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Changing And Using Money In Singapore (2017 Update)

POSTED BY Best Licensed Moneylender | News
Changing And Using Money In Singapore

Changing And Using Money In Singapore

Singapore has highly develop and stable banking system and very mild corruption cases. In addition to that, high standards of living. Singaporean economy has remain as one of the most palatable for investors. All this can be attributed to her highly reliable and stable currency.

The Singapore Dollar (SGD) is the official legal tender in Singapore. It comes in both notes and coins in denominations of $2, $5, $10 and more. The nation is an Asian financial hub, serve by a highly modernize money system with very many moneychangers. Currency conversion is a very natural activity. Like any other modernize nation, plastic money is readily acceptable in most places. Hence there is no need to walk around with cash bulks.

Banks and other money changers

Strict policies govern the money changing business in Singapore. Each money changer needs to have a license to operate. These licensed money changers compete with banks and other financial institutions to maintain a favorable rate. The changers, however, have an advantage over the banks. Why is that so? This is because since they don’t charge any fee for their services. This is also what is keeping them in business. They are readily found at the airports, CBD and any other commerce centers in the country.

Automation of money usage and exchange

Every shopping centre, bank and MRT station in Singapore has at least an automated teller machine. With a visa or master cards, money withdrawal is the least of the concerns while in Singapore. The use of credit cards has also gain a lot of popularity in the entire island. Although credit card surging remains highly prohibited. If on travel, travel checks are also accepted in most restaurants. Although the banks and legal moneychangers can help with the cashing. Tipping in Singapore is very widely discourage and this is seen even in the hawkers and taxi drivers who do not take tips at all.

While the SGD may be the main legal tender, some hotels and shopping centers also accept the Australian or US dollars. Furthermore, they also accept Japanese Yen or even Sterling pound as a mode of payment. Singaporean currency system remains as one of the most efficient and easy to use in the world. Thus, this is what is keeping Singapore on the crest of well performing economies worldwide. For every investor or traveler intending to operate in Singapore, currency conversion needs to be the least of their worries.

Best Credit SG Pte Ltd used to be known as Cing Dien Credit is a licensed moneylender in Singapore. We have been a money lender for more than 30 years! If you need a loan, we will assist you in every possible way.

We aim to provide you with immediate notification of your loan application’s approval and competitive interest rates. If you need cash, get in touch with us! Drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372 or call us at +65 6272 5538 if you have any questions.