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Singapore has often been ranked as the most expensive city globally in terms of worldwide cost of living. Singapore's official currency is the Singapore Dollar (SGD), one of the youngest yet more stable currencies than others in the financial market.
Whether you are traveling to Singapore from India for vacation or work, carrying cash in the form of currency notes or traveler's cheques and other monetary instruments seems a responsible thought. Foreign currencies, personal cheques, and traveler's cheques can exchange at licensed money changers and in most Singapore banks. Many prefer to exchange currency at authorized moneychangers due to their competitive exchange rates as compared to banks. Further, banks charge a flat fee per transaction, something that travelers might want to avoid. Major credit cards are accepted, and ATMs are readily available.
However, before arriving in Singapore, it is essential to understand customs rules regarding bringing in cash from India to Singapore. Without such knowledge, a traveler might end up paying the penalty or facing imprisonment by authorities in Singapore.
Indian residents traveling to Singapore can carry up to INR 25,000 in Indian currency notes. On foreign currency, including Singapore Dollars, there is no cash limit, provided it has been obtained from authorized money exchange, and the traveler has receipt of the transaction. However, carrying amounts worth USD 5,000 or more or foreign exchange in the form of traveler's cheques or bank notes worth USD 10,000 or more must be declared through Customs Declaration Form (CDF) while leaving India.
Though carrying cash while traveling to Singapore might be a good idea, this cannot guarantee security in any unforeseen medical or non-medical emergencies. A medical emergency can be costly in Singapore if it involves out-of-pocket expenses. Non-medical emergencies such as trip cancellation or loss of baggage/ passport can also prove expensive, and the carry-along cash would not be enough under these circumstances. Hence, as a responsible traveler, it is wise to invest in travel insurance that takes care of such unexpected events. Care Travel Insurance for Singapore offers comprehensive coverage, including medical and non-medical support, with a flexible policy duration up to a maximum of 365 days. So, while you keep yourself updated about currency import regulations in Singapore, buy travel insurance that takes care of any miscellaneous expenses.
Check below some significant currency import regulations in Singapore:
If a traveller from India to Singapore fails to provide an accurate and detailed report of CBNI worth SGD20,000 or more in possession, he or she might be fined with an amount not exceeding SGD50,000 or imprisoned for a maximum period of 3 years or both. Further, the cash might be also seized if the traveller fails to provide details. The Commercial Affairs Department of Singapore Police Force investigates and prosecutes offenders involved in cash movement above the prescribed amount.