Singapore dollar – that’s the name of the currency in Singapore. It has the ISO code SGD and two possible abbreviations: Either $ or S $. The Singapore dollar coins are divided into 1, 5, 10, 20, 50 cents and also one dollar. The banknotes, however, offer 2, 5, 10, 50, 100, 1,000 and 10,000 SGD in notes. In Singapore, a usage image applies to each banknote. So $ 2 is for school and education and the highest amount of SGD 10,000 for business.
History of the currency
In 1965, a monetary union with Brunei and Malaysia was introduced, resulting from Singapore’s exclusion from the Malaysia Federation. However, this lasted just two years due to differences of opinion regarding the independence of the monetary union and the central bank. Thus, all three countries had their own national currencies: the Singapore, Ringgit and Brunei dollars.
The basis of the Currency Interchangability Arrangement (CIA) meant that the currencies were directly linked to an exchange rate that was 1: 2.40 pounds sterling. Until 1973 it was therefore possible to pay with the Singapore dollar in Brunei and Malaysia.
In the same year Singapore got out of the CIA because the Bretton Woods system consisting of fixed exchange rates and the gold peg of the US dollar was abolished. As a result of this, Great Britain’s money was devalued, which led Singapore to decide to only let the cooperation with Brunei exist. The currency is only used in Singapore today.
Exchange on site or in Germany?
In general, one can say that the exchange rates in Singapore are very good, which is why it can actually be worthwhile to exchange money on site. The exchange itself is also easy, as there are numerous Money Changer machines that allow an uncomplicated exchange.
However, some restaurants, for example, also offer the option of paying in euros, which is not advisable. On the one hand, this can take more time and the food will usually be more expensive.