The latest on AUD to SGD exchange rates
Check out the latest exchange rates and compare historic rates year on year.
To learn more about the history of the Singapore dollar and its relationship with the Australian dollar, keep reading below.
And if you're planning a trip to Singapore anytime soon, be sure to take a look at our Singapore travel guide, filled with top tips and plenty of inspiration.
Exchange rates last updated Friday, 07 August 2020 5:14:18 PM AEST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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The lowdown on the Singapore dollar
With its roots way back in the Spanish dollar, the Singapore dollar has evolved into a currency all of its own. These days, it’s usually written as S$ to differentiate it from all the other dollar currencies out there – and there’s quite a few across the world!
Between 1845 and 1939 Singapore used the Straits dollar, a currency used across a group of British territories in Southeast Asia known as the Straits Settlements. This was replaced in 1953 by the Malayan dollar before being again replaced by the Malaya and British Borneo dollar. In 1965, Singapore sought independence from Malaysia, putting an end to the common currency used between Malaysia, Singapore and Brunei. Hard to keep up, right?
On 7 April 1967, Singapore established the Board of Commissioners of Currency and issued its first independent notes and coins. Until 1973, you could still exchange Malaysian ringgit with the Singapore dollar at the same rate, and even today, you can still exchange the Brunei dollar with the Singapore. Good to know!
A look back at Australian dollar to Singapore dollar rates
The Singapore dollar was initially pegged to the British pound at a rate of S$60 to £7. As Singapore’s economy continued to grow and its trade with other countries began to expand, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973 to 1985.
After 1985 Singapore adopted a monitoring band, meaning that the currency was allowed to float within a specified bandwidth, closely monitored by the Monetary Authority of Singapore against the currencies of Singapore’s main trading partners.
Singapore dollar over the last 10 years
In November 2005, 1 US dollar was exchanging at a rate of 0.59 Singapore dollars, rising at a steady pace to reach 0.83 by September 2011. The Singapore dollar has been in gradual decline over the last four years, falling gently to 0.73 or S$0.73 to $1.
In October 2008, the Singapore dollar fell dramatically against the Aussie dollar, from 1.31 in July 2008 to 0.929 as a result of the global financial crisis. A year later in October 2009, it was back up to 1.29 and has been steadily declining ever since, and sits at a rate of 1.04 to 1 AUD as of May 2017.
*The information contained in this article has been compiled by Travelex from different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.