Singapore widely accepts mobile payments, but some places still require cash. Therefore, it’s a good idea to carry some coins and banknotes when traveling to Singapore.
1. Singapore Dollar
The official currency of Singapore is the Singapore Dollar (SGD). It is available in both coins and banknotes. The coins come in denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and 1 dollar. The banknotes are available in denominations of 2 dollars, 5 dollars, 10 dollars, 50 dollars, 100 dollars, 1000 dollars, and 10,000 dollars.
2. Exchange Rates
It’s important to be aware of the exchange rate between the Singapore Dollar and your home currency. To get the best value when exchanging money, it’s recommended to regularly check real-time currency exchange rates.
3. Currency Exchange
You can exchange Singapore Dollars before your departure in your home country, or you can use ATMs at Changi Airport to exchange currency upon arrival.
4. Payments
Cash Payments: In Singapore, cash is often required for shopping and dining at places like hawker centers and street vendors, where electronic payments or card transactions may not be available.
Credit Card Payments: In Singapore’s major shopping districts, you can use international credit cards at restaurants, clothing chains, jewelry stores, skincare shops, and supermarkets.
Mobile Payments: PayNow is a real-time payment system developed by the Association of Banks in Singapore. It allows for transfers between bank accounts without needing the recipient’s bank account number. Payments can be made using UEN numbers, QR codes, phone numbers, or ID numbers. Alipay and WeChat Pay are also becoming increasingly popular in Singapore, with many restaurants and supermarkets accepting these payment methods.
