When travelling abroad or receiving foreign remittances, currency exchange becomes a crucial step in financial planning. In a cosmopolitan hub like Singapore—where global trade, tourism, and international business converge—the availability of competitive foreign exchange services is both a necessity and a luxury. While digital solutions are on the rise, traditional money changers remain a popular choice for many due to their competitive rates and immediate service. This article explores the best money changers in Singapore, what to consider before exchanging currency, and how to maximise your value when doing so.

Why Exchange Currency with a Money Changer in Singapore?

Singapore’s money changers are well-known for offering some of the most competitive exchange rates in the region. In contrast to banks, which may charge higher transaction fees and markups, money changers—especially those in high-volume areas—often operate on slim margins and pass the benefits onto consumers.

Additionally, Singapore’s stringent regulatory environment (under the purview of the Monetary Authority of Singapore, MAS) ensures that licensed money changers comply with high standards of integrity, transparency, and anti-money laundering practices.

What to Look for When Choosing a Money Changer

Before diving into the best options, it’s important to understand the factors that determine a good money changer:

• Exchange Rates: The primary consideration for most. Better rates mean more value for your money.
• Location and Convenience: Proximity to MRT stations, airports, or central areas adds value.
• Licensing: Always ensure the money changer is MAS-licensed.
• Volume of Currency: High-volume traders tend to offer better rates.
• Customer Service: Fast service, transparent transactions, and courteous staff contribute to the experience.
• Availability of Currency: Some changers are better stocked with rare or exotic currencies.

Top Money Changers in Singapore (2025 Edition)

Below is a curated list of some of the best-known and most trusted money changers across Singapore, based on rate competitiveness, reputation, convenience, and customer reviews.

1. Mustafa Foreign Exchange (Mustafa Centre, Little India)

• Location: 145 Syed Alwi Road, Mustafa Centre
• Operating Hours: 24 hours, daily
• Best For: Excellent rates, rare currencies, round-the-clock service

Mustafa Foreign Exchange is arguably the most iconic money changer in Singapore. Situated within the bustling Mustafa Centre, it offers some of the most competitive exchange rates for major and exotic currencies alike. The 24/7 operation makes it particularly popular among travellers and those needing late-night exchanges. Its location in Little India also adds to its convenience, being a short walk from Farrer Park MRT.

2. The Arcade Money Changers (Raffles Place)

• Location: 11 Collyer Quay, The Arcade
• Operating Hours: Weekdays, typically 10am – 6pm
• Best For: Business district convenience, competition-driven rates

Located in the heart of Singapore’s Central Business District, The Arcade hosts a cluster of money changers on its first and second floors. The sheer number of operators drives competitive pricing, making it a favourite for office-goers. It’s not uncommon to find rates better than those at banks or even Mustafa, especially for large sums of major currencies like USD, EUR, GBP, and AUD.

3. People’s Park Complex Money Changers (Chinatown)

• Location: 1 Park Road, People’s Park Complex
• Operating Hours: 10am – 9pm, daily
• Best For: Variety, Chinese Yuan (RMB), and proximity to Chinatown

This complex is a go-to for tourists and locals alike seeking good rates on Asian currencies, particularly Chinese Yuan, Malaysian Ringgit, and Thai Baht. The competition among numerous money changers within the building ensures you’ll often find favourable rates. It’s easily accessible from Chinatown MRT and close to major shopping areas.

4. Lucky Plaza Money Changers (Orchard Road)

• Location: 304 Orchard Road, Lucky Plaza
• Operating Hours: 10am – 7pm, daily
• Best For: Tourists, Filipino Peso (PHP), and remittance services

Lucky Plaza caters heavily to tourists and foreign domestic workers. The money changers here are particularly competitive for currencies like the Philippine Peso, Indonesian Rupiah, and Indian Rupee. Located on the famed Orchard Road, it’s extremely convenient for those shopping or staying nearby.

5. Raffles Place Exchange (Change Alley)

• Location: Change Alley, near Raffles Place MRT
• Operating Hours: Weekdays, 10am – 6pm
• Best For: Professionals in the financial district, fast service

While not as widely talked about as Mustafa or The Arcade, Change Alley offers highly competitive rates and efficient service. Being located in a historical trading spot adds to its charm. It’s ideal for those working in or visiting Singapore’s financial core.

6. Bugis Street Money Changers

• Location: 3 New Bugis Street
• Operating Hours: Daily, 11am – 9pm
• Best For: Tourists, shopping convenience

Bugis Street, known for affordable shopping and souvenirs, also hosts several reputable money changers. Rates are generally reasonable, especially for commonly traded currencies like USD, MYR, and TWD. Tourists staying around Bugis or Kampong Glam will find this location particularly convenient.

7. City Plaza Money Changers (Geylang)

• Location: 810 Geylang Road, City Plaza
• Operating Hours: 11am – 8pm
• Best For: Indonesian Rupiah (IDR), niche community needs

Popular among the Indonesian community in Singapore, City Plaza money changers are a reliable source for IDR exchanges and remittance services. While not centrally located, it serves an important demographic segment and consistently earns good reviews.

Emerging Alternatives: Online and App-Based Money Exchange

While traditional money changers dominate the physical exchange market, technology is disrupting the industry with online forex platforms and mobile apps. Some leading examples include:

• YouTrip: A multi-currency wallet with competitive exchange rates and no foreign transaction fees.
• Wise (formerly TransferWise): Offers real-time exchange rates and low transfer fees for international remittances.
• Revolut: Combines money exchange, digital banking, and budgeting tools in one platform.

While these may not suit everyone—especially those dealing with cash—they are increasingly popular among tech-savvy travellers and professionals.

Tips for Getting the Best Rates

1. Check Rates Online Beforehand: Websites like Get4x or CashChanger aggregate real-time rates from multiple money changers.
2. Avoid Airports for Large Sums: Airport rates are generally poorer due to convenience markup.
3. Bring Identification: For large transactions (typically above S$5,000), some changers may request your NRIC or passport.
4. Call Ahead for Large Amounts: To confirm availability of your desired currency.
5. Negotiate if Possible: Particularly if you’re exchanging a substantial amount, some changers may be willing to offer a better rate.
6. Avoid Weekends or Public Holidays: These times often come with less favourable rates due to lower liquidity or closed interbank markets.

Licensing and Regulation: Staying Safe

All money changers in Singapore are regulated by MAS and must hold a valid licence under the Money-changing and Remittance Businesses Act. The MAS website lists all licensed entities, and customers are advised to check this before engaging in any large transaction. Avoid street-side, unlicensed operations even if they offer attractive rates—they may be operating illegally or engaging in scams.

Conclusion

Singapore’s money changing landscape remains robust and competitive, offering excellent value for those who do their research. Whether you’re a tourist preparing for a Southeast Asian tour or a local sending remittances to loved ones, there’s a money changer that fits your needs. From iconic spots like Mustafa and The Arcade to hidden gems in Bugis and Geylang, these establishments provide a blend of good rates, convenience, and service quality.

That said, the future of currency exchange is moving steadily towards digital platforms, with apps like YouTrip and Wise challenging traditional norms. Yet for many, the immediacy, tangibility, and flexibility of cash exchanges at trusted money changers remain unmatched.

By staying informed, comparing rates, and choosing reputable operators, you’ll ensure your currency goes that little bit further.

Quick Summary Table

Location	Best For	Notable Features
Mustafa Centre	24/7 exchanges, wide currency range	Round-the-clock service, rare currencies
The Arcade	Competitive rates, central location	Multiple changers for comparison
People’s Park Complex	Asian currencies, good variety	Popular with tourists and locals alike
Lucky Plaza	PHP, IDR, INR exchanges	Tourist-friendly, remittance services
Change Alley	CBD professionals, fast service	Convenient for office-goers
Bugis Street	Tourist convenience	Good for common currencies
City Plaza	Indonesian community needs	Specialised for IDR and remittances