A new environment and way of life might be exciting when moving overseas. Moving and establishing a home overseas might be expensive. Singapore is a place that provides a blend of cultures and customs and many fresh prospects. The cost of living in Singapore will be covered in this article!
Among the UK, EU, USA, and Australia, how costly is Singapore?
The country’s official exchange unit is the Singapore dollar, sometimes known as SGD or S$, in stores and restaurants. The cost of translating money from their home currency to SGD is a significant additional burden for ex-pats in Singapore. You can be sure your bank’s share gets rolled up in its exchange rate, even if it claims to offer fee-free money exchange.
Use an exchange service like Wise, which provides you with the accurate, mid-market exchange rate, the same rate you discover on Google, to obtain the most outstanding value. A Wise multi-currency account may likewise be created. Due to the quick service and low, transparent fees for money transfers may be a much better alternative than using your bank.
Currency of Singapore
After achieving independence, Singapore established the Singapore Dollar as its national currency in 1967. Coins from the first series were released in the following denominations: 1, 5, 10, 20, and 50 cents, as well as $1. This currency, sometimes called “Sing,” is frequently denoted by the dollar sign ($) or S$. The Monetary Authority of Singapore produces the Singapore dollar’s banknotes and coins. According to the latest recent data, the Singapore dollar has been the thirteenth most valuable traded currency since 2019.
Cost of living in Singapore
According to the data, students in Singapore would pay between $293 and $565 per month for on-campus housing, while renting an apartment would cost between $1,616 and $4,849 per month.
Students who want to live off-campus should pay at least $ 117 to $ 146 monthly for utilities.
Students should be able to budget between $257 and $404 per month for food and shopping costs. Transportation expenditures are another element included in Singapore’s price of living calculations. Students need a monthly transportation pass to travel inside the city, which costs around $110.
Singapore housing & accommodation cost
Another element of Singapore’s cost of living is the price of housing. It is essential to choose a place to live. Accommodation and lodging are relatively expensive. It can be corrected, though. You might be able to discover an apartment to rent for less money if you decide to relocate a bit further outside the city. Public transportation is always an option for getting to the town. Although it might be a little pricey for your wallet, Singapore offers a highly well-developed rental market.
Singapore’s healthcare & insurance
Singapore has excellent healthcare. A state-backed health insurance program that assists with part of the costs of medical care may be available to anyone having permanent residency in Singapore. Residents of Singapore are urged to purchase private health insurance, so they are covered for all eventualities. A test could cost around 50 SGD.
To apply, go to the Residential Affairs Division of your neighborhood City Office or Ward Office. The premium is based on your age and earnings from the prior year. There is also a plan for low-wage workers and unemployed people. Every Singaporean must have health insurance that meets the Essential Benefits Plan (EBP) standard. It provides essential services at a fair price.
The most expensive region is the central
Districts 1 through 15 in the Central Region are represented by City Hall, the Marina Area, the CBD, and Number 21. (Central West district). You live close to important retail centers and foreign schools, which drives up the cost of rent in your neighborhood. The neighborhoods in the Central Business District that are the most costly to reside in are Districts 1 through 10. Some of the most well-liked places are:
- Holland Village
- Orchard Road
- Marina Bay
- Tanjong Padar
Because there are so many commercial establishments nearby, locals frequently stroll to and from work. If it’s too hot, a brief cab journey will do.
Essential advice to lower living costs overall in Singapore
In general, Singapore’s cost of living is modest but not low, especially for international students from nations with weak currency exchange rates. The following advice can help you live more reasonably in Singapore:
- To save money, students seeking a graduate degree or a Ph.D. at one of Singapore’s renowned universities may choose to consider residing in the dormitory of that university.
- Instead of paying for private transportation, students can use public transit and carpool with other students. Undoubtedly, it will help international students reduce their living expenses in Singapore.
- Frequent fancy eateries or cafés may indeed get expensive. It would be best if you thus looked for an affordable choice. Both street food and the university cafeteria are significantly less costly choices. Additionally, some pubs and restaurants charge more for drinks and meals.
- Students work part-time for about 20 hours per week while living in Singapore. Students are hired as interns and freelancers by various professions and enterprises. You will therefore be able to comfortably sustain yourself and pay for your living expenses in Singapore.
Is it costly to live in Singapore?
The estimated monthly costs for a family of four, without rent, are 3,823$ (5,251S$). The estimated monthly expenses for a single person without rent are 1,052$ (1,445S$). Compared to New York, Singapore is 13.92% less costly (without rent).
Singapore’s rent is typically 24.24% less expensive than New York’s. Singapore’s average monthly household income of US$5,000 is more than adequate to cover a single person’s essential needs.