The highly advanced island country of Singapore offers expats an exceptionally good quality of life in a year-round tropical climate. However, all the benefits of living in this beautiful corner of the world come with a hefty price tag, as you can see from the high cost of living in Singapore.

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The Currency in Singapore

The currency in Singapore is the Singapore Dollar (S$), and the official currency code is SGD, which is how you will see it displayed at Moneycorp. Since 1985, the currency has been allowed to float within an undisclosed bandwidth of a central parity, although the Monetary Authority of Singapore (MAS) closely monitors it against a concealed basket of currencies of the country’s major trading partners and competitors. One Singapore Dollar is subdivided into 100 cents. Banknotes are available in denominations of S$1, S$2, S$5, S$10, S$50, S$100, and S$500, and coins are available in denominations of 5c, 10c, 20c, 50c, and S$1. £1 was worth S$1.60 at 11.15am on 7 March 2023.

Where to Live in Singapore

Each area in Singapore has something special to offer, but as can be expected, some areas are more expensive than others. Where you choose to live can affect not only how you experience life on the island, but also your experience of the average cost of living in Singapore. According to the 2022 Mercer Cost of Living Survey, Singapore is the 8th most expensive place to live in the world. The areas most popular with expats include Orchard, Tanglin, Holland Village, Clementi, Bukit Timah, Novena, Newton, Robertson Quay, Sentosa, Faber Park, Pasir Panjang, Woodlands, and Katong.

How Much Does Accommodation Cost in Singapore?

The price of accommodation is only one area in which you will experience the high cost of living in Singapore. Rental prices in the city-state can be as much as 210.1% higher than in the UK. The table below offers a good idea of rental and property prices inside and outside the city centre.

All figures were taken from Numbeo and the exchange rates were calculated at 11.15am on 7 March 2023.

How Much Does Transport Cost in Singapore?

Transport is another area in which the high cost of living in Singapore is plain to see. While single-journey tickets for public transport are cheaper than in the UK, monthly tickets, petrol, and new vehicles are significantly more expensive. The table below shows the average transport costs in Singapore.

The Cost of Living in Singapore for International Students

The cost of living in Singapore for students from other countries is relatively high, although some nationalities have access to subsidies that others do not receive. Generally speaking, tuition fees for a three-year programme at a public university are between £16613.09 and £18458.98. You will also need to budget for text books, apparatus, library fees, and other study-related expenses.

When it comes to accommodation, you can stay in residence halls at approximate monthly cost of between £246.12 and £307.65, or you can stay in rented accommodation off-campus, such as a flat. The average cost of off-campus accommodation such as a flat-share ranges between £553.77 and £1599.78 per month. Thanks to student discounts, you can budget approximately £59.68 per month for transport. When it comes to food, you can reduce your monthly cost of living in Singapore by opting for meal plans which cost between £55.37 and £73.84 per month or by purchasing meals from the university canteen or food court for between £153.82 and £215.35 per month. If you want health insurance, look at budgeting between £566,08 and £3085.73 per year.

What is the Cost of Living in Singapore Compared to the UK?

The cost of living in Singapore compared to the UK is much higher. You can see this not only in the cost of accommodation and transport, but also in the price of food, groceries, and most goods and services. The table below offers a good idea of the cost of living in Singapore vs the UK.

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Despite the higher cost of living in Singapore, the City of Lions has much to offer British expats who move there for work, studies, or retirement. Apart from the year-round warm climate, the island country boasts impressive infrastructure, a thriving arts and culture scene, all sorts of opportunities for sports and recreation, friendly people, and a pervasive forward-looking attitude. If you are planning to move to this amazing country, make sure you can send money to Singapore safely, at competitive rates, and conveniently. Sign up for a personal account with Moneycorp.