9870310368 9810688945

Money Changer License

The procedure for the Money Changer License in Singapore is effortless and simple. The person applying for a Money Changer License in Singapore is required to follow the guidelines prescribed by the competent authorities.

Package inclusions:
  • Advice on the procedure of obtaining a Money Changer License in Singapore.
  • Information, search, and filing of the application for Money Changer License in Singapore.
  • Collection of various documents and filing of documents with the application.
  • Guidance on compliance related to Money Changer License in Singapore.
Request a call back

Money Changer License in Singapore

Singapore, being a tourist hub and an international financial center, has a relatively secure and safe environment for the money changers to conduct or continue their business. There are specific requirements for setting up money changing business in Singapore. These requirements are required to be followed by the person applying for Money Changer License in Singapore.

Money changing in Singapore involves the selling and buying of foreign currency notes. Money changing may be conducted under a partnership, sole proprietorship, or company. There was around 382 Money Changer License in Singapore as in the year 2014.

What is a Money Changer License in Singapore?

The currency world offers a lot of profit-making and interesting employment opportunities, one of them being the ‘money changing businesses. The global market inspires a crucial position for money exchange. With the rise in international travel, such business is growing to facilitate easy buying and selling of goods across borders. Thus, there is no denying that money changing business is growing and increasing.

Being a popular tourist hub and an international financial center, Singapore has a huge potential for money changers to conduct their business.

Laws regulating services like the money-changing business are concerned with two things:

  • Anti-money laundering
  • Countering the financing of terrorism

What is the Monetary Authority of Singapore?

Monetary Authority of Singapore or MAS is the governing authority for the currency exchange sector in Singapore. Such business can be conducted through a sole proprietorship, partnership, or company structure. The governing rules shall depend on the type of business (like only currency exchange, or combined with remittance).

What is the eligibility criterion for MAS for Money Changer License in Singapore?

While scanning the application for a Money Changer License in Singapore, certain conditions are prescribed.

The conditions to be followed are:

  • The character of the applicant, if it is an individual and if is an entity, then of its management;
  • The financial health of the applicant, track record and financial performance in previous years;
  • The shareholding structure and ownership of the applicant entity.

This implies that if the applicant is:

  • A sole proprietor then he is required to be a citizen of Singapore; or
  • An LLP or a partnership, the majority of its partners, should be citizens of Singapore.
  • A company, then a minimum of 51% of the equity shareholdings, should be controlled and owned by a citizen of Singapore as well as the majority of the board of directors, should be citizens of Singapore.
  • A foreign company that is primarily engaged in money-changing or a Singapore incorporated wholly-owned subsidiary of a foreign bank, then the complete details of the character of its parent company.
  • The qualifications and experience of the applicant with respect to operating a money-changing business
  • The applicant should be able to satisfy the Monetary Authority of Singapore or MAS that he is a fit and proper to be licensed, if a sole proprietor, and if is an entity, then the same for its management.
  • An appropriate and strong business model and plan.
  • Assurance that the public interest shall be served after the license is granted.
  • In addition to the above, the Monetary Authority of Singapore or MAS has the freedom to consider every application on its own merits and consider other factors as may be appropriate.

What is the capital requirement for Money Changer License in Singapore?

The capital requirement for Money Changer License in Singapore is as follows:

Capital Requirement

  • To start a currency exchange business in Singapore, the minimum start-up capital requirement is S$100,000.

Fee Structure

  • The fee is divided into two categories: application fees and license fees.

Application Fee

  • In the case of a new application, the application fee for a Money Changer License in Singapore is $200.

License Fee

  • For the first place of business, the fee is $1300.
  • For every additional place of business, the fee is $1000.
  • This fee can be remitted either through interned fund transfer and direct deposit or account transfer over bank counters.

What is the Procedure for applying for the Money Changer License in Singapore?

Along with carefully conforming to the guidelines, rules, and criteria set by the Monetary Authority of Singapore or MAS, the prospective applicants have to submit the form with required documents.

In the form, complete details of the applicant are required to be submitted with a declaration form attached to it.

The documents that are to be submitted include the following:

  • Documents demonstrating the qualification, identity, the experience of sole-proprietor, partners, or directors in money-changing or remittance business, which are:

a) Latest Curriculum Vitae;

b) Last 3 years CPF contribution statements;

c) Copy of ID or passport;

d) Copy of educational certificates and transcripts; and

e) Individual insolvency search results.

  • Copy of Proof of incorporation of business;
  • Copy of the educational certificates, transcripts, and Curriculum Vitae or CV of the majority shareholder;
  • The last 3 years audited financial statements of the applicant firm or company, where applicable;
  • Business plan as per the Money-changing and Remittance Businesses Act and the relevant notifications of the MAS or Monetary Authority of Singapore. This includes details of business model, clientele, type of currencies to be traded, sources of foreign currencies, determination of exchange rates, wholesale or retail business, etc;
  • Anti-Money Laundering and Countering the Financing of Terrorism Policy & Procedures; and
  • The additional document may be required, which depends on a case-to-case basis.

To run an effective Money Changer License Business in Singapore, it is very important that a strong plan is made and is executed in a proper manner. Money Changer Business is a lucrative business opportunity with high yielding results if operated in an appropriate manner.

Thus, it is important that one must seek assistance from experts while preparing the business model, obtaining the license, and for further compliance processes.

For any further details regarding the Money Changer License in Singapore, contact us at Enterslice.

What is the validity of the Money Changer License in Singapore?

The validity of the Money Changer Licence in Singapore is valid until either:

  • The Money Changer Licence is revoked by the Monetary Authority of Singapore.
  • The Money Changer Licence lapses in accordance with Section 11(1) of the Payment Services Act and Regulation 10 of the Payment Services or PS Regulations.
  • The licensee of the Money Changer License surrenders his/her license.

What are the benefits of the Money Changer License in Singapore?

The benefits of the Money Changer License in Singapore:

Money Changer License in Singapore
  • Competitive Exchange Rates

The applicant should be assured that he/she is getting one of the most competitive exchange rates across Singapore.  The rates should consistently beat the traditional Money Changer rates in the whole territory of Singapore.

  • Rate Assurance

The applicant should lock in the exchange rates by booking the same online. The applicant no longer needs to be disappointed after travelling more than 30 minutes across Singapore only to have the money changer rates to be changed.

  • Utmost Convenience

The Money Changer License services are available online, and booking can be made online. The applicant can collect their currencies at their own convenience.

  • No Disputes

The applicant is having the option of making cashless payments online. This will help teh applicant avoid disputes.

How Can We Help

Our team at Enterslice is a one-stop solution if you are planning to obtain a Money Changer License in Singapore. We ensure smooth implementation of your assistance and work in international registration and include the procurement of a Money Changer License in Singapore.

We follow these simple steps for the effective execution of your order with us at Enterslice:

STEP 1: Once you post your inquiry, we understand your requirement through a one on one discussion with our professionals and suggest you the most appropriate service package offered by us. We will look for the best possible solutions for your questions and assist you in the best possible ways. Based on the discussion, we will generate your order.

STEP 2: Once the order is created, you will be required to make the required payment along with all the necessary documentation. The amount of payment will include our services fees as well as the relevant government fees. And the list of all the required documents will be provided to you by our professionals.

You can make the payment through any of the following modes:

  • Bank Transfer- NEFT or IMPS
  • M Swipe (Credit or Debit Card)
  • Paytm or Razor pay
  • Cash

STEP 3: Once the payment is made, and all the required documents will be reviewed by our service professionals. You will be informed during all steps in the process.

How to reach Enterslice?

Fill The Form

Get a Callback

Submit Document

Track Progress

Get Deliverables

Frequently Asked Questions

Any one of the following can apply for Money Changer License in Singapore:

• Sole proprietorship

• Partnership

• Company

The Registration, as well as the operation of the currency exchange sector in Singapore, is regulated by the Monetary Authority of Singapore or MAS.

Yes. Monetary Authority of Singapore desires that the applicant should have excellent financial and legal standing. Additionally, the applicant should have previous involvement in a similar business. The applicant for the Money Changer License in Singapore should not have any criminal record and declared bankrupt.

In order to apply for a Money Changer License in Singapore, the applicant is required to have a minimum capital requirement of $100,000.

Yes, applicant character assessment forms an important part of admission criteria specified by the Monetary Authority of Singapore. In case of a sole proprietorship, the character assessment of the proprietor is done, and in case of any entity management's character assessment is done.

Yes, financial health, including a track record of the past years of the applicant, is important for obtaining a Money Changer License in Singapore.

Yes, the following requirements are to be met in case there are different applicants:

• For Sole Proprietor the Proprietor must be a citizen of Singapore;

• For Company, the minimum 51% of shares should be held by the citizens of Singapore, and a majority of shareholders must be citizens of Singapore.

• For any foreign company or a wholly-owned subsidiary of a foreign bank, the detailed character of the parent company is considered.

To summarise, the market is trading at Singapore Dollar 1.40 the broker gets for Singapore Dollar 1.395 the broker then passes onto the person for Singapore Dollar 1.35, this is how they make money. Money Changer makes certain profit indifference of spread during the selling and buying currency. They quote different buying and selling rates and make certain profit.

Share With
Why Enterslice?
Asia Winner
Top 100 Most Innovative Companies in Asia - Red Herring
Top 25 Consultants
Forbes 30 Under 30 in American business and industry figures Lists.
Success Rate. Your Order Comes with Money Back Guarantee
Services delivered by 300+ Qualified CA and CS
Latest Post
10 Advantages of Legal Process Outsourcing (LPO)
Legal outsourcing has grown tremendously in the recent times. Law firms have started to outsource works with a view to minimize costs and to expand their i...
Read more
Why Strategic Cost Management is important for every business?
Traditional cost management program involves the allocation of costs and overheads to production, which primarily focuses on cost control and cost reductio...
Read more
AT-1 Bonds: Explained
The Reserve bank of India (RBI) has considered an application to write down Additional Tier-I (AT-1) bonds as a part of a package of SBI-led restructuring...
Read more
As seen in

" Enterslice use technology better than others. That saves time and money; Team enterslice is more efficient than traditional competitors, and that helps to pass on the cost advantage to its clients. The company is building a high-level transparency in legal services by optimum use of technology and process automation in consulting. I highly recommend this company. "

Nilanjan Bandyopadhyay
Nilanjan Bandyopadhyay

" Excellent advisory role by Enterslice Team. They are a trusted partners to us. Narendra and his team helped us with our pre NBFC applications and Post NBFC advisory services. "

Amit Goel
Amit Goel

" Amazing services provided by your organization. They have completed our NBFC registration order within stipulated time period of 90 days. They provide constant guidance and support in the process. Their support in building fintech software is amazing. "

Manisha Mantri
Manisha Mantri
Trusted by
Finstar Financial
Herbal Life Nutrition
First Cry
Acme Solar
Opera Software
Taj Hotels
Go to Top Hey I'm Suman. Let's Talk!