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Changing Money in Singapore

By: kimberly on 23 May 2011
Commonly referred to as the Sing Dollar or in some cases the SGD or S$, the currency is divided into dollars and cents. In 2011, the exchange rate with the U.S Dollar is around 1.25 SGD to the US dollar.

Although banking services do perform money exchanges, virtually no one uses them. The moneychangers, which can be found practically everywhere around the city, would give you a way better rate for a small service fee. If you see an aquarium-like stall with its plastic windows plastered with notes on the side and a small hole at the front big enough to fit your hand through, you are probably at the right place. The rates generally remain constant and are often digitalised with red digits indicating the price for selling and buying various currencies.  

If you prefer to use your credit card on the go, most retail outlets would gladly accept either Mastercard, Visa or American Express. You should however keep a bit of spare change with you as smaller retail outlets, public transportation, hawkers and food centres generally only accept cash as their mode of payment. it is therefore best to leave the credit card expenditure for larger expenses such as dining or shopping.

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