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money changer

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SiYu
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money changer

Postby SiYu » Thu, 18 Jun 2009 1:00 pm

Thinking of setting up a money changer biz in Spore, wonder what is the start up cost and requirement.

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Strong Eagle
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Postby Strong Eagle » Thu, 18 Jun 2009 1:34 pm

Are you Singaporean or PR? That's the number one requirement.

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Saint
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Postby Saint » Thu, 18 Jun 2009 1:35 pm

Cash? :-k

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Strong Eagle
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Postby Strong Eagle » Thu, 18 Jun 2009 1:39 pm

Saint wrote:Cash? :-k


That would be a number 2 requirement... lots of denominations... lots of currencies.

Number 3 would be a good understanding of exchange rates and the competition around your kiosk.

I was depositing a check in my bank one day when this fellow comes in with a paper bag... proceeds to take out more than $250,000 in cash from $100 bills down to $2 bills. Money changing was the only thing I could think of.

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 18 Jun 2009 2:02 pm

Illegal 4D/Toto?

SiYu
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Postby SiYu » Thu, 18 Jun 2009 2:40 pm

PR Spore, lots of currencies is needed. How much for a start up?

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Postby pennant » Thu, 18 Jun 2009 3:06 pm

hi, if i'm not wrong, for money changer you will need to have 100k deposit with the authorities
A wise man can see more from the bottom of a well than a fool can from a mountain top

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Strong Eagle
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Postby Strong Eagle » Thu, 18 Jun 2009 3:29 pm

SiYu wrote:PR Spore, lots of currencies is needed. How much for a start up?


1) Register a business or company with ACRA.
2) Apply for a money changers license with MAS.
3) You must have a permanent place of business.
4) Sufficient education
5) A business plan
6) The $100,000 security deposit applies to a remittance business not money changing. But you will probably need at least this much capital to operate.
7) You need to be aware of currency exchange rate risks.

MAS will investigate your financial stability before granting you a license and your ability to run this kind of business.

See: http://www.mas.gov.sg/licensing_guide/b ... cence.html

How much money? Hey, you only need S$43 if you only intend to cash in a 1000 Baht note. Realistically, you must be prepared to have 10,000's of dollars (or equivalent) of each currency you will change... otherwise you cannot run a business all day. Considering that you will make a couple of dollars per $100 exchanged you can see that you will need substantial currency to operate.

etee77
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Me and my partner r keen to start up a money changer too

Postby etee77 » Thu, 18 Jun 2009 7:31 pm

If anyone have any information, do advice.

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Strong Eagle
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Re: Me and my partner r keen to start up a money changer too

Postby Strong Eagle » Fri, 19 Jun 2009 1:14 am

etee77 wrote:If anyone have any information, do advice.


What the hell are you talking about?

sgdreamhome
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hello,maybe u can check on MAS for the requirements

Postby sgdreamhome » Fri, 19 Jun 2009 6:52 am

Hi,thinking to set up money exchange in singapore is requirement
quite a large investment,and furthermore the MAS singapore will require u to put a security amount to them to secure the business,for more infor,think u may check the MAS guidelines

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Re: Me and my partner r keen to start up a money changer too

Postby sundaymorningstaple » Fri, 19 Jun 2009 7:02 am

Strong Eagle wrote:
etee77 wrote:If anyone have any information, do advice.


What the hell are you talking about?


SE, You wrote it in plain English. Unfortunately your enquirer is probably local and "English" is incomprehensible to them. Can you repeat it and dumb it down using texting and or Singlish? :roll: :lol:

cxbn12
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looking for business partner

Postby cxbn12 » Tue, 04 Aug 2009 9:38 pm

Please post business opportunities in the Classifieds Section of this website and not in the forum. Thanks.

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jfc81
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Postby jfc81 » Thu, 06 Aug 2009 1:48 am

Strong Eagle wrote:
Saint wrote:Cash? :-k


That would be a number 2 requirement... lots of denominations... lots of currencies.

Number 3 would be a good understanding of exchange rates and the competition around your kiosk.


any other requirements?


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