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Best Money Changers To Exchange Currency In Singapore 2022

General ,   Borrowing ,   Information ,   Personal Finance ,   Personal Loan Money Lenders ,   Singapore Personal Finance ,   Skill ,   Travel

by CashOctopus • June 30, 2022


Travelling or simply just investing in different currencies?

Whether you are looking for a better rate, setting up an international business, or going on a quick getaway, you deserve the best rate when you exchange your money. Even small variations in the exchange rates make a difference in your pocket, especially if you are changing a lump sum of money. Thus, it’s important to find the best money changer for that extra buck.

There are many money changers in Singapore, so it can be difficult to know which one to choose.

In this post, we look at how to pick the best money changer in Singapore. We save you the hustle of traveling around looking for the best money changer.

What Does A Money Changer Do?

A money changer is an organization or a person that changes the currency of one country for another.

The money changer exchanges the currency of one country with another at a rate determined by the foreign exchange markets. Currency conversion rates fluctuate, and the money changers operate using electronic devices to monitor the rates.


How To Find The Best Money Changers In Singapore?

Before we look at the best money changers, let’s explore how to find them. You’ll find out how to get the best exchange rates from the money changes in Singapore.

1. Plan ahead.

If you are going on a trip, avoid exchanging your money at the airport.

Money changers at the airport do not have the best rates. It should only be your last resort.

Instead, do so in advance as that gives you ample time to compare the rates and get the best.

2. Visit the money changer zone.


In areas where there is a high concentration of money, you are likely to get a competitive rate. Plus, a large concentration of money changers in one place makes it easy to compare the rates. You get more choices!

Instead of changing your money in the nearest exchange place, look out for areas with a high concentration of money changers. You will get a good deal and have extra cash in your pocket.

3. Check the exchange rates before you buy the currency.

Try googling before going to the money changer exchange. Look out for apps and websites that provide real-time exchange rates. Such apps or websites will help you compare the different rates, and you will know when you spot a good deal. You simply input the currency and the amount you want to change.

The website or app auto-calculates the amount, and you have the expected amount before the actual exchange. Some of the apps or currency websites allow you to lock in a rate for the exchange.

4. Exchange your money during the weekday.

The foreign markets don’t trade on weekends, making it ideal to trade cash on weekdays. Buying cash on weekends means the rate in use is for the last foreign market working day. In this case, Friday.

You may end up losing if the rate on Friday was high. Besides, foreign exchange marketers hedge against currency fluctuation by adding a markup on the Friday rate. If you intend to use the cash during the weekends, visit the money changer on weekdays for the best rate.


The Best Money Changers In Singapore

Who is the most trusted money converter in Singapore? Where can we find the best money changer?

The best money changer will leave you with more bucks in your pocket. In this section, we look at the money changers with the best rates.

1. The Arcade Money Changer

The arcade money changers are located at Raffles Place and offer the widest range of currencies. With more than 20 money changers located in one place, you are sure to get a good exchange rate.

You can compare the rates on offer and select the one that gives you the best deal. The best dealers at the arcade are as follows:

– Sheen International

– Peoples corner money changer international

– Arcade Plaza Traders

– Arcade money changers

The arcade money changers deal in a lot of currencies, but they have the best rates for the following currencies:

– JPY (Japanese yen)

– Ringgit Malaysian (MYR)

– Thai Bhat (TBH)

– HKD (Hong Kong Dollar)

– USD (United States Dollar)

2. Mustafa Foreign Exchange

Mustafa foreign exchange located in the Mustafa arcade opens longer hours than any other money changer. Unlike the arcade money changers, Mustafa operates up to 11.30 p.m., making it convenient for any last-minute exchange.

What makes Mustafa foreign exchange stand out?

They have a competitive rate for Asian currencies. At Mustafa, you will get competitive exchange deals on the following currencies.

– CNY (Chinese yuan)

– HKD (Hong Kong Dollar)

– IDR (Indonesian Rupiah)

– Ringgit Malaysian (MYR)

– PHP (Philippine peso)

– Rupee of India (IND)

3. Chinatown Money Changers

If you are looking for the best deals on Renminbi or Hong Kong dollars, then head over to the People’s Park complex. There are over 20 money changers in the complex, and that increases the chances of getting a competitive rate.

The best currency dealers in the people’s part complex are:

– Crante money changer

– Emerald money changer

– AK Money changer & department store

– Today’s money changers

To get the best rate from the Chinatown money changers, practice the art of bargaining.

4. Lucky Plaza Money Changers

Lucky Plaza is not only your helper’s favourite place to hang out, it is also the best place to get Philippines pesos!

With over 20 money changers, you are in for a good rate, especially if you are looking for Southeast Asia currencies.

Although the current rates are not transmitted electronically, the money changers at Lucky Plaza are quite friendly. So go ahead and get the best rate. Lucky Plaza money changers are known for the following currency exchanges:

– Ringgit Malaysian (MYR)

– PHP (Philippine peso)

– Thai Bhat (TBH)

Our favorite picks at the B1 level of Lucky Plaza are:

– Europe Fancy Store

– True Blue Money

– Rabi Trading

– Rahiman Trading

5. Bugis Street Money Changers

Bugis Street has 3 money changers who are conveniently located near the Queen Street bus terminal.

Get the best rates for the following currencies at Bugis Street Money Changer.

– Ringgit Malaysian (MYR)

– The British pound (GBP)

– Australian Dollar(AUD)

6. Jurong Point Money Changer

For our friends who are living in the west, not to worry! You don’t always have to travel to town to get the best money exchange rate.

The Dollar Exchange PTE, located at Jurong Point Money Changer, is perfect for those who live in the west and want to avoid the bustle of the city. The Dollar exchange, which is located at level 1 of Jurong Point, offers the best rates for Malaysian ringgit (MYR).

7. Parkway Parade Money Changers

Parkway Parade is famous for having a huge number of money changers, making it convenient and easy to compare rates. The main money changers to look out for in Parkway Parade are:

– Sino Money Changer

– Everpeace Money Changer

– Yakadir enterprises

Get the best rates for the following currencies:

– JPY (Japanese Yen)

– Ringgit Malaysian (MYR)

– Thai Bhat (TBH)

– HKD (Hong Kong Dollar)

– USD (United States Dollar)

8. Online Money Changers

Online money changers make it easy to transact from anywhere. In case you are short of time, online money changers take out the hustle. Here are our best money changers.

Thin Margin

At thin margin, you just need to choose the currency, delivery time, and point. It’s best to research the best rate before you hit the accept button.

Cash Changers

Cash changers are our favorite as they give you the comparison option. Just like CashOctopus Singapore’s loan comparison tool, users get to compare the best personal loan rates for free!

Pick the currency you want, and cash changers will list rates from several money changers. With more than 40% of the money changers in Singapore being part of cash changers, you have a high chance of earning an extra buck from the exchange. Plus, they deal with over 18 currencies.

This makes it convenient for users to buy the currencies that are lower, and save them for later use.

Finding A Trusted Money Changer In Singapore

We hope this guide will help you find the best money changer in Singapore to exchange your currency!

Do remember to take note of the tips mentioned above to avoid getting ripped off.

Always check the latest rates before making a transaction. With a little research and planning, you should be able to get a good deal on your foreign currency exchange.

Remember, every cent counts!

Just like how you need to complete thorough research before approaching a money changer in Singapore, you also need ample research before applying for your loan in Singapore.

Get the latest information and the best personal loan rates in Singapore here. CashOctopus Singapore guarantees the best rates and deals across 100+ financial institutions in Singapore.