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Currency in Singapore
The official currency unit in Singapore is the Singapore Dollar, abbreviated as SGD or symbolized as $ or S$ to distinguish it from other dollars worldwide, such as the US dollar, Canadian dollar, etc.
Distinctive features of the Singapore Dollar include its ability for free conversion based on the supervision of the Monetary Authority at trade-weighted rates. Currently, 1 SGD ~ 17,632.25 VND (updated as of April 2023).
As of the present moment, Singapore has undergone three changes in the design of its currency, yet their consumer value remains unchanged.
Singapore currency and how to convert to Vietnamese money
Singaporean paper currency
Paper currency is a widely used form of money across the globe due to its convenience. In Singapore, paper currency is the most commonly used and widely accepted.
Singaporean paper currency comes in various denominations: S$1, S$2, S$5, S$10, S$20, S$25, S$50, S$100, S$500, S$1,000, and S$10,000, printed on a polymer and cotton blend material.
Singaporean paper currency comes in various denominations
Singaporean coins
In addition to paper currency, Singapore also utilizes coins. Singaporean coins are mainly used for public transportation payments such as buses, and more.
Coins come in various denominations: 1 cent, 5 cents, 10 cents, 20 cents, and 50 cents. It's worth noting that S$1 is equivalent to 100 cents.
Singaporean coins
Paying with cards while traveling in Singapore
Card payments are a prevalent method in Singapore. Various types of bank cards, credit cards, and more contribute to making payments easy and convenient.
However, similar to Vietnam, not all stores in Singapore accept card payments. Therefore, carrying cash is essential when traveling to Singapore.
Paying with credit cards is the most convenient method in Singapore
Trusted currency exchange addresses in Singapore with favorable rates
Currency exchange for Singaporean dollars in Vietnam
Based on Mytour's experience in exchanging Singaporean dollars, there are numerous gold and silver shops engaged in foreign currency trading. You can check the exchange rates at gold shops in Hanoi such as:
Quoc Trinh Ha Trung Shop
Known as the largest foreign currency exchange shop in Hanoi, this place is where everyone visits for the best exchange rates.
Address: 27 Ha Trung, Hang Bong, Hoan Kiem, Hanoi.
Thinh Quang Gold and Silver Shop
Address: 33, 43 Ha Trung, 27 Tran Nhan Tong, Hanoi.
This is a swift currency exchange address for Singaporean dollars without much hassle. The exchange rates here are reasonable, and at times, the Singapore dollar even drops lower than in other places.
Vietnamese Banks
Opting to exchange currency at banks is the safest choice for you. This is not an underground operation. However, exchange rates at banks are usually not high due to taxes.
Additionally, you need to prepare a plethora of identification documents proving your travel to Singapore, such as a passport, visa, ID card, etc. It's time-consuming to handle paperwork and currency exchange procedures.
In Ho Chi Minh City, you can consider the following currency exchange points:
Kim Mai Gold Shop
This is one of the most preferred foreign currency exchange spots by both domestic and international tourists in Ho Chi Minh City. The exchange rates here are quite favorable. Currency transactions at this location typically happen swiftly, saving you a lot of time.
Address: 84C, Cong Quynh, Ward Pham Ngu Lao, District 1, Ho Chi Minh City.
Ha Tam Gold Shop
If you're still unsure where to exchange Singaporean dollars, Ha Tam Gold Shop is a highly recommended option that you shouldn't overlook. However, it's advised to call in advance to discuss exchange rates and consider the rate that suits you best.
Address: 2 Nguyen An Ninh, Ben Thanh, District 1, Ho Chi Minh City.
Exchanging currency in Singapore
You can exchange currency in Singapore in necessary or emergency situations. However, be prepared for a relatively lower exchange rate and a time-consuming process, including the need for a visa and passport for the exchange procedure. Therefore, it's advisable to prepare Singaporean dollars before traveling.
Currency exchange locations in Singapore
People’s Park Complex
Many tourists visit here as the exchange rates are often significantly higher than in other places.
Address: 1 Park Road, Singapore.
Directions: Near the MRT subway station: Chinatown MRT (NE4).
Lucky Plaza
Fast and convenient when exchanging currency here. Remember to prepare your passport and visa for simple procedures when exchanging money in Singapore.
Address: 304 Orchard Road, Singapore.
Directions: Near the MRT subway station: Orchard MRT (NS 22).
Some tips when exchanging Singaporean dollars
- Exchanging currency in Chinatown or Little India areas often yields higher rates than other places.
- Although there's currency exchange service at the airport, rates there are typically very low. Consider carefully.
- It's advisable to exchange a sufficient amount of cash when traveling to Singapore and use visa or mastercard for payments. This helps minimize the risk of theft.
- If you're on a Singapore tour, it's quite easy as you can exchange money from your guide. However, pay attention to the denominations to ensure a reasonable exchange rate.
>>> Read more: [9X REVIEW] Comprehensive Singapore Travel Experience from A to Z in 2023
Those are the details on the most convenient currency exchange methods for your Singapore travel. Hope you find the most suitable place for your currency exchange.
If you're planning for a wonderful trip to Singapore, book your budget-friendly Singapore tour at Mytour now!
Nguyen Nga
Image Source: Internet
