Best money changers in Singapore: 10 places to go for good exchange rates

Singaporeans' favourite hobby is escaping Singapore on overseas holidays. Fleeing the country is as simple as booking a flight outta here and hot-footing it to Changi Airport.

But there are still a few pesky administrative tasks to deal with before you can leave, including buying travel insurance, transferring your skincare products to tiny bottles, taking your travel pillow out of storage and…exchanging currencies.

Unless you're still stuck in the early 2000s, you're probably already using an app and multi-currency card like Revolut to exchange your currencies seamlessly on your phone.

But depending on where you're travelling to, you might still prefer to have a bit of cash on hand for certain types of transactions. For instance, if you're going to Thailand or Vietnam, you might still need to pay street food stall vendors in cash.

Not sure where to exchange currencies? We'd suggest hitting up these areas.

1. The Arcade - best for those who love options and/or need to exchange less common currencies

Those who work in the Raffles Place area should know already know about the row of money changers operating on Level 2 of The Arcade, which is located right next door to Raffles Place MRT. The Arcade is known for its decent exchange rates. This is where all the office workers go to exchange currencies for their overseas holidays before going on leave.

There is a sea of money changers all lined up in a row, so you can easily compare rates for the currency you're looking for.

The Arcade's currency exchange rates are known to vary depending on whom you exchange your money with. That means that if you want to get a good rate, you really must do your homework and compare the offerings of the different money changers on Level 2.

Most of the major currencies are supported here, but the money changers are reportedly a safe bet for those looking to change Asian currencies like Indonesian Rupiah, Chinese Renminbi, Indian Rupees, Malaysian Ringgit, Hong Kong Dollar, Taiwan Dollar, and Philippine Pesos. But even if you're looking for a less common currency, it's likely you'll find it here.

Tip: To avoid crowds, don't visit during lunchtime or you'll end up jostling with office workers on their lunch break and struggling to compare currencies.

As the money changers here cater to the crowd working in the CBD, their operating hours mirror office hours. As such, don't expect them to stay open late at night. Some of them operate on Saturday mornings and early afternoons, but the most convenient time to visit them is on a weekday during the afternoon outside of lunchtime.

The Arcade is located at 11 Collyer Quay, Singapore 049317.

2. Mustafa Centre - best for those who need to change money after hours

The most famous money changer in the area is located on the ground floor of Mustafa Centre, facing the street. People come here from other parts of Singapore just to exchange currencies due to the money changers' reputation for good exchange rates.

The most prominent money changer in the building is called Mustafa Foreign Exchange and operates until 2am, just like the rest of Mustafa. It is known for its good exchange rates in almost all available currencies. There is also a smaller, lesser-known money changer on Level B2.

You can even bargain exchange rates, so you might want to visit during off-peak hours and try your luck with the money changers in the building.

Mustafa's money changers are the go-to place for South Asian currencies and are also known for having some rarer currencies. Some of their offerings include Bahrain Dinar, Pakistani Rupee, Sri Lanka Rupee, Jordanian Dinar, South Africa Rand, Danish Kroner, Norwegian Kroner, Bangladesh Taka and Mauritian RPS.

Mustafa Centre is located at 145 Syed Alwi Road, Singapore 207704. 

Moneychanger	Unit no.	Phone no.	Currencies
Mustafa Foreign Exchange	Level 1 beside Exit 1	6295 5855	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, INR, CHF, CAD, Bahrain Dinar, Pakistani Rupee, Sri Lanka Rupee, Jordanian Dinar, South Africa Rand, Danish Kroner, Norwegian Kroner, Bangladesh Taka, Mauritius RPS.

3. Lucky Plaza - best for those who need PHP, THB, MYR

If you're looking to exchange Philippine peso or other Southeast Asian currencies like Thai Baht or Myanmar Kyat, Lucky Plaza is a goldmine of competitive money changers. You should also be able to find most of the major currencies like USD, EUR, AUD, and company.

Most of the money changers are clustered in Basement 1 and on Level 1 of the ageing mall, making it easy for you to enquire about and compare rates. Rates can fluctuate between money changers from day to day, so just because 1 money changer offers the best rates today doesn't mean they'll still be as good tomorrow.

The layout of the mall is a little messy, so give yourself a bit more time to wander around and ask about rates, which are not always displayed outside the shop. Comparing rates is essential at Lucky Plaza.

Lucky Plaza is located at 304 Orchard Road, Singapore 238863.

Moneychanger	Unit no.	Phone no.	Currencies
Rahiman Trading	#B1-10	6235 7206	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, IDR
Zelifrasinah Mart Money Changer	#B1-08	6824 8644	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR, CHF, CAD, SAR, TRY, DKK, AED
Rabi Trading	#01-37	6732 9580	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, GBP, AUD, IDR, PHP, CHF, CAD

4. People's Park Complex - best for those who need CNY, HKD, and love a good bargain

The People's Park Food Centre may be closed for renovations, but you can still access the money changers at People's Park Complex in the Chinatown area.

This place is a hotspot for money changers and offers particularly competitive rates on Chinese Renminbi. They also reportedly offer good rates on the Hong Kong Dollar and some Southeast Asian currencies like Thai Baht and Philippine Peso.

For some reason, Crante Money Changer is 1 of the most well-known money changers in the building, but it's not the only one. Many of the money changers are located on Level 1 of People's Park Complex and some operate till as late as 9 or 10pm. Give yourself time to wander around Level 1 to compare exchange rates, and you might even want to attempt to bargain if you're feeling persuasive.

People’s Park Complex is located at 1 Park Road, Singapore 059108.

Moneychanger	Unit no.	Phone no.	Currencies
Samlit Money Changer Pte Ltd	#01-36	6556 0086	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, IDR, PHP
Crante Money Changer	#01-28	6532 5008	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR, CHF, CAD
AK Money Changer	#01-K95C	6557 0487	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD

5. Bugis Street Market - most convenient for those taking a coach to Malaysia

Instead of exchanging currencies at Bugis Junction, you can get better rates by entering the Bugis Street Market and using the money changer there instead.

If you're catching a bus from Malaysia to the Queen Street Bus Terminal and need to get hold of some ringgits, Capital City Trading is probably your best bet. The rates tend to be more competitive than those of most other money changers in the area.

They also have a decent selection of major currencies, but don't expect to find more exotic ones here. If you're a tourist who's sightseeing in the Bugis area, this is a decent place to get hold of some SGD to spend at the market and nearby hawker centres.

Bugis Street Market is located at 3 New Bugis Street, Singapore 1888867.

Moneychanger	Unit no.	Phone no.	Currencies
Capital City Trading	#01-CYFL	8624 8644 (WhatsApp only)	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, IDR, PHP, VND, INR, CHF, CAD

6. Boon Lay Shopping Centre - best for Westies

If you're living in the west, your best bet is to head to Boon Lay Shopping Centre, where there are a few money changers and companies offering currency exchange services on Level 1 of the mall.

They offer most of the major currencies and have a reputation for offering decent rates, although there isn't a particular currency that stands out in terms of competitiveness.

Some of these money changers also provide additional services like overseas money transfers. These places don't necessarily look like money changers from the outside, so you might have to enter the shops to enquire if their currency list isn't displayed outside. Rates can vary, so be sure to compare and bargain.

Boon Lay Shopping Centre is located at 221 Boon Lay Place, Singapore 640221.

Moneychanger	Unit no.	Phone no.	Currencies
Dollar Smart Exchange	#01-246	6265 1108	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, CHF, CAD
All Best Enterprise	#01-116	6266 3777	MYR, USD, THB, TWD, RMB, HKD, JPY, EUR, GBP, AUD, NZD, IDR, PHP, INR

7. Parkway Parade - best for Easties

For those who live in the east, Parkway Parade is the go-to destination for money changers, especially if you're looking for a less common currency. There aren't as many money changers as there once were, but there are still 2 established ones operating on Level 1.

Parkway Parade is known to offer competitive rates for HKD, JPY, MYR, THB, and USD. But of course, you need to compare rates between the different money changers as they fluctuate constantly. Bargaining might also be possible, so don't forget to try your luck.

One of the money changers, Yakadir Enterprises, has quite a few rare currencies including Papua New Guinea Kina, Turkish Lira and Saudi Arabia Riyal. The rare currencies aren't always indicated on the electronic display outside, so it's a good idea to ask them directly if you're on the hunt for a rare currency — you never know what they might have.

The money changers stay open during retail hours till about 9pm.

Parkway Parade is located at 80 Marine Parade Road, Singapore 449269.

Moneychanger	Unit no.	Phone no.	Currencies
Yakadir Enterprises	#01-16B	6344 9652	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, CHF, CAD, Turkish Lira, UAE Dirham, Saudi Rea, Papua New Guinea Kina

8. Toa Payoh HDB Hub—Best for Central folks

There are several money changers located at Toa Payoh Hub, making it convenient for the thousands of people who pass through Toa Payoh MRT station on their way to and from work.

These money changers have a reputation for offering good rates as they compete for customers. So don't forget to compare and bargain! Their MYR rates are reportedly particularly attractive.

Thanks to their convenient location and the fact that they offer most major currencies, they're a reliable choice if you happen to be in the area and can't be bothered to travel to another neighbourhood just to save a few bucks.

Toa Payoh HDB Hub is located at Lorong 6 Toa Payoh.

Moneychanger	Unit no.	Phone no.	Currencies
Golden City Foreign Exchange	Block 190, #01-536	6337 2501	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR, CHF, CAD
Mayura Money Changer	Block 520, #01-52	6250 0136	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, CHF, CAD

9. Marsiling Mall - best for Northies

On your way to the Woodlands Checkpoint and just realised you don't have enough Malaysian Ringgit to pay for your massage? Then you might want to take a detour to Marsiling Mall.

The money changers at Marsiling Mall don't have much of a reputation. In fact, their rates might not match up to the money changers at Larkin Bus Terminal or City Square in JB. However, they've got most of the popular currencies. We're going for convenience here.

Also, for many Singaporeans, the advantage of exchanging currencies before crossing the border is that it is perceived as safer. At least it enables you to avoid waving around a stack of cash in JB, just waiting to be mugged. If, like most Singaporeans, you're just exchanging a small amount for the day, the amounts you could potentially save by exchanging your SGD for MYR in JB would be miniscule anyway.

There's more than one money changer at Marsiling Mall, don't forget to compare rates.

Marsiling Mall is located at 4 Woodlands Street 12, Singapore 738620.

Moneychanger	Unit no.	Phone no.	Currencies
Sing Exchange	#02-36	6368 0875	MYR, USD, THB, TWD, RMB, HKD, JPY, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR, CHF, CAD
Sineo Enterprises Pte Ltd	#02-54	6538 5535	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR CHF, CAD

10. Marina Square - best for those who are in town but lazy to go to Arcade

There are two money changers at Marina Square, both located on Level 2.

Fountain Money Changer, located at #02-332, is quite well known due to its central location and good rates. The other money changer, Silver River Money Changer, is located at #02-260.

They are both known for decent but not bargain-basement rates, the main advantage being their central location, particularly for those who work in the City Hall area. They have most of the major currencies like USD, EUR, RMB and AUD, but if you're looking for something rarer you might be out of luck.

Marina Square is located at 6 Raffles Boulevard, Singapore 039594.

Moneychanger	Unit no.	Phone no.	Currencies
Fountain Money Changer	#02-332	6337 8128	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR, CHF, CAD
Silver River Money Changer	#02-260	6339 5356	MYR, USD, THB, TWD, RMB, HKD, JPY, KRW, EUR, GBP, AUD, NZD, IDR, PHP, VND, INR, CHF, CAD

Online money changers 

There’s literally no transaction you can't do online, which is a lifesaver if you’re super strapped for time and just can’t find it in you to stand in line with everyone else. Here are two online options to try:

Thin Margin: With Singapore’s first online money changer, you can exchange for foreign currencies minus the queues and the worries about closing times. Just choose your currency, when you need it delivered, and pay online.

CashChangers: Pick the currency you want and CashChangers will list out the money changers with the best rates. Their list of money changers covers nearly 40 per cent of the almost 400 money changers in Singapore and they have rates for 18 currencies.

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This article was first published in MoneySmart.