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