According to Singapore Law, it is offense to operate Money Changing / Remittance without a Money Changer License from Monetary Authority of Singapore (MAS)

Procedure to apply and obtain a money changer License in Singapore

• You should ascertain whether you meet the admission requirements for the particular license before applying for one ((money-changing licence, standard payment institution licence, major payment institution licence).
• Visit the website.

• On the home page, locate the license you want to apply for and click “Start New Application.”

• Fill out the necessary information on the application form for the license you wish to get and enclose any necessary supporting documentation.

• Upload all additional documents under “Section 9: Other Information”.

• Preview your application details and declaration to complete the application.

• Take care to read, double-check, and digitally sign the Declaration document. the certified copy online.
• After completing Form 1, fill out the matching Form 3s that are generated. Form 3s will be automatically prepared for each identified person in accordance with the number of partners, directors, and CEO listed in Section 7.4 of Form 1.

• Once Form 1 has been filled out, no changes to Form 3 will be allowed. A new Form 1 must be filled out if you need to make these modifications.

• A non-refundable application fee must be paid when the application is finished in order to submit it. There will be a Make Payment option.

Eligibility to apply a money changer license in Singapore

• You must be a Singapore Citizen / Permanent resident (PR)
• You have a minimum paid up capital of the amount SG$ 100,000
• Fitness and propriety of the applicant, as well as the management of the corporation, partnership, or limited liability partnership, if applicable.
• Financial standing of the application, as well as, if it’s a business, partnership, or limited liability partnership, its track record and past financial success.
• Ownership and shareholding structure.
• AML/CFT (anti-money laundering and countering the financing of terrorism) qualifications and experience, notably in running a money-changing firm.
• AML/CFT rules and procedures are included in the business plan and model.
• if awarding a license will serve the public interest.

Documents Required

• Corporate shareholder business profiles (dated within 30 days of the date of application of each shareholder).
• copies of each shareholder’s Work Permit or passport (front and back), if they are not Singapore citizens or permanent residents.
• Supporting documentation proving the sole proprietor’s expertise in payment services for sole proprietorships. This should contain the most recent Curriculum Vitae (“CV”) of the sole proprietor, but not only that.
• a copy of the sole proprietor’s Medisave liabilities and payment status (for sole proprietorships).

Benefits

• The applicant should be confident that he or she is receiving one of Singapore’s most advantageous exchange rates. The rates need to routinely outperform those offered by conventional money changers around Singapore.
• By making a reservation online, the applicant should lock in the exchange rates. After traveling more than 30 minutes across Singapore, the applicant no longer needs to be dismayed to learn that the exchange rates have changed.
• Online reservations can be made for the Money Changer License services. The candidate is free to pick up their currencies whenever it suits them.
• The applicant has the choice of making online cashless payments. This will assist the applicant in averting conflicts.

What is the cost of applying for money changer License in Singapore?

It costs around SG$ 1,000