--- title: "Singapore Customs Exchange Rate: The MAS Weekly Average for Import Permits and Import GST" description: "Singapore Customs does not publish its own exchange rate table. Customs values in foreign currency are converted at the prevailing MAS weekly average rate, taken from the preceding week. How the lag works, what to do for unlisted currencies, and how import GST follows." canonical: https://allratestoday.com/blog/singapore-customs-exchange-rate-mas-weekly-average-import-gst/ source: AllRatesToday (https://allratestoday.com/) — Markdown mirror of the page above; index of all pages at https://allratestoday.com/llms.txt generated: 2026-11-12T08:08:57.199Z --- An import permit needs a customs value in Singapore dollars. If the invoice is in another currency, the importer or declaring agent converts it, and Singapore Customs is specific about the rate. It is not a customs table and it is not today's rate. ## The rule Singapore Customs states that traders must convert the amount to Singapore dollars using the prevailing weekly average exchange rates of the Monetary Authority of Singapore (MAS) for customs purposes. The rates come from the preceding week: you may use the weekly average exchange rates released by MAS from the preceding week when submitting declarations. Customs gives an example of the lag: exchange rates used for the period 4 May to 10 May 2020 were based on the MAS weekly average rates for the period ending 30 April 2020. ## Which date decides the week - **Standard imports:** the date the import is approved by a Customs officer. - **Postal imports:** the date the value is assessed by a Customs officer. ## Where the figure comes from MAS releases weekly figures in two blocks, an end-of-period value and an average for the period. Customs uses the **average for the period**. MAS notes that average rates for the week are released on the last business day of the calendar week. MAS covers 21 currencies and quotes most of them per 100 units, with the US dollar, euro and sterling per one unit, so check the unit before keying a rate into a declaration. ## Currencies MAS does not list For a currency outside the MAS table, Customs says to convert using the prevailing selling rate from a reputable source in Singapore, such as local banks, local newspapers, reputable news agencies or trusted online financial resources. ## When the price is already in Singapore dollars If the buyer actually pays in Singapore dollars, that amount is the customs value and no conversion is needed. Customs' own example is a sale invoiced at US$10,000 and settled at S$13,700: the customs value is S$13,700. ## How import GST follows GST on imports is calculated on the customs value of the goods plus all duties, or on the last selling price plus all duties where that applies. The Singapore dollar amounts on the import permit are then the figures a GST-registered importer uses to claim input tax, as IRAS confirms. The weekly average therefore flows straight through to the GST return. ## Checking a weekly average The MAS daily table is available through the API for any date, which lets a declaring agent or an auditor recompute a week and check the figure that was used: ``` # MAS daily USD rates for one week, as CSV curl "https://allratestoday.com/api/v1/central-bank/mas/history?symbol=USD&from=2026-11-02&to=2026-11-06&format=csv" \ -H "Authorization: Bearer YOUR_API_KEY" # today's MAS table curl "https://allratestoday.com/api/open/central-bank/mas" ``` For the week of 2 to 6 November 2026 the daily MAS rates average S$1.2790 to the US dollar, S$1.4343 to the euro and S$1.7187 to sterling. Those are simple averages of the five daily tables; the figure to put on a declaration is the weekly average MAS itself releases. History is on paid plans. ## A routine for declaring agents 1. On the last business day of each week, record the MAS weekly average for every invoice currency you handle. 2. Apply those rates to permits approved in the following week. 3. Store the rate and the week it came from with each permit. 4. For a currency MAS does not list, record the selling rate and its source. This guide describes the rules as IRAS, Singapore Customs and MAS publish them, read on 11 November 2026. It is not tax advice; confirm the treatment for your facts with your tax agent. ## FAQ ### Does Singapore Customs publish its own exchange rates? No. Singapore Customs directs traders to the weekly average exchange rates released by the Monetary Authority of Singapore. ### Which week's MAS rate applies to an import permit? The weekly average from the preceding week, based on the date the import is approved by a Customs officer, or for postal imports the date the value is assessed. ### What if the invoice currency is not in the MAS table? Use the prevailing selling rate from a reputable source in Singapore, such as a local bank, a local newspaper or a reputable news agency. ### How is GST on imports calculated? On the customs value of the goods plus all duties, or on the last selling price plus all duties. Input tax is claimed on the Singapore dollar amounts shown in the import permit. ## MAS rates and live SGD on one key Mid-market rates every 60 seconds and the official tables of [123 central banks and 6 tax authorities](https://allratestoday.com/central-bank-rates-api/institutions/), as JSON, CSV, XML or Excel. Paid plans from €4.99 a month. 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