Singapore’s Banking Hub Has a Corner Where Cash Is Still King
A rundown mall in the heart of the business district draws crowds seeking the best currency exchange rates
Cargo ships moored offshore near Raffles Place, Singapore.
Photographer: Reinie Booysen/BloombergIn the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there’s a crowded building where cash still reigns.
Six days a week, hundreds of people line up in a rundown mall abutting Raffles Place square to buy and sell hard currency at one of around 30 money changer stalls. All manner of notes can be had in minutes: Singapore dollars for British pounds? Coming right up. Indonesian rupiah for Vietnamese dong? Icelandic króna? Maldivian rufiyaa? No problem. Some 150 currencies are available.