If you’re the kind of person who scrambles to exchange
money at the airport an hour before your flight, we highly suggest
you reconsider your travelling habits – unless you don’t mind
losing precious dollars, that could otherwise be spent on a good
beer, to unfavourable rates. So, skip the lonely money changer at
your neighbourhood mall and head to one of these 5
competitive foreign exchange hubs instead.
As the most popular spot for exchanging money in
Singapore, you’ll find long lines of white collar workers nearly
any time of the day due to a supply of all major currencies and
decent rates. You won’t be waiting long though, as service is quick
and highly reliable. While there are counters on all floors of the
building, we find Arcade Money
Changers, Arcade Plaza Traders,
and Sheen International Exchange to be the friendliest.
Best rates for: USD,
GBP, EUR, THB, MYR, JPY, TWD
The Arcade is located at 11 Collyer
Quay, Singapore 049317.
The most iconic building in the whole of Chinatown (we
never fail to be impressed by its striking green and yellow
facade), People’s Park Complex houses a plethora of money changers
– most of them right next to each other on the ground floor.
Bargaining of rates is acceptable and recommended here, though you
may want to keep in mind the long queue of people behind you. The
more famous shops include Emerald
Money Changer, AK Money Changer, and Crante Money
Changer.
Best rates for: THB,
MYR, HKD, CNY, PHP
People’s Park Complex is located at 1
Park Road, Singapore 059108.
In the heart of Orchard Road, Lucky Plaza is perhaps
the most convenient location to exchange your money after your
shopping. Since many of the counters do not display the latest
rates, it’s a good opportunity to practice your bargaining skills.
Be sure to make a comparison between the different brokers in
order to get the best rates (then, spend your savings on a plate of
delectable ayam penyet on the fourth
floor). The more reputable shops here are Rahiman Trading,
Rabi Trading, Fajar Money Changer, and True Blue Money Changer, all
of them on the first floor.
Best rates for: PHP,
THB, MYR
Lucky Plaza is located at 304 Orchard
Road, Singapore 238863.
Are you an East-ie or better still, live around
the Katong neighbourhood? Look no further than Parkway Parade
Shopping Centre, a money exchange hub with excellent rates. We
recommend staying on the first floor as most of the
recommended counters – particularly Sino Money
Changer, Yakadir Enterprises, Everpeace Money Changer, and Parkway
Money Changer – are all located there.
Best rates for: THB, USD,
MYR, JPY, HKD
Parkway Parade is located at 80 Marine
Parade Rd, Singapore 449269.
Mustafa is a haven for the night owl; where else in
Singapore can you get toiletries, groceries, and even clothes at
4am in the morning? Naturally, the money changers in the building
are also open 24-hours a day. Most of the money changers are
located outside the building and in the basement, separated from
the department store ‘enclosure’. Offering very competitive rates
for a large number of Asian currencies, the most popular and
reliable counter here is Mustafa
Forex Exchange.
Best rates for: IND, IDR,
RMB, MYR, CNY, HKD, PHP
Mustafa Centre is located at 145 Syed Alwi
Road, Singapore 207704.
If you live far out in the Wild Wild West, and can’t
afford the time to travel to the city centre, make your way to
Jurong Point right next to Boon Lay MRT station. While the rates
here may not be nearly as good as the ones in the city, it still
beats an hour’s journey back and forth just to save a couple of
bucks (assuming you’re not changing more than a thousand dollars).
We favour Raffles Money Change – an offshoot of the
original exchange at The Arcade – down in the basement as well
as Dollar Exchange on the first floor.
Best rates for: MYR,
IDR, HKD
Jurong Point is located at Jurong West
Central 2, Singapore 648886.
citynomads