G’day Australia, Hei Norway: Where to spend your Singdollar amid Trump’s tariff drama

SINGAPORE - US President Donald Trump’s tariff policies have sparked fears over trade disruptions, but for travel-hungry Singaporeans, there may be a silver lining.

The Singapore dollar has strengthened against the currencies of several popular destinations since the April 2 announcement, although the Monetary Authority of Singapore is believed to be leaning towards

slowing the pace of the Singdollar’s appreciation

amid concerns over a global economic slowdown.

Here is a look at where your Singdollar now stretches further, and where it, unfortunately, does not.

Down Under

If you are after more bang for your buck, head to Australia or New Zealand.

On April 9, S$1 would have got you around AU$1.21, a 2.7 per cent jump since April 2, and NZ$1.32, up 1.9 per cent over the same period, according to Trading Economics data.

Currency analysts have said the two currencies are vulnerable to an escalation in global trade tensions, as their values are closely tied to commodities demand, which typically falls during an economic slowdown, particularly in China, the largest trading partner for both countries.

Some Singaporeans have already taken advantage of the favourable exchange rates ahead of the upcoming long weekends and June school holiday travel period, said Mr Kelvin Lam, chief operating officer of multi-currency mobile wallet YouTrip.

The number of YouTrip users buying Australian dollars surged fivefold between April 3 and 8, with the conversion volume up by more than 300 per cent, he said.

The conversion of Singdollar to the kiwi dollar also picked up, he added.

The number of users increased by 2.8 times over the same period, and the transaction volume rose by 20 per cent.

Revolut Singapore also noted a 95 per cent jump in Singdollar to Australian dollar conversions on its platform between April 3 and 8, and a more than 80 per cent jump in conversion to the New Zealand dollar in the same timeframe.

“The most significant spike occurred on April 4, when the SGD strengthened markedly – up 3.83 per cent against the Australian dollar and 2.65 per cent against the New Zealand dollar in a single day,” said Ms Ashley Thomas, Revolut’s head of strategy and operations.

Ms Daphne Tan, business development director at trading platform CMC Markets Singapore, said: “From accommodation to dining and travel experiences, Australia and New Zealand now offer significantly better value compared with just a year ago, making them attractive destinations for upcoming holiday plans.”

Rest of Asia

Many popular destinations in Asia present good value to Singapore travellers despite the tariff tensions.

Ms Tan said travellers can consider Vietnam, which has become more affordable.

The Singdollar saw gains of 1.7 per cent against the Vietnamese dong between April 2 and 9. During the same period, the local dollar also strengthened against the Malaysian ringgit by 1.3 per cent, the renminbi by 1 per cent, and the Indian rupee and Indonesian rupiah by 0.9 per cent.

The Singdollar held steady against the Thai baht and Hong Kong dollar, but depreciated by slightly more than 1 per cent against the Taiwanese dollar and Korean won.

The Japanese yen had stayed low against the Singdollar in 2024, prompting a

record-breaking 691,100 Singaporeans

 to visit the land of onsen and sashimi.

But the safe-haven currency has strengthened amid the recent market turmoil, appreciating by more than 3 per cent against the Singdollar before losing ground at the end of April 9, when Mr Trump called for a 90-day pause on tariffs on most countries except China.

Japanese bank MUFG’s senior currency analyst Lloyd Chan said the yen may still strengthen as the Bank of Japan could raise its policy rate further over the coming months.

Japan is also less exposed to trade than Singapore, he added, so the yen may still trend upwards against the Singdollar.

Nevertheless, Mr Lam from YouTrip said the demand for yen remains resilient. “We continue to see sustained interest from users in converting to the Japanese yen, driven by the strong outbound travel demand to Japan during Sakura season,” he said.

He added that the number of YouTrip users who converted Singdollar to yen rose by 26 per cent between April 3 and 8, but there was a 10 per cent dip in overall conversion volume, suggesting a “more cautious exchange behaviour”.

Rest of the world

If you are craving a far-flung adventure, you may want to eye places like Norway, Brazil and South Africa.

The northern lights and soaring mountains of Norway are calling, with the Singdollar strengthening by 4 per cent against the Norwegian krone between April 2 and 9.

If you have always wanted to cruise the Amazon or catch a football match in Brazil, now is a good time to make it happen, after the Singdollar gained more than 3 per cent against the Brazilian real.

South Africa’s safari parks and wineries are worth a look as well, with the Singdollar rising 2.5 per cent against the rand.

The Singdollar also strengthened against the British pound by close to 2 per cent, and is holding steady against the euro despite a recent dip. But if you want to see the brilliant Alps and beautiful lakes of Switzerland, you may want to hold off for the time being, as the Singdollar has weakened against the Swiss franc – another safe-haven currency – by 2.5 per cent as at April 9.

Mr William Huang, director and marketing manager of Super Travels, said that although the Swiss franc and euro have appreciated against the Singdollar, the demand for European tours has not been affected as his company is still seeing an increase in the number of enquiries and bookings. He added that uncertainties over price inflation in the future could have driven more demand for certain destinations.

“The silver generation and Generation X, being generally more settled and affluent, are keen to clear their bucket lists,” he said, adding that many might want to travel abroad soon and buy branded goods before a future price hike.