Personal Information – Learn about furnishing your personal details.
Consumers who transact above SGD 5,000 will be required to render their personal information to the money changers. The money changers will need your identity card or document for verification. Please also note address verification is also a requirement and where necessary the money changer may request for documents which can proof your place of residence. The directive on this can found in MAS 3001. The Association requests your full cooperation as all personal details are required to be kept private and confidential by the money changers as per the Personal Data Protection Act.
Receipts- Receipts should be requested for all transactions
Consumers are advised to request for 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 3004. 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 between the money changer and the consumer.
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 premise to inform customers of such an initiative. 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.
New and Out of Circulation 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 you greatly if you present your receipt to avoid any disputes.
Counterfeit Notes – What to do if you find out your note is a counterfeit
The Association advises all customers who receive any counterfeit notes to report it immediately to the police as it is a Criminal Offence.
Rates: What you must know about currency rates quoted by money changers
Consumers are strongly advised that currency rates can be volatile throughout the day. As such please note that rates displayed at the board of the business premises of money changers should not be taken for a ‘final or guaranteed price’ as they can be subjected to changes without prior notice. The money changer at any point is at liberty to offer more or less as warranted by his business situation.
Consumers need to understand that the rates quoted by money changers are not only determined by live interbank rates which changes according to market conditions but also local demand and supply of each currency.