The Singapore Dollar is the official currency of Singapore and is also accepted in Brunei and vise versa with the Brunei dollar being accepted in Singapore. The Singapore dollar is recognized as one of the worlds top currencies by ranking number 12 in the most traded currencies list. Singapore has a very strong and independent economy which drives a strong price for the Singapore dollar, because of these many online trading brokerages prefer to accept the Singapore dollar over other weaker currencies. Investors looking to trade with Singapore brokerages are likely required to do so with Singapore dollars.show more
The symbol/sign used to represent Singapore Dollars can be written two different ways. The first representation is the same as many of the other currencies in the world being the dollar sign “$”. In order to differentiate the Singapore dollar from other currencies, their dollar is often represented by “S$” to make it unique. Like most other currencies, the “$” or “S$” sign precedes the currency value when represented. Another representation of the Singapore dollar is its abbreviation or code being (SGD). This code typically follows the currency and is used to represent the currency for exchange rates and trading pairs on the foreign exchange market. The Singapore dollar shares its symbols with other dollar currencies such as USD, AUD and NZD, therefore, it can be easily mistaken for another currency if the currency is not clearly stated. It’s very important to keep this in mind so you know which currency you have selected or that is accepted on the online trading account you are using.
The Singapore Dollar is used exclusively by the people of Singapore and Brunei. Therefore, if you are a trader from another country other than Singapore or Brunei, but wish to make deposits with Singapore dollars, you will need to exchange your foreign currency. This can be done in several ways. The most convenient method is to deposit your funds directly into your online trading account to be exchanged for Singapore dollars via the online brokers exchange service. Not all online brokerages have this exchange service built into their platforms, but the ones who do will make depositing foreign funds very easy. The exchange they are partnered with will charge a small fee, but that is all. Another method for exchanging currency into or out of Singapore dollars is to use an online currency exchange. These exchanges will charge a small fee, but can easily be used with compatible bank accounts or various e-wallets.
Traders from Singapore benefit from the most available methods of deposit such as direct bank transfers, bank wires, debit/credit cards, and even cheques. Traders who from other countries that deal with other currencies can apply for a foreign currency account with various banks depending on the country. This will allow them to acquire Singapore dollars for the purposes of trading. For traders who do not have Singapore Dollar accounts, they must deposit and withdraw funds through e-wallets, digital vouchers, or prepaid credit cards. Either way, there are methods for banking with Singapore dollars for everyone.