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Money-changing licensees are licensed and regulated under the Payment Services Act ("PS Act") to conduct only money-changing services i.e. the service of buying or selling foreign currency notes.
Note that entities that provide other payment services must hold a standard payment institution license or major payment institution license instead.
Contact One IBC now for more information about the Financial Adviser's Licence in Singapore.Get Your License Now
The applicant should be assured that he/she is getting one of the most competitive exchange rates across Singapore. The rates should consistently beat the traditional Money Changer rates in the whole territory of Singapore.
The applicant should lock in the exchange rates by booking the same online. The applicant no longer needs to be disappointed after traveling more than 30 minutes across Singapore only to have the money changer rates to be changed.
The Money Changer License services are available online, and booking can be made online. The applicant can collect their currencies at their own convenience.
The applicant is having the option of making cashless payments online. This will help the applicant avoid disputes.
The individual applicant, partners, or directors of a company applying should have 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:
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Earn Credit Points on qualifying purchasing of services. You’ll earn credit Points for every eligible U.S. dollar spent.
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