Competitive rates with short queues 

Website

https://cashchanger.co/singapore/mc/iban-express/4
Address53 Ang Mo Kio Ave 3, AMK Hub#B2 – 10, Singapore 569933

Telephone

(65) 6484 1940

Operating Hours

  • Monday – Sunday: 10.45am to 9pm

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

 

Company

Fountain Money Changer

Highlights

  • One of the most competitive rates in town 

Website

https://www.facebook.com/Fountain-Money-Changer-109031119182557/
Address6 Raffles Boulevard, # 02-332 Marina Square Shopping Mall, 039594

Telephone

(65) 6337 8128

Operating Hours

  • Monday – Sunday: 10am to 8pm

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

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

  • Decent exchange rates and located in town area

Website

https://cashchanger.co/singapore/mc/cuppage-money-changer/106
Address5 Koek Road #01-06 Cuppage Plaza, 228796 Singapore

Telephone

(65) 6732 8252

Operating Hours

  • Monday – Saturday: 10.30am to 10pm
  • Sunday: 12pm to 8.30pm

 

Company

Ahnaaf Money Exchange

Highlights

  • Located in Sembawang neighbourhood mall
  • Great exchange rates for MYR

Website

https://cashchanger.co/singapore/mc/ahnaaf-money-exchange/270
Address30 Sembawang Drive, #B1-10 Sun Plaza. Singapore 757713

Telephone

(65) 6481 2411

Operating Hours

  • Monday – Sunday: 10am to 9pm

Featured In

  • Shopee.sg

 

Company

Al-Najib Enterprise 

Highlights

  • Located in Sembawang neighbourhood mall
  • Great exchange rates for MYR

Website

https://cashchanger.co/singapore/mc/al-najib-enterprise/260
Address30, Sembawang Drive, #03-02, Sun Plaza. Singapore 757713

Telephone

(65) 6483 5336

Operating Hours

  • Monday – Friday: 10am to 8.30pm
  • Saturday: 10am to 5pm

Featured In

Review 1

Good Service and the rate is better compare to Causeway Point . – Sebastian Nai

 

Company

Thin Margin

Highlights

  • Singapore’s first online money changer
  • Skip the queue and get your currency delivered to you

Website

https://www.thinmargin.com/
Address1 Coleman St, The Adelphi, Singapore 179803

Telephone

(65) 6904 9930

Operating Hours

Open 24 hours

Featured In

  • The Straits Times
  • TODAY

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

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

Review 3

Seamless and efficient! Very impressed with the experience. Well done, Thin Margin! – Tan Pei Fen

 

Company

Marco Polee

Highlights

  • Online Money Exchange Platform
  • 0% Commission, $0 Fees

Website

https://www.marcopolee.com/

Contact

Click here to get in touch

Operating Hours

Open 24 hour

Featured In

  • Tech In Asia
  • The Newpaper
  • Asia One

 

Company

Get4x.com

Highlights

  • Allow you to compare rates amongst all the money changer in Singapore.
  • Locks in rate with money changer and exchange the currency you want with the locked rates.

Website

https://get4x.com/en/singapore

Operating Hours

Open 24 hours

 

Company

YouTrip

Highlights

  • Singapore’s first multi-currency travel wallet with linked Mastercard.
  • 0% transaction fees in 150+ currencies.
  • 24/7 money changer in app 
  • Withdraw cash in foreign countries with your YouTrip Card.
  • Can be use as an Ez-Link Card

Website

https://www.you.co/sg/

Customer Support

[email protected]

Operating Hours

Open 24 hours

Featured In

  • The Straits Time
  • The Business Times
  • TODAY
  • Thenewpaper
  • Business Insider

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

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

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

 


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 [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

Author Bio

Tom Koh is widely recognised as a leading SEO consultant in Asia who has worked to transform the online visibility of the leading organisations such as SingTel, Capitaland, Maybank, P&G, WWF, etc. Recently he was instrumental in consulting for a New York-based US$30B fund in an US$4Bn acquisition. Tom is a Computational Science graduate of the National University of Singapore. In his free time he performs pro-bono community work and traveling.
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