Money-Changers


What is money-changing?

Money-changing involves an exchange of notes denominated in different currencies. Exchange rates may vary depending on market conditions and the money-changer’s cost of funds.

Who you should deal with

If you need to exchange currencies, you may approach a bank or a licensed money-changer. In Singapore, it is against the law to operate a money-changing business without a valid licence from the Monetary Authority of Singapore (MAS). You should not engage the services of unlicensed persons.

Licensed money-changers are required to display their licences prominently at their places of business. A list of licensed money-changers is also published on the MAS website.

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

• lodge a police report at the nearest police station or online via 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 

Tips:

• Choose your money-changer carefully. Do shop around and be wary of special rates offered.

• Choose money-changers that have installed adequate security systems (e.g. CCTVs) to provide a secure and safe environment for you to exchange your currencies.

• Bring your personal identification documents for verification purposes.

• Always settle the full exchange amount at the point of transaction. Do not agree to receive the exchange amount in instalments.

• Check your notes before you leave. Keeping and/or passing counterfeit notes to others are offences under the Penal Code. If you come across or have counterfeit notes, you should report and surrender these notes to the police.

• Make sure you obtain a proper receipt as proof of transaction in case of dispute, even if the amount involved is small. The receipt should contain the money-changer’s business particulars and the transaction details.

• Although money-changers are required to be licensed, such licensing does not guarantee their performance. Cases involving fraud should be reported to the police.

Read more here.