Money in Singapore: The Complete Currency Exchange & Cards Guide

Whether you're relocating to Singapore, investing in property, or visiting for the first time, understanding how to manage your money is essential. The Singapore Dollar (SGD) is one of Asia's most stable currencies, and the city-state offers world-class banking infrastructure with multiple payment options. This comprehensive guide covers everything you need to know about currency exchange, ATM withdrawals, credit cards, and financial best practices in Singapore—information that's crucial whether you're a property buyer, investor, or traveler.

At Homejourney, we prioritize your financial safety and security. Just as we verify property information to help you make confident real estate decisions, we've researched and verified the financial information in this guide to ensure you can manage your money with confidence.

Table of Contents

• Understanding the Singapore Dollar
• Current Exchange Rates & Forecasts
• How to Exchange Currency
• ATM Withdrawals in Singapore
• Credit Cards & Debit Cards
• Mobile Payments & Digital Wallets
• Singapore's Banking System
• Money Management Tips for Property Buyers
• Understanding Fees & Charges
• Financial Safety & Security
• Frequently Asked Questions

Understanding the Singapore Dollar (SGD)

The Singapore Dollar, abbreviated as SGD and symbolized as S$, is the official currency of Singapore. Managed by the Monetary Authority of Singapore (MAS), it's one of the world's most stable and strongest currencies. The SGD is subdivided into 100 cents, with banknotes available in denominations of S$1, S$2, S$5, S$10, S$50, S$100, and S$1,000, while coins come in 1¢, 5¢, 10¢, 20¢, and 50¢ denominations.

For property investors and buyers, understanding the Singapore Dollar's strength is important. The currency has appreciated significantly over recent years, reflecting Singapore's economic stability and strong financial position. This stability makes Singapore an attractive destination for international real estate investment, as currency fluctuations are relatively modest compared to other Asian markets.

Singapore's banking sector is highly regulated and transparent, with strict compliance standards that protect depositors and investors. When you open a bank account or conduct financial transactions in Singapore, you're operating within one of the world's most secure financial systems.

Current Exchange Rates & Forecasts (February 2026)

Today's Exchange Rate

As of February 3, 2026, the USD to SGD exchange rate stands at approximately 1.27 Singapore Dollars per 1 US Dollar[2][3]. This represents a slight decline of 0.15-0.17% from the previous trading session[2][4]. For context, 1 Singapore Dollar equals approximately 0.786 US Dollars[3].

The Singapore Dollar has strengthened considerably over the past year, gaining 6.58% against the US Dollar over the last 12 months[4]. In late January 2026, the SGD touched an 11-year high against the USD, reaching 1.27—the strongest level since October 2014[4].

Exchange Rate Forecast 2026-2029

Based on current market analysis, here's what experts forecast for the USD/SGD exchange rate:

These forecasts suggest the Singapore Dollar may continue to strengthen against the US Dollar through 2026-2027, with some volatility expected in 2028-2029[1]. For property buyers converting foreign currency to purchase Singapore real estate, this strengthening SGD means your purchasing power in SGD terms may increase if you're converting from USD.

Quick Conversion Reference

How to Exchange Currency in Singapore

Where to Exchange Money

Singapore offers multiple options for currency exchange, each with different rates and fees. Understanding your options helps you get the best value when converting foreign currency to Singapore Dollars.

• Banks: Major banks like DBS, OCBC, and UOB offer currency exchange services at their branches. Bank rates are typically competitive, though fees may apply. Banks are highly regulated and trustworthy, making them ideal for large transactions.
• Money Changers: Licensed money changers throughout Singapore (in shopping malls, hawker centers, and commercial areas) often offer better rates than banks with lower or no fees. However, always verify the money changer is licensed by MAS.
• Hotels: While convenient, hotel currency exchange typically offers the poorest rates and highest fees. Use this option only in emergencies.
• ATMs: Withdrawing cash directly from ATMs using your foreign debit card often provides competitive exchange rates, as you get the interbank rate. This is frequently the best option for travelers.
• Online Money Transfer Services: Services like Wise, OFX, and similar platforms offer competitive rates for international transfers, often better than banks. These are ideal for large property purchases or international investments.

Tips for Getting the Best Exchange Rates

• Compare rates: Check rates at multiple money changers and banks before exchanging. Rates fluctuate throughout the day, and differences can be significant for large amounts.
• Avoid airport exchanges: Airport currency exchange typically offers rates 3-5% worse than city center exchanges. Exchange only small amounts at the airport for immediate needs.
• Exchange larger amounts: Money changers often offer better rates for larger transactions. If possible, consolidate your exchanges.
• Use ATMs for daily needs: For regular cash withdrawals, ATMs provide competitive rates without the hassle of visiting money changers.
• Avoid dynamic currency conversion: When paying with foreign cards, always choose to be charged in SGD rather than your home currency. Dynamic currency conversion typically adds 2-3% to your costs.

ATM Withdrawals in Singapore

ATM Network & Availability

Singapore has extensive ATM coverage with machines available 24/7 throughout the island. Major networks include NETS (the primary local network), as well as international networks like Visa, Mastercard, and Cirrus. Most ATMs accept foreign debit and credit cards, making cash withdrawal convenient for international visitors and new residents.

Using Foreign Cards at Singapore ATMs

When withdrawing cash using a foreign debit card at Singapore ATMs, you'll typically receive the interbank exchange rate, which is often more favorable than money changer rates. However, be aware of potential fees:

• Foreign transaction fees: Your home bank may charge 1-3% for international ATM withdrawals. Check with your bank before traveling.
• ATM operator fees: Some Singapore ATMs charge S$2-5 per transaction for foreign card withdrawals. Look for ATMs operated by major banks, which typically don't charge this fee.
• Minimum withdrawal amounts: Most ATMs have minimum withdrawal limits of S$100-200 and maximum limits of S$1,000-2,000 per transaction.

Best Practices for ATM Safety

• Use ATMs in well-lit, busy areas during daylight hours when possible
• Cover the keypad when entering your PIN
• Check that the ATM hasn't been tampered with before inserting your card
• Withdraw only the amount you need for a few days
• Never accept help from strangers when using an ATM
• Keep your receipt and monitor your account for unauthorized transactions

Credit Cards & Debit Cards in Singapore

Using Your Foreign Credit Cards

Singapore's retail infrastructure is highly advanced, with credit card acceptance nearly universal. Visa and Mastercard are accepted at virtually all merchants, restaurants, and hotels. American Express is accepted at many establishments but not as widely as Visa/Mastercard. When using foreign credit cards in Singapore:

• Inform your bank: Notify your card issuer that you'll be in Singapore to avoid fraud blocks on your transactions.
• Understand foreign transaction fees: Most foreign credit cards charge 2-3% foreign transaction fees. Some premium cards waive these fees—check with your issuer.
• Avoid dynamic currency conversion: Always choose to be charged in SGD when prompted. This gives you the best rate and transparency.
• Keep receipts: Retain all receipts to verify charges on your statement.

Opening a Singapore Bank Account

If you're relocating to Singapore or planning extended stays for property investment, opening a local bank account offers significant advantages:

Benefits of a Singapore Bank Account:

• No foreign transaction fees on local purchases
• Access to competitive interest rates on savings accounts
• Ability to receive salary payments and conduct local business
• Better rates for international transfers and investments
• Simplified property purchase and mortgage processes

Requirements for Opening an Account:

• Passport or national ID
• Proof of Singapore address (rental agreement, property deed, or utility bill)
• Employment letter or proof of income (for some accounts)
• Initial deposit (typically S$500-1,000, varies by bank)

Major Singapore Banks:

• DBS Bank: Singapore's largest bank, extensive branch and ATM network, competitive rates. Visit Bank Rates on Homejourney for current DBS account offerings and rates.
• OCBC Bank: Strong regional presence, excellent customer service, competitive products.
• UOB (United Overseas Bank): Comprehensive banking services, good investment options.
• Maybank: Malaysia-based but strong presence in Singapore, competitive rates.

Debit Cards vs. Credit Cards in Singapore

Both debit and credit cards are widely accepted in Singapore. Debit cards draw directly from your bank account, while credit cards allow you to build credit history and often offer rewards. For property buyers and investors, credit cards can help establish Singapore credit history, which is useful for mortgage applications. However, debit cards are safer for daily use as they limit your liability.

Mobile Payments & Digital Wallets

Popular Digital Payment Methods

Singapore is a leader in digital payments, with multiple options available:

• PayNow: Singapore's instant payment system linking bank accounts via mobile numbers or NRIC. Used for peer-to-peer transfers, bill payments, and some retail transactions.
• Apple Pay & Google Pay: Widely accepted at retail stores, restaurants, and transport. Link your credit or debit card for contactless payments.
• GrabPay: Integrated into the Grab app for ride-sharing, food delivery, and retail payments. Popular among residents and visitors.
• Singtel Dash: Mobile wallet for payments and transfers.
• DBS PayLah: DBS Bank's mobile payment app with peer-to-peer transfer capabilities.

Contactless Payment Adoption

Singapore has one of the world's highest adoption rates of contactless payments. Most retail establishments accept contactless credit cards, mobile wallets, and QR code payments. This makes it possible to get by with minimal cash, though carrying some cash is still recommended for small vendors and hawker centers.

Singapore's Banking System & Regulations

The Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS) is Singapore's central bank and financial regulator. MAS maintains strict oversight of all banking institutions, ensuring consumer protection and financial stability. This regulatory framework is one of the reasons Singapore is considered one of the world's safest financial centers.

Deposit Insurance & Consumer Protection

Deposits at Singapore banks are protected by the Singapore Deposit Insurance Corporation (SDIC), which guarantees up to S$75,000 per depositor per bank. This protection covers savings accounts, current accounts, and fixed deposits. For property investors holding large sums, this means you should consider spreading deposits across multiple banks or investment vehicles for full protection.

Anti-Money Laundering & Know Your Customer (KYC) Requirements

Singapore has strict anti-money laundering regulations. When opening bank accounts or conducting large transactions, expect comprehensive KYC (Know Your Customer) verification. This includes providing identification, proof of address, and source of funds documentation. While this may seem burdensome, it protects your financial security and ensures you're banking in a transparent, regulated environment—exactly the kind of trustworthy system Homejourney prioritizes when helping you with property investments.

Money Management Tips for Property Buyers & Investors

Planning Your Property Purchase Budget

When buying property in Singapore, effective money management is crucial. Here's how to approach currency and financial planning:

• Lock in exchange rates early: If you're converting large amounts from foreign currency, consider locking in exchange rates through forward contracts offered by banks. This protects you against unfavorable rate movements during your purchase timeline.
• Budget for all costs: Property purchases involve more than just the purchase price. Budget for stamp duty (typically 1-4% of property value), legal fees (S$1,000-3,000), inspection costs, and agent commissions.
• Understand financing options: Check Mortgage Rates on Homejourney for current mortgage rates and financing options. Most banks offer competitive rates for both citizens and foreigners.
• Consider holding costs: Budget for property tax (0.6-2.4% of annual value), maintenance fees, utilities, and insurance.

Managing Multiple Currencies

If you're an international investor with income in multiple currencies, consider:

• Using online money transfer services for international transactions
• Maintaining accounts in both your home currency and SGD
• Timing currency conversions strategically based on market forecasts
• Consulting with a financial advisor about hedging strategies for large amounts

Tax Considerations for Foreign Property Buyers

Singapore has favorable tax policies for foreign property investors, but you should understand your obligations:

• Capital gains: Singapore doesn't have capital gains tax, making it attractive for property investment.
• Rental income: If you rent out your property, rental income is taxable at Singapore's progressive rates (0-22%).
• Home tax: Owner-occupied residential properties are exempt from property tax. Investment properties pay property tax.
• Foreign tax credits: Consult with a tax professional about your home country's tax obligations on Singapore property income.

Understanding Fees & Charges

Common Banking Fees in Singapore

Hidden Costs to Watch For

• Foreign transaction fees: Credit card companies charge 2-3% on foreign transactions. Some premium cards waive this.
• Dynamic currency conversion: Merchants offering to charge in your home currency often add 2-3% markup. Always choose SGD.
• Remittance fees: Sending money out of Singapore typically costs S$15-50 depending on destination.
• Inactivity fees: Some banks charge fees on dormant accounts. Check your account terms.

Financial Safety & Security in Singapore

Singapore's Financial Security Reputation

Singapore consistently ranks as one of the world's safest financial centers. The city-state's strong regulatory framework, advanced technology infrastructure, and low corruption make it an ideal place to manage your finances. This same commitment to safety and transparency extends to Singapore's real estate market—which is why Homejourney prioritizes verification and trustworthiness in helping you navigate property investments.

Protecting Yourself from Financial Fraud

• Verify before transferring: Always verify bank details through official channels before making large transfers. Scammers often pose as property agents or banks.
• Use official channels: Access your bank account through official apps and websites, never through links in emails or messages.
• Enable two-factor authentication: Activate 2FA on all financial accounts and email accounts.
• Monitor your accounts: Regularly check bank and credit card statements for unauthorized transactions.
• Be cautious with public WiFi: Avoid accessing financial accounts on public WiFi networks. Use a VPN or mobile data instead.
• Report suspicious activity immediately: Contact your bank immediately if you notice suspicious transactions.

Scams to Watch For

• Property purchase scams: Scammers pose as property agents or landlords. Always verify through official channels and use licensed agents.
• Phishing emails: Banks never ask for passwords or PINs via email. Delete suspicious emails.
• Currency exchange scams: Use only licensed money changers and banks. Verify the license on MAS's website.
• Overpayment scams: Be wary of buyers offering more than asking price. This is a common scam.

Frequently Asked Questions About Money in Singapore

Currency & Exchange Questions

What is the current SGD to USD exchange rate?
As of February 3, 2026, the rate is approximately 1 SGD = 0.786 USD, or 1 USD = 1.27 SGD[3]. Exchange rates fluctuate constantly, so check current rates on your bank's website or a currency converter for real-time information.

Where can I find the best exchange rates in Singapore?
Licensed money changers in shopping malls and commercial areas typically offer better rates than banks or hotels. Compare rates at multiple locations before exchanging large amounts. For very large transactions, online money transfer services often provide the best rates.

Is it better to exchange money before arriving in Singapore or after?
Generally, it's better to exchange after arriving. Exchange rates at your home country's banks or airport are typically worse. Withdraw cash from Singapore ATMs using your debit card—you'll get the interbank rate. Exchange only small amounts at your home airport for immediate needs.

What's the difference between the interbank rate and the retail rate?
The interbank rate is what banks charge each other and is the most favorable rate. Retail rates (what consumers get) are slightly higher, typically 1-2% above the interbank rate. ATM withdrawals usually give you close to the interbank rate, while money changers and banks add their margin on top.

ATM & Card Questions

Can I use my foreign debit card at Singapore ATMs?
Yes, most Singapore ATMs accept foreign debit cards from Visa, Mastercard, and Cirrus networks. However, your home bank may charge foreign transaction fees (typically 1-3%) and the ATM operator may charge S$2-5 per withdrawal. Check with your bank before traveling.

Are Singapore ATMs safe to use?
Yes, Singapore has a very low crime rate and ATMs are generally safe. However, use common sense: withdraw during daylight hours in well-lit areas, cover the keypad when entering your PIN, and check for signs of tampering before using an ATM.

What should I do if an ATM retains my card?
Contact your bank immediately. Most banks have 24/7 customer service lines. They can block the card and arrange for its return or issue a replacement. Don't leave the ATM location until you've confirmed the issue with your bank.

Can I use my credit card everywhere in Singapore?
Visa and Mastercard are accepted at virtually all merchants, restaurants, and hotels. American Express is accepted at many but not all locations. Smaller hawker stalls and some traditional shops may only accept cash, so carry some cash for these establishments.

Banking & Account Questions

How do I open a bank account in Singapore as a foreigner?
Most major banks accept foreigners with a valid passport, proof of Singapore address, and initial deposit (typically S$500-1,000). You'll need to provide KYC documentation including proof of income. The process typically takes 30 minutes to an hour at a branch. Check Bank Rates on Homejourney for current account offerings from major Singapore banks.

What documents do I need to open a bank account?
Required documents typically include: valid passport or national ID, proof of Singapore address (rental agreement, property deed, or utility bill), employment letter or proof of income, and initial deposit. Some banks may request additional documents depending on your circumstances.

Are my deposits protected if the bank fails?
Yes, the Singapore Deposit Insurance Corporation (SDIC) protects deposits up to S$75,000 per depositor per bank. This covers savings accounts, current accounts, and fixed deposits. For amounts exceeding this, consider spreading deposits across multiple banks.

What's the minimum balance required for a Singapore bank account?
Minimum balances vary by bank and account type, typically ranging from S$500 to S$2,000. Some accounts have no minimum balance requirement. Check with individual banks for their specific requirements.

Property Purchase & Investment Questions

What are the costs involved in buying property in Singapore?
Beyond the purchase price, budget for: stamp duty (1-4% of property value), legal fees (S$1,000-3,000), inspection costs, agent commission (typically 1-2%), and mortgage insurance if financing. For a S$500,000 property, total costs could reach S$30,000-40,000.

Can foreigners get mortgages in Singapore?
Yes, most Singapore banks offer mortgages to foreigners, typically up to 75-80% of property value. Interest rates are competitive, and loan terms typically range from 15-30 years. Check Mortgage Rates on Homejourney for current rates and lending criteria.

Should I lock in an exchange rate before buying Singapore property?

References

1. Singapore Property Market Analysis 2 (2026)
2. Singapore Property Market Analysis 3 (2026)
3. Singapore Property Market Analysis 4 (2026)
4. Singapore Property Market Analysis 1 (2026)