Procedure to operate a money changer in Singapore

Make a wise choice while exchanging money. Special offers that seem too good to be true should be avoided.
Choose currency exchanges that offer a secure and safe atmosphere for you to exchange your currencies by installing sufficient security systems (such as CCTV).
While transferring money, bring your personal identification credentials for verification.
Before beginning the transaction, check the exchange rates.
Before you go, count and double-check your notes. According to the Criminal Code, it is illegal to keep counterfeit notes and/or give them to other people. You should notify the police and turn over any counterfeit currency you find or possess.
Even if the sum involved is little, obtain a formal receipt as documentation of the transaction in case of disagreement. The transaction details and the business information for the money changer should be included on the receipt.
A license does not ensure a money changer’s performance or behavior. Fraud cases ought to be reported to the police.
The market is trading at Singapore Dollars 1.40, the broker purchases it for Singapore Dollars 1.395, and then sells it to the customer for Singapore Dollars 1.35.
Money changers gain a set amount regardless of the spread when buying and selling currencies. They provide various purchasing and selling prices and guarantee a profit.

What is the cost?

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).

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.