5 best online currency exchange services in Singapore 2024
Exchanging money online or through an app is quick and convenient - and increasingly popular. There are many different services available in the Singapore market, depending on whether you need online currency conversion to send a payment to someone, to hold a foreign currency balance, to get money for yourself from an ATM, or to send money to someone else to collect in cash near their home.
The range of services available means that the right provider is out there for you - but it also means that you’ll need to do a bit of homework to pick the perfect provider for your specific needs. This guide to the best online currency exchange services in Singapore has you covered.
Online currency exchange providers:
Here are the providers we’ll explore in this article, and a quick word on why we picked them:
Wise - convert 40+ currencies with the mid market exchange rate
OFX - no fees for transfers in 50+ currencies
Remitly - convert money online for cash collection
YouTrip - hold a balance in 10 currencies to spend and withdraw internationally
Revolut - 3 different account types, all with some no-fee conversion of major currencies
Wise
Wise is a global financial technology firm which allows Singapore personal and business customers to open accounts online or in app to hold and exchange 40+ currencies. You can use your Wise account to send foreign currency payments to others, to convert a balance you hold, to make overseas ATM withdrawals to get cash in foreign currencies, to pay for things abroad with your Wise debit card, or to receive money internationally from others.
When you convert money with Wise you get the mid-market exchange rate and low fees from 0.35%. There are no fees to maintain your Wise account and the exchange process can be entirely managed online or with your smartphone app, making this a low cost and convenient option, for people who travel, send and receive foreign currency payments, or shop online with international ecommerce stores.
How to exchange money online with Wise
Set up a Wise account online or in app by entering your personal and contact information, and getting verified with Singpass. You can then add money to your account in SGD, and convert within your account by following the on screen prompts. You can also get instant currency conversion when you tap to pay with your card, make a withdrawal or send a payment to someone else overseas.
Exchange rates: Mid-market rate
Card availability: Available
Safety: Regulated by MAS in Singapore, and globally by a range of other bodies
Speed: Conversion can be instant - if you’re sending a payment to someone else, it can often arrive instantly, or within 24 hours
Customer reviews: 4.6 out of 5 stars on Google Play, from 868k+ ratings; 4.7 out of 5 stars on Apple App Store, from 67k+ ratings
Wise pros and cons
| Pros | Cons |
|---|---|
✅Mid-market exchange rate ✅Hold and exchange 40+ currencies - both business and personal accounts available ✅Debit card for international payment and withdrawals ✅Send money to 160+ countries ✅No ongoing account fees | ❌Variable currency conversion fee ❌Transfer delivery times are usually quick - but can vary ❌No cash delivery option |
Go to Wise
OFX
OFX offers Singapore personal customers ways to convert SGD to 50+ currencies to send to 170+ countries. With OFX you’ll need to fund your payment in SGD and then send it for deposit to a bank account overseas. There’s no OFX transfer fee, and no fee to set up your account in the first place. Instead, OFX adds a small mark up to the exchange rate used to convert your SGD to the currency you need. This is a fee - but it’s often smaller than the mark up you’ll find used by Singapore banks.
If you’re an OFX business customer you’ll also get other options including ways to receive business payments from others in foreign currencies, to a Global Currency Account. OFX has strong customer service, and offers 24/7 phone support, as well as digital transfers.
How to exchange money online with OFX
To exchange money with OFX you’ll need to register an account which you can do online or by phone. You may find you need to make your first transfer by phone so a member of the team can talk you through your options. You’ll be notified of the exchange rate being used and your available payment methods - usually bank transfer and card. Fund your transfer and the money is on the way.
Exchange rates: Mid-market rate + a small markup
Card availability: Not available
Safety: Safe, trusted and highly rated on customer service
Speed: Transfers can take 1 - 5 days depending on the currency
Customer reviews: 4 out of 5 stars on Google Play, from 3k+ ratings; 4.8 out of 5 stars on Apple App Store, from 2k+ ratings
OFX pros and cons
| Pros | Cons |
|---|---|
✅Transact digitally and by phone, 24/7 ✅Send payments in 50 currencies to 170+ countries ✅Transfers in major currencies are usually available in 1 - 2 days ✅No transfer fee ✅Currency risk management and business services available | ❌Exchange rates include a markup ❌More exotic currencies can take 5 days to arrive ❌No cash payment options |
Remitly
Remitly can be a strong option for an online currency exchange service if you want to send money to someone who doesn’t have easy access to a bank or ATM. You can send money to 170+ countries and choose a variety of delivery options including sending money to a bank or mobile money account, or for cash collection. Cash collection payments are often fast or instant and can be very handy if you need to get money to someone in a foreign currency quickly.
Remitly transfers have variable fees, depending on where you’re sending money to. Delivery times can also vary, but it’s often very fast or instant to send for cash collection or to a mobile money wallet. Deposits to bank accounts may take a little longer. Remitly calculates its exchange rate based on the live mid-market rate plus a mark up.
How to exchange money online with Remitly
Exchange money online by registering a Remitly account - you can send low value payments with little verification required, but to send more, or more frequently, you’ll need to provide some ID documents. Once you have an account you can easily enter the details of your payment and pick your preferred funding and delivery method, from those available at your destination.
Exchange rates: Mid-market rate + a mark up
Card availability: Not available
Safety: Regulated in the countries it serves - safe to send to people you know and trust
Speed: Payments for cash collection and mobile wallets can arrive in minutes - bank transfers may take a little longer
Customer reviews: 4.8 out of 5 stars on Google Play, from 816k+ ratings; 4.9 out of 5 stars on Apple App Store, from 1.5 million+ ratings
Remitly pros and cons
| Pros | Cons |
|---|---|
✅Send to bank and mobile money accounts or as cash ✅Payments to 170+ countries available ✅Transfers for cash collection can arrive in minutes ✅Extremely well rated apps ✅Regulated service that’s safe to use | ❌Exchange rates include a markup ❌Transfers can have very low limits ❌Variable delivery times |
YouTrip
YouTrip is a popular local ewallet and card which lets you hold a balance in SGD alongside 9 foreign currencies, and spend or withdraw around the world. Just look out for the network symbol wherever you are. You can spend currencies you hold with no fee, and if you don’t have the currency you need, the card can convert using the mid-market exchange rate.
You’ll be able to use your YouTrip card to make international ATM withdrawals, with some free withdrawals available every month before fees start to apply.
How to exchange money online with YouTrip
Register a YouTrip account online and order your card. You can then exchange 10 currencies in the YouTrip app by tapping the exchange currencies button and then following the prompts. You can also automatically exchange when you spend with your card, if you don’t have the required currency in your account.
Exchange rates: Mid-market exchange rate
Card availability: Available
Safety: Regulated by MAS in Singapore
Speed: Currency conversion is instant
Customer reviews: 4 out of 5 stars on Google Play, from 10k+ ratings; 4.6 out of 5 stars on Apple App Store, from 69 ratings
YouTrip pros and cons
| Pros | Cons |
|---|---|
✅Supports 10 currencies for holding and exchange ✅Some free ATM withdrawals available ✅Mid-market exchange rates used for conversion ✅Popular local ewallet with a big user based in the region ✅Regulated service that’s safe to use | ❌Some ATM fees may apply depending on how you use your card ❌Refund and card replacement fees apply ❌No option to send or convert cash |
Revolut
Revolut is a digital service which offers 3 different personal accounts in Singapore, all of which have their own features, fees and benefits. All accounts let you hold and exchange a range of foreign currencies, spend with a linked debit card, and get some no fee weekday currency exchange and ATM withdrawals. Accounts have varying no-fee transaction limits, and you’ll pay a fair usage fee if you exceed your plan’s limit - or you can upgrade to a higher tier account to access more features and higher no-fee transaction limits.
Revolut currency exchange uses mid-market rates to your plan limits, with a fair usage fee of 0.5% to 1% applied if you exceed these limits. Some higher tier plans offer unlimited currency exchange which uses the mid-market rate. If you exchange money on a weekend, weekend markups also apply.
How to exchange money online with Revolut
Set up a Revolut account online or in the Revolut app, and add money in SGD to get started. You can then use your account to exchange your balance to foreign currencies, to spend and withdraw with your debit card, or to send payments to others. In all cases you can exchange currency with no fee on weekdays, to your plan limit.
Exchange rates: Mid-market rates to your plan limits, fair usage fee of 0.5% to 1% applied after that. Weekend markups also apply
Card availability: Available
Safety: Safe, and fully regulated in Singapore and many other countries and regions
Speed: Currency conversion can be instant, bank transfers have variable delivery times
Customer reviews: 4.6 out of 5 stars on Google Play, from 2.7 million+ ratings; 4.7 out of 5 stars on Apple App Store, from 43k ratings
Revolut pros and cons
| Pros | Cons |
|---|---|
✅Choose from 3 different account types ✅Standard plan has no monthly fee ✅Some fee free currency conversion Monday to Friday on all account tiers ✅All accounts have some no fee ATM withdrawals monthly ✅Lots of other features and perks available | ❌You’ll pay a fairly high monthly fee to get all features ❌Fair usage and out of hours currency conversion fees may apply ❌You can’t send cash to others |
How to exchange currency online?
If you need travel money and want to get cash before you leave Singapore, you’ll have a couple of key options: stand in line at a physical exchange office, or order online and collect your cash as you pass through Changi airport.
This service is available through Changi Recommends counters throughout the airport. It’s important to note that there are order cut off times for this service, and you can’t exchange money instantly. If you order currency before 11am on a work day, you can get your cash after 6pm that same day. However, orders after 11am have to wait until the next business day, again, after 6pm.
If you want to exchange currency online for travel, you’ll need to:
Head to the Changi Recommends website and order online for collection
Pay by bank transfer or using a card
Your money can be collected at your nominated Changi Recommends desk
Things to consider when choosing an online currency exchange service
Different online currency services have their own features, benefits and costs. Often you’ll find that providers have a particular target customer in mind - which may be someone sending money to a friend overseas, someone getting travel cash before a break, someone paying overseas bills, or someone looking for easy ways to spend with a card when they travel.
Picking the right provider for you will need a bit of thought. Depending on what you need to do, one provider may offer significantly better value than another. Here are a few considerations when you’re choosing:
Exchange rate - the exchange rate will be important in dictating how far your SGD goes when you’re spending in a foreign currency. Exchange services set their own rates, so looking for one with the mid-market rate or as close as possible to it will usually net you the best deal
Fees - depending on why you need to convert funds you may find there are fees to pay. These could be transfer fees, commissions or delivery fees for example. Providers should show these charges transparently, but sometimes costs can be buried in the exchange rates used - so do look at both fees and rates when you pick a service
Convenience - if you’re converting currency online you need a provider which is convenient to use, with a good app or website. It’s also worth considering how convenient it’ll be to get your cash. Collection and home delivery services can be a bit of a hassle, but having a digital multi-currency account and card from a provider like Wise or Revolut can be a convenient alternative
Speed - currency conversion in a digital account can often be done instantly, but if you’re sending a payment to someone overseas delivery times can vary widely, so comparing a few is a smart option
Understanding exchange rates
We’ve mentioned that it’s important to check the exchange rate a provider will offer you before you convert currency online. But what does that really mean?
To know if an exchange rate is any good or not you’ll need to know the mid-market currency exchange rate for your currency pair - so for SGD to EUR for example. You can find this on Google or with a currency exchange calculator. What you’ll be shown is the mid-market rate, which is the one that’s used as a benchmark by banks and currency exchange services trading on wholesale markets. However, this rate isn’t usually passed on to customers.
Generally providers will add a markup - a fee - to the mid-market rate to calculate their rate for currency exchange. This is hard to spot, and can mean you’re paying fees you weren’t expecting. Looking for a provider which offers the mid-market rate with no or low markup is the best bet.
Where to avoid exchanging currency
As tempting as it may be, it’s usually best to avoid exchanging currency at the airport. Airport currency exchange desks tend to have little competition, and know that travellers just want to get their money sorted, and won’t be scrutinising the costs at this stage. That can lead to a high markup fee being added to the exchange rate, which ultimately means you pay more than you need to for your travel cash.
Alternatives to online currency exchange providers
If you don’t want to exchange your money online, some alternative options for currency conversion include:
Airport exchange desks
✅Convenient face to face service
✅You may be able to exchange instantly if you want a common currency
❌Exchange rates are often pretty poor
❌Exchange in Changi airport is dominated by one provider, so you can’t shop around
Exchange stores
✅Exchange in cash, or pay by card, and get your money instantly
✅Rates can be driven down in areas where there are lots of similar services
❌Exchange rates may not be the best available
❌Exchange stores often do not stock a big range of currencies
Conclusion - Best Online Currency Exchange Services
Exchanging currency online is convenient and fast. You’ll often find you need to register an account before you can make an online exchange, but this can be done with just your laptop or phone. There are lots of different online currency exchange services which could work for you depending on what you need.
If you want convenient ways to exchange a foreign currency balance, spend on card, and make cash withdrawals as you travel, consider Wise or Revolut. If your priority is sending a payment to someone that they can get in cash, Remitly may be right for you - and for bank deposit transfers you can arrange by phone as well as online, check out OFX. By comparing a few options, you’ll find the right service for your unique needs.
FAQ – Best Online Currency Exchange Services
1. What is the cheapest way to get foreign currency in Singapore?
The cheapest way to exchange currency really depends on what currency you are buying, how much and where you are. If you need cash instantly, a physical bank or currency exchange store is your best bet - choose one in a city centre where there’s lots of competition if you can. If you have more time, get a digital account from a provider like Wise or Revolut for great exchange rates and low cost ways to spend and withdraw overseas.
2. Where can I get money exchanged at the best exchange rate?
Wondering where to exchange currency in a store? Use these city and suburb guides to help you get the best exchange rates deals
3. What is the best travel card?
Getting a travel card from a provider like Wise or Revolut can be more convenient than standing in line in a currency exchange store, and offers cheap and secure ways to spend and withdraw overseas.