[Best Value] Recommended Methods for Exchanging Singapore Dollars

• This article is for reference only as it is merely a translated version of the Japanese article below.
  【お得】シンガポールドルのおすすめ両替方法 (Japanese version)

Cash is essential for overseas travel.

In Singapore, most places accept VISA brand credit cards. However, smaller shops and hawker centers typically require cash payments.

Therefore, it is advisable to exchange Japanese yen (JPY) to Singapore dollars (SGD) in advance.

This article provides a thorough comparison of exchange rates for converting Japanese yen to Singapore dollars, and recommends the best exchange services.

Additionally, it offers guidance on where to exchange any leftover Singapore dollars back into Japanese yen after your trip.

Exchange at favorable rates and enjoy a cost-effective trip to Singapore.

Note: This article is based on information as of July 2023.

This article covers currency exchange at Haneda Airport, Narita Airport, Changi International Airport, and financial service providers.

Necessary Japanese Yen for Different Stays in Singapore

First, it’s important to understand how much Japanese yen will be needed during your stay in Singapore.

Below are the estimated costs for a 2-night, 3-day trip and a 3-night, 4-day trip.

Reference: Reiwa Travel Co., Ltd. NEWT｜[Latest 2023] Cost & Budget for a 3-Night, 4-Day Trip to Singapore! Tips on Cheaper Travel and Saving Money

2 Nights, 3 Days

Japanese yen needed for currency exchange (per person):

• Total amount: Approximately 102,000 JPY
• Cost of round-trip airfare and hotel: Approximately 60,000 JPY

If airfare and hotel costs are prepaid, the Japanese yen needed for currency exchange per person would be approximately 42,000 JPY.

3 Nights, 4 Days

Japanese yen needed for currency exchange (per person):

• Total amount: Approximately 126,000 JPY
• Cost of round-trip airfare and hotel: Approximately 70,000 JPY

If airfare and hotel costs are prepaid, the Japanese yen needed for currency exchange per person would be approximately 56,000 JPY.

Where to Exchange Japanese Yen to Singapore Dollars?

Next, let’s explore the available currency exchange options.

There are four main methods for exchanging Japanese yen (JPY) to Singapore dollars (SGD).

In Japan

• Foreign Currency Delivery Service (by mail)
• Haneda Airport & Narita Airport (at the counter)

In Singapore

• Changi International Airport (at the counter)
• Changi International Airport (ATM & Financial Services)

Exchange Methods: Advantages and Disadvantages

Japan | Foreign Currency Delivery Service (by mail)

The Foreign Currency Delivery Service allows Singapore dollars to be delivered directly to your home.

For example, with MoneyBank’s currency exchange service, by transferring the equivalent amount of Japanese yen to the company’s designated account, Singapore dollars can typically be received within two days.

This method eliminates the need to exchange currency at the airport, allowing for a more relaxed departure day.

The exchange rate is generally more favorable than at domestic airports.

For those considering exchanging currency in Japan, the Foreign Currency Delivery Service is recommended.

For more details, please refer to the following article:

Thorough Comparison of Exchange Rates:

• A Detailed Guide to MoneyBank’s Service, Offering Better Rates than Airports and Banks

Japan | Haneda Airport & Narita Airport (at the counter)

Currency exchange can be done at the departure lobby or after passing through security checks at domestic airports (Haneda Airport & Narita Airport).

Advantages of Domestic Airports:

• Currency exchange can be done right before departure.
• The process can be completed in Japanese.

Disadvantages of Domestic Airports:

• Exchange rates are not very favorable.
• The process may take 5 to 10 minutes per currency exchange.

For those who are not comfortable with English or are unable to arrange a Foreign Currency Delivery Service in time, this option is a safe choice.

However, be aware that exchange fees tend to be higher, and the process can take longer.

When exchanging currency at the airport, be mindful of the costs involved, and ensure there is enough time before boarding.

The exchange rates at Haneda Airport and Narita Airport are detailed in the following article:

Discover the Best Currency Exchange Providers at Domestic Airports!

• 【〇〇 is Recommended】Comprehensive Comparison of Currency Exchange Rates at Haneda Airport (JPY ⇒ Foreign Currency)
• 【〇〇 is Recommended】Comprehensive Comparison of Currency Exchange Rates at Narita Airport (JPY ⇒ Foreign Currency)

Singapore | Changi International Airport (at the Counter)

Currency exchange is available at the counters of Travelex and UOB (a bank) at Changi International Airport.

Advantages of Changi International Airport:

• Exchange rates are more favorable than in Japan (a detailed comparison of rates is provided later).

Disadvantages of Changi International Airport:

• Japanese language support is not available at the counter.

While the exchange rates at Changi International Airport are reasonable, the transaction must be conducted in English, Malay, or other languages.

Singapore | Changi International Airport (ATM & Financial Services)

At Changi International Airport, currency exchange can be done using the Revolut service at ATMs. Revolut, a financial service originating from the UK, is also available in Japan.

Revolut offers favorable rates for currency exchange and international money transfers, and provides reduced fees for overseas ATM withdrawals.

Advantages of Revolut:

• Competitive exchange rates.

Disadvantages of Revolut:

• Only usable at ATMs that accept VISA or Mastercard.
• There is a limit on free ATM withdrawals.

To exchange currency using Revolut, insert the card into an ATM in Singapore that supports VISA or Mastercard, and then input the withdrawal amount and PIN code.

There are compatible ATMs at Changi International Airport, and it has been confirmed that withdrawals were possible as of May 29, 2023.

Revolut is one of the top options in terms of cost-effectiveness, but it’s important to be aware of the limitations, such as ATMs that do not support the Revolut card and the withdrawal limits for free ATM transactions.

Additionally, the limit for free ATM withdrawals varies depending on the plan.

Revolut ATM Free Withdrawal Limits

Withdrawals that exceed the limit for each membership status are subject to a 2% fee.

When using Revolut, try to keep transactions within the free withdrawal limit by considering the amount to be exchanged.

The exchange rates at Haneda Airport, Narita Airport, and Changi International Airport have been compared based on survey results.

Research Conditions

• Data for Haneda Airport, Singapore, and Revolut was collected on May 29, 2023.
• Data for Narita Airport was collected on June 11, 2023.
• Data for MoneyBank’s foreign currency exchange service was collected on June 21, 2023.
• On each date, the difference between the market rate provided by Reuters and the exchange rates offered by the currency exchange providers was analyzed.

JPY → SGD Exchange Rate Comparison

The Most Advantageous Exchange Method: Revolut

The ranking of exchange rates is as follows:

Exchange Rate Rankings:

1. Revolut
2. Changi Airport Counters
3. Foreign Currency Delivery Service (Japan)
4. Airport Counters (Japan)

Revolut offers the best exchange rates for converting Japanese yen to Singapore dollars.

However, if a withdrawal exceeds the membership status limit with Revolut, a 2% fee will be charged.

The premium Metal plan allows for free withdrawals up to the equivalent of JPY 100,000 per month. If there is a possibility of exceeding this free withdrawal limit, it is recommended to exchange currency at the Changi International Airport counters.

For those interested in Revolut, it is advised to check the available plans and usage methods.

Revolut Plans

• [Japan Edition] In-depth Guide to Revolut Membership Plans and Services

How to Use Revolut

• Quick Guide: Understanding Cards and Other Methods for Adding Funds to Revolut
• How to Withdraw Cash from Revolut in Japan and Abroad

Changi International Airport Counters Offer Favorable Rates

For those preferring to exchange currency at a counter, Changi International Airport is the next best option after Revolut, with a fee of approximately 0.9%.

Even when compared to Mizuho Bank (Haneda), the cheapest option domestically, the difference in exchange fees is about 3%.

Although there may be a language barrier, exchanging currency in Singapore is more cost-effective than doing so in Japan.

Exchange Simulation

Assuming a 2-night, 3-day trip to Singapore for two people, an exchange simulation was conducted.

The exchange amount was calculated based on the amount required for 2 nights and 3 days, excluding the costs of airfare and hotel, resulting in approximately JPY 84,000 per person, equivalent to about SGD 800.

Note: The calculation assumes 1 SGD = 105 JPY.

Comparison Targets:

• Cheapest in Japan: MoneyBank Foreign Currency Delivery Service
• Cheapest International Counter: Travelex (Changi International Airport)
• Cheapest International ATM: Revolut
• Cheapest Domestic Airport: Mizuho Bank (Haneda)

Currency Exchange Simulation for a 2-Person, 2-Night, 3-Day Trip to Singapore: Japanese Yen Required to Receive 800 SGD

Compared to Mizuho Bank (Haneda), which offers the most favorable rates among domestic airports, Revolut is approximately 3,200 JPY more advantageous.

Additionally, Revolut is about 1,350 JPY more advantageous than exchanging through the lowest-cost foreign currency delivery service in Japan.

Where Can Singapore Dollars Be Exchanged for Japanese Yen?

　
The Singapore dollar has experienced approximately 30% inflation over the past five years.

Therefore, if no travel plans to Singapore are expected within the next year (by 2024), it is advisable to exchange Singapore dollars for Japanese yen.

Next, the exchange rates offered by various providers will be compared using the same research conditions as before.

SGD → JPY Exchange Rate Comparison

For converting Singapore dollars to yen, it is most advantageous to do so at Changi International Airport.

However, banks do not handle the exchange of coins or small amounts, meaning that any leftover foreign currency must be brought back to Japan.

In this case, the recommended option is to use Pocket Change, which allows for the exchange of coins.

Leftover Singapore dollar coins can be exchanged for Suica, Amazon gift cards, nanaco points, and more.

Special Coupon Code

• Coupon Code: 9992396

Entering this coupon code will increase the received amount by about 2% more than usual.

Pocket Change machines are also available at Narita and Haneda airports, so it is recommended to use them actively.

Exchange your leftover foreign coins!

• 【Convenient Coin Exchange】An Overview of Pocket Change’s Fees and Locations

Summary of This Article

This article provided an overview of the recommended currency exchange options for Singapore dollars. Below is a summary of the key points.

• Changi International Airport offers the best rates for Singapore Dollar Exchange.
• For amounts up to 100,000 JPY, withdrawing from Changi International Airport ATMs using a Revolut card is the most advantageous option.
• For amounts exceeding 100,000 JPY, exchanging currency at the Changi International Airport counters is recommended.
• It is advisable to exchange any leftover foreign currency bills in Singapore.
• For leftover foreign coins, it is recommended to use the Pocket Change machines located at Japanese international airports.

Revolut Offers Excellent Rates with Security and Safety

Revolut allows currency exchange at rates that are closest to market rates.

With favorable exchange rates and the convenience of withdrawing cash locally, the risk of loss during travel is minimized, ensuring both safety and security.

There is also a free plan available, so consider using it.

Exclusive Benefits Available Only Here!

• [Japan Edition] In-depth Guide to Revolut Membership Plans and Services

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