The legal tender in Singapore is the Singapore dollar. Its ISO 4217 code is SGD and one dollar is divided into 100 cents.
In order to differentiate the Singapore dollar from other dollars (US dollar, Canadian dollar, Australian dollar, New Zealand dollar or Hong Kong dollar) it is normally abbreviated by adding the letter S to the dollar symbol: 1 SGD = 1 S$.
As of the date of this update (August 3, 2023), the currency equivalence of the Singapore dollar with respect to the euro is:
- 1 euro = 1.47 SGD.
- 1 Singaporean dollar = 0.68 euros.
History of the Singapore dollar
The first means of payment used in Singapore were coins from various parts of the world that traded with one of the numerous islands of Singapore (today the Republic has 63 islands).
While the silver dollar was the main currency of trade, copper coins were mainly used in bazaars. Later, banks in Singapore also issued paper money. The first banknote with “Singapore” printed on it was issued by the Singapore branch of the Union Bank of Calcutta in 1840.
From the 1850s, these notes were the primary paper currency used by local island merchants until 1899, when the local government issued the first government note, the Straits Settlements dollar. which also became the official currency of the Malay states and North Borneo.
In 1940, the Straits dollar was replaced by the Malaya dollar to reflect the relationship of Singapore and the other Straits settlements with the Malay states. However, the launch of the new banknotes was interrupted with the outbreak of World War II.
During the Japanese occupation of Singapore, Japanese banknotes, known there as “banana notes”, were introduced. Both the Straits dollar and the Malaya dollar remained in circulation throughout Malaysia and continued to be legal tender after the war.
In 1954, Great Britain issued the Malaysian and British Borneo notes and coins, which became legal tender in all British colonies in Southeast Asia.
After its independence in 1965, Singapore left the monetary union that tied it to Malaysia. After establishing a Monetary Council in 1967, it issued its first banknotes and coins.
Initially, the Singapore dollar was pegged to the British pound with the equivalent of 60 Singapore dollars = 7 British pounds.
At the beginning of the 1970s, the decimalization of the currencies that were based on the British pound began, with which Singapore decided to base its exchange with the US dollar for a time.
The continued economic development of Singapore fixed its exchange rate definitively between the year 1973 and the year 1985 to a basket of currencies.
In 2002, the Monetary Council of Singapore was dissolved, whose powers and functions were taken over by the Monetary Authority of Singapore (MAE), its Central Bank.
Currently international assets fully support all of Singapore’s currency. Government but independent investment trading conglomerates GIC Private Limited and Temasek Holdings control Singapore’s international reserves, some of the largest in the world.
Singapore dollar coins
All Singapore notes and coins are issued by its Monetary Authority of Singapore (MAS).
The first series of coins were introduced in Singapore in 1967, at which time Brunei and Malaysia also issued their national coins.
Their denominations of 1 dollar and 50, 20, 10, 5 and 1 cents. Except for the latter, all were minted in an alloy of copper and nickel: cupronickel.
In 1985 the second series of SGD coins was introduced, with the same values, but with different designs, metals and sizes.
In 2013 a new series of coins (the last known) was announced by the Monetary Authority of Singapore, the country’s central bank, with values of 1 dollar and 50, 20, 10, 5 and 1 cents, with references and icons. nationals.
Singapore dollar banknotes
Orchid series (1967-1976)
The first series of Singapore banknotes was issued in 1967, and was known as the Orchid Series. Their denominations were SGD 1,000, SGD 500, SGD 100, SGD 50, SGD 10, SGD 5 and US$1.
Later, in 1972, the new denominations of $500 and $25 notes were introduced. And in 1973 a $10,000 note like this one below:
Birds series (1976-1984)
The so-called Bird Series was introduced between 1976 and 1984, including the Singapore $20 note in 1979.
Boat series (1984-1999)
From 1985 to 1989 the Boat Series was introduced, which added the $2 note and withdrew the 20 SGD note.
Portrait series (1999-present)
In the year 1999 the current series was introduced, which withdrew the 500 and 1 dollar notes. Printed on normal and polymer paper, they present the portrait of Yusof bin Ishak (1910-1970), who was the first president of the Singaporean republic.
Commemorative banknotes have also been issued, such as the one issued in 2007, for 20 Singapore dollars, commemorating the 40th anniversary of the currency agreement between Brunei and Singapore.
2 Singapore dollar banknote
Its predominant color is purple. The obverse shows the portrait of a young man
The reverse shows a group of students interacting with a teacher in a “Classroom Without Borders”. Three prominent institutions of learning are seen in the background: the Victoria Bridge School, the former Raffles Institution, and the School of Medicine.
As well as being closely associated with the late Encik Yusof at various stages of his life, the three institutions also symbolically represent the ideal educational progression in Singapore: primary, secondary and tertiary education.
For this 2 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 1.23 euros.
5 Singapore dollar banknote
Its predominant color is green.
The reverse of this note features The Garden City Theme with a spectacular Garden City landscape dominated by a depiction of the ancient tembusu tree (Fagraea fragrans) which still stands in the gardens of the Singapore Botanic Gardens.
The majestic tree of more than 200 years is characterized by its firm and elevated presence. The tree bears small red berries and has white flowers that are exceptionally fragrant. The robust tree, with its highly branched crown, epitomizes the spirit of Singapore: strong, resilient and continually striving for progress.
For this 5 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 3.07 euros.
10 Singapore dollar banknote
Its predominant color is red.
This note dedicates its back to 5 local sports: athletics, tennis, soccer (the three land sports). Also swimming and sailing (water sports).
For this 10 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 6.13 euros.
50 Singapore dollar banknote
Its predominant color is blue.
The reverse shows the typical arts of Singapore as a confluence of Chinese, Malay, Indian and Western cultures. The musical instruments are complemented by portions of two local works of art at the Singapore Art Museum, titled “Gibbon” and “Salted Fish Dried.” The works represent the development and achievements of artists in the country.
For this 50 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 30.65 euros.
100 Singapore dollar banknote
Its predominant color is orange.
The reverse shows promising young men from various professions. To the left is a group of uniformed youths representing the Singapore Red Cross, the San Juan Ambulance Brigade and the National Police Cadet Corps.
Situated in the center of the design is a group of explorers engaged in an outdoor exploration activity. On the right, a National Service officer with a ceremonial sword stands against the backdrop of the magnificent tower of the SAFTI military institute.
For this 100 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 61.30 euros.
1000 Singapore dollar banknote
Its predominant color is purple.
The reverse of the $1,000 note features buildings representing the Executive, Legislative, and Judiciary. The Istana Building, the official residence of the President of Singapore, symbolizes the president and the executive. He is depicted in the center of the design.
Flanking the Istana are the Parliament House on the left and the Supreme Court building on the right. Parliament House and the Supreme Court represent parliament and the judiciary, respectively.
For this 1,000 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 613 euros.
10000 Singapore dollar banknote
Its predominant color is yellow.
The reverse of the $10,000 note represents the future direction of the island’s economy, based on knowledge and technology. It has a research scientist working on high-tech laboratory equipment.
A microprocessor and a silicon chip, representing Singapore’s drive to create a high-tech manufacturing hub, are seen in the background on the left and right sides, respectively.
At the top are partial sequences of two proteins, tyrosine kinase and tyrosine phosphatase, which represent two important advances in research at the Institute of Molecular and Cellular Biology (IMCB). A subtle background pattern of the printed circuit board completes the design.
For this 10,000 Singaporean dollar note they would give you today, August 3, 2023 in Spain, 6,130 euros.
Euro to Singapore dollar exchange rate
As of the date of this post update, the currency exchange from euro to Singapore dollar has the value of 1.47 Singapore dollars and a Singapore dollar is 0.68 euros.
As you can see, the exchange rate for the last five years has fluctuated between 1.39 and 1.61 dollars per euro, but keep in mind that this graph represents the value of the “currency” Singapore dollar against the euro, and not that of the currency (banknotes) that tourists who travel to this country carry with them, which is somewhat lower.
In fact, in currency suppliers in Spain you can buy Singaporean dollars today at an exchange rate that oscillates between SGD 1.36 per euro from Cambiator and SGD 1 per euro that you get at Spanish airports (Global Exchange). Nothing to do with the currency exchange from euro to Singapore dollar that we see on Google, of 1.47 SGD per euro.
So, when you see these values in Google and other currency converters with your mobile, keep this in mind:
-This is an unreliable rate. In other words, if you click on the “Disclaimer” link, you get this warning from Google Finance: “Google cannot guarantee the accuracy of the exchange rates displayed. Please confirm current rates before making a transaction that may be affected by changes in exchange rates.”
-These rates that you see are usually wholesale rates of the SGD dollar against the euro currency (currency and banknotes are not the same);
-These rates can only be obtained by the banks among themselves, that is, it is impossible to obtain it as an individual.
If you need SGD in banknotes you will have to go through the retail banknote market (bank or currency supplier). This means that the dollars have had to be “transported” by someone for you to enjoy (or previously bought from travelers from Singapore passing through Spain).
In other words, moving banknotes from one place to another has logistical costs that will make their sale price more expensive (the exchange rate that will be applied by whoever sells them to you).
Where to exchange Singapore dollars in Spain
The Singapore dollar is a very rare or abundant currency in Spain, so it is not so easy to find it available for sale. Therefore, it is good to anticipate the purchase and order it online to obtain a better rate and ensure the availability of stock the day you travel.
If you prefer to change at source, in Spain, before traveling to Singapore, dollars are not usually offered in banks and can only be found in specialized currency suppliers in the center of the most touristic cities and in the different airports.
The cheapest currency suppliers to buy Singapore dollars are in Cambiator. They expose their rates in the open and agree to compete with each other on a daily basis. It is a free service and you find the best rates.
Where to exchange Singapore dollars in Singapore
If you are going to change at destination, in almost all shopping centers in Singapore (VivoCity, Paragon Shopping Centre, The Orchard Residences or IMM) there are currency suppliers that usually offer better exchange rates than local banks.
It is not recommended to change at Changi Airport.
Euro to Singapore dollar rate today
Do your currency exchange with Cambiator and save money and time.
- Buy Singapore dollars with euros EUR-SGD
- Change Singapore dollars to euros SGD-EUR.
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