When you land in Singapore or start planning a trip to this vibrant city-state, one of the first practical questions is, what is Singapore currency called? The official legal tender is the Singapore Dollar, which is internationally recognized by the currency code SGD and the symbol S$. Often referred to simply as the dollar, it is subdivided into 100 cents and is managed by the Monetary Authority of Singapore (MAS), the city-state’s central bank.
The History and Evolution of the Singapore Dollar
Understanding the origins of the Singapore Dollar provides valuable context for anyone curious about the nation’s economic identity. Before independence in 1965, Singapore used the Malayan and British Borneo dollar. For a brief period following separation, the country shared a currency union with Malaysia and Brunei. However, this arrangement ended in 1973, prompting Singapore to establish its own distinct monetary policy. The MAS was formed in 1971, and since then, the SGD has evolved into a stable, trusted currency known for its strength in the region.
Physical Currency: Notes and Coins
If you are wondering what the Singapore currency looks like, the design is a source of national pride. The banknotes, commonly called "notes," feature portraits of the first President of Singapore, Yusof Ishak, on the obverse. The reverse showcases significant cultural and historical landmarks, such as the Marina Bay Sands or the Singapore River. Coins, or "cents," are minted in denominations of 5, 10, 20, and 50 cents, with the one-dollar coin being the highest value in coin form. The polymer-like texture and intricate security features make the notes both durable and difficult to counterfeit.
Denomination | Obverse (Front) Design | Reverse (Back) Design
$2 | Portrait of Yusof Ishak | Marina Bay Sands
$5 | Portrait of Yusof Ishak | Singapore Parliament House
$10 | Portrait of Yusof Ishak | Singapore Flyer
$50 | Portrait of Yusof Ishak | Esplanade – Theatres on the Bay
Digital Payments and the Modern Economy
While the question what is Singapore currency called usually refers to the physical dollar, the landscape of finance in Singapore has shifted dramatically toward the digital sphere. Contactless payment methods like NETS QR, Apple Pay, and Google Pay are ubiquitous, rivaling cash usage in convenience stores and hawker centers. The SGD is also a strong performer in the global forex market, often viewed as a safe-haven currency among emerging market currencies. This stability attracts foreign investors and solidifies Singapore’s position as a leading financial hub.
Exchanging Currency and Practical Tips
For travelers, knowing the current exchange rate for the SGD is essential. The dollar is widely accepted across the border in neighboring Malaysia, particularly in the city of Malacca, though this is not always the case in reverse. Currency exchange kiosks are readily available at Changi Airport, but using an ATM often provides a better rate. It is wise to avoid unofficial money changers in tourist areas; sticking to banks or licensed institutions ensures you receive a fair value for your home currency.
