THE SINGAPORE DOLLAR: STRONG CURRENCY FOR THE CITY-STATE
According to Countryaah, the Singapore Dollar (SGD) is the legal tender of the Republic of Singapore. The currency is traded freely, but has a fixed exchange rate of 1: 1 with the Brunei dollar. Bills and coins from both countries are also accepted as valid means of payment in the other country. Coins and bills are issued by the Board of Commissioners of Currency, Singapore (BCCS). You can find the current exchange rate against the euro here and in our currency converter.
HOW THE SINGAPORE DOLLAR CAME ABOUT
The Singapore dollar was introduced in 1967 after Singapore was excluded from the Malaysia Federation. After the exclusion, which took place in 1965, there was still a currency union with Malaysia and Brunei for two years, but this broke up due to differences and thus paved the way for a separate currency. Since 1973 the SGD has been pegged to a basket of currencies that is monitored by the Monetary Authority of Singapore. The currency is considered safe and strong, the city-state has a stable economic model and is less dependent on the raw material markets than other Asian countries.
BANKNOTES SHOW SINGAPOREAN CULTURE
Since the introduction of the Singapore dollar, four thematically different series of banknotes have appeared. The so-called series of portraits has been in circulation since 1999, with the face of the first President of the independent Republic of Singapore, Inche Yusuf bin Ishaq, on the front. The backs of the banknotes stylize topics such as education, sports, art, youth, government and business. The series is currently available in graduations from 2 to 10,000 Singapore dollars, whereby the 10,000 dollar bill plays no role in everyday use.
COINS MAKE THE BREAK WITH THE COLONIAL PAST CLEAR
The coins currently in circulation are divided into a first and a second series and exist in denominations of 1, 5, 10, 20 and 50 cents as well as 1 dollar. The minting of the 1 cent coin was discontinued due to the insufficient return rate and the trade is rounded up or down to the next 5 cent level. Depending on the series, local animals or plants can be found on the value side, the respective back shows the Singapore coat of arms uniformly. The redesign of the coins compared to the previous currency, on which the likeness of the ruling British monarch was depicted, represented a clear break with the country’s colonial past.
CHANGE CASH ON TIME
When traveling to Singapore, it is good to exchange a few euros for Singapore dollars in advance. You need cash, for example, if you want to take a taxi or rickshaw – but also to buy souvenirs in small shops. Remember to change money in good time – or order the currency online right here. For more helpful tips on staying in Singapore, check out our Singapore travel guide.
BUY SINGAPORE DOLLARS ONLINE
You can conveniently order the Singapore dollar (SGD) and many other currencies online in the XE webshop. Simply select the type you want, use our currency converter to display the current exchange rate of the XE and buy your travel money online. The currencies that you buy from us online will be delivered to your home within a few days. You can also change your cash in one of the many XE branches.
THE CURRENCY AT A GLANCE
1 Singapore dollar = 100 cents. Currency abbreviation: S $, SGD (ISO code). Bills are in circulation in denominations of S $ 10,000, S $ 1,000, S $ 100, S $ 50, S $ 10 and S $ 2; Coins with denominations of 1 S $ as well as 50, 20, 10, 5 and 1 cent. The Brunei dollar is also valid in Singapore in a 1: 1 ratio.
FOREIGN EXCHANGE REGULATIONS
No restrictions. Cash over SGD 30,000 must be declared.