The official currency of Singapore is Singapore Dollar, which is symbolised as S$. One Singapore Dollar is equivalent to 100 cents. Notes are available in denominations of S$ 10,000, 1,000, 500, 100, 50, 10, 5 and 2. The denominations of S$1, as well as 50, 20, 10, 5 and 1 cents are available as coins.

US Dollars, Australian Dollars, Yen and Pounds Sterling are the commonly accepted currencies in Singapore. Additionally, the currency of Brunei that is equivalent to 1 Singapore Dollar is also acceptable at major shopping centres in Singapore.

Singapore Island Bank Limited, DBS Bank Limited, the Islamic Bank of Asia, Oversea-Chinese Banking Corporation Limited and Keppel Bank Limited are the major domestic banks of Singapore.

International banks like American Express Bank Limited, Bank of America, Indian Overseas Bank, Citibank, JPMorgan Chase Bank and Hong Leong Bank Berhad also have their branches in Singapore.

Banks are concentrated in Chulia Street, Shenton Way, Raffles Place and Collyer Quay. In Singapore, banks operate from Monday to Friday from 10 am to 3 pm. The working hours on Saturday are from 9:30 am to 1 pm. Some of the banks, which have their branches on Orchard Road, are open from 9:30 am to 3 pm on Sunday.

ATMs are widely available in Singapore. Credit cards of American Express, Diners Club, MasterCard and Visa are accepted in Singapore. However, some retailers in the shopping districts may charge 3% - 5% extra on a credit card payment.

In Singapore, currency can be exchanged at banks or money changers, some shops, high-end hotels and restaurants. Additionally, foreign currencies, travellers’ cheques and personal cheques can also be exchanged at most banks and licenced money changers. The import and export of local or foreign currency in Singapore is limited to 1.072 million INR.

Foreign currency can be exchanged in Singapore at major banks in the Central Business District and bank branches in the suburbs. A flat rate of 107.23 INR is charged per transaction by all banks.   

Money changers can also be visited for exchanging currency in Singapore and are mainly clustered along Orchard Road, the Central Business District, major tourist attractions and suburban town centres. The money changers in Singapore do not charge any transaction fees.

Travellers’ cheques are the most convenient way to conduct transactions in Singapore. These can be exchanged for Singapore Dollars by banks or money changers. Further, high-end hotels, some shops and restaurants even accept them as direct payment.

Travellers’ cheques in Pounds Sterling can avoid additional exchange charges. Passport needs to be displayed to encash travellers’ cheques.