Cost of living in Singapore: Your guide

Singapore is a fantastic expat destination, offering an exciting cultural mix, great career opportunities, and world class amenities. The standard of living is high - but life in Singapore doesn’t come cheap. That said, if you’re a student or living on a fixed income, you can make some simple lifestyle changes to make the most of your money. By shopping, eating and enjoying leisure time like a local, you can cut costs and have a more authentic experience.

Whether you’re retiring, temporarily relocating, or moving to Singapore for good, it’s helpful to have a picture of what life there will cost as an expat. Here’s a quick guide to the cost of living in Singapore.

How expensive is Singapore in comparison to the UK, EU, USA and Australia?

The official currency in Singapore is the Singapore dollar which is written as SGD on currency exchanges, and S$ in shops and restaurants.

You can find out the exact value of your money in SGD by using an online currency converter - but here’s a rough guide to what it is at the time of writing:¹

• $1000 = S$1376
• £1000 = S$1633
• €1000 = S$1419
• AU$1000 = S$917

One major factor that adds expense for expats in Singapore is the cost of converting cash to SGD from their home currency. Even if your bank says it offers fee-free money exchange, it’s most likely its cut is rolled up in the exchange rate it uses.

To get the best deal, you should consider using an exchange service such as Wise, which gives you the mid-market exchange rate - the same rate you find on Google. You can also open a Wise multi-currency account. It lets you hold over 40+ currencies and the Wise international debit card can be used in 150+ countries. With a quick service, and low transparent fees* to transfer your money, this can be a much better deal than relying on your bank.

What are the general living expenses for Singapore?

One of the major factors determining how expensive life in Singapore will be, is where you choose to live. Rental prices are fairly high, but move outside of the city center and you can rent in Singapore for much less.

What’s the average salary in Singapore?

The salaries in Singapore are fairly high in general. When it comes to expat earnings, according to certain surveys, it’s doing fairly well despite dropping on the list in the past year. In fact, one survey by ECA International shows Singapore to be the 22nd in the world when it comes to expat salaries.⁹

Also, one of the great things about living here is that the state is actively trying to raise the income of lower-wage workers. The idea is that “no worker is left behind as Singapore progresses”, which is why the government actively supports wage increments and boosts.Various plans and strategies, such as the 5-year Progressive Wage Credit Scheme, are being made in order to get closer to a more equal society.¹⁰

If you’re interested in knowing more about salary averages, read on. Check out what you could earn in Singapore for certain positions:

How expensive is housing and accommodation in Singapore?

As of 2022, around 90% of people in Singapore own their own homes, which is an incredibly high number.¹²

This is due to a well-developed public housing system made possible by the Housing and Development Board (HDB). Although the state apartments are eligible for a 99-year lease, Singapore citizens can also buy them.

Even though you’re a foreigner, it's still possible to find a good rental in Singapore. If you have an employment pass, a student pass or certain other documents, you have the same rights as Singapore natives.¹³

Your landlord will inform you of this, but keep in mind that you can’t rent a property for less than 3 consecutive months.¹⁴

This year, the rental costs have significantly increased. The Singapore government is trying to control the surge, but the situation is not yet stable.¹⁵ Here’s what you can expect on average when it comes to prices:

What about healthcare and dental costs in Singapore?¹⁶

The healthcare system in Singapore is very strong, in both the state and private sector. It’s one of the best in the world, especially because both sectors are regulated by the government. Public healthcare revolves around Medishield, Medisave and Medifund, the first two being considered its very core. Medisave is a mandatory plan funded by 8-10.5% of each employee’s monthly salary. It covers routine care and basic services. On the other hand, Medishield is a scheme used for financing more expensive treatments and heftier bills.

However, keep in mind that low-cost public healthcare is only accessible to permanent residents. Expats will either have to get another health insurance plan to cover all medical costs or pay for treatments in public hospitals out of pocket. The good news is that public facilities have very high quality service, so if that’s your choice, you’ll still receive good care.

There are 10 public and 11 private hospitals in Singapore at the moment. Most expats opt for the private sector, due to shorter waiting time and a more high-end experience. Private insurance will cover possible hospitalization and doctor visits, while you can also customize your plan with different add-ons. The most common ones are dental insurance, vision coverage, maternity coverage and sometimes coverage for pre-existing conditions.

The prices can vary, so it’s best to check before choosing a doctor. Here’s an overview of some basic prices when it comes to Singapore healthcare:

How much is travel and transport in Singapore?¹⁸

One of the best options when getting around Singapore is using its Mass Rapid Transit (MRT) subway system. Not only is it fast, but it’s also a cheap and clean option to get you to any part of the city. Depending on the distance, tickets range from 1 SGD to 2.5 SGD. However, if you get the rechargeable EZ-Link card, you can save both time and money.

You can opt for taking the bus or taxi as well, both affordable. Bus fares depend not only on distance, but also on the time of day, so make sure you do your research before boarding. Driving around Singapore is on the more expensive side, since parking can cost quite a lot. Also, traffic jams are not unusual, so sticking to the metro might be better for everyday commutes. If you’re still one of those people who like being behind the wheel, Singapore is easy when it comes to road rules. In fact, all UK expats will find driving here easy, since people in Singapore also drive on the left-hand side of the road.

Check out the average prices you can expect when it comes to travel and transport in Singapore:

How much does education cost in Singapore?

The main language of instruction in Singapore is English, so expat students can fit in much more seamlessly. When it comes to public schools, their fees are fixed and are usually around 30 SGD per month. However, international students can only register in the last out of three phases of the registration process, so locals do have an advantage for admission. That’s why many expats choose the private sector, even though it’s much easier to completely integrate through the public system.¹⁹

Private education in Singapore is highly valued, but it also comes at quite a cost. A year’s high school tuition in UWC South East Asia, for example, could run up to nearly 50,000 SGD.²⁰

Singapore is famous for its universities, especially when it comes to business and engineering degrees. If you plan on staying in Singapore for an extended period of time, there are some financial aids to consider. For example, some universities offer scholarships for post-graduate studies to international students that sign the Service Obligation (SO). The Service Obligation requires them to work in a Singapore-entity at least three years after getting their degree. ¹⁹

Depending on the field and level of studies, the tuition fees at the National University of Singapore can end up being over 160,000 SGD. Also, the fees can be different for international students.²¹

Unsurprisingly, standards are high - the Singaporean education system is regularly ranked as one of the best in the world.

Singapore is an exciting place to be, whether you’re considering a permanent move, or just looking to spend a year or two exploring somewhere new. The cost of living may be a little high, but the experiences you can get here are truly memorable.

Good luck with your new life in Singapore!

Sources used for this article:

Sources checked on 21-Nov-2022.