Money

Compared to its Southeast Asian neighbors Singapore is considered expensive; however, visitors from the West will find their money still goes quite far. The Economist came up with a clever way to compare the standard of living from country to country. The Big Mac Index is a surprisingly credible way to consider the value of the exact same item as it differs from place to place around the globe. For example, according to the March 2006 Big Mac Index, the average price of a Big Mac in Singapore was S$3.60. Convert that into U.S. dollars, and it's US$1.55 for a Big Mac -- is that how much you're paying for your burger at home? How about the U.K. at £1.20 per burger? Or Australia at A$3?

The local currency unit is the Singapore dollar. It's commonly referred to as the "Sing dollar," and retail prices are often marked as S$ (a designation I've used throughout this guide). Notes are issued in denominations of S$2, S$5, S$10, S$50, S$100, S$500, and S$1,000. S$1 bills exist but are rare. Notes vary in size and color from denomination to denomination. Coins are issued in denominations of S1¢, S5¢, S10¢, S20¢, S50¢, and the fat, gold-colored S$1. Singapore has an interchangeability agreement with Brunei Darussalam, so don't be alarmed if you receive Brunei currency with your change, as it's legal tender.

At the time of this writing, exchange rates on the Singapore dollar were as follows: US$1 = S$1.54, C$1 = S$1.35, £1 = S$3.5, A$1 = S$1.21, NZ$1 = S$1.06. The exchange rate used throughout this guide is US$1 = S$1.60, which is about the average exchange rate during the year 2006. Before you begin budgeting your trip, I suggest you obtain the latest conversions so you don't suffer any last-minute surprises. A neat and easy customizable currency conversion program can be found on the Internet through www.xe.com.

It's not an absolute necessity to buy Singapore dollars before your trip, because you can find ATMs that accept cards from the Cirrus and Plus networks at the Arrival Halls of Changi Terminals 1 and 2 as you exit the baggage claim area. If you do need currency changed, a few banks operate money-changing booths, plus an American Express Foreign Exchange office at Changi Terminal 2 (tel. 65/6543-0671) is open from noon to midnight daily.

In town it's best to exchange currency or traveler's checks at a local authorized money changer, found in most shopping malls throughout the city. They'll give you the best rate. You'll lose money with the high rates at banks, hotels, and shops.

ATMs

The easiest and best way to get cash away from home is from an ATM (automated teller machine), sometimes referred to as a "cash machine," or a "cashpoint." The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe; look at the back of your bank card to see which network you're on, then call or check online for ATM locations at your destination. Be sure you know your personal identification number (PIN) and daily withdrawal limit before you depart. Note: Remember that many banks impose a fee every time you use a card at another bank's ATM, and that fee can be higher for international transactions (up to $5 or more) than for domestic ones (where they're rarely more than $2). In addition, the bank from which you withdraw cash may charge its own fee. For international withdrawal fees, ask your bank.

Credit Cards

Credit cards are another safe way to carry money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can withdraw cash advances from your credit cards at banks or ATMs, provided you know your PIN. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1% to 3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency). In Singapore, American Express, Visa, MasterCard, Diners Club, and JCB (Japan Credit Bureau) are accepted at virtually all major hotels, restaurants, nightclubs, and shopping centers. Even taxis accept payment by credit card. Smaller food and retail merchants generally don't accept plastic, and be advised, if you are trying to negotiate a discount with a vendor, you will always get a better price with good old-fashioned cash. Some retailers will insist on adding a credit card "service charge" to your bill. While it is true that the credit card companies charge the retailers a small fee each time a customer uses a card, it is a cost the retailers are supposed to bear themselves. If anyone tries to foist this charge onto you, sadly your only recourse is to report him to your credit card company.

Traveler's Checks

You can buy traveler's checks at most banks. They are offered in denominations of $20, $50, $100, $500, and sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.

The most popular traveler's checks are offered by American Express (tel. 800/807-6233, or 800/221-7282 for card holders -- this number accepts collect calls, offers service in several foreign languages, and exempts Amex gold and platinum cardholders from the 1% fee); Visa (tel. 800/732-1322) -- AAA members can obtain Visa checks for a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378; and MasterCard (tel. 800/223-9920).

American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, which are useful if you're traveling to one country, or to the euro zone; they're accepted at locations where dollar checks may not be.

If you carry traveler's checks, keep a record of their serial numbers separate from your checks in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.