8 best money changers in Singapore (2026 guide)

Key takeaways:

• To check if you're getting a fair rate, compare it with the interbank (mid-market) rate. The closer the offered rate is to this benchmark, the less you're paying in hidden markups.

• Most money changers make their margin by marking up the exchange rate or adding fees, so the rate you see isn't always the rate you get.

• For businesses, Airwallex gives you access to interbank rates for 90+ currencies without queuing. With Airwallex, you can also send transfers to 120+ countries via local payment rails, with 93% of transfers settling on the same day.

If you're looking for the best money changers in Singapore, The Arcade at Raffles Place, People's Park Complex in Chinatown, and Mustafa Centre in Little India consistently come up as some of the top spots for competitive exchange rates.

Singapore is the third-largest foreign exchange centre in the world¹ and home to over 230 licensed money changers², so you have plenty of options. But rates and fees can vary a lot between them.

In this guide, we'll walk through what to look for when choosing a money changer, profiles of eight top options across Singapore, tips for getting the best rate, and how digital platforms compare for businesses that exchange currencies regularly.

What to look for in a money changer

When choosing a money changer, focus on a few key signals that tell you whether you're getting good value. You don't need to overthink it — the difference usually comes down to a handful of factors.

1. Exchange rate vs mid-market rate

Check how close the offered rate is to the interbank (mid-market) rate. A bigger gap usually means a higher hidden markup.

2. Transparency of pricing

Rates should be clearly displayed and easy to understand. If pricing feels unclear or constantly changing without explanation, it's harder to know what you're really paying.

3. Fees and hidden markups

Some money changers build their margin into the rate, while others add service fees on top. What matters is the total amount you receive after all costs.

4. Currency availability

Popular currencies are usually easy to get, but less common ones may come with worse rates or limited stock.

5. Convenience and reliability

Location, opening hours, and consistency matter. A slightly better rate isn't always worth long queues or uncertainty about availability.

How to find money changers with the best exchange rate

Finding the best exchange rates from money changers usually takes a bit of research. If you compare rates, time your exchange well, and understand the hidden fees, you can make sure you're getting the most value for your money.

Compare the offered rate against the mid-market rate

Start by checking the interbank rate, which is also called the mid-market rate. This is the true value of a currency before anyone adds their markup. Most money changers make their margin by adding a markup to this rate, and those extra costs can add up quickly if you're exchanging larger sums.

Here's a concrete example:

If you're exchanging S$1,000 to USD and the mid-market rate is 1 SGD = 0.7450 USD, you'd get US$745.

But if a money changer marks up the rate to 0.7350, you'd only get US$735. That's a S$13.40 difference on just S$1,000, and the gap gets bigger as the amount goes up.

When you compare the rate a money changer gives you against the interbank rate, you can quickly tell if you're paying more than you should.

For businesses, Airwallex lets you send transfers to 200+ countries with competitive FX rates that save you up to 80% on FX fees. Plus, 94% of our transfers are routed through local rails with $0 transfer fees. Sign up for free.

Tips for finding the best money changers and exchange rates

Here are some tips to keep in mind if you’re looking for the best money changers in Singapore:

• Avoid airport exchanges: Exchange bureaus at Changi Airport often charge higher fees and offer less competitive rates because people use them for convenience and there isn't much choice on the spot. If you need cash on arrival, exchange a small amount at the airport and do the rest in town.

• Check online rate aggregators first: Websites like CashChanger let you compare rates across multiple money changers before you leave home, which saves you time walking from stall to stall.

• Monitor exchange rates: Watch the currency market and track changes before you exchange. Sometimes waiting a day or two can get you a better rate.

• Use multi-currency accounts: With a multi-currency account, you can hold funds in multiple currencies without being forced to convert them to your home currency and pick up charges on incoming or outgoing payments.

• Set up rate alerts: Online platforms and fintech providers let you create custom rate alerts, so you'll be notified when your target exchange rate is reached.

• Exchange during business hours on weekdays: Competition between money changers is highest when more shops are open, and that can work in your favour.

How to avoid bad rates at money changers

Bad rates aren't just annoying. They can eat into your budget whether you're a traveller or a business making regular overseas payments.

The best way to avoid them is to compare rates across several money changers before you commit. Use aggregator sites like CashChanger to check rates online, avoid airport and hotel exchanges, and don't be afraid to walk away if a rate feels off.

If you’re running a business, fintech platforms like Airwallex are another option. With Airwallex, you get access to interbank rates for 90+ currencies with full transparency on what you're paying, with no hidden markups or surprise fees.

Now that you know how to spot a good rate, here are the money changers in Singapore worth checking out.

8 best money changers in Singapore

If you're looking for reliable money changers in Singapore, these are some of the top options to consider. We've also included Airwallex as a digital alternative, with competitive rates and a wider range of services than traditional money changers:

Note: The information in this table has been reviewed to be accurate as of 2 June 2026.

Airwallex

Airwallex gives you instant access to interbank rates for 90+ currencies, from major currencies like USD, EUR, and AUD to Chinese yuan, Indonesian rupiah, and Saudi riyal. Here's what you can do with the platform:

• Hold and manage funds in 20+ currencies: Our Global Accounts let you receive and hold funds without forced conversions.

• Get notified when rates hit your target: Set rate alerts and you'll know straight away when your target exchange rate is reached.

• Send fast, low-cost transfers: Make transfers to global suppliers and employees via local payment rails in 120+ countries with no SWIFT fees.

• Automatically sync transactions for reconciliation: Airwallex integrates directly with leading accounting software like Xero and QuickBooks.

Note that Airwallex is designed specifically for business use, and is not intended for personal accounts.

The Arcade at Raffles Place

The Arcade is right in the heart of Singapore's financial district. On the second floor of this small commercial centre, you'll find lots of money changers at The Arcade, including Arcade Money Changers and Arcade Plaza Traders, which makes it easy for visitors to compare rates. They also offer services like bank transfers and cheque issuance.

A good move is to walk the second floor and compare rates at two or three stalls before exchanging, because rates can vary even within the same building.

People's Park Complex at Chinatown

At People's Park Complex, you'll find all sorts of businesses, from restaurants and retail shops to travel agencies and money changers. Most money changers, like Crante Money Changer, are on the first floor, where you can compare exchange rates for Hong Kong dollars, Chinese renminbi, USD, EUR, and Southeast Asian currencies.

This is an especially popular place for exchanging Chinese renminbi.

Mustafa Centre at Little India

Mustafa Centre operates 24/7 all year round and offers round-the-clock money exchange services, though it's still a good idea to call ahead and confirm their hours.

Mustafa is also known for currency exchange services in less common South Asian or Middle Eastern currencies, such as the Pakistani rupee, Bangladeshi taka, or Jordanian dinar. Be ready for crowds, especially on weekends.

Lucky Plaza at Orchard Road

Lucky Plaza is often popular with tourists and foreign domestic workers because it offers currency exchange services for the Philippine peso, Indonesian rupiah, and other global currencies.

You'll find the money changers on level one and in the basement of the shopping centre. It's especially busy on Sundays and is known for competitive Philippine peso rates.

Victoria Street at Bugis Junction

Bugis Junction is a well-connected shopping area with several money changers along Victoria Street. Many buses to Malaysia leave from Bugis, so it's a handy place to exchange Singapore dollars for Malaysian ringgit.

Paya Lebar MRT

This money changer is located inside Paya Lebar MRT station. It offers global currencies and accepts PayNow, so you don't need to carry cash for exchanges.

Jurong Gateway at Jurong East

This money changer is located at Jurong East Bus Interchange and opens early, which is useful if you're trying to exchange currencies in the morning.

Why businesses choose Airwallex for currency exchange

Money changers can work for small, one-off exchanges for personal use, but they’re not ideal for businesses. That’s where Airwallex comes in.

With Airwallex, you get everything you need to move money, manage spending, and collect payments worldwide:

• Global Accounts: Instantly open local currency accounts in 20+ currencies to accept payments without forced conversion fees.

• FX & Transfers: Convert 90+ currencies at interbank rates and make free local payouts to 120+ countries via local rails, with 93% of transactions landing within the same day.

• Corporate Cards: Instantly issue Visa multi-currency debit cards for your team to spend globally without foreign transaction fees.

• Payments: Accept customer payments in 130+ currencies with 160+ payment methods, including mobile wallets and buy now, pay later (BNPL).

• Expense Management: Track and manage team expenses in real time, making approvals and reconciliations easier with automatic syncing to your accounting software.

• Bill Pay: Automate upload and payment of bills to send payouts to vendors and suppliers in their local currencies.

Frequently asked questions (FAQs)

Do money changers in Singapore offer better rates than banks?

For individuals, money changers often offer better exchange rates than banks. Businesses should weigh up bank charges in Singapore. You may get more favourable rates if you maintain strong banking relationships or handle high transaction volumes. Compare rates from both before you decide.

Should I exchange money at Changi Airport?

No. Airport money changers usually charge higher markups because of captive demand. You'll almost always get a better rate in the city at places like The Arcade or People's Park Complex. If you need cash on arrival, exchange a small amount at the airport and do the rest in town.

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

Some money changers, like Arcade Money Changers, let you book rates in advance through their website. Digital platforms like Airwallex also let you set rate alerts and convert when you're ready, which gives you more control over timing.

How do digital platforms compare to physical money changers for exchange rates?

Digital platforms usually offer rates closer to the interbank rate because they have lower overheads than physical shops. They also let you exchange anytime without queuing. The trade-off is that you won't walk away with physical foreign currency in hand. If you need cash, physical changers are still the way to go.

Sources:

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

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

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it 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.