Remittance Licence

Remittance business involves the acceptance of moneys for the purpose of transmitting them to persons in another country or a territory outside Singapore. Find out about MAS' requirements for a remittance licence and how to apply.

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 remittance licensees in Singapore, refer to the Financial Institutions Directory.

Admission Criteria

The holder of a remittance licence has to be incorporated as a company with a minimum capital of S$100,000 and provide a security deposit of S$100,000 for each place of business.

The criteria are as follows:

  • The applicant must be a company with a minimum capital of S$100,000.
  • The company's board of directors should have at least 1 executive director who is a Singapore Citizen or Singapore Permanent Resident.
  • Individual directors should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes.

When assessing an application, MAS takes into consideration factors such as:

  • General character of the management.
  • Financial condition, track record and financial performance in previous years.
  • Governance structure.
  • Qualifications and experience, particularly in operating a remittance business and in the area of anti-money laundering and countering the financing of terrorism (AML/CFT).
  • Fitness and propriety of the substantial shareholders and directors.
  • Business plan and model, including AML/CFT policy and procedures.
  • Whether the public interest will be served by granting a licence.

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

How to Apply

To apply for a licence, complete and submit the Application Form for Money-Changing or Remittance Business Licence (125.9 KB).

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

Resources

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

Paying the Application Fee

When making payment:

  • In the payment details or transaction description field, include the appropriate suffix “RB” for money changers followed by your business UEN number e.g. RB <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: $4,000.
  • 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.