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.
Yes
Yes
Floating
T+1; T+2
High
24 months
High
Key Features of SGD
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.
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.
Expert Opinion
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.
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.
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.
SGD Regulations
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.
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.
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
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.
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.
Bank holidays
January
New Year's Day
May
Labour Day
August
National Day
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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