Compared to its Southeast Asian neighbors Singapore is considered expensive; however, visitors from the West will find their money still goes quite far. The Economist came up with a great way to compare the standard of living from country to country. The Big Mac Index is a surprisingly credible way to consider the value of the exact same item as it differs from place to place around the globe. For example, according to the May 2004 Big Mac Index, at NZ$2.65, the average price of a MacDonald's Big Mac in New Zealand was quite comparable to the U.S. average of US$2.90. However, in the U.K. the super-sized sandwich measured in at US$3.37. Compare Singapore, at US$1.92, and you can get an interesting picture of how your purchasing power will differ in Singapore from your home country.

Currency for Singapore--The local currency unit is the Singapore dollar. It's commonly referred to as the "Sing dollar," and retail prices are often marked as S$ (a designation I've used throughout this book). Notes are issued in denominations of S$2, S$5, S$10, S$50, S$100, S$500, and S$1,000. S$1 bills exist but are rare. Notes vary in size and color from denomination to denomination. Coins are issued in denominations of S1¢, S5¢, S10¢, S20¢, S50¢, and the fat, gold-colored S$1. Singapore has an interchangeability agreement with Brunei Darussalam, so don't be alarmed if you receive Brunei currency with your change, as it's legal tender.

At the time of this writing, exchange rates on the Singapore dollar were as follows: US$1 = S$1.66, C$1 = S$1.38, £1 = S$3.07, A$1 = S$1.26, NZ$1 = S$1.14. The exchange rate used throughout this book is US$1 = S$1.70, which I've calculated to be the average exchange rate during the year 2004. Before you begin budgeting your trip, I suggest you obtain the latest conversions so you don't suffer any last minute surprises. A neat and easy customizable currency conversion program can be found on the Internet through www.xe.com.

It's not an absolute necessity to buy Singapore dollars before your trip, because you can find ATMs that accept cards from the Cirrus and Plus networks at the Arrival Halls of Changi Terminals 1 and 2 as you exit the baggage claim area. If you do need currency changed, a few banks operate money changing booths, plus an American Express Foreign Exchange office at Changi Terminal 2 (tel. 65/6543-0671) is open from noon to midnight daily.

In town it's best to exchange currency or traveler's checks at a local authorized money changer, found in most shopping malls throughout the city. They'll give you the best rate. You'll lose money with the high rates at banks, hotels, and shops.

ATMs--ATMs (automated-teller machines) are linked to an international network that most likely includes your bank at home. Cirrus (tel. 800/424-7787; www.mastercard.com) and Plus (tel. 800/843-7587; www.visa.com) are the two most popular networks in the U.S. as well as in Singapore. ATMs operated by local or regional banks are ubiquitous in cosmopolitan Singapore. Look for them in shopping malls, MRT stations, and along streets with a lot of pedestrian traffic.

Be sure you know your PIN access number before you leave home and be sure to find out your daily withdrawal limit before you depart. You can also get cash advances on your credit card at an ATM. Keep in mind that credit card companies try to protect themselves from theft by limiting the funds someone can withdraw away from home. It's therefore best to call your credit card company before you leave and let them know where you're going and how much you plan to spend.

You'll get the best exchange rate if you withdraw money from an ATM, but keep in mind that many banks impose a fee every time a card is used at an ATM in a different city or bank. Some local banks in Singapore will add their own charge of up to S$5 (US$2.95).

Traveler's Checks--Traveler's checks are something of an anachronism from the days before the ATM (automated-teller machine) made cash accessible at any time. Traveler's checks used to be the only sound alternative to traveling with dangerously large amounts of cash. They were as reliable as currency but, unlike cash, could be replaced if lost or stolen.

These days, traveler's checks seem less necessary because most cities have 24-hour ATMs that allow you to withdraw small amounts of cash as needed. However, you're likely to be charged an ATM withdrawal fee if the bank is not your own, so if you're withdrawing money every day, you might be better off with traveler's checks -- provided that you don't mind showing identification every time you want to cash one.

You can get traveler's checks at almost any bank. American Express offers denominations of $20, $50, $100, $500, and (for cardholders only) $1,000. You'll pay a service charge ranging from 1% to 4%. You can also get American Express traveler's checks over the phone by calling tel. 800/221-7282; Amex gold and platinum cardholders who use this number are exempt from the 1% fee. AAA members can obtain checks without a fee at most AAA offices.

Visa, MasterCard, and Thomas Cook all offer traveler's checks, however they are not as widely recognized in Singapore and may not be accepted at some establishments.

Credit Cards--Credit cards are a safe way to carry money: They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can also withdraw cash advances from your credit cards at banks or ATMs, provided you know your PIN. If you've forgotten yours, or didn't even know you had one, call the number on the back of your credit card and ask the bank to send it to you. It usually takes 5 to 7 business days, though some banks will provide the number over the phone if you tell them your mother's maiden name or some other personal information. Keep in mind that when you use your credit card abroad, most banks assess a 2% fee above the 1% fee charged by Visa, MasterCard, or American Express for currency conversion on credit charges. But credit cards still may be the smart way to go when you factor in things like exorbitant ATM fees and higher traveler's check exchange rates (and service fees).

In Singapore, American Express, Visa, MasterCard, Diners Club, and JCB (Japan Credit Bureau) are accepted at virtually all major hotels, restaurants, nightclubs, and shopping centers. Even taxis accept payment by credit card. Smaller food and retail merchants generally don't accept plastic, and be advised, if you are trying to negotiate a discount with a vendor, you will always get a better price with good old-fashioned cash. Some retailers will insist on adding a credit card "service charge" to your bill. While it is true that the credit card companies charge the retailers a small fee each time a customer uses a card, it is a cost the retailers are supposed to bear themselves. If anyone tries to foist this charge onto you, sadly your only recourse is to report him to your credit card company.

What To Do If Your Wallet gets Stolen--Be sure to block charges against your account the minute you discover a card has been lost or stolen. Then be sure to file a police report.

Almost every credit card company has an emergency 800-number to call if your card is stolen. They may be able to wire you a cash advance off your credit card immediately, and in many places, they can deliver an emergency credit card in a day or two. The issuing bank's 800-number is usually on the back of your credit card -- though of course, if your card has been stolen, that won't help you unless you recorded the number elsewhere.

If your card is lost or stolen in Singapore, Visa's local emergency number is tel. 800/448-1250. American Express cardholders and traveler's check holders should call tel. 65/6880-1111. MasterCard holders should call tel. 800/110-0113.

Odds are that if your wallet is gone, the police won't be able to recover it for you. However, it's still worth informing the authorities. Your credit card company or insurer may require a police report number or record of the theft.

If you choose to carry traveler's checks, be sure to keep a record of their serial numbers separate from your checks. You'll get a refund faster if you know the numbers.

If you need emergency cash over the weekend when all banks and American Express offices are closed, you can have money wired to you from Western Union; www.westernunion.com. Their main branch, at #02-18 Lucky Plaza on Orchard Road (tel. 65/6336-2000) is open weekdays from 10am to 7pm and weekends from 9am to 7pm. Other locations include Singapore Post offices nationwide. You must present valid ID to pick up the cash at the Western Union office. However, in most countries, you can pick up a money transfer even if you don't have valid identification, as long as you can answer a test question provided by the sender. Be sure to let the sender know in advance that you don't have ID. If you need to use a test question instead of ID, the sender must take cash to his or her local Western Union office, rather than transferring the money over the phone or online.