|
|
Currency in Singapore: Singapore dollar (SGD)Money Exchange Currency Exchange Controls
Singapore maintains a managed-float exchange rate regime for the Singapore dollar (SGD). The Monetary Authority of Singapore (MAS) manages the SGD against a basket of currencies of major trading partners and competitors.
Import/Export of Currencies
There are no restrictions on the amount of foreign and local currency that can be brought into or taken out of Singapore. Buying or selling SGD on the foreign exchange market is also unrestricted.
Domestic/Foreign Currency Accounts - Resident Accounts -- Residents are only allowed to maintain foreign currency account with an Asian Currency Unit (ACU)-licensed bank in Singapore.
- Nearly all commercial and merchant banks in Singapore operate ACUs, which may accept deposits from, and lend to, other banks and nonbank customers in foreign currency. Details of the terms and conditions of ACUs operations are provided at the links below.
- Nonresident Accounts -- There are no restrictions nor limits on nonresidents maintaining SGD or foreign currency bank accounts in Singapore.
|
|
|
|
|
