The column you look at depends entirely on the direction you are going. If you are buying foreign currency with Singapore dollars before a trip, look at the 'We Sell' column and pick the changer with the lowest number, because that is how many SGD you hand over per unit of foreign currency. If you are bringing leftover foreign notes back and want SGD, look at the 'We Buy' column and pick the highest number. The labels describe the money changer's action, not yours, which is exactly why people read the wrong column and overpay. This guide shows how to read the board, work out the rate per dollar, compare changers, check a changer is licensed by MAS, and decide when cash beats a multi-currency card.
Every rate board shows two columns for each currency. They are labelled from the money changer's point of view, not yours. 'We Buy' (sometimes just 'Buy' or 'Bid') is the rate at which the changer buys foreign currency from you. 'We Sell' (sometimes 'Sell', 'Ask' or 'Unit') is the rate at which the changer sells foreign currency to you.
So the rule flips depending on what you want. Heading to Bangkok and need Thai baht? You are buying foreign currency, the changer is selling it to you, so you read 'We Sell'. Back from Tokyo with a wad of yen you want turned into SGD? You are selling foreign currency, the changer is buying it, so you read 'We Buy'.
Once you know which column applies, the comparison is simple. When you are buying foreign currency, a lower 'We Sell' number is better because you give up fewer Singapore dollars per unit. When you are selling foreign currency back, a higher 'We Buy' number is better because you receive more Singapore dollars per unit. Most people lose money not on the changer's margin but on reading the wrong column or comparing the wrong one across shops.
Two quoting conventions trip people up. Some currencies are quoted as foreign units per 1 SGD, and some are quoted as SGD per 1 foreign unit. Boards usually show whichever number is more readable.
Strong currencies are normally quoted as SGD per 1 unit. A US dollar might show 'We Sell 1.3540', meaning you pay S$1.3540 to get US$1. To find how much foreign currency S$1,000 buys, divide: 1000 / 1.3540 = about US$738.55.
Weak or large-denomination currencies are normally quoted as units per S$1. Japanese yen might show 'We Sell 112.5', meaning S$1 buys 112.5 yen, so S$1,000 gets you 112,500 yen. Some boards quote yen per S$100 instead (for example 11,250), so check the unit printed at the top of the column before you multiply.
When you compare, hold the direction and the unit constant. If one changer quotes USD as SGD-per-unit and another quotes it the same way, lower 'We Sell' wins when you are buying. If the quoting unit differs, convert both to the same basis first. A rate comparison site such as CashChanger lists live 'We Buy' and 'We Sell' rates across Singapore changers so you can sort before you travel down.
| Quote style | Example 'We Sell' | What it means | S$1,000 buys |
|---|---|---|---|
| SGD per 1 unit (USD) | 1.3540 | You pay S$1.3540 per US$1 | 1000 / 1.3540 = ~US$738.55 |
| Units per S$1 (JPY) | 112.5 | S$1 buys 112.5 yen | 1000 x 112.5 = 112,500 yen |
| Units per S$100 (JPY) | 11,250 | S$100 buys 11,250 yen | 1000 x 112.5 = 112,500 yen |
The single most common error is treating the number on the board as the amount you receive. A yen board showing 'We Sell 80.39' does not mean S$1,000 turns into 80.39 yen, and it does not mean it turns into 80,390 yen either until you check the unit. If yen is quoted per S$1, then S$1,000 gets you 1,000 times the rate. If the same currency is shown per S$100 or per S$1,000, the multiplier changes, so a quick glance at the heading above the column saves you from being off by a factor of 100.
Run the maths the way the quote is written. When a currency is priced as SGD per 1 unit (USD, EUR, GBP and other strong currencies), divide your Singapore dollars by the 'We Sell' number to get the foreign total. When it is priced as units per Singapore dollar (yen, baht, rupiah, peso and most weak or large-denomination currencies), multiply. Doing it the wrong way round gives a figure that is obviously off, which is the cue to flip the operation.
Two extra costs hide outside the rate. Some counters round the final payout down to the nearest note they can hand over, so a calculated 12,547 baht may come back as 12,540 in usable notes. A few set a minimum transaction, often around S$100, below which the rate is worse or the deal is refused. Neither is a scam; both are reasons to confirm the exact SGD-out or foreign-out figure with the teller before you pay, rather than trusting your own mental sum. The personal budget calculator is a quick way to pin down how much foreign cash you actually need before you walk in.
There is no separate commission at most Singapore money changers. The shop makes its money on the spread, the gap between what it pays to buy a currency and what it charges to sell the same currency. A changer might buy USD at 1.3480 and sell it at 1.3540; that 0.0060 gap is the margin.
Tight spreads are a sign of a competitive location. The interbank mid-rate sits between the two columns, and the closer both numbers hug that mid-rate, the less you lose. This is why clustered locations beat standalone shops: when 20 changers sit in one building, they undercut each other and the spread narrows.
Online comparison rates and the mid-market rate you see on Google or XE are not what any changer will give you in cash. Those are reference rates. The cash rate always carries a spread because the shop holds physical notes, bears the cost of stocking less-common currencies, and takes the risk of rates moving while the notes sit in the drawer.
Spreads widen on weekends. Forex markets close from Friday evening to Monday morning, so changers cannot rebalance their positions and quote more cautiously, usually off Friday's closing levels. If the rate is not urgent, change money on a weekday.
Singapore has more than 230 licensed money changers (the MAS Financial Institutions Directory listed 231 as of mid-2026), and the city is one of the world's largest foreign-exchange hubs, so competition is real and the rate you accept is a choice, not a given. The cheapest spreads come from places where many changers compete in one spot. Three locations are consistently strong: The Arcade at Raffles Place (11 Collyer Quay), People's Park Complex in Chinatown (1 Park Road), and Mustafa Centre in Little India (145 Syed Alwi Road). In each, dozens of licensed counters sit side by side, so you can walk three shops in five minutes and pick the best column.
Mustafa Centre is the one in-town spot that operates around the clock, which makes it the default for late-night or last-minute changes and for Indian rupee, where it usually leads. The Arcade is the go-to for USD, EUR, GBP and most major and regional currencies during office hours. People's Park is strong on regional Asian currencies and Chinese renminbi. Lucky Plaza on Orchard Road (304 Orchard Road) is known for Philippine peso. For an unusual currency that the big clusters do not stock, a specialist counter such as the ones in Far East Plaza on Scotts Road is more likely to carry rarer notes or order them in for collection a day or two later.
Avoid airport and hotel counters unless you are truly stuck. Convenience there is paid for with a spread that can run several percent worse than a Raffles Place or Chinatown changer. The same applies to changing SGD into foreign currency at your destination's airport. If you need a little cash on arrival, change a small float here at a good rate and top up later, rather than dumping a large sum at a bad one.
For larger sums, the rate is negotiable. Many changers run a tiered board where the rate improves above a threshold, and several will better the displayed number if you are exchanging a few thousand dollars. It is worth asking, 'best rate for S$5,000?' before committing. Some shops also let you lock a rate online or reserve via WhatsApp so the notes are ready when you arrive. If your destination is Malaysia, our guide to the best ringgit money changers covers which counters lead on MYR.
| Location | Address | Best known for | Hours note |
|---|---|---|---|
| The Arcade, Raffles Place | 11 Collyer Quay | USD, EUR, GBP, JPY, regional Asian | Office hours; limited Fri afternoon, closed Sun at many counters |
| Mustafa Centre, Little India | 145 Syed Alwi Road | INR, and a wide currency range | Around the clock; verify the late-night counter's hours |
| People's Park Complex, Chinatown | 1 Park Road | Regional Asian currencies, RMB | Daytime, daily |
| Lucky Plaza, Orchard | 304 Orchard Road | Philippine peso (PHP) | Several counters open daily, some 24h |
| Far East Plaza, Scotts Road | 14 Scotts Road | Rare and special-order currencies | Daytime; reduced Fri and Sun |
The rate is not the only thing that affects how usable your cash is. Note condition matters more than people expect for some destinations. US dollars are the classic case: many overseas banks and exchange booths reject older small-head USD bills or notes with folds, tears or pen marks, and some pay a worse rate on the older series. Ask for the newer large-portrait notes when you change USD, and check baht, dong and rupiah for the cleaner notes too, since torn local notes are sometimes refused by machines and small vendors abroad.
Denomination mix is worth a word as well. A stack of one large note is awkward for tipping, transport and small purchases on arrival, so ask the teller to split part of the amount into smaller bills. Many changers will accommodate this at no cost if you ask while they are counting, and far less easily once the deal is done. If you are changing a currency where a single note can be very high value, a sensible split is a couple of mid-size notes plus a handful of small ones for the first day.
Several Singapore changers now let you reserve a rate before you arrive. The common methods are a WhatsApp message to confirm today's rate and set aside the notes (handy for less-common currencies that a counter may not keep in volume), an online or app booking that holds a rate for a short window, and a phone call to check stock for a large or unusual amount. Reserving does two things: it locks the number you saw so it does not drift while you travel down, and it guarantees the notes are physically there, which matters most for currencies the shop does not turn over every day. Many counters also take PayNow at the till, so you are not forced to bring a brick of SGD cash to fund the exchange.
Privacy and security round it off. If you are collecting a large sum, ask for it in a plain envelope or bag rather than walking out with an open fan of notes, count it discreetly at the counter, and split where you carry it. None of this changes the rate, but it changes how much of the cash actually reaches your trip intact.
Every legitimate money changer in Singapore holds a money-changing licence under the Payment Services Act, regulated by the Monetary Authority of Singapore. You can verify any shop on the MAS Financial Institutions Directory, which lists licensed money-changing licensees by name and address. If a counter is not on that list, do not transact there.
Licensing matters because it ties the shop to anti-money-laundering rules and record-keeping standards under MAS notices. The Money Changers Association also advises members to give a proper receipt showing the shop's details and the transaction, and warns that a bare calculator printout is not good enough. Always ask for that receipt and count your notes at the counter before you walk away, because once you leave, a dispute is far harder to settle.
One threshold is worth knowing. Under MAS Notice PSN01, when a money-changing transaction is S$5,000 or more for a walk-in customer, the changer must carry out customer due diligence and record your identification details. Separately, a changer must file a suspicious transaction report to the police if anything about a deal looks like money laundering, and that duty applies at any amount, not just large ones. (The S$20,000 cash-transaction report that some people quote is a rule for dealers in precious stones and metals, not for money changers.) None of this stops you from transacting; it just means you should bring your identity document for larger exchanges and not be surprised when asked.
If something feels off (a rate that looks too good, pressure to hurry, a refusal to give a receipt), walk away. Genuine changers compete on a few hundredths of a cent in the spread, not on rates that beat the mid-market. To sense-check live mid-rates and what a fair spread looks like, glance at a comparison site before you go.
Multi-currency cards (YouTrip, Wise, Revolut and the bank versions) changed the maths for overseas spending. They convert at or near the mid-market rate when you tap or withdraw, which is usually tighter than a cash spread, and you carry no risk of losing a thick stack of notes. For most card-friendly destinations, paying by card and topping up the wallet at app rates beats changing a large cash float. Our comparison of YouTrip, Wise and Revolut breaks down what each one actually costs in 2026.
Cash still wins in specific situations. Many small vendors, hawker-style eateries, scooter and tour operators in places like Bali, Phuket or rural Japan take only cash. Cards also carry their own costs to watch. Overseas ATM withdrawals are free only up to a monthly cap, after which a percentage fee kicks in: YouTrip allows the first S$400 of foreign-currency withdrawals per calendar month free and charges 2% above that, while the Wise card gives the first S$100 a month free and charges 1.75% beyond it. Some wallets also widen the rate slightly on weekends when forex markets are shut. These figures move, so check the provider's current fee page before a big withdrawal.
A practical split for most trips: load a multi-currency card for day-to-day spending and ATM backup, and change a few hundred dollars of cash at a good Singapore changer for arrival transport, tips and cash-only vendors. That way you get the card's tight rate on the bulk of spending and a fair cash rate on the float, without overpaying at a destination airport counter. For a card-heavy trip, a travel-friendly credit card can also cover spending; our best credit cards in Singapore roundup flags the ones with lower foreign-currency fees.
When you do change cash, the column rule still decides everything. Buying the float before you fly means reading 'We Sell' and picking the lowest. Cashing leftover notes when you are back means reading 'We Buy' and picking the highest. If you are deciding how much of your travel budget to hold as cash versus card, a simple personal budget calculator helps you size the float against the rest of the trip.
You do not need to be an FX expert. A short, repeatable routine covers it:
It depends on your direction. If you are buying foreign currency with Singapore dollars, look at the 'We Sell' column and choose the changer with the lowest number. If you are selling foreign currency back for Singapore dollars, look at the 'We Buy' column and choose the highest number. The labels describe what the money changer does, not what you do.
They are written from the money changer's perspective. 'We Buy' is the rate at which the shop buys foreign currency from you (so this is your rate when you cash leftover notes into SGD). 'We Sell' is the rate at which the shop sells foreign currency to you (so this is your rate when you buy currency before a trip).
Google and XE show the interbank mid-rate, which is a reference, not a cash rate. A money changer quotes a spread around that mid-rate to cover the cost of holding physical notes, stocking less-common currencies and the risk of rates moving. A tight spread near the mid-rate is the sign of a good changer; a rate that beats the mid-rate is a red flag.
Clustered locations with many competing counters give the tightest spreads: The Arcade at Raffles Place, People's Park Complex in Chinatown, and Mustafa Centre in Little India. Mustafa is open 24 hours and leads on Indian rupee. Avoid airport and hotel counters, which can be several percent worse, and avoid weekends when spreads widen.
Search the MAS Financial Institutions Directory for money-changing licensees. Every legitimate changer holds a money-changing licence under the Payment Services Act and appears there by name and address. If a shop is not listed, do not transact. The Money Changers Association advises shops to give a proper receipt rather than a calculator printout, so always ask for one and count your notes at the counter.
Not for small amounts. Under MAS Notice PSN01, when a single money-changing transaction is S$5,000 or more, the changer must perform customer due diligence and record your identification details. Bring your NRIC, FIN or passport if you plan to change a few thousand dollars or more. Separately, a changer must report any deal it suspects is linked to money laundering, but that applies regardless of size, so it is not a fixed dollar threshold you need to watch.
For most card-accepting destinations, a multi-currency card (YouTrip, Wise, Revolut) converts at or near the mid-market rate, which usually beats a cash spread, and removes the risk of carrying notes. Cash still wins for cash-only vendors, small towns and arrival transport. A common split is a card for day-to-day spending plus a few hundred dollars of cash changed at a good Singapore counter.
Avoid it if you can. Forex markets close from Friday evening to Monday morning, so changers cannot rebalance their positions and quote more cautiously off Friday's closing levels, which widens the spread. A weekday change usually gets you a better rate for the same currency.
A licensed money changer almost always beats a bank counter on cash exchange. Banks build a wider margin into their cash rates and may add a handling fee, while clustered changers compete on hundredths of a cent. Use a bank only if you need a currency a changer cannot supply or you want the paper trail for a large remittance. For everyday holiday cash, a Raffles Place or Chinatown changer wins on rate.
Often, yes. Many Singapore changers let you confirm today's rate and set aside the notes over WhatsApp, and some offer an online or app booking that holds a rate for a short window. Reserving locks the number so it does not drift while you travel to the shop, and it guarantees the notes are in stock, which matters most for less-common currencies a counter may not keep in volume. Many counters also accept PayNow at the till.
Yes, with a little planning. Specialist counters, such as some in Far East Plaza, stock rarer currencies or will order them in for collection a day or two later, so message ahead to confirm. For US dollars, ask for the newer large-portrait notes, because older or marked bills are often rejected or down-rated abroad. You can also ask the teller to split your cash into smaller denominations for arrival transport and tips while they are counting.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.