Should I use cash or card in Singapore?

Should You Use Cash or Card in Singapore?

Singapore is a vibrant and modern city-state, and its financial system is no exception. The country has embraced cashless payments in a big way, making it easy and convenient to get around without carrying large amounts of cash. But should you use cash or card in Singapore? Here’s a breakdown of the pros and cons of each payment method to help you decide.

Cash

• Pros:
  • Widely accepted: Cash is still accepted at most places in Singapore, including small businesses and street vendors.
  • No transaction fees: You don’t have to pay any fees when using cash.
  • Anonymity: Cash transactions are anonymous, which can be important for privacy reasons.
• Cons:
  • Can be inconvenient: Carrying large amounts of cash can be cumbersome and risky.
  • Not as secure: Cash is more easily lost or stolen than other payment methods.
  • Not always clean: Cash can be dirty and spread germs.

Card

• Pros:
  • Convenient: Cards are easy to use and can be stored in your wallet or phone.
  • Secure: Card transactions are more secure than cash transactions, and you’re protected against fraud.
  • Rewards: Many credit cards offer rewards points or other benefits that can save you money.
• Cons:
  • Transaction fees: You may have to pay transaction fees when using a card, especially for international transactions.
  • Not accepted everywhere: While cards are widely accepted in Singapore, there are still some places that only accept cash.
  • Can be tracked: Card transactions can be tracked, which can be a concern for some people.

So, which payment method should you use in Singapore?

Ultimately, the best payment method for you depends on your individual needs and preferences. If you’re planning on doing a lot of shopping or eating out, then a card is probably the most convenient option. However, if you’re on a budget or concerned about privacy, then cash may be a better choice.

Here’s a general guideline:

• Use cash for: Small purchases, street vendors, hawker stalls, and businesses that don’t accept cards.
• Use card for: Large purchases, online shopping, restaurants, and hotels.

No matter which payment method you choose, it’s always a good idea to have a backup plan. Keep some cash on hand in case your card is lost or stolen, and make sure to carry a credit or debit card in case you need to make a large purchase.