Singapore Dollar_flag

Singapore Dollar

The Singapore Dollar, represented by the currency code SGD and the symbol S$, is the official currency of Singapore. The Monetary Authority of Singapore (MAS) issues and manages the Singapore Dollar.

The Singapore Dollar was first issued in 1967, two years after Singapore's independence, replacing the Malaya and British Borneo Dollar at par. It was initially pegged to the British Pound, and later to the U.S. Dollar, before moving to a managed float regime against an undisclosed basket of currencies in 1985.

Convertible:Yes

Transferable:Yes

Exchange rate regime:Floating

Did you know?

Singapore's Monetary Policy

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Unlike most central banks that use interest rates to manage monetary policy, the MAS uses the exchange rate. Its primary policy tool is the Singapore Dollar Nominal Effective Exchange Rate (S$NEER), an undisclosed trade-weighted basket of currencies.

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The MAS manages the SGD by letting it float within a policy band and intervenes in the forex market when necessary to ensure the SGD's stability, which is essential for Singapore's trade-dependent economy.

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The Singapore Dollar is subdivided into 100 cents. Coins are issued in denominations of 5, 10, 20, and 50 cents, and 1 Dollar, while banknotes come in denominations of 2, 5, 10, 50, 100, 1,000, and 10,000 Dollars.

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The designs of SGD notes and coins reflect Singapore's heritage, culture, and achievements. For instance, the current Portrait series of banknotes features the image of the first President of Singapore, Yusof bin Ishak.

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Financial experts consider the SGD as a stable currency due to Singapore's robust economic fundamentals, prudent fiscal policies, and stringent regulatory environment. The SGD's managed float regime also allows the MAS to mitigate excessive volatility in the currency.

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However, as a trade-dependent economy, Singapore is vulnerable to global economic trends and trade disruptions, which can impact the SGD. Singapore's financial sector, one of the most developed in Asia, also makes the SGD sensitive to shifts in global investor sentiment and capital flows.

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The MAS's unique exchange rate-centered monetary policy also draws considerable attention from experts. While some praise its effectiveness in maintaining SGD stability, others point out the challenges of navigating this policy in an increasingly complex global economic environment.

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The MAS oversees the regulation of the Singapore Dollar. It ensures the soundness and integrity of the country's financial system, promotes monetary stability, and manages the official foreign reserves of Singapore.

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As a global financial hub, Singapore has stringent regulations to prevent illicit financial activities. The MAS has implemented rigorous anti-money laundering and counter-financing of terrorism measures that all financial institutions in Singapore must follow.

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Important information

Payments in SGD to Singapore

Key considerations to bear in mind

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Payment instructions should contain the beneficiary's IBAN, name, and address.

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Payment Processing Time

The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Singapore are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.

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Fees and Charges

Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.

Keep in mind

Bank holidays

01

January

New Year's Day

01

May

Labour Day

09

August

National Day

25

December

Christmas Day

Chinese New Year

Varies

Good Friday

Varies

Vesak Day

Varies

Hari Raya Puasa

Varies

Hari Raya Haji

Varies

Deepavali

Varies

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Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts.

iBanFirst S.A. is duly authorised and regulated by the National Bank of Belgium (under CBE number 0849.872.824) as a payment institution. It is a direct member of the SWIFT network and is certified to make payments throughout the SEPA zone. As a payment institution, iBanFirst S.A. only offers hedging solutions (forward, flexible forward and dynamic forward) connected to underlying payment transactions. iBanFirst S.A. does not offer options or any other financial instruments for investment or speculative purposes.