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Singapore Customs

Customs Exchange Rates

Learn how to convert foreign currency values to Singapore Dollars for customs valuation, when to use weekly average MAS exchange rates, and what to do if the currency is not listed.

Last updated 12 February 2026

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When to Convert Foreign Currency Values
Using Weekly Average Exchange Rates
If the Currency Is Not Listed

When imports are paid in a foreign currency, traders must convert the amount to Singapore Dollars using the prevailing weekly average MAS exchange rates for customs purposes.

When to Convert Foreign Currency Values

Use the prevailing prevailing weekly average MAS exchange rates for the foreign currency:

  • For standard imports:
    Based on the date the import is approved by a Customs officer

  • For postal imports:
    Based on the date the value is assessed by a Customs officer

Example: Determining Which Currency to Use

Company A sells batteries to Company B for CIF US$10,000, but states that payment should be made in Singapore Dollars (S$13,700).

Which amount should be used to establish the customs value?

Answer

  • If Company B pays S$13,700, then S$13,700 is used as the customs value.

  • If Company B pays US$10,000, Customs will convert US$10,000 to Singapore Dollars using the prevailing selling rate on the relevant date.

Using Weekly Average Exchange Rates

To make declarations easier, you may use the weekly average exchange rates published by the Monetary Authority of Singapore (MAS) from the preceding week when submitting declarations to Customs.

These rates:

  • Are based on MAS data from the preceding week, and

  • May be used when making declarations to Customs for the current week

Example: Exchange rates used for the period 4 May – 10 May 2020 are based on MAS’s weekly average rates for the period ending 30 April 2020.

Refer to the guide on retrieving MAS’s weekly average exchange rates.

If the Currency Is Not Listed

If the foreign currency is not listed on the MAS website, convert the amount using the prevailing selling rate published by a reputable source in Singapore, such as:

  • Local banks

  • Local newspapers

  • Reputable news agencies

  • Trusted online financial resources

Use the rate applicable:

  • On the date the import is approved by a Customs officer; or

  • For postal imports, on the date the value is assessed by a Customs officer

Need Help?

For clarifications on exchange rates, email:

customs_ttsb@customs.gov.sg