Under the Currency Act , notes and coins issued by the Monetary Authority of Singapore (MAS) are legal tender in Singapore. This means that they are recognised by law to be valid for settling of debt or meeting a financial obligation (e.g. payment for goods and services). It does not, however, mean that all quantities and denominations must be accepted as payment under all circumstances.

Vendors have the discretion to decide how they wish to receive payments, as the payment of goods and services is an agreement between a willing buyer and a willing seller. Under the Currency Act , if a seller does not wish to accept any or all denominations of coins or notes as payment, the seller may provide a written notice to inform potential buyers.