Convert SGD to major currencies at indicative 2025 rates.
US Dollar (USD)
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Indicative rate: 1 SGD = 0.74 USD
Malaysian Ringgit (MYR)
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Indonesian Rupiah (IDR)
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British Pound (GBP)
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Australian Dollar (AUD)
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How MAS manages the SGD
Unlike most central banks that set interest rates as their primary policy tool, the Monetary Authority of Singapore manages monetary policy through the exchange rate. MAS targets a policy band for the SGD nominal effective exchange rate (NEER), which is the SGD measured against a trade-weighted basket of currencies of Singapore’s major trading partners. Within the band, the SGD is allowed to float. MAS adjusts the slope, width, and centre of the band periodically, announcing changes at the semi-annual Monetary Policy Statement. A stronger SGD band reduces import costs and helps contain inflation, which is the typical setting when global commodity prices rise. A weaker or neutral stance supports export competitiveness. This mechanism makes Singapore’s monetary policy unique in Asia.
Getting the best exchange rate in Singapore
For residents converting SGD to foreign currencies, the interbank or mid-market rate shown on Google or XE.com is the benchmark. Banks typically offer rates 1 to 3 percent worse. City money changers, particularly in People Park Centre on Upper Cross Street, Mustafa Centre in Little India, and the Arcade at Raffles Place, frequently offer rates within 0.1 to 0.5 percent of the interbank rate. For regular international transfers, Wise (formerly TransferWise) uses the mid-market rate and charges a transparent fee, usually under 1 percent for SGD to major currencies. Multi-currency wallets like YouTrip and Revolut hold balances in foreign currencies and spend at near-interbank rates, which is useful for frequent travellers. The rates in this calculator are indicative annual averages and will differ from live market quotes.
SGD as a regional anchor
For Singaporeans with family or financial ties across Southeast Asia, the SGD occupies a favourable position. Against the Malaysian Ringgit, one SGD buys approximately 3.30 MYR, reflecting the historical and economic links between the two countries. Many Singaporeans cross the Causeway regularly and benefit from their SGD purchasing power in Johor Bahru. Against the Indonesian Rupiah, the SGD is even stronger, with one SGD buying around 11,700 IDR. For those remitting money to family in the Philippines, India, Bangladesh, or Myanmar, the SGD also converts favourably. The practical implication is that Singapore residents earn in a strong, stable currency with very broad purchasing power across the region.
Frequently asked questions
What is the current SGD to USD rate?
The indicative rate used in this calculator is approximately 0.74 SGD to 1 USD, meaning S$1 buys roughly US$0.74. The actual interbank rate fluctuates daily. The Monetary Authority of Singapore manages the SGD through an exchange rate policy band rather than a fixed rate, so the SGD trades in a managed float. Rates at money changers and banks differ from the interbank rate, typically with a spread of 0.5 to 2 percent. Use a licensed money changer or a multi-currency account for the most competitive rates.
Where can I exchange currency in Singapore?
The most competitive exchange rates in Singapore are typically found at licensed money changers in shopping malls such as Mustafa Centre, People Park Centre, and Lucky Plaza. Banks offer convenience but usually worse rates and may charge service fees. Online options include Wise, Revolut, and YouTrip, which offer near-interbank rates with small transaction fees. Airport money changers at Changi typically offer rates below the city-centre average and should be used only for small emergency amounts.
Does Singapore tax foreign exchange gains?
For individuals, incidental foreign exchange gains from ordinary personal transactions such as currency conversions for travel or purchases are generally not taxable in Singapore. However, if you trade currencies systematically for profit, IRAS may treat that as taxable income. For businesses, forex gains and losses on trade transactions are typically revenue in nature and therefore taxable or deductible. Forex gains on capital items such as the conversion of foreign currency loan principal are generally capital in nature and not taxable.
Why is SGD considered a strong and stable currency?
The SGD is managed by MAS through an exchange rate band policy, adjusting the rate against a basket of currencies of major trading partners. Singapore consistently runs large current account surpluses, has very high foreign exchange reserves relative to GDP, maintains AAA-rated sovereign debt, and has a stable political and regulatory environment. These fundamentals support the SGD relative to many regional currencies. SGD has historically been one of the strongest currencies in Southeast Asia, providing a natural inflation buffer for Singapore residents holding SGD assets.