By The Escape desk · Last verified 4 October 2026
Every money changer in Singapore must be licensed by the Monetary Authority of Singapore (MAS). Under the Payment Services Act, buying or selling foreign currency notes is a regulated money-changing service, and licensed changers are listed under “Money-changing Licensee” in MAS’s Financial Institutions Directory, which anyone can search for free. To get a good rate, look at the changer’s “we sell” rate for your currency, compare it with the mid-market rate on a reliable currency site or your banking app, and ask for the final amount on your exact sum before handing over cash. The gap between the two rates is what you really pay.
Singapore’s money changers are famously competitive, and a few minutes of comparing can buy you an extra meal on holiday. Here is how to read the board like a pro.
Quick facts
- Money-changing is regulated by MAS under the Payment Services Act 2019.
- A money-changing licence covers buying and selling foreign currency notes; sending money overseas needs a different licence.
- Check a changer’s exact name in MAS’s Financial Institutions Directory before trusting it with a large sum.
- Changers usually make their money on the spread between buying and selling rates rather than a separate fee.
- For larger amounts, expect to show your NRIC or passport, as anti-money laundering rules require checks.
- Count your notes at the counter and keep the receipt.
How to read a money changer’s board
| What you see | What it means for you |
|---|---|
| “We buy” or “Buying” | The rate the changer pays when you sell foreign cash back to it after your trip |
| “We sell” or “Selling” | The rate you get when you buy foreign currency for your trip |
| Rate per 1 SGD (e.g. 113 yen) | Higher is better when you are buying the foreign currency |
| Rate per 100 or 1,000 units of currency | Lower SGD cost is better when you are buying |
| Mid-market rate (on currency sites) | The midpoint between wholesale buy and sell prices; your benchmark |
A worked example: what the spread costs
Say the mid-market rate is an illustrative S$1 = ¥115. Changer A offers ¥113 per dollar and Changer B offers ¥111. You change S$1,000.
- At mid-market you would get ¥115,000.
- Changer A: ¥113,000, a shortfall of ¥2,000, or about S$17 (¥2,000 ÷ 115).
- Changer B: ¥111,000, a shortfall of ¥4,000, or about S$35 (¥4,000 ÷ 115).
Walking one more shop down the row saves about S$17 on S$1,000 in this example. The same logic works for any currency: work out the percentage gap from mid-market, and the smaller it is, the better the deal.
Getting a good rate, step by step
- Check the mid-market rate on your phone before you leave home.
- Compare two or three changers’ “we sell” rates; clusters of changers in the same mall tend to be more competitive.
- Ask for the total for your exact amount; rates for larger sums are sometimes better.
- Change less popular currencies with a little more shopping around, since spreads are often wider.
- Count the notes before you leave the counter and keep the receipt.
- After the trip, sell leftover notes back or keep them for next time; coins are often not accepted.
Spotting a licensed changer
A proper money changer operates from a fixed shop under its own business name and should be able to show you its licence. The simplest test is to search that business name in the MAS Financial Institutions Directory. Be wary of anyone offering to change money privately, on social media or through a messaging app at a “special” rate: an unlicensed operator gives you none of the protections that come with regulation, and the deal may be part of a scam or money-laundering scheme.
The WahLiao Verdict
Carry a modest amount of cash for arrival, taxis and small stalls, and change it at a licensed changer after a quick comparison against the mid-market rate. For larger spending, a card or multi-currency account with low foreign-currency fees often beats cash, as long as you always pay in the local currency. Never change money with a stranger online, however good the rate looks.
Questions people ask
Do money changers charge commission?
Most build their margin into the exchange rate. Always ask for the final amount you will receive, so any charge is included.
Is it better to change money in Singapore or overseas?
For major currencies, Singapore’s competitive changers often offer good rates. Airport and hotel counters at either end are usually the most expensive places to change.
Why did the changer ask for my NRIC?
Licensed changers must follow MAS anti-money laundering rules, which include identifying customers for certain transactions.
Can a money changer send money overseas for me?
Only if it also holds the right payment services licence for cross-border transfers. Check the directory listing for the services it is licensed to provide.
Sources: MAS, Financial Institutions Directory: money-changing licensees; MAS, Payment Services Act 2019; MAS, licensing for payment service providers. The Escape explains; it does not advise.
Read next: Paying Overseas: Card Foreign Currency Fees and Why You Should Never Pay in SGD · Is This Firm Licensed? Using MAS’s Directory · Back to The Escape
For what’s worth it this week, with the bill shown, read The WahLiao Week.
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