Remittance Licence

Licensing Requirements
1 The applicant for a remittance licence has to be a company with a minimum capital of S$100,000. In considering an application for a remittance licence, MAS takes into consideration the following factors (which are inclusive and not exhaustive):

(a) the general character of its management;

(b) the financial condition of the applicant, its track record and financial performance for previous years;

(c) the ownership and shareholding structure of the applicant. In this connection :- 

    (i) where the applicant is a company, at least 51% of the equity shareholdings should be beneficially owned and effectively controlled by persons who are Singapore citizens. A majority of the board of directors of the company should be Singapore citizens, except in the case where the board comprises only of two directors, only one of the directors need be a Singapore citizen; 

    (ii) where the applicant is a Singapore incorporated wholly-owned subsidiary of a foreign bank, or a foreign company primarily engaged in remittance business, whether the parent company of the applicant :- 

        - is of significant size and has a wide international network; or in case of a foreign bank, ranks among the top banks in the country in which it is incorporated and there are a large number of nationals from its country working in Singapore; 

        - possesses a good track record and reputation; and 

        - is adequately regulated and supervised by its home supervisory authority for anti-money laundering (AML) and countering the financing of terrorism (CFT);

(d) the qualification and experience of the applicant. In this connection :- 

    - the individual directors of the applicant should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes and have a minimum of 1 year's relevant working or business experience on a full time basis; 

(e) the fitness and propriety. In this connection, the applicant should satisfy MAS that its substantial shareholders and directors are fit and proper persons;

(f) the business plan and model of the applicant including the applicant's AML and CFT policy and procedures; and

(g) whether the public interest will be served by the granting of a licence.

2 Without prejudice to the factors set out above, MAS may consider each application on its own merits and take into account other factors as may be appropriate on a case-by-case basis.

Applicable Fees

1 The licence and application fees are shown below:  


Remittance Licence 

Licence Fee 


 - First Place of Business


 - Each Additional Place of Business


Application Fee


 - New Application


2 For new applications, the application fee is payable upon submitting the application. You may effect payment via the 2 options below. Please email us at to request for the MAS bank account details to pay to.

Payment Modes

Supporting Documents

Option A – Giro Direct Credit/ Internet fund transfer

Account transfer slip / payment advice

Option B – Account Transfer over the Bank Counters

Account transfer slip / payment advice

3 Please include the appropriate suffix “RB” for remittance businesses followed by the business UEN number in the payment details/ transaction description field when making payment and provide us a copy of the payment advice together with your application forms. You may wish to note that the full amount must be received by MAS and that you will bear all costs including bank charges and any other transaction costs. Please note that application fees paid are non-refundable, regardless of the outcome of the application.

4 MAS collects annual licence fees for remittance businesses' licence on 1 December of each year by deducting the fees from the licensees’ Interbank Giro account.


Application Procedures
1 Prospective applicants should read the admission criteria carefully and refer to the Money-changing and Remittance Businesses Act (Cap 187) and the Money-Changing and Remittance Businesses Regulations 2005 for more information on the licensing requirements.  

2 The application form for a remittance licence can be downloaded from the link provided below.

Last Modified on 03/10/2017