Currency Exchange: Indian Rupees to Singapore Dollars
The currency of Singapore is Singapore Dollar (SGD). S$ (S Dollar) is the symbol of the Singapore dollar currency and Singapore’s Monetary Authority issues and monitors it. If you have planned on visiting Singapore for the first time for a vacation or for any other purpose, it is necessary for you to understand the process of currency exchange. It can cost you both money and time if you are unsure and unaware about where to exchange the money and how to do it. If you know the right steps and have knowledge about currency exchange, then it is quite a simple and straightforward process.
In this Article, we will learn all about the currency exchange from INR to SGD, where we can do it, how to get them, what factors will be affecting the exchange rate of Singapore dollar and tips on how to get the best rate of exchange for INR to SDG.
Overview
Singapore Dollar (SGD) is the official currency of Singapore. Since 1965, Singapore Dollar (SGD) has been the currency of Singapore after the nation became independent from Malaysia. Banknotes of SGD are printed ranging from S$2 ro S$10,000 whereas the coins are made in value ranging from one cent to S$5. If you are someone travelling from India to Singapore, it is important to know the conversion rate of INR to SGD. While the conversion rate fluctuates depending on various factors like inflation, current account deficits, etc, the current rate stands at INR 1 = SGD 0.015. Basically, if you have INR 50,000 it will be exchanged in SGD to become 767.88 Singapore Dollars.
Ways to Get SGD (Singapore Dollars)
There are many ways to get Singapore dollars. We have mentioned few below:
- You can exchange Indian rupees into Singapore dollars by a Reputed banks,
- You can also exchange the currency using online currency exchange platforms or
- You can also get the Singapore dollars after landing in the country.
Process of Exchanging the Indian Rupees into Singapore Dollar
The process of converting Singapore dollars into Indian rupees is a very easy process. Please keep an eye on the Singapore dollar rate as the currency exchange from Indian rupees to Singapore dollar changes according to the market. We have mentioned below some of the very known ways to convert Indian Rupees into Singapore Dollars:
- Internationally-Accepted Card:
The most safest and economical way of carrying Singapore dollars with you is by carrying a multiple currency forex card. The BookMyForex Multi-currency card has no charges for foreign currency exchange and can hold money in 14 different currencies.
- Online Forex Marketplace:
The easiest and best way of converting your Singapore dollar is by using BookMyForex which is an online forex marketplace. It is a platform by Makemytrip and it offers the best currency conversion rates and exchange services. It offers a fully digital online process for currency exchange and it’s only a 5-minute process.
- Visiting Your Bank:
The most traditional way for converting Indian rupees into Singapore dollars is by visiting a bank and standing in long queues. You can change currency easily by bringing your verified documents.
- Local Money Changers:
You can look for an authorised dealer or someone who has a licence for money exchange matters. People who offer currency exchange services offer competitive exchange rates and you do not need any bank account services in this case. Although, Negotiating for the perfect rate can be frustrating for those people who are looking for an easy way to convert Indian INR into Singapore Dollars.
- Airport
One of the expensive ways of converting Indian rupees into Singapore dollars would be to exchange Singapore dollars at the airport. Airports have enormous high Singapore dollar exchange rates. Currency exchange rate at the airport will range from 5%-15% more costlier than BookMyForex.
Important Tip: Be careful when you are thinking of currency exchange because of the scams. Scams can happen to anyone at any time or at any place in the world. It is important to be certain where you are planning to exchange your currency by measuring the scams and the currency exchange rates. It is best to visit a currency exchange operator or a bank which has a proper licence for currency exchanges as they will never turn out to be scammers. One thing to strictly avoid is the street money exchangers and individuals who are unverified offering you to exchange currency at an attractive rate.
Tips To Get The Best Exchange Rates For INR to SAR
Mentioned below are some of the tips that can be valuable to you to maximise the value of your Indian Rupees (INR) while converting into Singapore Dollars (SGD):
- Comparison of Exchange Rates:
It is very important for you to compare the currency exchange rates provided by the different banks, people who exchange money and platforms that provide online currency exchange services. The rates that all these organisations provide vary from each other, so you should take your time and compare all the offers and select the best for yourself. There are additional charges also involved. So, compare exchange rates and additional charges and then decide by yourself.
- Timing Is Key for Currency Exchange:
The rates of currency exchange are hugely impacted by the fluctuation in the market rates. You should monitor the performance of market rates for currency exchange all day to find the perfect timing to convert INR to SGD. You can use any real time online currency exchange website or mobile application which provides you real-time exchange updates.
- Opt For Online Currency Exchanges:
Good rates are offered by many online currency exchange platforms. Also, you have the convenience of converting INR into SGD hasslefree through your mobile phones. You should compare the ratings provided by different platforms for currency exchange and get the best price. Always use that platform which is authentic, reputed and authentic.
- Always try Avoiding Exchanging Currency in Airport
When you can get currency rates outside then why spend extra money by exchanging it at the airport? You should only opt for airport currency exchanges when you have no options left because the currency exchange rates, fees and operational cost services are very high at the airport as compared to other methods of currency exchange.
- Negotiation for Fees & Commissions
To save money you can negotiate the costs and commission with your currency exchange provider. You can also ask the provider about the discounts and waivers included in currency exchange. You should always be careful about additional charges or any other hidden costs before trusting the provider for any currency exchange.
Factors That Impact The Exchange Rate of The Saudi Riyal Currency
Some of the factors that impact the currency exchange rates of the Singapore Dollars (SGD):
- Factors That Directly Impact Currency Exchange Rates
This factor explains how the currency exchange rate is influenced by the price increase in imported goods and services which are usually priced in foreign currencies. Singapore’s inflation could increase if the price of imported goods and services rise due to shortage of supply among trading partners assuming currency exchange rates remain constant. To strengthen the Singapore dollar's exchange rate (S$NEER), the Monetary Authority of Singapore (MAS) tightens money related policies. This policy makes the high priced imports of goods and services cheaper in local currency terms which helps in reducing inflation.
- Factors That Indirectly Impact Currency Exchange Rates
A strong Singapore dollar (S$NEER) makes exports more expensive whereas it makes imports cheaper which makes consumers prefer imports more and exporting goods and services less. It reduces the demand for foreign goods for singapore. The decrease in exporting results in cooling the economy, lowering the inflation and cost pressure even though these effects take no time to become real. If the Monetary Authority of Singapore eases the money related policies, only then these effects can be reversed.
- Monetary Policy Affects The Economy Gradually
The economy of the country is impacted by monetary policies gradually as all the businesses include various factors which are excluding the currency exchange rates such as goods and services, competition and constant costs from the existing contacts. The Singapore dollar lowers import of goods and services costs, when the Monetary Authority of Singapore (MAS) tightens monetary policies but until the contracts are renegotiated, businesses may delay passing savings to consumers. Moreover, reduction in the demand for exports due to the powerful dollar takes time to influence production, hiring and prices, requiring the Authority of Singapore (MAS) to closely monitor the economic conditions when making monetary policy decisions.
Conclusion
The official currency of the Singapore country is Singapore Dollar (SGD). It is managed by the Monetary Authority of Singapore. You can convert INR into SGD using many methods such as using online forex platforms, bank visits, or airport exchanges. It is best to compare the exchange rates using various methods, avoid currency exchange at airports and be cautious of scams for the best rates of currency exchange. Two important things to keep in mind when you wish to exchange currency is timing for good rates of exchange and choosing a reputable and trusted service for it. Moreover, Singapore’s monetary policy gradually impacts the economy by impacting importing costs, demand and inflation.
Frequently Asked Questions (FAQs)
Ques 1. Where to exchange INR to Singapore Dollar?
Ans 1. BookMyForex is the quickest, trusted and most affordable way to convert your INR to SGD. It is a trusted Forex Platform in India. It is a part of MakeMyTrip, and one of India's leading travel companies. It is considered one of the best ways of converting your money into SGD.
Ques 2. What is the best way to exchange currency in Singapore?
Ans 2. Using an ATM in Singapore is the most economical and convenient way of exchanging currency. You can ask your home bank if they have any partnership or any offers with local banks in Singapore to get the best deals for you. You might be able to withdraw cash from these ATM’s with no additional charges if your home bank has a partnership.
Ques 3. Is INR accepted in Singapore?
Ans 3. It is unfortunate for Indian tourists as INR currency is not accepted in the city-state of Singapore. They are supposed to exchange INR into SGD if they wish to pay or purchase something in the country.
Ques 4. How much cash should I carry to Singapore?
Ans 4. It is best to carry 25,000 per person if you are traveling from India to singapore. Do carry some cash besides having your forex or credit card. Some vendors in singapore do not accept any types of card and in this case your cash would be required.
Ques 5. What documents are required for currency exchange?
Ans 5. There are few documents that are required during currency exchange from INR to SGD. The documents you should carry are: your Indian passport, your confirmed flight tickets indicating travel within 60 days, your pan card and valid visa which is mandatory for many countries including singapore.