Money is a weird thing. One day you’re sitting pretty with a handful of Singapore Dollars (SGD), and the next, you’re looking at your bank account wondering why your upcoming trip to Seoul just got 5% more expensive. Or maybe it got cheaper? Honestly, keeping track of the Singapore Dollar to Korean Won (SGD to KRW) exchange rate feels like trying to catch a greased pig in a dark room.
It’s slippery. It moves when you aren’t looking.
Right now, as we hit the middle of January 2026, the rate is hovering around 1,139 KRW for every 1 SGD. That’s a far cry from the "good old days" of 2024 when we were seeing rates closer to the 980s or low 1000s. If you’ve been holding SGD, you’ve actually gained quite a bit of ground over the last two years. But why? And more importantly, is this the peak, or should you wait a bit longer before hitting the money changer at Arcade or using your Trust card at an ATM in Myeongdong?
The "Strong SGD" Myth and the Real Korean Reality
Most people think the Singapore Dollar is strong just because Singapore is, well, Singapore. We’ve got the Triple-A credit rating and a central bank—the Monetary Authority of Singapore (MAS)—that basically treats the currency like a high-end Swiss watch. They don’t set interest rates; they manage the exchange rate against a secret basket of currencies.
But here’s the thing: the Singapore Dollar to Korean Won move isn't just about Singapore being stable. It’s actually been a story of the Korean Won (KRW) taking some serious hits.
Just this week, on January 15, 2026, the Bank of Korea (BOK) held its benchmark interest rate steady at 2.5%. They’ve been stuck in this "wait and see" mode for five meetings now. While they’re trying to keep things steady, the Won has been under immense pressure. Some analysts from ING and the Korea Institute for International Economic Policy have pointed out that the Won has actually dropped significantly more against the US Dollar than many of its peers.
Since 2020, the Won has lost about 25% of its value against the USD. In contrast, the Singapore Dollar has actually appreciated by about 4.5% against the Greenback in that same period. When you mash those two trends together, you get the current situation where your SGD goes a lot further in South Korea than it used to.
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Why the Won is Feeling the Squeeze
- The US Stock Obsession: Koreans are famously tech-savvy investors. Recently, there's been a massive surge in "Seohak Gaemi" (Western Ants)—retail investors in Korea pouring money into US tech stocks. To buy Nvidia or Tesla, they have to sell Won and buy Dollars. That massive capital outflow puts a constant downward drag on the KRW.
- Property Market Jitters: The BOK is in a tough spot. They want to support the currency, but if they raise interest rates too high, they might crush the local property market, which is already looking a bit shaky.
- Trade Dynamics: Korea lives and breathes exports (think chips and cars). With global trade policies getting a bit "protectionist" lately, there’s a lot of anxiety about how much Korea will be able to sell to the rest of the world.
The MAS Factor: Why Your SGD Stays Tough
If the Korean Won is the person struggling at the gym, the Singapore Dollar is the one who never skips a workout.
The MAS operates on a policy of "gradual appreciation." They want the SGD to get stronger over time to help fight inflation. Because Singapore imports almost everything—from the water we drink to the iPhones we use—a stronger currency makes those imports cheaper.
In their latest Macroeconomic Review from late 2025, the MAS indicated that while they’ve eased policy slightly, they still expect the output gap to be around 0%. Basically, the economy is running at just the right speed. This stability makes the SGD a "safe haven" in Asia. When things get rocky in the region, people dump more volatile currencies (like the Won or the Philippine Peso) and flock to the SGD.
That’s exactly why the Singapore Dollar to Korean Won rate has climbed from about 1,070 in early 2025 to nearly 1,140 today.
The Practical Side: Getting the Best Rate Right Now
So, you’re actually going to Seoul. Or maybe you’re a business owner paying a supplier in Incheon. How do you actually handle this?
1. The "Money Changer" Trap
If you go to a physical money changer in Singapore today, you’re probably going to see a rate around 1,115 to 1,125. They need to make their "spread" (their profit). It’s convenient, but you’re losing about 1-2% right off the top. Honestly, unless you really need physical cash for a street food market in Gwangjang, it’s rarely the best deal.
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2. Multi-Currency Cards (YouTrip, Revolut, Trust)
This is where the magic happens for the Singapore Dollar to Korean Won conversion. These cards usually give you the "mid-market" rate—the one you see on Google. If the Google rate is 1,139, you’ll likely get 1,138.
Pro Tip: In 2026, Korea is incredibly cashless. You can use your Singapore-issued Visa or Mastercard for almost everything, from a 1,500 Won kimbap at a convenience store to a luxury stay at the Signiel Seoul. Just make sure to choose "KRW" if the credit card terminal asks you which currency you want to pay in. Never choose SGD at the point of sale; that's called Dynamic Currency Conversion, and the exchange rate is almost always a rip-off.
3. The 24-Hour Forex Change
South Korea recently moved toward 24-hour forex trading to try and get their market upgraded to "Developed Market" status by MSCI. This is a big deal. It means the KRW is becoming more liquid and less prone to weird "gaps" in the middle of the night. For you, it means more consistent rates throughout the day.
What to Expect for the Rest of 2026
Predictions are a fool's game, but we can look at the breadcrumbs.
The Bank of Korea is expected to hold steady until at least mid-2026. If the US Federal Reserve starts cutting rates faster than expected, the US Dollar might weaken, which could give the Won some breathing room to recover. Some analysts at ING think the Won has "room to appreciate" because it's technically undervalued right now.
On the flip side, if the MAS keeps its hawkish stance to keep Singapore’s inflation under control, the SGD will likely stay dominant.
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Basically, we are likely looking at a range of 1,110 to 1,160 for the foreseeable future. We aren't going back to 900 anytime soon, but don't expect it to shoot up to 1,300 either.
Actionable Steps for Your Money
If you have a large amount of KRW to buy—maybe for a business deal or a down payment on a property—don't do it all at once. The market is volatile.
- DCA your currency: Buy a third of what you need now at the 1,139 level.
- Watch the BOK meetings: The next big dates are in the spring. If they hint at a rate hike, the Won will get stronger (and the SGD/KRW rate will drop).
- Check the REER: The Real Effective Exchange Rate (REER) suggests the SGD is near "fair value" while the KRW is undervalued. This hints that the Won might eventually make a comeback.
If you’re just a traveler, keep the bulk of your funds in SGD and spend as you go using a multi-currency card. You’ll benefit from the "strong SGD" without having to gamble on the daily fluctuations of the Singapore Dollar to Korean Won rate.
Stop stressing about the "perfect" time. The current rate is historically very good for Singaporeans. Take the win, get your flight, and enjoy that bowl of Samgyetang.
Next Steps:
Check your favorite multi-currency app's "Rate Alert" feature and set a notification for 1,150 KRW. If it hits that level, it’s a historically "cheap" time to lock in some funds for future use. Alternatively, look at your upcoming travel dates and see if they align with the next Bank of Korea policy announcement in April, as that's when we'll likely see the next big shift in the trend.