Never get caught short: Guide to 24-hour money changers in Singapore

Flights booked, bags packed, itinerary sorted. But wait, did you change your cash?

For night owls catching red-eye flights or jet-setters landing past midnight, currency exchange can be a real headache. Most changers shut their shutters just when you need them most.

Skip the scramble. Here's your go-to list of 24-hour money changers across Singapore, from trusted physical counters to round-the-clock online options

Best 24-hour physical money changers in Singapore

For those who prefer to exchange cash in person, here are the best after-hours physical money changers that are available in Singapore:

Mustafa Centre

Whenever you need currency, Mustafa Centre is the place to go. They have one of the widest ranges of currencies you can find.

Just a quick heads-up: While their advertised rates are usually reasonable, they can vary from what's on the screen, so it's always a good idea to double-check at the counter. Also, a quick call ahead can save you from a wasted trip, as round-the-clock services can still have rare, temporary closures.

Changi Airport

For travellers on the go, money changers in Changi Airport are a practical choice for last-minute exchanges upon arrival or before a flight. There's a trade-off however-rates are typically less competitive (1-3 per cent) than in the city, making it a better choice for smaller, urgent sums rather than for a large conversion.

FXC Plus

These kiosks can be found in over 100 locations across Singapore, including local hotels and Jewel Changi Airport. A major plus is that they let you secure your exchange rate via app before even reaching the machine.

Note: These are best for popular, high-volume currencies (i.e. USD, EUR or JPY). For a wider selection, including regional-specific notes like BDT or PKR, you'll want to head to a hub like Mustafa Centre.

Best-rate money changer hubs (for extended hours)

For those able to make an exchange in the early evening, you'll find great rates at one of these extended-hours hubs instead of heading to a 24/7 option:

The Arcade

Located in the heart of CBD, The Arcade is known for having the most competitive rates in Singapore. The sheer number of competing money changers under one roof means they're constantly fighting for your buck, which drives rates down.

The best strategy here is to walk around, compare the rates on the display boards, and you're set on getting a good deal on major currencies like USD, EUR, and GBP.

People's Park Complex

A local favourite for Chinese Yuan (CNY) and other regional notes, the complex packs in a lot of competing money changers. That means you'll have no trouble finding the best rate, with many staying open well into the evening (8-9pm).

Best online & automated money changers

Prefer skipping the queue or having currencies sorted without leaving your home? Use an online service or an automated money changer instead. Here are several options to make money exchange feel like a breeze:

Thin Margin

Picture this: You're juggling multiple tasks at work, planning an overseas trip, and somehow, currency exchange just keeps slipping off your to-do list.

With Thin Margin, you can skip the stress. Simply log in, place your order, and voila, your foreign cash arrives at your door. No queues, no hassle, just great rates and the comfort of knowing that your currency needs are sorted without ever having to step outside.

• Currencies Covered: USD, EUR, GBP, AUD, JPY, SGD, CNY, MYR, IDR, HKD, THB, KRW, CAD, and more.
• Costs: Free delivery for orders over $2,000; small fee incurred for smaller amounts. No other hidden fees.
• Limitations: Only deliver within Singapore; some less common currencies might not always be available.
• Location: 100 per cent online, delivering across Singapore.
• Why is it Handy: Perfect for those who want hassle-free currency exchange without stepping out of the house.
• Online Reviews: Appreciated for its prompt delivery and great rates, though users wish for a broader range of currencies. Reviews are generally very positive; see the Google reviews below.

eRemit

[embed]https://www.instagram.com/p/DPSoNaMCdyc/?utm_source=ig_web_copy_link[/embed]

Need to send money abroad, fast? eRemit has got your back. It's like the WhatsApp of money transfers-efficient, quick, and entirely online. Forget the days of visiting a bank or remittance centre.

Offering lower fees than traditional banks and a host of supported currencies, eRemit makes sending money across borders as simple as clicking a few buttons. Whether it's to support your family, pay for an overseas purchase, or settle a bill, eRemit gets your money where it needs to be without the fuss.

• Currencies covered: USD, EUR, GBP, AUD, SGD, INR, PHP, MYR, and more.
• Costs: Lower fees than traditional banks; fees depend on the destination.
• Limitations: Only for remittances, not for getting physical cash.
• Location: Completely online, available anywhere with internet access.
• Why is it handy: Ideal for sending money abroad quickly and at lower costs.
• Online Review: Rated highly for its speed and cost-effectiveness, though larger transfers may require verification.

Extra services you want to know

If you thought money changers were only for currency exchange, you're in for a treat. Many vendors, especially hubs like Mustafa Centre, The Arcade, or the People's Park Complex, have expanded their offerings to include options for your every needs.

Remittance services

• If you're a foreign national in Singapore needing to send money home, a money changer's remittance service offers a cost-effective and hassle-free solution.

Unlike a traditional bank, they require minimal paperwork, and you don't even need to be an account holder. Best of all, the process is rather transparent. You see the exact exchange rates and payable fees upfront, without hidden markups (e.g. rate margins or intermediary wire fees)

Payment services

• This is particularly handy for small business owners who deal with frequent, large regional transfers.

Say you need to pay a supplier in Malaysia for a shipment of goods in MYR. Instead of dealing with banks' slower processing times and complex wire forms, money changer vendors offer services that let you settle those international invoices promptly with more favourable rates.

Foreign currency loans

• If you're a business traveller who needs to make an urgent, large-sum payment in USD to an international vendor, a foreign currency loan from a money changer can provide the immediate funds needed to complete the transaction without disrupting your business operations and cash flow.

Travel insurance

• Imagine this: You're exchanging Korean Won for an anticipated two-week vacay to Seoul and realise you forgot the travel insurance.

Since some changers, most notably those within Mustafa Centre, offer travel insurance, you can take care of both your cash and necessary coverage in one quick, convenient visit.

Looking for cash-free alternatives?

For frequent travellers, digital nomads, or anyone who simply prefers the no-cash experience, here's how you can navigate your trip without ever touching a banknote:

Multi-currency cards

Cards like YouTrip, Revolut, and Wise let you hold multiple currencies and use them worldwide. They usually have better exchange rates and lower fees compared to traditional banks by using real, mid-market rates (the ones you see on Google) and cutting out the typical 3.25 per cent foreign transaction fees.

Plus, you skip the struggle of managing multiple cash piles and gain much-needed security while constantly on the go.

• Pro Tip: It's best to compare the exchange rates, fees and perks of each card to find your best fit. Some cards might offer better rates, while others might have more travelling perks (like insurance or cashback rewards)

Online and mobile solutions

Digital wallets can be another travel hack for smart currency conversion.

Instead of using a traditional card abroad, apps like Alipay+ (often used by international visitors) and GrabPay (when linked to a multi-currency card) handle the exchange instantly as you make your purchase — offering a convenient, real-time rate, while scoring discounts, rewards, or cashback.

• Pro Tip: Don't forget to top up before you go. Also, keep an eye out for promotions. Those rewards are often the easiest way to save.

Cryptocurrency wallets

For crypto enthusiasts, using wallets like Coinbase, Crypto.com, or Binance might be an intriguing option. You can technically swap your crypto for local currency, or even spend it directly via a linked crypto debit card while you're abroad.

• Pro Tip: While it's convenient, make sure you're aware of the legalities and acceptance rates of cryptocurrencies within your travel destination. Remember, always have a backup payment option in case you run into places that don't accept crypto (i.e. most retail stores overseas)

Golden rules for getting the best rates

Everyone wants to get the most bang for their buck. With just a few pro tips, you can ensure you're always getting the best possible rate:

Compare rates before you go

• In the past, comparing rates meant physically visiting several money changers, but now you can simply use a dedicated comparison app like Get4x.

These apps show you the live rates from money changers near you, so you can pinpoint the best deal and head straight there, ensuring you're always getting the top rate without the legwork.

Avoid (if you can) airport exchanges

• As mentioned above, while Changi's money changers are a lifeline for last-minute needs, their rates are a trade-off for that convenience. Airport changers typically have a captive audience, so their rates are less competitive than those you'll find in the city.

A good rule of thumb is to exchange just enough to cover your immediate needs and save the bulk of your exchange for a hub in town.

Stick to licensed money changers

• In Singapore, all legitimate money changers are licensed by the Monetary Authority of Singapore (MAS).

Before you hand over your cash, make sure to look for the MAS licence on display or check the list of licensed vendors on MAS's portal. Make sure you're dealing with a legitimate place to protect you from any potential scams or unfair practices.

Watch out for hidden fees

• An exchange rate might look great on the board, but what's the final number? Always ask for the total amount you'll be getting before you hand over your cash.

Some money changers might have hidden commissions or service charges that aren't clearly advertised, eating into your exchange. By asking for the final amount upfront, you can avoid any nasty surprises.

Exchange more for better rates

Planning a big trip? You might be surprised to learn that money changers often offer better rates for larger transactions. Many operate on a tiered system, where the rate improves as the amount you're exchanging increases.

If you have a significant sum to convert, it's worth doing it all in one go to take advantage of this.

Use multi-currency wallets

• As mentioned above, Digi wallets like YouTrip and Revolut allow you to hold multiple currencies and exchange them at the live mid-market rate — the purest form of a currency rate, without any hidden markup.

This often gives you a better deal than a traditional physical money changer and allows you to use your card abroad without hefty conversion fees.

Keep an eye on the market

• Currency rates fluctuate constantly based on global events and market trends. To get the best deal, a bit of strategic timing can make all the difference.

Keep a simple exchange rate tool handy (like Google's converter) and check the rates a few days before your trip. This will give you a sense of when the rate is in your favour.

Avoid tourist traps

• Locations with high foot traffic from tourists often have less competitive rates. Places like Orchard Road are convenient, but the real deals are often found in the financial districts.

It's better to head down to a hub with a high density of money changers (like The Arcade) or a well-known establishment (like Mustafa Centre), where the competition ensures you'll always get a good deal.

Opt for weekdays

• For the absolute best rates, try to exchange your currency during the week. Due to higher trading volumes and more market activity, rates can be slightly more favourable from Monday to Friday. It's a small detail, but a savvy traveller knows that every little bit counts.

Final thoughts

Planning a trip abroad often comes with a curveball or two, but rest assured, you'll never be caught short on getting your currency exchanged in Singapore.

Whether you prefer the reliability of a physical exchange, the convenience of an online service, or the hassle-free experience of multi-currency cards, a solution is always within reach. All that's left is to travel, have fun, and explore.

This article was first published in MoneySmart.