Top 12 money changers with the best exchange rates in Singapore for businesses

Businesses that pay overseas suppliers need to constantly compare rates. A good forex rate can lower the cost of goods or services from international partners. On the other hand, unfavourable rates increase the cost of importing products or paying remote teams, which can reduce your profits.

Singapore SMEs have many ways to obtain the best exchange rate. The country is the third largest foreign exchange centre in the world¹ and home to 230 licensed money changers.² Many licensed money changers also operate as remittance services that allow businesses to make cross-border payments to overseas partners. 

However, there is a more convenient and cost-effective way to exchange currencies. Fintech payment specialists like Airwallex allow SMEs to exchange currencies online using interbank exchange rates, which is the base exchange rate banks use when they exchange currencies among each other. 

In this article, we’ll cover different money changers in Singapore, where to find them, and why Airwallex can give you the best exchange rate.

Where to find the best money changers in Singapore?

Money changers are located all over Singapore, from Pasir Ris in the east to Jurong Point in the west. However, you’ll find most of them in commercial districts frequented by white-collar workers, tourists, or foreign workers. These hubs have several money changers right next to each other, which makes it easy to compare the best rates.

You can also check rates at different local banks in Singapore and fintech specialists that support the exchange of currencies online.

12 best money changers in Singapore 

Exchange rates fluctuate every minute due to economic factors and global events. For that reason, there’s no such thing as “best money changer”, as the rates depend on what currencies you need to exchange and how the market responds to the current economic or political climate. However, you can use websites like Cashchanger to quickly check the most favourable rates, though it’s still best to contact the business directly and confirm their prices.

Meanwhile, here’s where you can find the best money changers in Singapore in terms of accessibility and popularity.

Our recommendations highlight money changers in convenient locations across Singapore, with a focus on the central area. These spots are easily accessible and popular, making it easier for businesses to compare rates and make informed decisions.

1. The Arcade at Raffles Place

If you need to exchange currencies in Singapore’s financial district, there’s no better place than The Arcade. The second floor of this small commercial centre has a high concentration of money changers, which makes comparing rates easy. They also offer services like bank transfers and cheque issuance, as well as online remittances through the Raffles Money Changer website.³

2. People’s Park Complex at Chinatown

Chinatown is Singapore’s most popular tourist destination, with 43% of international tourists walking its streets in 2019.⁴ At People’s Park Complex, you’ll find a wide variety of shops, food, and money changers with competitive rates. The money changers are located at the first level and you can shop around for the best HKD and RMB exchange rates. You can also get USD, EUR and Southeast Asian currencies.

3. Mustafa Centre at Little India

If you need to exchange currencies past 10 pm, Mustafa Centre is the place to go. They’ve built a reputation for being the only 24-hour money changer in Singapore, though they’ve since reduced their operating hours from 10 am to 11 pm. Mustafa is worth a visit if you want to exchange less-traded South Asian or Middle Eastern currencies like the Pakistani rupee, Bangladesh Taka, or Jordanian Dinar. 

4. Lucky Plaza at Orchard Road

Located in the middle of Orchard Road, Lucky Plaza is a popular place for tourists and foreign domestic workers who need to exchange currencies. You’ll find highly competitive rates for the Philippine peso, Southeast Asian currencies, and major currencies. Lucky Plaza’s money changers are located at Level 1 and the basement.

5. Victoria Street at Bugis Junction

Bugis Junction is a well-connected shopping area, and you can find a handful of money changers along Victoria Street. Many buses to Malaysia depart from Bugis, which makes it a good place to exchange SGD to MYR.

Fintech providers for money transfer in Singapore

Online money changers and fintech firms offer businesses a convenient and efficient way to convert currencies. Apart from the obvious benefit of international money transfer services without leaving the office, many fintech firms also offer transfer services that let you send funds to your recipient.  Here are some online foreign exchange service providers to consider:

Airwallex

Founded in 2015, Airwallex is an all-in-one financial platform for global businesses, offering a complete solution for cross-border payments, spend management, and currency exchange. With Airwallex, you can exchange 60+ currencies using the interbank exchange rate - the rate at which banks buy and sell currencies in the global financial market. The interbank rate is the friendliest exchange rate you can get, and we only charge a small fee for trading currencies. 

Airwallex also lets you send payments to 150+ countries and has a partnership with local payment rails in 110+ countries. You pay zero or close to zero foreign transaction fees when you make non-wire or non-SWIFT payments to these countries. Batch transfer and bill payment services also make it easier to pay bills, employees, and suppliers in one go.  Airwallex also has a Transactional FX feature that lets you minimise foreign exchange risk by locking in your preferred rates and settlement dates.

Wise

Formerly known as Transferwise, Wise offers multi-currency accounts and foreign exchange to consumers and businesses. Businesses can convert 70+ currencies using the mid-market rate, which is similar to the Airwallex rates. Wise money transfer also facilitates bank transfers to over 80 countries.⁵

Instarem

Instarem is an online remittance service for individuals and businesses. They offer currency exchange services at friendly exchange rates, which you can check using their online conversion tool. Businesses also enjoy a special fee discount for their first overseas transfer.⁶

Thin Margin

Thin Margin is an online money changer with a unique proposition: exchange currencies at interbank rates online, and get cash delivered straight to your doorstep. It’s a convenient way to get competitive rates offered at the CBD without the hassle of making the trip. 

You can check the live rate on their website. When you make the exchange, the rates will be locked for 20 minutes so you can make the payment. The locked conversion rates are final regardless of when the cash will be delivered, so you’ll always get the converted amount even if the rate dips or rises after payment.⁷

Convera 

Formerly known as Western Union Business Solutions (WUBS), Convera lets businesses exchange currencies and remit funds to overseas partners. They also have a convenient WhatsApp service that lets businesses instantly book rates.⁸

How can your business choose a money changer with favourable exchange rates?

To find the best exchange rate, check the current interbank exchange rate for the currency pair you want to trade. Use this as the benchmark to compare against money changers’ rates. Alternatively, please choose a payment specialist who offers the interbank rate (or close to it) to minimise unnecessary fees.

You can use our currency converter to see interbank exchange rates in real time. Please note, that our rates are also customisable for businesses to suit their specific needs.

Here are other tips for securing the best possible exchange rates for your business:

• Negotiate with providers. If you have a good relationship with your bank or service provider, negotiate preferential rates for the currencies you trade the most. Build a case by presenting evidence like your business’s transaction history or exchange rates from competitors.

• Use forex risk management tools. Traditional money changers only allow you to trade currencies at the present exchange rate. However, banks and fintech providers like Airwallex have forward contracts and other FX risk management tools to help you lock in your preferred rates and minimise your business’s exposure to foreign currency fluctuations.

• Check the fee schedule. Exchange rates only form part of the picture. To understand the full cost of your transaction, you need to see your bank’s international transfer fees and other hidden charges like admin or agent fees.

Airwallex: a better alternative to money changers for businesses 

Using interbank exchange rates can lead to significant cost savings, particularly for businesses with high transaction volumes. Instead of making a trip to a money changer in the CBD, you can save time and money exchanging currencies with Airwallex’s Business Account. 

Our full-featured account lets you exchange currencies close to the interbank rate, accept payments from 180+ countries, and hold 20+ currencies. When you make overseas transfers with Airwallex, you’ll always see the exchange rate, markup, and fees before completing the transaction.  

Businesses can also enjoy the following financial features with the Airwallex Business Account:

• Multi-currency Global Accounts. No need to create a bank account in the markets where you operate. Airwallex’s Global Accounts lets you easily receive payments in USD, GBP, and 20+ other currencies without incurring any transaction fees. It comes with a dedicated account number along with a local branch and bank code, so you can receive, hold, and spend foreign currency without unnecessary conversion. Find out how Hey Chips set up overseas business accounts with Airwallex quickly, thus avoiding time-consuming bank visits and accelerating their overseas expansion.

• Fast, low-cost international payments. Money sent from your Global Accounts are processed through local payment rails, which lets you bypass the SWIFT network and avoid hefty fees and long processing times.

• eCommerce payment gateway. Airwallex’s payment gateway lets you accept payments in 180+ currencies using 160+ local payment methods. Unlike other payment gateways, we offer like-for-like settlement in USD, GBP, and 9 other leading currencies, which means you can avoid unnecessary conversion to SGD when you accept payments in these currencies. We also offer competitive gateway fees for various payment methods.

• Borderless Cards. Instantly issue unlimited virtual cards and physical cards for free. Pay for business travel, social ads, and other expenses wherever VISA is accepted using the currencies in your Airwallex account. You also get unlimited 1% cashback on all domestic and international spend in all categories.

• Streamlined expense management. Automate manual bill payment and accounting tasks with Airwallex’s bill pay and expense management. Integrate Airwallex with Xero and other leading accounting software for instant reconciliation.

Final thoughts

Money changers in Singapore can be a good place to buy and sell currencies, especially if your business needs to convert SGD in a pinch. There are licensed money changers across the island, though most are found in high-traffic areas around central Singapore. It’s easy to compare exchange rates through websites like Cashchanger or visiting forex hubs like The Arcade.

However, if you exchange large volumes of SGD for frequent international transactions, consider using a payments specialist like Airwallex instead. We offer interbank rates for all currency pairs and low markups. You can also avoid unnecessary conversion with our multi-currency Global Accounts, which lets you hold, accept, and send 23+ currencies.  Our dashboard also gives you full visibility on how much you’re spending on exchanging currencies for accounting purposes. 

Singaporean businesses like EU Holidays already use Airwallex to enjoy market-leading exchange rates. See for yourself and open a free Airwallex account today.

Frequently asked questions

1. Do money changers in Singapore offer better rates than banks?

In Singapore, money changers might provide better exchange rates for individuals compared to banks. However, businesses may receive more favourable rates from banks, depending on their relationship and transaction volume. It's always a good idea to compare rates from both sources before making a decision.

2. How do I avoid getting bad rates at money changers?

Business owners can avoid bad rates at money changers by comparing their rates with the interbank rate, which providers like Airwallex offer. Using Airwallex’s risk management tools can also help you lock in better rates. You can also negotiate rates based on your transaction volume or frequency.

3. Can I reserve an exchange rate online with Singapore money changers?

Some money changers like Arcade Money Changers let you book rates in advance via their website. You can also book rates at leading banks if you have a business bank account with them. Fintech firms like Airwallex also let you exchange currencies at your desired rate.

4. What identification do I need to exchange money in Singapore?

If you’re exchanging amounts larger than SGD 5,000 (or its equivalent in foreign currency), you need to show your NRIC or passport. Proof of address may also be required.⁹

5. How much money can I exchange at once in Singapore?

There is no legal limit to the amount of currencies you can exchange in Singapore. You would only be limited by the stock available at the money changer. If you are entering or leaving Singapore with more than SGD 20,000 in cash (or its equivalent in foreign currency), you must declare this amount. To do so, complete and submit a CBNI declaration (Form NP 727) to the Singapore Police Force.¹⁰

6. Is it safe to exchange money at money changers in Singapore?

Yes, it’s safe to exchange money with licensed money changers in Singapore and fintech firms like Airwallex. We are licensed in Singapore as a Major Payment Institution and regulated by the Monetary Authority of Singapore (License No. PS20200541). Airwallex Singapore implements stringent safeguarding measures for our customers’ funds according to MAS and global regulation.

Sources and references

1. https://www.mas.gov.sg/development/foreign-exchange

2. https://eservices.mas.gov.sg/fid/institution?sector=Payments&category=Money-changing%20Licensee

3. https://www.raffles1.net/index.php

4. https://www.statista.com/statistics/1100762/singapore-distribution-international-visits-to-free-tourist-attractions/

5. https://wise.com/sg/business/

6. https://www.instarem.com/en-sg/currency-conversion/

7. https://www.thinmargin.com/

8. https://convera.com/en-sg/

9. https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing/Money-Changing-and-Remittance-Businesses/Notices/MAS-Notice-3001-January-2019.pdf

10. https://www.ica.gov.sg/enter-transit-depart/at-our-checkpoints/for-travellers/CBNI

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.