Okay, we know what you’re thinking. Who carries cash? Even licensed moneylenders give you your money through internet transfers.
While most of the world is going cashless, there are still countries that prefer cold, hard cash. It’s also always better to keep some cash on hand in case there’s no internet.
Money exchange matters whether you’re travelling or want to turn some hard-earned cash into an appreciating currency. That means you must find the right money changer with the best rate for your needs.
Who is the most trusted currency converter? Where can we find a money changer with the best rates?
You’re on the right page! This article presents the whole range of money changers in Singapore, analysing their offer, so you won’t lose any more of your precious time.
What Does A Money Changer Do?
A money changer is someone who exchanges one currency for another.
This can be done for various reasons, such as when travelling to a foreign country or investing in foreign stocks.
Money changers typically work at banks or exchange bureaus and must be very knowledgeable about the different types of currencies and exchange rates. They also need to calculate the correct amount of money to exchange, and they must be able to do so quickly and accurately.
In some cases, money changers may also need to provide advice on which currency is best to use in a particular situation.
What Are The Currencies Used in Each Country?
|Hong Kong||HKD||Hong Kong Dollar|
|New Zealand||NZD||New Zealand Dollar|
|Sri Lanka||LKR||Sri Lanka Rupee|
|Taiwan||TWD||New Taiwan Dollar|
Where Is the Best Place to Change Money?
Most people who want to exchange money simply google “money changer near me” and pick the closest one. That’s a mistake.
If you want the best money changer rate, you have to do your research. Even licensed branches can practice steep rates that would make you lose some money. If you’re only exchanging a small sum, that loss isn’t the end of the world.
But if you’re dabbling in the four-figure sum – you may be in big trouble.
So, where is the best to change money in Singapore? What is considered a good money changer rate? Your best bet is to choose a money changer in one of the five money-changing hubs below:
- The Arcade in Raffles Place
- Lucky Plaza on Orchard Road
- Mustafa Centre in Little India
- People’s Park Complex in Chinatown
- Parkway Parade in Marine Parade
The good news is that these hubs are conveniently close to public transport so you can reach them quickly.
Who Is the Most Trusted Currency Converter?
All the money changers below are trustworthy because they’re licensed. That’s your first rule:
Never do business with an unlicensed money changer.
Apart from that, you must pick the right one for your needs. Here’s what you have to analyse:
- Your money changer must offer the currency you’re interested in.
- If you want to exchange a traveller’s cheque, pick a money changer that allows this option.
- Daily exchange rates. Some providers display their rates on electronic boards, while others do not. In these cases, it’s best to ask for the rate (by phone or in-person at the shop) before telling the staff how much money you have – especially if you pick a Chinatown money changer.
- If you’re not sure what you need or whether you’re picking the best option, you need friendly, expert staff to guide you.
- Negotiation ability. Some money changers in Singapore allow you to negotiate your rates. That option is excellent if you have a larger amount or are a regular customer. Or if you simply get a kick out of bargaining for stuff.
Now, let’s review your options:
1. Arcade Money Changer
The Arcade Money Changers at Raffles Place get you the best deals for:
Besides, the Arcade Money Changer has a convenient location in Singapore’s CBD and offers fair rates displayed on easy-to-read boards. You’ll also appreciate the friendly staff that can present different alternatives for your needs.
Here are some excellent money changers at Arcade:
- Sheen International Exchange: Best for JPY and GBP
- Arcade Plaza Traders Pte Ltd: Best for USD, EUR, GBP, plus several Asian currencies
- Arcade Money Changers: Best across currencies thanks to their 40+ years of experience
- People’s Corner Money Changer: Best for TWD, NZD, and GBP
- Hassan & Sons Exchange: Best for JPY, TWD, and THB
2. Lucky Plaza Money Changer
If you want a cheap money changer rate for PHP, THB, or MYR, choose one of the money changers at Lucky Plaza. This hub is located on Orchard Road, Singapore’s main shopping centre.
On the downside (at least for introverts and 99% of Millennials), the rates aren’t displayed on wide electronic boards like with the Arcade Money Changers.
Here are your best options:
- Rabi Trading: Best for crew members
- Rahiman Trading: Best for USD and SGD
- Fajar Money Changer: Best known for helpful staff
- True Blue Money Changer: Best for its versatile offers, including tailoring and clothing retail
- Europe Fancy Store: Best for helpful staff
3. Mustafa Centre Money Changer
Money Changers at Mustafa Centre will offer you good deals on the following currencies:
The Mustafa Foreign Exchange on Syed Alwi Road is your best option in this hub. The money changer has two unique selling points, setting it apart from its competitors:
- It’s open 24/7.
- You can negotiate another rate.
On the downside, you can’t exchange traveller’s cheques.
4. People’s Park Complex Chinatown Money Changer
This money changer hub has an intriguing location in an old, glamorous building nestled in the bosom of Singapore’s Chinatown. So, changing money here doesn’t just transport you 300 years back in time; it’s also a convenient location.
Plus, the money changers are close to each other in the same building, so you can easily compare their rates or negotiate the best deal.
Warning: Be careful at the pickpockets and never show your money before learning the rate.
Here, you can find the best money changer rate for:
We recommend you to try these shops:
- Crante Money Changer: Most popular choice in this area
- Today’s Money Exchange: Reliable staff
- Emerald Money Changer: Convenient rates
- AK Money Changer & Department Store: Extra department store services
5. Parkway Parade Money Changer
Money Changers at Parkway Parade have a convenient location if you’re coming from the East Coast Park or Katong. You can find the best dealers at level one of this mammoth shopping centre.
You’ll get reasonable rates for:
Alternatively, you can negotiate your own rate.
The best money changers in the area are:
- Yakadir Enterprises: Best for money exchange and remittance. They also accept travellers’ cheques.
- Parkway Money Changer: Best for friendly service
- Everpeace Money Changer: Offers money exchange and remittance
- Sino Money Changer: Offers money exchange and remittance. It is open on Sunday, too, from 11 am to 8 pm.
Getting the Best Money Changer Rate
If you’ve read so far, you’re now familiar with the best money changers in Singapore. You also know the factors you have to analyse before picking one.
Remember: Shop around to find the right money changer rate, and don’t show your money before getting an offer.
That’s how you’ll get the best deal for your trip abroad or your investments.
Covid-19 has affected the world tremendously, but we are slowly recovering, especially in the tourism industry. There could be unexpected costs during your travels and you never know when government regulations will change.
It is best to have more cash on you.
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