Japanese yen, ringgit, US, Australian dollar driving Singapore’s currency buying frenzy

[SINGAPORE] As foreign exchange rates vacillated in 2025 amid geopolitical volatility and shifting trade policies, Singaporeans turned into what one market player dubbed “foreign exchange hunters”.

As at Dec 8, multi-currency wallet YouTrip’s total conversion volumes have surpassed 2024’s full-year total by more than 70 per cent. 

Similarly, Revolut Singapore said its figure climbed almost 30 per cent while Wise’s metric rose 34 per cent year on year between January and September 2025.

Ashley Thomas, head of strategy and operations at Revolut Singapore, said that customers are no longer just converting currency for travel; they are “converting larger amounts when they see favourable rates”.

“Singaporeans respond very quickly to political and economic developments,” she said. “Elections, tariff announcements, or even short-lived rate movements can drive sharp spikes in FX conversions.”

The yen rush: a political barometer

The Japanese yen (JPY) remained a prime target for Singaporeans, with activity closely mirroring Japan’s turbulent political calendar.

While Wise observed a conversion peak in April coinciding with the cherry blossom season, other players had historic highs later in the year driven by political uncertainty.

YouTrip recorded an all-time high for JPY conversions on Nov 20, when the yen weakened to 120 JPY/SGD amid political uncertainty in Japan and heightened China-Japan tensions under Sanae Takaichi’s new term. 

This peak was 70 per cent higher than the previous record set just a month earlier on Oct 8, following Takaichi’s election announcement.

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Revolut similarly identified Nov 20 as its all-time peak for the yen, attributing the surge to a favourable exchange rate that was “50 per cent higher than the last record in 2023”.

Tariffs and trade tensions: USD, AUD

Beyond the yen, the US dollar (USD) and the Australian dollar (AUD) saw aggressive activity linked to trade tensions.

Revolut and YouTrip both identified early May as a critical window for the greenback. 

YouTrip’s USD daily conversion volumes hit a record high on May 5, when the currency traded at roughly 0.77 USD/SGD.

“This was driven by the continued uncertainty surrounding tariff policies and their economic impact, resulting in market speculation about the semiconductor sector and potential shifts in Asian currency interventions, which led to a selloff of USD,” Kelvin Lam, chief operating officer of YouTrip, said.

Revolut’s Thomas said that USD conversions on the platform that day were up 26 per cent from the previous 2024 peak. 

The Australian dollar, a commodity-linked currency sensitive to US-China trade relations, also faced volatility. 

“The US tariff announcements in April triggered an immediate jump in AUD conversions,” Thomas said.

YouTrip also recorded a daily record on Apr 4, as the currency weakened to 1.23 AUD/SGD amid US tariff news.

Strategic timing: MYR

MYR is among the most consistently monitored and converted currencies by Singaporeans, according to Youtrip’s data.

Lam said: “Between 21 Oct 2025 and 13 Nov 2025, many held back from converting as the Ringgit strengthened from 3.25 to 3.17MYR/SGD, due to heightened investor confidence in Malaysia following Malaysia’s Asean Summit and two US Fed rate cuts.”

However, when it subsequently weakened to 3.20 MYR/SGD on 18 Nov, daily conversions doubled compared to the previous week.

It reflected “Singaporeans’ opportunistic and proactive response to favourable rates”, Lam said. 

Savvy “FX hunters”

“Singaporeans are increasingly savvy FX hunters,” said YouTrip’s Lam. He revealed that 60 per cent of Singaporeans now pre-convert currencies before their trips – up from 41 per cent in June 2025.

Revolut has observed similar behaviour, Thomas noted that major currencies like USD, EUR, and JPY are increasingly being held in-app for “strategic value” rather than just immediate spending.

“People are far more plugged in to exchange rate movements, and they act fast when they see a dip or spike,” she said.

Wise noted that while travel remains the primary driver – with spikes mirroring school holidays – customers are becoming “increasingly deliberate” about money management. This includes using auto-conversion tools to lock in preferred rates automatically.

Outlook 2026

Industry players expect this high-engagement behaviour to persist into 2026.

Lam said the trend will likely “intensify” as inflation and higher living costs drive Singaporeans to become even more financially prudent to stretch their travel budgets.

“We expect FX activity to remain strong next year,” said Thomas, citing healthy travel demand and continued global political cycles that are likely to create further rate volatility.

“USD and JPY will remain the most closely watched currencies, and we expect customers to continue taking advantage of short-term rate movements, just as they did this year,” she said.

“FX demand is expected to stay elevated throughout the year, not just during traditional travel seasons,” she added.