Exchange rate SGD - Singapore dollar

Singapore dollar

The Singapore dollar is the official currency of Singapore. It is denoted by the international abbreviation SGD, although it is also written with the symbol $ or S$. It divides into 100 cents.

The Singapore dollar - where is it used?

The Singapore dollar is mainly in force within Singapore. Under a currency exchange agreement, the SGD is also accepted in Brunei, just as the Brunei dollar is accepted in Singapore. When travelling to this Asian city-state, one should check the SGD exchange rate.

The history of the Singapore dollar

Between 1845 and 1939, Straits dollars were used in Singapore and circulated throughout Southeast Asia's British dependent territory. Dollars from other British colonies later replaced these. Singapore also used a common currency after it merged with Malaysia in 1963. However, two years later, it split and became independent. At that time, the monetary union between Malaysia, Singapore and Brunei also broke down. In 1967, Singapore began issuing its first own coins and banknotes. By 1973, the Singapore dollar was convertible into the Malaysian ringgits. The peg and free exchange with the Brunei dollar, on the other hand, has remained to this day. The SGD exchange rate was closely pegged to the pound sterling for many years. The Singapore dollar traded at 2 shillings and 4 pence. Thus, one pound sterling cost 8.57 S$. The peg lasted until the 1970s. Then, for a brief period, the Singapore dollar exchange rate was closely linked to the US dollar. Since 1985, Singapore has used a market-oriented exchange system in which the SGD exchange rate can fluctuate but within a strict range. The monetary authorities of Singapore still monitor it. This allows the country's government to have more control over inflation and ensure that Singaporean exports remain competitive.

The Singapore dollar - key information

In the wallets of Singaporeans, you can find coins with denominations of 5, 10, 20 and 50 cents, as well as 1 dollar. The obverse features the Singapore coat of arms and the name of the country in four official languages. The reverse depicts the country's architectural landmarks - including the Singapore port and airport. The banknotes function in denominations of 2, 5, 10, 50, 100, 1,000 and 10,000 SGD. For easy distinction, they have different, intense colours. Each of them shows the image of Singapore's first president - Yusof bin Ishak. The reverse side depicts areas of everyday life - education, arts, sports and economy. The paper SGD bills are slowly being replaced by plastic versions made of polymer, although both forms are currently in circulation. As an interesting fact, it is worth knowing that the 10,000-dollar bill is the world' most valuable banknote.

Check the SGD exchange rate

The Singapore dollar is one of the most traded currencies in the world. In 2019, it took part in 1.8% of all currency transactions. In Europe, the SGD exchange rate is important for people who actively trade with Singapore or travel to the country for tourism. However, converting SGD currency at stationary exchange offices can be difficult. It is definitely easier to do it online using our portal. You may also take US dollars to Singapore and exchange them on the spot.