Money-Changing and Remittance Businesses

Money-changing and remittance businesses are licensed and regulated under the Money-Changing and Remittance Businesses Act.

Money-changing involves the buying and selling of foreign currency notes and may be conducted as a sole proprietorship, partnership or company. Remittance business involves the acceptance of moneys for the purpose of transmitting them to persons resident in another country or a territory outside Singapore. The holder of a remittance licence has to be incorporated as a company with a minimum capital of S$100,000 and furnish a security deposit of S$100,000 in respect of each place of business.

For the latest list and number of money-changing and remittance licensees in Singapore, please refer to the Financial Institutions Directory.

If you have information to suspect that an individual or a company is conducting or advertising to conduct money-changing or remittance business without a valid money-changer’s or remittance licence, you may:

- lodge a police report at the nearest police station or online via http://www.police.gov.sg/epc; or

- write to the Commercial Affairs Department at:

   391 New Bridge Road #06-701
   Police Cantonment Complex Block D
   Singapore 088762

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Date Title
23 Jul 2018 Notice 3101 Exchange Rates (for Money-Changing Licensees only) (July 2018)Notices
27 Oct 2005 Form and Content of Auditor's Report under Regulation 6(1), Money-changing and Remittance Businesses Regulations 2005Subsidiary Legislation
07 Aug 2012 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Guidelines
01 Dec 2009 Guidelines to MAS Notice 3001 (December 2009)Guidelines
30 Nov 2015 Guidelines to MAS Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer's Licence and Remittance Licence Guidelines
30 Nov 2015 MAS Notice 3001 (Amendment) 2015Notices
30 Nov 2015 MAS Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer's Licence and Remittance Licence Notices
08 Sep 2006 Money-changing and Remittance Businesses (Exemption from Section 13) NotificationSubsidiary Legislation
02 Nov 2005 Money-changing and Remittance Businesses (Exemption from Sections 12 and 13) NotificationSubsidiary Legislation
02 Nov 2005 Money-changing and Remittance Businesses RegulationsSubsidiary Legislation
01 Jul 2014 Notice 3001 Prevention of Money Laundering and Countering the Financing of Terrorism (for both Money-Changing & Remittance Licensees) (July 2014)Notices
02 Dec 2005 Notice 3002 Record of Transactions (for both Money-Changing & Remittance Licensees)Notices
02 Dec 2005 Notice 3003 Submission of Statement of Transactions and Profit/Loss (for both Money-Changing & Remittance Licensees)Notices
02 Dec 2005 Notice 3004 Issuing of Receipts (for both Money-Changing & Remittance Licensees)Notices
23 Jan 2013 Notice 3005 Reporting of Suspicious Activities & Incidents of Fraud (for both Money-Changing & Remittance Licensees)Notices

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Last Modified on 20/08/2018