MAS Regulated Remittance Services: Who Qualifies and What You Get
Learn how to safely send money back home using regulated services in Singapore to ensure your hard-earned funds arrive securely.
This scheme provides regulated channels for sending money from Singapore to other countries. It ensures that the services used to transfer funds follow strict rules to keep your money safe.
Who it's for
This is for all workers who need to send money back to their families in their home countries.
What you get
You get access to safe and regulated ways to transfer your money internationally. Using these official channels helps ensure your funds are handled securely throughout the process.
What it costs you
You will typically pay a small transaction fee for each transfer you make.
The catch to know
The biggest risk is using unlicensed money changers. To protect your money, you should only use operators that are officially licensed by the local monetary authority.
How to apply
- Check that the money transfer service you want to use is officially licensed.
- Provide the necessary details for the recipient in your home country.
- Pay the required transaction fee to complete the transfer.