robyng

We usually don't carry a ton of cash when we travel. But - considering some of what I've read about taxis not taking credit cards and the like - and taking into account the possibility that some of the restaurants we go to won't accept credit cards - we'll obviously need cash for our week long stay.

I assume that the cash used in Singapore is the Singapore $. Am I wrong?

Also - what's the best way to get Singapore $s? I'm used to getting about $1k in cash before I leave the US from our local bank (Bank of America). The markup isn't bad (about 2-3% for common currencies like the Euro - Japanese Yen - British pound - etc.) - and worth the convenience (I am not an experienced user of ATMs - and especially don't like to fiddle with them outside the US).

But the markup on a less common currency like the Singapore $ seems to be higher - perhaps in the 5-6% range. Am I likely to do better than this exchanging money when I get to Singapore (at the airport - the hotel - or elsewhere)? Note that I'm primarily interested in convenience - and am willing to pay a few extra dollars for convenience. Robyn

HawaiiO

ATMs i would think.
They are all over the place and accept bank cards from USA.
Just use it like a normal ATM.

Make sure u draw out a decent amt as u incur fees every time u use the ATM.

OnTheCentreline

Singapore currency is the Singapore$. Its fortunes generally ride on the strength of the US$, but other factors may influence your exchange rate.

Singapore makes it very easy for you to spend 'dollars' in their country no matter the colour of the paper!

A plethora of atms are available throughout the country. These are strategically located in shopping malls and MRT (train) stations. There are also scores of money changers located around shopping malls and high frequented tourist destinations, eg foodhall, bar / restaurant hangouts.

There is some competition between money changers, so spend a few minutes checking the rates, as you may save a few dollars.

Most shops will take credit cards for purchases. Many will happily relieve you of your local currency to directly make purchases and do a fair conversion at the same time.

Many taxis take credit cards, others will know the value of your local currency and will be happy to take that for the fare.

You will need local currency when frequenting food courts for low value purchases and many taxis; however, given how easy it is to acquire through the above mentioned channels, it's nothing to sweat over.

As a result, I now do not bother taking S$ with me when arriving in country and have never been disadvantaged by not doing so. In saying that having, say S$50 in small notes upon arrival is sometimes handy, if nothing else for peace of mind.

The only rule is never exchange currency at the hotel cashier's desk, as you are sure to get burned!

Enjoy your visit and have fun!

UAPremExecflyer

I don't understand what your issue is?
You say you don't like using ATMs overseas.
You say you want convenience and you will change USD1000 before traveling.
You say your bank charges 2-3% on major currencies and 5-6% on others.
The difference between those exchange fees on $1000 is $20-30.
What's your threshold for "convenience": $10? $20? $30? $50?
What am I missing?

jpatokal

You will get much better rates buying S$ with USD in Singapore than you would in the US, so bring cash and exchange in Singapore. Rates at the airport are not awful (although they're not great), rates in the city centre can be very good indeed.

Better yet, leave the cash at home and withdraw money from an ATM.

gailwynand

Agreed, if you insist on bringing cash with you, just change your money at Raffles Place rather than before coming to SG. The moneychangers at the old shopping mall next to Change Alley have excellent rates, much better than you will get in the US...

invisible

Singapore has highest concentration of ATMs on square kilometer in the world. Local ATMs to do charge fees using non-Singapore cards. ATM exchange rates are better comparing to money changers or getting money at departure point.

So, the best and easiest option is just to take ATM card and withdraw money right in Change even before going thru the immigration.

SirJman

I haven't run into ATM's that charge a fee for international cards, but I've never used the 'local' banks, only HSBC, Maybank and ANZ. There are HSBC atms in the arrivals area, and they will not charge a fee.

invisible

Local banks (DBS/UOB/SC/Maybank) and local Citibank/HSBC/ANZ branches as well do charge fee for locally issued cards when those cards are not used with issuing bank's ATMs.

So if you have local Citibank card and you use UOB ATM, Citibank will charge a fee. But as I said it is only related to local banks/cards. DBS (or any other local bank's ATM) won't charge a fee for overseas issued card.

747FC

If you have a Fidelity Cash Management Account with their check card, all ATM fees are reimbursed.

SQ319

Not true. There are some banks in Singapore which do have an agreement with one another and allows you to use another bank's ATMs. One example is the ATM5 Network, which covers HSBC, Maybank, ANZ, Citibank, StanChart and State Bank of India.

For the local banks, UOB account holders can also use OCBC ATMs as well, and vice versa, with no fees involed for the first 2 transactions (chargable thereable).

(This is somewhat OT from what OP is asking, but needed to clarify some information which is not factually correct.)

The last sentence was very confusing. Do you mean that DBS won't charge the user for using an overseas issued card? Do u mean a overseas issued DBS card or any overseas issued card? This is factually incorrect as well, of course DBS (or any other local ATM) will charge a user for using an overaseas issued card.

IAN-UK

I find the ATM + charges a puzzle too complex for my simple mind. I carry a small amount of cash for changing to different cash as required at Forex windows, but buy just about everything and pay for nearly all services on my fee-free credit card. It works for me.

invisible

This.

Latter.

Excuse me but I used my US CapitalOne and HSBC ATM cards here in Singapore number of times with DBS, UOB and OCBC and there were no fees charged on them. Last time I did it in 2012, I have no idea if things have changed since that.

You are correct regarding ATM5 alliance.

SQ319

Then that would be your bank absorbing the transaction charge and not transferring it to you, not because DBS (or any local ATM) are not charging it.

For the purpose of the discussion, recommend that OP checks his/her T&C of his account first to ensure that there are not fees involved for using overseas ATM.

IncyWincy

Robyn,

ATMs are very convenient and we almost always use them when travelling. You will love the convenience.

Singapore is especially efficient and basically honest.

That said I would not leave my US$ at home but will bring US 2000 or whatever you are comfortable with - just in case.

Happy Travels!