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Mental Health Services

Comprehensive mental health support, including therapy and psychiatric care.

Sections

1. National Currency

  • Currency Name: Singapore Dollar (SGD), often abbreviated as "S$" or simply "$" in local contexts.
  • Denominations:
    • Coins: 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and $1.
    • Banknotes: $2, $5, $10, $50, $100, $1,000, and $10,000 (though the $10,000 note is rarely used and being phased out for anti-money laundering reasons).
  • Exchange Rate: The Singapore Dollar is a stable currency. Exchange rates vary depending on the global market, but as of recent years, 1 USD is approximately 1.35–1.40 SGD. Always check the latest rates before exchanging money.

2. Payment Methods in Singapore

Singapore is a highly cashless society, but cash is still accepted in many places. Below are the most common payment methods:

a. Cash

  • Usage: Cash is widely accepted, especially in hawker centres, wet markets, and small businesses. However, many establishments are moving towards cashless payments.
  • ATMs: Automated Teller Machines (ATMs) are widely available across Singapore, including at MRT stations, shopping malls, and banks. Most ATMs accept international cards for cash withdrawals.

b. Credit and Debit Cards

  • Common Networks: Visa, Mastercard, American Express, and UnionPay are widely accepted.
  • Usage: Cards are accepted at most retail outlets, restaurants, hotels, and even taxis. However, some small businesses may impose a minimum spending requirement (e.g., $10–$20) for card payments.
  • Fees: International cards may incur foreign transaction fees (typically 2–3%) depending on your bank. Check with your card issuer for details.

c. Mobile Payment Systems

Singapore is at the forefront of digital payments. Popular mobile payment options include:

  • PayNow: A real-time peer-to-peer transfer system linked to bank accounts. It is widely used by locals and businesses.
  • NETS: A local payment system linked to bank accounts, commonly used for retail and transport.
  • QR Code Payments: Many merchants accept QR code payments via apps like PayNow, GrabPay, or FavePay.
  • E-Wallets: GrabPay, Google Pay, Apple Pay, and Samsung Pay are widely accepted.

d. Contactless Payments

  • EZ-Link and NETS FlashPay Cards: These are stored-value cards primarily used for public transport but also accepted at convenience stores, vending machines, and some retail outlets.
  • Contactless Credit/Debit Cards: Many merchants accept contactless payments via Visa PayWave or Mastercard PayPass.

3. Relevant Regulations

  • Currency Exchange: Licensed money changers and banks are the only legal entities allowed to exchange foreign currency. Avoid unlicensed operators.
  • Anti-Money Laundering (AML) Rules: Large cash transactions exceeding SGD 20,000 must be declared to the authorities.
  • Foreign Exchange Controls: Singapore does not impose foreign exchange controls, making it easy to bring in or take out foreign currency. However, amounts exceeding SGD 20,000 (or its equivalent in foreign currency) must be declared at customs.

4. General Costs Associated with Transactions

  • Currency Exchange: Money changers in Singapore (especially in areas like Mustafa Centre, Chinatown, and The Arcade at Raffles Place) often offer better rates than banks. Banks may charge a service fee for currency exchange.
  • ATM Withdrawals: International ATM withdrawals may incur fees ranging from SGD 5–10 per transaction, depending on your home bank.
  • Credit Card Fees: Foreign transaction fees (2–3%) may apply for international cards. Dynamic currency conversion (DCC) may also be offered, but it is often more expensive than paying in SGD.
  • Mobile Payment Fees: Most mobile payment systems are free to use, but international transfers may incur fees.

5. Standard Procedures for Payments

  • Cash Payments: Simply hand over the cash to the cashier. Change is usually given in coins or smaller denominations.
  • Card Payments: Insert, swipe, or tap your card at the payment terminal. For amounts above SGD 100, you may need to enter your PIN or sign a receipt.
  • Mobile Payments: Scan the merchant’s QR code using your mobile payment app, enter the amount, and confirm the transaction.
  • Public Transport Payments: Tap your EZ-Link card, NETS FlashPay card, or contactless credit/debit card on the card reader when boarding and alighting.

6. Country-Specific Considerations

  • Hawker Centres and Wet Markets: While many hawker stalls now accept cashless payments (e.g., PayNow or QR codes), cash is still the most commonly used method in these places.
  • Tipping Culture: Tipping is not customary in Singapore. A 10% service charge is typically included in restaurant bills, so additional tipping is unnecessary.
  • GST (Goods and Services Tax): A 8% GST is included in most goods and services prices. Tourists can claim a refund on GST for purchases above SGD 100 at participating retailers when leaving Singapore (via the eTRS system at the airport).
  • Small Change: Always carry small denominations of cash, as some places may not accept large notes (e.g., $100 or $1,000).

7. Tips for Visitors and Immigrants

  • Open a Local Bank Account: If you’re staying long-term, opening a local bank account will make it easier to use PayNow, NETS, and other local payment systems.
  • Use Mobile Payment Apps: Download apps like GrabPay or PayNow for convenience, as they are widely accepted and often offer discounts or cashback.
  • Avoid Dynamic Currency Conversion (DCC): When paying by card, always choose to pay in SGD rather than your home currency to avoid unfavorable exchange rates.
  • Keep an EZ-Link Card: It’s a convenient and cost-effective way to pay for public transport and small purchases.

8. Summary

Singapore’s payment systems are modern, efficient, and diverse, catering to both cash and cashless preferences. While cash is still accepted in many places, the country is rapidly moving towards a cashless society. Visitors and immigrants should familiarize themselves with mobile payment systems and consider using local banking services for convenience. Always be mindful of transaction fees and currency exchange rates to manage costs effectively.