6 best money changers at The Arcade (Raffles Place) – 2025

Key takeaways

• The Arcade is a popular retail space at Raffles Place where tourists, professionals, and businesses change money. Based on online reviews, the six best money changers at The Arcade are Arcade Money Changers (AMC SG), Arcade Plaza Traders, City Money Changers (CMC), Dazzling Xchange Pte Ltd, Eng Lok Money Changer, and Mohamed Thahir Exchange.

• While convenient for quick, over-the-counter exchanges, The Arcade has limitations for businesses – such as cash-only transactions and the absence of digital solutions.

• Skip the queues and go digital. With Airwallex, you can exchange currencies and send money overseas online – faster, at market-leading rates, and without hidden fees.

Known for its competitive rates and central location, The Arcade at Raffles Place is one of Singapore’s most popular spots for currency exchange. Whether you're exchanging cash for a business trip or managing foreign currency expenses, this guide will cover the top money changers in the building, along with when to go, what to expect, and how to get the best rates.

We’ll also highlight how payment platforms like Airwallex can deliver greater value and convenience for businesses managing cross-border payments at scale.

The top 6 money changers within the Arcade (2025)

These money changers were selected based on Google reviews about their rates, efficient service, and friendly staff:

• Arcade Money Changers (AMC SG) offers fair exchange rates and fast service, making it a top choice for professionals looking for quick exchanges.

• Arcade Plaza Traders is known for prompt service and competitive rates, with experience handling both currency exchange and money transfers.

• City Money Changers (CMC) is known for reliability and strong rates on major currencies. Their service is fast and trusted by regulars in the area.

• Dazzling Xchange Pte Ltd offers competitive rates for Southeast Asian currencies, and a money transfer service that claims to reach most countries.

• Eng Lok Money Changer offers transparent pricing and frequently updated exchange rates. They also offer special rates for large amounts.

• Mohamed Thahir Exchange has been around for 21 years, offering solid exchange rates and a wide selection of currencies.

What to consider when looking for a money changer

When choosing the best money changer in Singapore for business transactions, it helps to focus on a few key features: 

• Exchange rates: Exchange rates can vary significantly between providers. Compare rates to ensure you're getting the most competitive rates.

• Currency availability: Check if the money changer offers a wide range of currencies, especially if your business deals with less common ones beyond USD, EUR, and ​Japanese yen.

• Reviews: Research online reviews to gauge the reliability and service quality of the money changer.

• Additional services: For businesses handling cross-border payments, look for money changers that offer services like online rate bookings or remittance options. Some providers may also facilitate bank transfers or offer digital solutions to streamline transactions.

Compare money changers within The Arcade: Services & currency availability

If you're exchanging currencies often – whether for business travel, paying overseas suppliers, or managing international payroll – it pays to compare physical money changers at The Arcade with fintech providers like Airwallex that offer fast and cost-effective currency conversion. Here’s a comparison of the top money changers at The Arcade – with Airwallex included – so you can see how it stacks up.

* ✅ = All five traded currencies available, ❌ = some or none available ** ✅ = All eight Asian currencies available, ❌ = some or none available

• Major globally-traded currencies include: US dollar, euro (EUR), Japanese yen (JPY), British Pound (GBP), and Swiss franc (CHF).⁷

• Major Asian currencies include: Chinese yuan (CNY), Japanese yen (JPY), Indian rupee (INR), South Korean won (KRW), Indonesian rupiah (IDR), Singapore dollar (SGD), Hong Kong dollar (HKD), Saudi riyal (SAR), UAE dirham (AED), and New Taiwan dollar (TWD).⁸

Businesses are encouraged to call or visit each money changer to confirm their available currencies.

Airwallex: the faster and more cost-effective way to exchange currency and send money overseas

Managing international payments shouldn’t involve navigating fluctuating exchange rates, hidden fees, and time-consuming processes. For many Singaporean businesses, traditional methods like visiting multiple money changers at The Arcade or relying on traditional banks for cross-border transactions can be both inefficient and costly.

Fintech platforms like Airwallex offer a more convenient alternative. With the Airwallex Business Account, you can view real-time exchange rates and lock in your preferred rates and exchange money anytime, even on weekends and public holidays, offering more flexibility and control over your international transactions.

Airwallex also lets you send fast, low-cost transfers to overseas suppliers and employees. We bypass the traditional SWIFT system and use local payment networks in over 120 countries, allowing you to enjoy free transfers to these countries. Additionally, 95% of your transactions arrive on the same day, saving you both time and money.

As a licensed Major Payment Institution under the Monetary Authority of Singapore (MAS), Airwallex adheres to strict regulatory standards, ensuring your international transfers and currency exchanges are secure and compliant.

Why The Arcade is popular for money exchange

The Arcade is a 20-storey office tower and shopping centre in Raffles Place. It has a reputation as the best money exchange hub in central Singapore, drawing long queues during lunch hours.

Unlike other popular places to exchange currencies in Singapore, such as Lucky Plaza and Parkway Parade, The Arcade has a high concentration of over 20 money changers and money transfer services on the first three levels. 

The Arcade is known for:

• Over 20 money changers in one building⁹ 

• Competitive exchange rates for US dollar, euro, Malaysian ringgit, and other leading currencies

• Quick service with minimal Know Your Customer (KYC) requirements

• Transparent exchange rates displayed on each storefront

• Remittance services catering to foreign workers, businesses, and expatriates

Arcade Money Changers: Opening hours, contact & store address

Limitations of money changing with The Arcade

While The Arcade offers convenience and choice, there are trade-offs businesses should be aware of.

• Hidden markups and fees: Some money changers might include commissions that aren't clearly shown, making it hard to assess true costs.

• Cash-based transactions only: Money changers at The Arcade generally deal in cash, which can present security concerns, especially for high-value transactions.

• Regulatory risks: Businesses must hold an MPI licence from the MAS to legally offer overseas remittance services. Unlicensed providers can expose your international wire transfers to legal and compliance risks.

• Limited currency availability: Not all money changers carry the same currencies. You may need to visit several shops or make advance arrangements to find what you need.

• Manual process for online currency booking: While some money changers offer online currency booking, you may still need to handle transactions over the phone and collect funds in person.

Simplify your global transfers with Airwallex's all-in-one financial platform

With Airwallex FX & Transfers, you gain access to interbank exchange rates with low markups – helping you save more on every transaction compared to traditional banks and money changers. Beyond just competitive FX rates and fast international transfers, Airwallex offers a powerful suite of financial tools designed to streamline your operations and fuel global growth.

Here’s how we help you move faster, spend smarter, and grow globally:

• Global Accounts: Create accounts with local banking details in over 23 countries. Receive, hold, and send payments like a local – so when you pay out in the same currency, you skip unnecessary conversion fees. 

• Corporate Cards: Instantly issue multi-currency virtual or physical cards for your employees to spend globally without foreign transaction fees.

• Payments: Accept payments in 180+ countries via 160+ local payment methods. With our automatic currency conversion and pricing display in 130+ currencies, your customers can see exact costs in their local currency at checkout, driving higher conversions.

• Expense Management: Manage global expenses in one place and gain real-time visibility and control over employee spending.

• Bill Pay: Upload, approve, pay, and reconcile domestic and international bills. Airwallex integrates with your accounting software to automatically sync paid bills or import new ones, so you can manage and pay everything in one place.

Whether you’re a startup expanding across borders or an established brand streamlining operations, Airwallex gives you everything you need to operate efficiently, save on fees, and grow with confidence. Our all-in-one platform makes it easy to receive, hold, convert, and pay in multiple currencies – no extra bank accounts, no hidden fees, no hassle.

Sources:

1. https://www.arcademoneychangers.com.sg/

2. https://cashchanger.co/singapore/mc/arcade-plaza-traders/35

3. https://cashchanger.co/singapore/mc/city-money-changers/22

4. https://dazzlingxchange.com/

5. https://cashchanger.co/singapore/mc/eng-lok-money-changer/107

6. http://thahirexchange.com/

7. https://www.investopedia.com/trading/most-tradable-currencies/

8. https://www.dolarapp.com/pt-CO/blog/your-money/asian-currencies-top-10-most-important-and-their-global-influence

9. https://cashchanger.co/singapore/directory

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.