Learn about money changing
services in Singapore

Personal Information

Learn about furnishing your personal details

Consumers who transact SGD 5,000 or more are legally obliged to render their personal information to the money changer for verification purposes. While you may decline, without the required details, the money changer cannot proceed with the transaction.

However, note that your personal data will be kept secure, and documents can be viewed upon request. These requirements comply with MAS Notices and adhere to the Personal Data Protection Act.

RECEIPTS

Receipts should be requested for all transactions

Consumers are advised to request proper receipts for all transactions. The receipt should contain the details of the money changer and the transaction. You may find the directive from MAS Notice PS Notice 07.

Please note that mere calculator printouts should not be accepted and consumers should insist for official receipts. Official receipts will be useful in case of any disputes.

SHORTAGES

What should be done to avoid discrepancies

Consumers should ensure that they receive the right amount and change if any, as stated in the receipt before leaving the money-changing counters.

Usually, money changers will have notices at their premises to inform customers of such initiatives. Failure in doing so and realising that there are discrepancies after leaving the counters often results in disputes between the consumer and the money changer.

Banknotes - Be updated
about currencies

The Association will be providing as much guidance as possible for the new upcoming currencies and out-of-circulation notes.

If you do receive out-of-circulation notes, you may approach the money changer that had sold you the notes. However, it will help greatly if you present your receipt to avoid any disputes.

SOILED, MARKED &
REJECTED NOTES

Usually, money changers would be willing to exchange a soiled or marked note, but only provided if you had bought the currencies from them. Please present your receipt to avoid any discrepancy. It would be prudent to check your notes carefully leaving the counter.

Tender notes may be rejected when you visit certain countries. However, this does not mean that the notes have lost their value or are out of circulation. It is just that these countries have a culture not to accept these notes which may be crumpled, slightly soiled or defaced and marked with inks.

RATES

What you must know about currency rates quoted by money changers

Consumers are strongly advised that currency rates quoted are volatile throughout the day. As such, prices that have been displayed at the board of the business premises of money changers should not be taken for a final price guarantee. Rather, they can be subjected to changes by the licensed money changer or at any points it is altered by the system rates warranted by his business situation.

Consumers need to understand that the prices quoted by money changers are not only determined by live interbank rates, which change according to market conditions, but also by local demand and supply of each currency.