The state of Singapore is one of the most prosperous and cleanest countries in the world. Therefore, there is a high price level in Singapore compared to other Asian regions. Numerous well-known hotel chains are represented there and the shopping malls are comparable to those in New York.
Use and acceptance of credit cards in Singapore
There are many reasons why it is important to find out about the payment methods that the holidaymaker expects on site before you travel. The following article explains the most important facts about credit cards in Singapore.
Currency: The Singapore dollar
In the city-state of Singapore, the official currency is the Singapore dollar, with one USD corresponding to approximately 1.7 Singapore dollars. In addition to the official national currency, American and Australian dollars, British pounds and Japanese yen are often accepted as means of payment.
Exchanging money at banks and exchange offices is expensive
Money can be exchanged anywhere in Singapore. Throughout the city there are banks and exchange offices in almost every shopping center. An exchange fee of around 2 to 3 Singapore dollars can be incurred at the banks , although exchange offices are usually cheaper. Experience shows that the authorized exchange offices offer the cheapest exchange rates in the city. In Singapore they are called Licensed Money Change .
Withdraw money in Singapore by credit card
The ATM network is very extensive in Singapore. The machines can be found, for example, in larger shopping arcades. Cash can be withdrawn at the ATMs with the usual credit cards such as VISA, MasterCard, Diners Club and American Express as well as with Maestro EC cards in the local currency. Suitable ATMs can be recognized by the logos of the card operators. The security PIN is required for all withdrawals. Withdrawing money is easy in Singapore.
Further acceptance of credit cards in Singapore
We recommend the Visa or Mastercard credit cards, because the acceptance of these providers is highest in Singapore. This applies to withdrawing cash as well as for cashless payment with a credit card. This is often possible in hotels, shopping centers and restaurants, but is usually not free of charge. Therefore, the foreign assignment fee or other fees charged by the acceptance points should be considered. To save costs, cash payment is recommended in Singapore. A conversation with your own bank to seek advice on any fees that may arise cannot hurt.