📄

Employment Contracts

Types of employment contracts in the Netherlands, such as permanent, temporary, and freelance agreements.

Sections

1. National Currency

  • Currency Name: Singapore Dollar (SGD)
  • Symbol: S$ or simply $
  • ISO Code: SGD
  • Denominations:
    • Coins: 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and $1.
    • Banknotes: $2, $5, $10, $50, $100, $500, $1,000, and $10,000 (though the $10,000 note is rarely used and being phased out for anti-money laundering reasons).
  • Authority: The currency is issued and regulated by the Monetary Authority of Singapore (MAS).

2. Exchange Rates

  • The Singapore Dollar is a stable and widely traded currency in the global market.
  • Exchange Rate: The value of SGD fluctuates depending on global market conditions. As of October 2023, approximate exchange rates are:
    • 1 USD ≈ 1.36 SGD
    • 1 EUR ≈ 1.45 SGD
    • 1 GBP ≈ 1.66 SGD
    • 1 AUD ≈ 0.88 SGD
    • 1 MYR (Malaysian Ringgit) ≈ 0.29 SGD
    • (Note: Always check real-time rates as they can vary daily.)

3. Currency Exchange in Singapore

Where to Exchange Currency

  • Money Changers:
    • Licensed money changers are widely available in Singapore, especially in areas like shopping malls, tourist hubs, and financial districts.
    • Popular locations include The Arcade at Raffles Place, Mustafa Centre in Little India, and Chinatown.
    • Money changers often offer better rates than banks and are a preferred option for visitors.
  • Banks:
    • Major banks like DBS, UOB, and OCBC provide currency exchange services.
    • Bank rates are generally less competitive than money changers, and service fees may apply.
  • Airport:
    • Currency exchange counters are available at Changi Airport, but rates are typically less favorable compared to city money changers.
  • ATMs:
    • ATMs in Singapore accept international cards (Visa, Mastercard, Cirrus, Plus) and dispense SGD. However, foreign transaction fees and exchange rate markups may apply.

Tips for Currency Exchange

  • Compare rates at different money changers before exchanging large amounts.
  • Avoid exchanging currency at hotels or tourist-heavy areas, as rates may be less favorable.
  • Always check for hidden fees or commissions.
  • Retain your receipt for record-keeping and potential refunds if needed.

4. Regulations and Limits

  • Import and Export of Currency:
    • There is no limit to the amount of currency you can bring into or take out of Singapore.
    • However, if you are carrying SGD 20,000 or more (or its equivalent in foreign currency), you must declare it to Singapore Customs upon arrival or departure.
  • Counterfeit Currency:
    • Singapore has strict laws against counterfeit currency. Always exchange money at licensed establishments to avoid handling fake notes.
  • Anti-Money Laundering:
    • Large transactions may require identification and documentation to comply with anti-money laundering regulations.

5. General Costs in Singapore

Singapore is known for its high cost of living, but it offers a range of options to suit different budgets. Below is a breakdown of typical costs:

Food

  • Hawker Centre Meal: S$4–S$8
  • Mid-range Restaurant Meal: S$20–S$40 per person
  • Fine Dining: S$100+ per person

Transportation

  • MRT (Subway) or Bus Ride: S$1–S$2.50 (using an EZ-Link or NETS FlashPay card)
  • Taxi Ride (10 km): S$15–S$25
  • Ride-hailing (e.g., Grab, Gojek): S$10–S$20 for short distances

Accommodation

  • Budget Hotel: S$80–S$150 per night
  • Mid-range Hotel: S$150–S$300 per night
  • Luxury Hotel: S$400+ per night
  • Rental Apartments: S$2,500–S$6,000 per month (depending on size and location)

Shopping

  • Groceries (per week for 1 person): S$50–S$100
  • Clothing (mid-range brands): S$50–S$150 per item

Attractions

  • Entry to Gardens by the Bay: S$20–S$28
  • Singapore Zoo: S$48 (adult ticket)
  • Universal Studios Singapore: S$88 (adult ticket)

6. Payment Methods

  • Cash: Widely accepted, especially at hawker centres, small shops, and local markets.
  • Credit/Debit Cards: Accepted almost everywhere, including restaurants, malls, and taxis. Visa, Mastercard, and American Express are the most commonly used.
  • Mobile Payments: Singapore is highly digitalized, and mobile payment platforms like PayNow, GrabPay, and Apple Pay are widely used.
  • EZ-Link and NETS FlashPay Cards: Prepaid cards used for public transport and small retail transactions.

7. Country-Specific Considerations

  • Tipping Culture: Tipping is not customary in Singapore. A 10% service charge is usually included in restaurant bills, and additional tipping is not expected.
  • GST Refund for Tourists:
    • Tourists can claim a Goods and Services Tax (GST) refund (currently 8%) on purchases of S$100 or more from participating retailers. Refunds can be processed at Changi Airport before departure.
  • Dual Currency ATMs:
    • Some ATMs in Singapore dispense both SGD and foreign currencies like USD or EUR. This can be convenient for travelers needing multiple currencies.

8. Practical Tips for Visitors and Immigrants

  • Plan Your Budget: Singapore is expensive compared to many Southeast Asian countries, so plan your expenses accordingly.
  • Use Public Transport: The MRT and buses are affordable and efficient, reducing the need for taxis or car rentals.
  • Stay Updated on Exchange Rates: Use apps like XE or OANDA to monitor real-time exchange rates.
  • Avoid Dynamic Currency Conversion (DCC): When paying by card, always choose to pay in SGD rather than your home currency to avoid unfavorable conversion rates.
  • Keep Small Denominations: Hawker centres and small shops may not accept large notes like $100 or $1,000.

9. Emergency Contacts

  • Lost or Stolen Cards:
    • Visa: +65 800 448 1250
    • Mastercard: +65 800 110 0113
    • American Express: +65 1800 396 6000
  • Monetary Authority of Singapore (MAS): +65 6225 5577 (for currency-related queries)

By understanding Singapore’s currency and exchange practices, visitors and immigrants can manage their finances effectively and enjoy a smooth experience in this vibrant city-state.