Our team reviewed the 8 best money changers in Singapore: how can you get the best exchange rates in 2025?

Key takeaways

• To check if you’re getting a fair exchange rate, compare it with the interbank or mid-market rate – the true, markup-free value of a currency. The closer the exchange rate is to the interbank rate, the more you save on FX.

• Most exchange rates offered by money changers include hidden costs – either through a markup on the rate or extra transaction fees, which means that the rate you see often isn’t the rate you get.

• With Airwallex’s digital-first platform, you get direct access to competitive interbank rates for 90+ currencies anytime, anywhere. Make cross-border transfers that bypass SWIFT and the hidden fees to land as quickly as within a few hours, and reconcile your international transactions all on a single platform. 

Singapore is the third-largest foreign exchange centre in the world and is home to over 240 licensed money changers. Since each money changer offers different rates and fees, it can be difficult to determine if you’re getting the best value for your FX. To help you make an informed choice, we’ve reviewed eight of the best money changers in Singapore, highlighting those with the most competitive rates and convenient locations.

This guide will also explore how fintech platforms like Airwallex can make currency exchange and cross-border payments easier and more valuable for businesses handling them on a large scale.

What should you consider when looking for a money changer?

When exchanging currency, getting the best rates is important, but there are other factors to consider. Here’s what to keep in mind:

• Exchange rate

• Availability of currencies

• Location and accessibility

• Opening hours

• Transaction fees

• Reputation and reliability

• Customer service

• Option for online currency exchange services

• Minimum or maximum transaction limits

For businesses, the real differentiators are the exchange rates offered, transaction fees, and whether large sums can be exchanged without restrictions. That’s where digital-first fintech platforms like Airwallex stand out. Instead of queueing at physical counters, you can lock in rates, make online exchanges, and avoid transaction limits imposed by traditional money changers. 

How do I find money changers with the best exchange rate?

Finding the best exchange rates from money changers often takes some research. By comparing rates, timing your exchange, and understanding hidden fees, you can ensure you get the most value for your money.

Compare the offered rate against the mid-market rate

Understanding the interbank or mid-market rate is key – the true value of a currency without markups or hidden fees.  Most money changers make their margin by adding a markup to this rate – extra costs that can add up quickly if you’re exchanging larger sums. 

When you compare the rate given by a money changer against the interbank rate, you’ll quickly be able to tell if you’re paying more than you should. Keep in mind that exchange rates change constantly based on factors like market demand, global events, and economic trends. 

Other tips for getting the best exchange rates

• Avoid airport exchanges: Exchange bureaus at airports often charge higher fees and offer less competitive rates due to convenience and captive demand.

• Monitor exchange rates: Watch the currency market and track changes before making an exchange. Sometimes, waiting 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 incurring charges on incoming or outgoing payments.   

• Set up rate alerts: Online platforms and fintech providers like Airwallex let you create custom rate alerts, notifying you when your desired exchange rate is reached. 

How do I avoid bad rates at money changers?

Bad rates aren’t just an inconvenience – they can quickly erode profit margins for businesses handling regular overseas payments. 

With Airwallex, you get access to competitive interbank rates for 90+ currencies, cutting out hidden fees and saving you up to 80% on FX. You can hold funds in multiple currencies without forced conversions, and set rate alerts that trigger when a favourable currency pair is reached. This level of transparency and control gives finance teams a more accurate picture of costs, helping you keep cash moving smoothly across borders.

Who are the top money changers in Singapore?

When looking for reliable money changers in Singapore, here are some of the top options to consider. We've also included Airwallex as a fintech alternative, offering competitive rates and a wider range of services compared to traditional money changers:

1. Airwallex is an all-in-one platform offering a suite of financial tools for global businesses, including low-cost FX & transfers and multi-currency accounts. We provide access to interbank rates for 90+ currencies and free transfers to 120+ countries via local payment rails. With our multi-currency accounts, you can hold and manage global currencies to avoid unnecessary conversion costs.

2. The Arcade, Raffles Place is located in Singapore’s financial district with a number of money changers.

3. People’s Park Complex, Chinatown is a centralised hub for exchanging HKD, RMB, USD, EUR, and Southeast Asian currencies.

4. Mustafa Centre, Little India is Singapore’s only 24-hour money changer.

5. Lucky Plaza, Orchard Road is popular among tourists and foreign workers for exchanging the Philippine Peso, Southeast Asian currencies, and global currencies.

6. Victoria Street, Bugis Junction is a convenient spot to exchange SGD for MYR, with many buses to Malaysia departing from here.

7. Paya Lebar MRT offers cash-free currency exchange via PayNow.

8. Jurong Gateway, Jurong East is open for early-morning currency exchange.

Detailed comparison of the best money changers in Singapore

Note: The information in this table has been reviewed to be accurate as of 4 September 2025.

Overview of each money changer: key features, currencies, and rates

Depending on your location and currency needs, each money changer offers different features to match your preferences. Here's an overview of the best options.

Airwallex

Exchanging currencies through traditional channels often means long queues, hidden markups, and inflated fees. For businesses operating across borders, those costs and inefficiencies add up fast. 

Airwallex offers a better way forward by giving you instant access to leading FX rates for 90+ currencies, including major currencies like USD, EUR, and AUD to Chinese yuan, Indonesian rupiah, and Saudi riyal. 

With Airwallex, you can: 

• Hold and manage funds in 23+ currencies: Our Global Accounts let you receive and hold funds without forced conversions. This flexibility lets you convert only when needed and settle in the same currencies your customers pay in, helping you keep cash flow predictable. 

• Get favourable exchange rates via alerts: You’ll be notified instantly when your target exchange rate is reached without having to stay up to date on currency fluctuations. 

• Send fast, low-cost transfers: Make transfers to global suppliers and employees via our local payment rails in 120+ countries – cutting out SWIFT fees and reducing settlement times. With Batch Transfers, you can also payout to 1,000 recipients in one go. 

• Automatically sync transactions for reconciliation: Airwallex integrates directly with leading accounting software like Xero and QuickBooks, eliminating the need for manual entry and reducing the risk of errors.

Airwallex goes beyond offering market-leading FX rates to offer low-cost global transfers, multi-currency accounts, and built-in expense management solutions on a single platform. 

The Arcade at Raffles Place

The Arcade is located in the heart of Singapore’s financial district. The second floor of this small commercial centre is packed with money changers, like Arcade Money Changers and Arcade Plaza Traders, allowing visitors to compare rates. They also offer services like bank transfers and cheque issuance.

People’s Park Complex at Chinatown

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

Mustafa Centre at Little India

Mustafa Centre operates 24/7 all year round, offering round-the-clock money exchange services. However, it’s always a good idea to call ahead and confirm their hours. Mustafa is also known to offer currency exchange services for less common South Asian or Middle Eastern currencies, such as the Pakistani rupee, Bangladesh Taka, or Jordanian Dinar.

Lucky Plaza at Orchard Road

Lucky Plaza is often frequented by tourists and foreign domestic workers, as it offers currency exchange services for the Philippine peso, Indonesian rupiah, and other global currencies. You’ll find the money changers located on level one and the basement of the shopping centre.

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.

Paya Lebar MRT at Paya Lebar

Located inside the Paya Lebar MRT station, this money changer offers global currencies and accepts PayNow, so you don’t need to carry cash for exchanges.

Jurong Gateway at Jurong East

Located at Jurong East Bus Interchange, this money changer opens early for those looking to exchange currencies in the morning.

Limitations of physical money changers in Singapore

While physical money changers can be convenient, they come with key limitations businesses should be aware of.

• High fees: Money changers often add fees and markups that aren’t clearly disclosed in the exchange rates you see, making it difficult to know the real cost of your exchange.

• Limited currencies: Physical money changers may not have a wide variety of currencies available, especially for less common currencies.

• Inconvenient opening hours: Most money changers operate on limited schedules, which may not align with your availability, especially during weekends or late evenings.

• Unable to exchange high amounts of currencies: While tourists and individuals typically exchange smaller sums, businesses handling larger transactions may face challenges due to restrictions on the maximum exchangeable amounts.

• Lack of transfer services: Not all money changers offer international money transfer options.

• No option to lock in exchange rate: Traditional money changers don't allow you to secure an exchange rate in advance, leaving you exposed to unpredictable currency fluctuations. In contrast, Airwallex provide tools such as rate alerts, which notify you when your target exchange rate is reached.

Unlock market-leading FX rates anytime, anywhere with Airwallex

Money changers may work for small, one-off exchanges, but they fall short when your business is operating across borders. Airwallex goes beyond competitive FX rates and fast transfers – we provide the global financial infrastructure to move money, manage spend, and collect payments worldwide.

Airwallex offers a complete suite of financial tools to support your global business:

• Global Accounts: Instantly open local currency accounts in 20+ currencies across 70+ countries to accept multiple currencies without incurring forced conversion fees

• FX & Transfers: Convert 90+ trade currencies at interbank rates and make free local payouts to 120+ countries via local rails – with 95% of transactions landing within the same day

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

• Payments: Accept customer payments in 130+ currencies with 160+ payment methods, including mobile wallets and Buy Now, Pay Later (BNPL). By offering localised currencies and payment options, you can reach more customers around the world and improve your cart checkout rates.

• Expense Management: Track and manage team expenses in real time, streamlining approvals and reconciliations. Airwallex syncs with your accounting software to update paid bills or import new ones automatically, saving you time and reducing manual errors.

• 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?

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.

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.