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The local currency is Singapore dollars and cents. Other than the Singapore dollar, the US and Australian dollar, Yen and British pound are also widely accepted, at major shopping centres and restaurants.
A 7% Goods and Services Tax (GST) is imposed on all purchases. Tipping is not practised in Singapore as most hotels and restaurants already levy a 10% service charge on bills.
Major credit cards are generally accepted by establishments, including American Express, Diners Card, JCB, MasterCard and Visa.
Another widely-used method of payment is NETS, which allows you to make payment with your Automated Teller Machine (ATM) card.
Most banks handle travellers' cheques and change foreign currencies. Passports are required when cashing travellers' cheques. A nominal commission may be charged. Apart from banks and hotels, you may change money at outlets which display the sign "Licensed Money Changer".
Most banking hours are usually from Mondays to Fridays, 9.30am - 3pm and Saturdays, 9.30am - 11am/1pm. Some banks offer late night banking and have extended hours on Saturdays. Some banks in Orchard Road even open on Sundays. It is best to check with individual banks on their operating hours.
You may need to open a savings or checking account while in Singapore. You will need to bring a minimum initial deposit (usually $100) if you are below 21 years of age, as well as your passport and Student's Pass/ letter of admission to your educational institution. Upon opening your account, you will be given an ATM card which gives you the added convenience of being able to withdraw money from any ATM machine operated by your bank. The ATM card also entitles you to make payment via NETS (Singapore's cashless payment system).
You may receive additional funds using bank drafts made out in Singapore dollars and drawn from a Singapore bank. These may be credited to your account and withdrawn in one to two days. Cheques drawn on banks with no branches in Singapore may take up to three weeks to clear. |
