Exchange Rates

If any component of the customs value is settled in a foreign currency, that value in foreign currency should be converted to Singapore Dollars using the prevailing selling rate of that currency in Singapore, on the date when import of the goods is approved by the proper officer of customs. For goods imported by post, the conversion to Singapore Dollars should be the prevailing selling rate of that currency in Singapore on the date when the value is assessed by a proper officer of customs.

An example is shown below:

-Question

Company A sold 100 boxes of batteries to Company B at Cost, Insurance and Freight (CIF) US$10,000 but states that payment should be settled in Singapore Dollars at S$13,700. Which of the 2 currencies should be used to determine the customs value?

-Answer

Since Company B paid for the batteries in Singapore Dollars, the amount of S$13,700 should be used to determine the customs value.

However, if Company B is to pay US$10,000 to Company A, then the exchange rate should be used to convert US$10,000 to Singapore Dollars to determine the customs value.

Weekly Average Exchange Rates

To provide facilitation, you may use the weekly average exchange rates, published by the Monetary Authority of Singapore in the preceding week, when making declarations to Customs for the current week.

E.g. Exchange rates for the period 4 May – 10 May 2020 are based on the weekly average exchange rates for Period ending 30 Apr 2020 from the Monetary Authority of Singapore.

Please refer to the guide here on retrieving the weekly average exchange rates.

Foreign currencies not listed in Exchange Rates

If any component of the customs value is settled in a foreign currency not listed on Monetary Authority of Singapore’s website, that value in foreign currency should be converted to Singapore Dollars using the prevailing selling rate of that currency from reputable sources such as banks in Singapore, local circulated newspapers, reputable news agencies or online resources, on the date when import of the goods is approved by the proper officer of customs. For goods imported by post, the conversion to Singapore Dollars should be the prevailing selling rate of that currency in Singapore on the date when the value is assessed by a proper officer of customs.

You may contact us via customs_ttsb@customs.gov.sg should you require any clarifications on the Exchange Rates.