SINGAPORE
Money &
Cost
The currency is Singapore dollars , usually written simply as
$, though we have used S$ throughout in order to distinguish from
US dollars. The Singapore dollar is divided into 100 cents. Notes
are issued in denominations of S$1, S$2, S$5, S$10, S$20, S$50,
S$100, S$500, S$1000 and S$10,000; coins are in denominations
of 1, 5, 10, 20 and 50 cents, and S$1. The current exchange rate
is around S$2.50 to £1, S$1.65 to US$1. Singaporean dollars
are not accepted in Malaysia, but are legal tender in Brunei.
Daily necessities like food, drink and travel are marginally more
expensive in Singapore than in Malaysia.
But with budget dormitory accommodation in plentiful supply, and
both food and internal travel cheap in the extreme, you'll find
it possible to live on a daily budget of less than £10/US$16.
Upgrading your lodgings to a private room in a guest house, eating
in a restaurant and having a beer or two gives a more realistic
budget of £20/US$32 a day. Bargaining is de rigueur in Singapore,
especially when shopping or renting a room for the night - it's
always worth trying to haggle, though note that you don't bargain
for meals.
Sterling or US dollar travellers' cheques can be cashed at Singaporean
banks, licenced moneychangers and some hotels. Major credit cards
are widely accepted in the more upmarket hotels, shops and restaurants,
but beware of the illegal surcharges levied by some establishments.
Banks will often advance cash against major credit cards; moreover,
with American Express, Visa and Mastercard, it's possible to withdraw
money from automatic teller machines (ATMs) in Singapore - get
details from your card company before you leave home. For lost
or stolen travellers cheques or credit cards contact: Visa and
Master Card tel 345-1345; American Express tel 2998133; Diners
Card tel 2944222.
Banking hours are generally Monday to Friday 10am-3pm and Saturday
11am-1pm, outside of which you'll have to go to a moneychanger
in a shopping centre , or to a hotel. No black market operates
in Singapore, nor are there any restrictions on carrying currency
in or out of the state. This means that rates at moneychangers
are as good as you'll find at the banks.
Wiring money - which can take anything from two to seven working
days - incurs a small fee in Singapore and a larger one back home.
You'll need, first, to supply your home bank with details of the
local branch to which the money should be sent, after which it'll
be issued to you upon presentation of some form of ID.
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