{"id":37198,"date":"2014-07-15T02:23:43","date_gmt":"2014-07-15T06:23:43","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=37198"},"modified":"2020-07-31T05:56:21","modified_gmt":"2020-07-31T09:56:21","slug":"singapore-money-changers","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/singapore-money-changers\/","title":{"rendered":"Singapore Money Changers"},"content":{"rendered":"
I love cash! When in Singapore its handy to have cash at all times. I\u2019ve found that most places in Singapore do accept credit cards. However If you don\u2019t have a pay wave or chip installed in your credit card you might not be able to make purchases at some locations.<\/p>\n
If you are not sure what I\u2019m talking about its the little chip on your card; see photo.<\/p>\n
This leaves us with good old cash.<\/p>\n
One of the down sides of exchanging currency is that there can be fees commissions and spread all tied into your transaction which effectively reduces your exchange rate.<\/p>\n
I\u2019m not an expert or even close on this. I do know that I want to get the maximum amount of the new currency as possible.<\/p>\n
Money changes are plentiful and everywhere in Singapore. Every mall I\u2019ve been to has had at least one money changer.<\/p>\n
For a few months now I\u2019ve heard about Change Alley which is a shopping area with an abundance of money changers who have very competitive rates. I decided to go check it out.<\/p>\n
Confusingly Change Alley isn\u2019t where all the money changers are. You need to head right next door to The Arcade to find the money changers.<\/p>\n
The best rates for exchange I\u2019ve found so far is at The Arcade near Change Alley.<\/p>\n
Once you find yourself in The Arcade there are a lot of money changers mixed with the other shops. I was there around 11am and there where queues at all the money changers.<\/p>\n
Fortunately they display their rates on monitors that are easily visible from the walk way so you can compare rates without waiting in line and asking.<\/p>\n
I found that the rates were all within a smidgen when I was there. 1.2935 to 1.2925 quite competitive. the published rate when I was there according to google.com was 1.30<\/p>\n
I was in a hurry and was exchanging only a few hundred USD so I didn\u2019t look around for the absolute best rate.<\/p>\n
<\/p>\n
1. Ask for a better rate. I usually exchange $500USD or more and they will usually offer a slightly better rate.
\n2. You get better rates for larger bills than smaller bills. Some of the smaller money changers in the mall\u2019s don\u2019t want bills smaller than USD$20\u2019s.
\n3. If you have never been to a money changer before find the currency you want to exchange, in this example we will use USD. Find the BUY line that is how much you will get for $1USD in the local currency. Easy way to remember this. They will buy your $1USD for $1.298SGD.<\/p>\n
<\/p>\n
11 Collyer Quay, Singapore 049317<\/p>\n
If you come from Raffles Place you will need to walk through the tight corridors to the Collyer Quay side then head up the small escalator.<\/p>\n
Coming from the MRT get off at Raffles Place. Head above ground and you will be in Change Alley. I would recommend walking straight past all the shops until you get to Collyer Quay make a right and they arcade and the escalator up is right there.<\/p>\n
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