12 best money changers in Singapore 2025 (Top exchange rates)

Singapore is the third-largest foreign exchange centre in the world¹ and is home to over 230 licensed money changers.² Many licensed money changers also provide remittance services, enabling businesses to make cross-border payments.

However, since each money changer offers different rates and fees, it can be difficult to determine if you’re getting the best value as a business owner making foreign exchange (FX) transfers. 

To help you make an informed choice, we’ve reviewed 12 of the best money changers in Singapore, highlighting those with the most competitive exchange rates and convenient locations.

What to look out for when choosing a money changer in Singapore

• Exchange rate

• Location

• Opening hours

Exchange rates fluctuate often due to various factors, making it challenging to determine the best money changer definitively. The rates often depend on the currencies you need to exchange and how the market responds to the current economic or political climate. 

To find the most favourable FX rates, use websites like Cashchanger to compare rates quickly. However, it’s still advisable to contact the business directly to confirm their prices.

Currency exchange stores 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, making it easy to compare the best rates.

You can also check rates at different local banks in Singapore and fintech specialists that offer online currency exchange services.

Where to find money changers with the best exchange rates in Singapore?

Top 12 money changers in Singapore for businesses

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. The money changers there also offer services like bank transfers and cheque issuance.

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. Located on the first level, these money changers allow you to compare exchange rates for Hong Kong dollars, Chinese renminbi, USD, EUR, and Southeast Asian currencies.

3. Mustafa Centre at Little India

If you need to exchange currencies after 10pm, Mustafa Centre is the place to go. They’ve built a reputation for being the only 24-hour money changer in Singapore, though it’s always best to call to check whether they are open or not. Mustafa is worth a visit if you want to exchange less common South Asian or Middle Eastern currencies, such as 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 looking to exchange currencies. You’ll find highly competitive rates for the Philippine Peso, Southeast Asian currencies, and other major currencies. Lucky Plaza’s money changers are located on Level 1 and the basement.

5. Victoria Street at Bugis Junction

Bugis Junction is a well-connected shopping area with several money changers located along Victoria Street. Many buses to Malaysia depart from Bugis, making it a convenient spot to exchange Singapore dollars for Malaysian ringgit.

6. Paya Lebar MRT at Paya Lebar

Located conveniently in the Paya Lebar MRT station, this money changer is popular with both locals and foreigners. It offers all major currencies at an attractive rate and accepts PayNow as a payment option, saving you the hassle of needing to carry cash for currency exchange.

7. Parkway Parade at Marine Parade

Located in Parkway Parade shopping mall, this money exchange offers competitive rates, excellent customer service, and remittance services. Their business has been ongoing for three decades, making them one of the most established money exchange institutions in Singapore.

8. Hougang Mall at Hougang

This money changer, located within Hougang Mall, provides an extremely smooth and efficient currency exchange process. It is known for its attentive and friendly customer service and competitive exchange rates.

9. Jurong Gateway at Jurong East

Located in Jurong East Bus Interchange, this money changer at Jurong Gateway offers some of the best foreign exchange rates in the area. It is also known for its early opening hours, making it a convenient option for those looking to exchange currency early in the morning.

10. Lot One Shoppers Mall at Choa Chu Kang

Known for its competitive exchange rates, this money changer at Choa Chu Kang is a popular choice for both locals and foreigners. However, its popularity can lead to longer wait times, so plan accordingly.

11. Boon Lay Shopping Centre at Boon Lay

Located in Boon Lay Shopping Centre, this money exchange offers attractive rates for all major currencies. It is also one of the few money changers in Singapore that provide smaller currency notes for added convenience.

12. Marsiling Mall at Marsiling

If you’re in the Woodlands area of Singapore after arriving from Malaysia and need to exchange ringgit for Singaporean dollars, Marsiling Mall is a convenient option. This money exchange offers attractive rates, but their opening hours can be sporadic, so it’s best to call ahead to confirm their availability.

Looking for currency exchange services for your business?

If you’re looking for the best FX rates to support your businesses’ international payments, traditional brick-and-mortar money changers may not be the best option. Not only do you need to physically travel to the store, but they also hold limited currency stock and have restricted opening hours.

Consider Airwallex instead, a leading global financial platform with a robust network of partnerships with traditional banks. Using its proprietary financial infrastructure, Airwallex provides foreign exchange rates with lower markups, giving businesses more competitive rates and reducing international transactions costs.

Fintech providers for money transfer in Singapore

Online money changers and fintech firms provide businesses with a convenient and efficient way to convert currencies. Beyond enabling currency exchange from the comfort of your office, many fintech platforms also provide international transfer services, allowing you to send funds directly to your recipient. Here are some fintech providers that offer cross-border transfer services:

Airwallex

Founded in 2015, Airwallex is a leading global financial platform that simplifies and streamlines financial operations for businesses. It offers a comprehensive suite of services, including cross-border payments, multi-currency accounts, currency exchange, corporate cards, and more.

Airwallex simplifies payments with faster, low-cost transfers through local payment rails. By partnering with local banks and payment networks in over 120 countries, Airwallex bypasses the traditional SWIFT system, providing free international transfers and eliminating costly SWIFT fees.

This approach ensures faster and more cost-effective transactions, with 90% of transfers arriving on the same day. Additionally, Airwallex provides local account details for receiving payments in 23 currencies, making it easier for businesses who operate globally.

Wise

Formerly known as TransferWise, Wise offers multi-currency accounts and foreign exchange services for consumers and businesses. Users can hold and convert over 40 currencies using mid-market exchange rates. Wise also facilitates bank transfers to over 80 countries, and provides local account details for receiving payments in 21 currencies, enabling businesses to receive funds as if they had local bank accounts in those regions.³

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.⁴

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 access competitive rates comparable to those found in Singapore’s Central Business District (CBD) without needing to visit a physical location.

You can check live exchange rates on their website and once you make the exchange, the rates are locked for 20 minutes to allow you to complete the payment. The locked conversion rates are final, ensuring you receive the exact amount even if rates fluctuate after payment.

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.⁶

Airwallex: a better alternative to money changers for businesses

Instead of making a physical trip to a money changer, learn how much time and money you can save using the Airwallex Business Account. 

With highly competitive exchange rates and lower markups than traditional banks, you can save up to 80% on FX fees with us. Airwallex also ensures complete transparency by showing the exchange rate, markup, and fees upfront, so you’ll never encounter hidden costs.

But that’s just the beginning. Airwallex offers a complete suite of financial tools to support your global business:

• Global Accounts: Create accounts with local bank details in 60+ countries.

• Checkout: Accept payments in over 130+ currencies with 160+ payment methods, including Buy Now, Pay Later (BNPL).

• Corporate Cards: Issue Visa multi-currency virtual and physical cards for your team to spend globally without foreign transaction fees.

• Expense Management: Track and manage team expenses in real time, streamlining approvals and reconciliations.

Airwallex offers everything you need to simplify global transactions, reduce costs, and scale your business internationally – all from one powerful platform.

Final thoughts

Money changers in Singapore offer a convenient way to buy and sell currencies, especially if you need to convert Singapore Dollars (SGD) quickly. While licensed money changers are available throughout the island, most are located in high-traffic areas in central Singapore. You can easily compare exchange rates using websites like Cashchanger or by visiting forex hubs such as The Arcade.

However, if you frequently exchange large volumes of Singapore Dollars for international transactions – particularly for business purposes – consider using a payments specialist like Airwallex. Airwallex offers more competitive rates and streamlined transactions, helping you save on FX fees and manage global payments efficiently.

Frequently asked questions (FAQs)

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 secure more favourable rates from banks, especially if they maintain strong banking relationships or conduct high transaction volumes. To get the best deal, always compare exchange rates from both money changers and banks before making a decision.

How do I avoid getting bad rates at money changers?

The best way to avoid bad rates at money changers is to conduct your due diligence and compare rates across different money changers. This can be done online with websites like CashChanger. Alternatively, consider using licensed fintech providers like Airwallex, which typically offer lower markups than banks, helping you save on currency conversions.

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

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

What identification do I need to exchange money in Singapore?

If you’re exchanging amounts larger than S$5,000 (or its equivalent in foreign currency), you need to show your NRIC or passport. Proof of address may also be required.⁷

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. However, if you are entering or leaving Singapore with more than S$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.⁸

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:

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

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

• https://wise.com/sg/business/

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

• https://www.thinmargin.com/

• https://convera.com/en-sg/

• 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

• 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 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.