FOREX at Changi
 

Was wondering if getting some FOREX changed in Changi is a good deal ? Have noticed on my last trip that the Forex rates being offered there was not the best. Agreed airport's typically aren't the best place for changing Foreign Exchange as they know your options are limited and most of the time get away with charging hefty rates.

Wondering what would be a better way to tackle this, if one's only on transit thru Changi ?

Or do you get a better deal when changing to certain currencies ?

if you are transiting only, i guess u dont have a choice. Alternatively, just use your card.
If you are getting out of the Airport, change elsewhere instead of Airport.

Compared to what other alternatives you have? For me from Canada the rates were very good, unless I get out of the airport and exchange thousands of dollars. ATM would have cost more (3% at my bank).

The best exchange rate is at the ATM if your bank does not charge foreign ATM withdrawal fee. Singapore local banks/ATMs do not charge withdrawal fees.

Otherwise, use the following website https://cashchanger.co/singapore to determine where to go for the best rates. Rates there are published real time during weekdays. But in general, The Arcade at Raffles Place is your best bet for most currencies.

Since we're on the topic, how much cash does one need for a quick 36-hour trip? I understand credit cards are widely accepted, including for mass transit. Is it possible to basically go cash-free? I know tipping isn't expected anywhere. Thanks.

Question is - what do you want to do?

MRT card costs $12 and comes with $7 credit and you can top up at machines $10-$100 using credit card.
Taxis (any except red TransCab) accept credit cards, but there is 10% surcharge. You can instead sign up for Grab and use your credit card inside for rides.
Museums - National and Asian Civilization and National Gallery accept credit cards.
Any major shopping mall would accept credit cards as well.
Cash is for hawker centers and for bargain places like Bugis Village. $50 cash would be more than sufficient to cover food at hawker centers.

Excellent; thanks.

If you have not already planned your visit, here are two threads with some ideas:

https://www.flyertalk.com/forum/sing...singapore.html

https://www.flyertalk.com/forum/sing...en-path-2.html

Interesting site, thanks for sharing.

In my experience the bank counters at Changi are no more than 1-2% worse than the best rate in town and still better than ATM rates. If changing a few hundred dollars it makes no sense to hunt the "best" rate in town. (the best rate I got in town was within 0,5% of the interbank middle rate)

For smaller amounts, it makes even less sense to hunt for the "best" deal - you might save a dollar or two.

My bank (and AFAIK all banks in my country) typically charge 2% + 2€ per withdrawal outside the €-zone (not to mention that they use the wholesale selling rate vs mid-rate). So it's NOT the cheapest option. Yes, there are places where it is, but SG is not one of them. Lived in SG for a while, did comparisons (paid by card at merchant, withdraw local cash and exchanged €-cash within less than 60 minutes of each other) it was always the cheapest to change cash.

My rule of thumb is, if the cash rate is within 4% of mid-rate, I change cash.

Just generally, I second this website - usually the best forex deals I have found to be around the central business district

Just a data point from last Friday. Cash exchange at Changi UOB 1,55xx SGD/EUR I forgot the xx, but the spread was 0,4% from the interbank mid-rate (!) of 1,56xx If anyone gets a better rate on their ATM withdrawals or CC payments, I raise my hats to them.

The money changers in Chinatown offered the same as UOB - with the extra service that I could unload on them my leftover Laotian kips that no-one else would take :)

That's great you managed to get rid of those!!!