Currency and Payment Options

Currency Exchange

• Best exchange rates: Generally found at licensed money changers rather than hotels or banks
• Popular exchange locations: The Arcade (Raffles Place), Lucky Plaza, Mustafa Centre (open 24 hours)
• Airport exchange: Available at Changi Airport but rates are typically less favorable
• Exchange documentation: Passport is required for all currency exchange transactions
• Exchange limitations: No legal limits for bringing currency in/out, but amounts over SGD 20,000 must be declared
• Dynamic rates: Exchange rates fluctuate daily, current rate approximately [varies by date]
• Commission: Many money changers advertise “no commission” but profit through the exchange spread

Electronic Payment Systems

Credit and Debit Cards

• Acceptance rate: Widely accepted in hotels, shopping malls, restaurants, and major attractions
• Popular networks: Visa, Mastercard, American Express, UnionPay, and JCB
• Contactless payments: Most terminals support contactless transactions up to SGD 200
• Surcharges: Some smaller merchants may add 2-3% surcharges for card payments
  Foreign transaction fees: Typically 2-3% imposed by foreign banks; consider cards with zero foreign transaction fees
• Dynamic Currency Conversion (DCC): Option to pay in your home currency typically includes hidden fees; paying in SGD is usually cheaper
• ATM availability: Extensive network throughout Singapore with most supporting international cards
• ATM withdrawal fees: SGD 3-5 per foreign card transaction plus your bank’s international fees

Mobile Payment Solutions

• Local solutions: PayNow, PayLah!, GrabPay, Nets, and FavePay
• International platforms: Apple Pay, Google Pay, and Samsung Pay are widely accepted
• QR code payments: SGQR unified system makes QR payments standardized across platforms
• Peer-to-peer transfers: PayNow allows transfers using just a mobile number or NRIC/FIN
• Transport payments: SimplyGo enables contactless transit payments with mobile devices
• Integration: Many local payment apps link directly to Singapore bank accounts or credit cards
• Merchant adoption: High in urban areas, shopping centers, and chain establishments

Contactless Smart Cards

• EZ-Link/NETS FlashPay: Multi-purpose stored value cards primarily for public transport
• Usage beyond transport: Accepted at convenience stores, fast food restaurants, and some retailers
• Top-up options: At MRT stations, bus interchanges, convenience stores, or via mobile apps
• Initial cost: SGD 5-12 for the card itself (non-refundable) plus load value
• Tourist cards: Singapore Tourist Pass includes EZ-Link functionality plus unlimited transit rides
• Refunds: Remaining value can be refunded (minus administrative fee) at passenger service centers

 Cash vs. Cashless

• Cash-only venues: Hawker centers, wet markets, small local shops, and some traditional businesses
• Cashless-preferred: Most retail chains, department stores, and upscale establishments
  Minimum spend: Some smaller merchants require minimum purchase amounts (typically SGD 10-20) for card payments
• Rural areas: Cash remains more important outside the central urban areas
• Budget tracking: Cashless payments offer better expense tracking for travelers
• Safety considerations: Singapore has very low crime rates, but standard travel precautions apply

Specialized Payment Situations and Future Trends

Tourist-Specific Payment Options

• Tourist Privilege Cards: Offered by major shopping centers providing discounts when paying with specific cards
• Tax-free shopping programs: Global Blue and Premier Tax Free operate at major retailers
• Tourist GST refund: Available at eTRS (Electronic Tourist Refund Scheme) kiosks at Changi Airport and cruise terminals
• Hotel payment policies: Most require credit card for incidental charges even when prepaid
• Attraction bundling: Singapore Tourist Pass Plus and other passes combine transit and attraction entry
• Digital tour packages: Apps like Klook and KKday offer cashless booking of local experiences