Money-Changer's Licence

Money-changing involves the buying and selling of foreign currency notes and may be conducted as a sole proprietorship, partnership or company. Find out about MAS' admission criteria for a money-changer's licence and how to apply.

Money-changing is licensed and regulated under the Money-Changing and Remittance Businesses Act .

Before applying, 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 for more information on the requirements imposed on licensees.

To view the list of money-changing licensees in Singapore, refer to the Financial Institutions Directory.

Admission Criteria

When assessing an application for a money-changer's licence, MAS takes into consideration factors such as

  • Character of the applicant; or in the case of a company, partnership or limited liability partnership, the general character of its management.
  • Financial condition of the applicant, and in the case where the applicant is a company, partnership or limited liability partnership, its track record and financial performance in previous years.
  • Ownership and shareholding structure.
  • Qualifications and experience, particularly in operating a money-changing business and in anti-money laundering and countering the financing of terrorism (AML/CFT).
  • Fitness and propriety.
  • Business plan and model, including AML/CFT policies and procedures.
  • Whether the public interest will be served by granting a licence.

For more details, read the Application Form for Money-Changing or Remittance Business Licence (125.9 KB).

Note: MAS considers each application on its own merits and may take into account other factors on a case-by-case basis.

Resources

Annex to MCRA Application Form 24 June 2019 (55 KB)

Who Can Apply

The individual applicant, partners or directors of a company applying should have:

  • Qualifications higher than or equal to at least 4 GCE 'O' Level credit passes .
  • A minimum of 1 year's relevant working or business experience on a full-time basis.

They will also need to meet the following governance requirements:

Individuals

For sole proprietors, the applicant must be a Singapore citizen.

Partnership or Limited Liability Partnership (LLP)

The majority of its partners should be Singapore citizens. If there are only two partners, only one needs to be a Singapore citizen.

Singapore-owned Company

At least 51% of the equity shareholdings should be beneficially owned and effectively controlled by Singapore citizens.

A majority of the board of directors of the company should be Singapore citizens. If there are only two directors, only one of the directors needs to be a Singapore citizen.

Foreign-owned Company

For a Singapore incorporated wholly-owned subsidiary of a foreign bank, or a foreign company primarily engaged in money-changing, the parent company needs to:

  • Be of significant size. In case of a foreign bank, it needs to ranks among the top banks in the country where it is incorporated.
  • Possess a good track record and reputation.
  • Is adequately regulated and supervised by its home supervisory authority for AML/CFT.

How to Apply

To apply for a licence, complete and submit the Application Form for Money-Changing or Remittance Business Licence (87.7 KB).

If an application fee is required, MAS will send you an advice.

Paying the Application Fee

When making payment:

  • In the payment details or transaction description field, include the appropriate suffix “MC” for money changers followed by your business UEN number e.g. MC <UEN number>.
  • Provide us with a copy of the payment advice.

The fees are as follows:

Application fee

$200
Licence fees
  • First place of business: $1,300
  • Each additional place of business: $1,000
Ways to pay
  • Giro Direct Credit or Internet fund transfer
  • Account transfer over the bank counters
Supporting documents for payment Account transfer slip or payment advice

Note:

  • MAS must receive the full amount. You will bear all costs including bank charges and any other transaction costs.
  • Application fees paid are non-refundable, even if the application is subsequently withdrawn.

Processing Time

All applications will be processed promptly. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of information submitted.