Best Money Changers in Singapore – 13 Places to Go for Good Exchange Rates

best money changer singapore 2018

After not having travelled for 2 years,  you might have lost touch on all things travel-related. It might be a distant memory by now, but we’re here to remind you of the money changers in Singapore who offer the best exchange rates. You’re welcome.

Trust me, you do not want to be one of those who still go to money changers based on convenience, just because it’s near the office or on the way home. The worst culprits are those who change money only when they reach the airport (…). Guilty as charged?

If it’s a small amount, that’s fine. But if you’re changing above $1,000, then it becomes pretty important to compare exchange rates if you want to save money.

Imagine that for every $1,000, Money Changer A gives you US$730 while Money Changer B gives you US$700. The difference is US$30. Doesn’t sound like much right? Not true – US$30 could get you a Secret Hollywood tour or a Sunset BBQ dinner at Griffith Park.

So, to help you get more bang for your buck, we’ve scoured the best money changers in Singapore and can recommend those with the best exchange rates.

13 best money changers in Singapore for good exchange rates

Money changer Area Best currencies to change
The Arcade Raffles Place EUR, GBP, JPY, MYR, THB, TWD, USD
Mustafa Foreign Exchange Little India CNY, HKD, IDR, INR, MYR, PHP, RMB
People’s Park Complex Chinatown CNY, HKD, MYR, PHP, THB
Lucky Plaza Orchard MYR, PHP, THB
Bugis Street Bugis AUD, GBP
Jurong Point Jurong East MYR
Parkway Parade Marine Parade HKD, JPY, MYR, THB, USD
Toa Payoh Hub Toa Payoh MYR
Junction 8 Bishan MYR
AMK Hub Ang Mo Kio MYR, VND
Marina Square City Hall
Thin Margin online
Marco Polee peer-to-peer

The Arcade money changers – widest range of currencies

Most office workers in Singapore head straight to The Arcade money changers because it’s so conveniently located at Raffles Place.

But even if you don’t work there, you might still want to head down because there are nearly 20 money changers in the same place, allowing you to compare the rates and they have all the major currencies you would need.  

Quite understandably, while it’s packed most of the time, lunch time is the worst. So, if it’s at all possible, avoid going there from 12pm to 2pm. And if there’s one bad thing about the place, it’s that it closes by 6pm, so you can’t pop by after work.

Best rates for: JPY, MYR, THB, HKD, USD

Our picks:

  • Arcade Money Changers #01-18
  • Arcade Plaza Traders #02-02/03
  • Hassan & Sons Exchange #02-05
  • People’s Corner Money Changer #02-07
  • Sheen International #02-04

Address: 11 Collyer Quay, Singapore 049317

Mustafa Foreign Exchange

Earlier we mentioned that the problem with The Arcade is that the money changers close at 6pm. Well, you won’t run into this issue at Mustafa Foreign Exchange. Although Mustafa is no longer open 24-hours thanks to dear Ms Rona, it’s still open till 11:30pm. You’ll still have plenty of time to head down to the money changer after work and even after dinner.

So if you left your travel errands to the very last minute, there’s no excuse to change money at the airport. Just head to Mustafa later at night for some pretty legit exchange rates, especially for Asian currencies.

Bonus: while you’re there, you can pick up some extra luggage or random snacks, or wander through the gloriously illogical Mustafa aisles and lose yourself in 90s nostalgia.

Best rates for: CNY, HKD, IDR, MYR, PHP, RMB, IND

Address: 145 Syed Alwi Road, Singapore 207704

Chinatown money changers – best for CNY, HKD (and bargaining)

You might think going to Chinatown money changers is a bad idea, but actually, People’s Park Complex is THE place to go if you want to buy Renminbi or Hong Kong dollars.

The ageing shopping mall has nearly 20 money changers (almost on par with The Arcade) which means everyone is fighting to sell their excess yuan to you. In fact, this place has a culture of bargaining. So go ahead and haggle – you’ll need the practice if you’re going to China anyway.

As you might guess, changing money here isn’t for the faint-hearted. The crowds can be quite unruly and don’t seem to understand the concept of queueing. Don’t be intimidated – just get in there like the best of them.

Best rates for: CNY, HKD, MYR, PHP, THB

Our picks:

  • AK Money Changer & Department Store #01-K95C
  • Crante Money Changer #01-28
  • Emerald Money Changer #01-61
  • Today’s Money Exchange #01-16A (People’s Park Centre)

Address: 1 Park Road, Singapore 059108

Lucky Plaza money changers – best for PHP, THB, MYR

Orchard Road is an overpriced hell and seldom makes it to MoneySmart’s best-of lists, but one thing you can actually get for cheap here is foreign currency, especially if you’re buying Philippine pesos.

Like People’s Park Complex and The Arcade, there are close to 20 Lucky Plaza money changers. And since throngs of foreign workers and tourists come here on the weekends, you can expect a healthy supply of currencies from Southeast Asian countries.

They’re all licensed, so don’t worry about being scammed. Just make sure you walk around to compare the rates. It’s easy because they’re almost all at B1 or Level 1.

If we had to nitpick, it would be that the stores don’t have electronically displayed rates. Don’t let that stop you from going up to them and asking for their rates. They’re used to it and are pretty friendly about it.

Best rates for: MYR, PHP, THB

Our picks:

  • Europe Fancy Store #B1-141
  • Fajar Money Changer #01-82
  • Rahiman Trading #B1-10
  • Rabi Trading #01-37
  • True Blue Money #01-14

Address: 304 Orchard Road, Singapore 238863

Bugis Street money changer – most convenient for Malaysia coaches

Catching a cross-border bus to/from Malaysia from Queen Street Bus Terminal? Then you’d best get your money changing sorted well before the trip, because unfortunately, there aren’t a lot of Bugis Street money changers to choose from.

The Bugis area has just 3 money changers. 2 of which are within Bugis Junction, and 1 is in the Bugis Street market. It’s a no brainer to go for the latter (Beauty Trading) as it has the better rates out of them all.

Best rates for: AUD, GBP

Address: Beauty Trading, #DFL-09, 2 New Bugis Street, Singapore 188866

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Jurong Point money changer – best for West siders

On weekends, you’re probably too lazy to go all the way to town, preferring to run your errands and hang out in the heartlands instead. Not to worry, there are still money changers here. You won’t get as many congregating in one place, but there’re enough with good rates.

If you live in the West, there’s a Jurong Point money changer called Dollar Exchange Pte Ltd.

This gem is located on level 1 of Jurong Point and has very reasonable exchange rates, so you needn’t travel all the way to town on our top notch public transport system just to change money.

Best rates for: MYR

Address: #01-18 Jurong Point, 63 Jurong West Central 3 Singapore 648331

Parkway Parade money changers – best for East siders

Those living in the East should be pretty familiar with Parkway Parade money changers, as the longstanding mall is famous for having a number of money changers on the first floor. Their proximity to one another also means it’s easy to compare exchange rates.

Best rates for: HKD, JPY, MYR, THB, USD

Our picks:

Address: 80 Marine Parade Road, Singapore 449269

Central money changers – City Hall, Toa Payoh, Bishan & AMK

For those who live in central estates like Toa Payoh, Bishan and Ang Mo Kio, you don’t actually have to venture far from home to get good exchange rates, especially for ringgit.

Toa Payoh Hub is your best bet as it has 5 money changers, all within a few hundred metres of each other. To say there’s competition is an understatement – let the long queues be your guide.

Ang Mo Kio Hub and Junction 8 in Bishan both have just 1 money changer each. The Junction 8 money changer, in particular, gives great rates – just be prepared to deal with the temper of a disgruntled man manning the counter. The money exchange at Broadway Plaza at Ang Mo Kio also has pretty decent rates.

City Hall is home to several malls but if you’re looking to change money for your travels, Fountain Money Changer at Marina Square offers competitive rates. It is also known for its wide range of currencies.

Best rates for: MYR

Our picks:

  • Mayura, Blk 520 Toa Payoh Lor 6, #01-52, Singapore 310520
  • Golden City Foreign Exchange, Blk 190 Toa Payoh Lor 6, #01-536, Singapore 310190
  • AR Money Exchange, Junction 8 #01-K10, 9 Bishan Place, Singapore 579837
  • Taisei Money Changer, 4190 Ang Mo Kio Ave 6 #01-14, Singapore 569841

Online money changers – Thin Margin, Marco Polee & aggregators

There’s literally no transaction you can’t do online, which is a lifesaver if you’re super strapped for time and just can’t find it in you to stand in line with everyone else. Here are 2 online options to try:

Thin Margin: With Singapore’s first online money changer, you can exchange for foreign currencies minus the queues and the worries about closing times. Just choose your currency, when you need it delivered, and pay online.

Marco Polee: Ever come back from a holiday with extra foreign cash? Well, this peer-to-peer money changing platform lets you exchange currencies you don’t need with regular folk who do. It’s like Carousell for currencies. The rates are locked at market exchange rates and there’s no commission or extra fees.

While you’re at it, you might want to check out the following foreign exchange aggregators which compile the rates of money changers around the island for quick and easy comparisons.

CashChangersPick the currency you want and CashChangers will list out the money changers with the best rates. Their list of money changers covers nearly 40% of the almost 400 money changers in Singapore and they have rates for 18 currencies.

 

Have you got a good and cheap money changer to recommend? Share it with us in the comments!