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money changer
money changer
Thinking of setting up a money changer biz in Spore, wonder what is the start up cost and requirement.
- Strong Eagle
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- Strong Eagle
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That would be a number 2 requirement... lots of denominations... lots of currencies.Saint wrote:Cash?
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.
- sundaymorningstaple
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- Strong Eagle
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1) Register a business or company with ACRA.SiYu wrote:PR Spore, lots of currencies is needed. How much for a start up?
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.
Me and my partner r keen to start up a money changer too
If anyone have any information, do advice.
- Strong Eagle
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Re: Me and my partner r keen to start up a money changer too
What the hell are you talking about?etee77 wrote:If anyone have any information, do advice.
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- Newbie
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hello,maybe u can check on MAS for the requirements
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
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
- sundaymorningstaple
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Re: Me and my partner r keen to start up a money changer too
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?Strong Eagle wrote:What the hell are you talking about?etee77 wrote:If anyone have any information, do advice.


SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
looking for business partner
Please post business opportunities in the Classifieds Section of this website and not in the forum. Thanks.
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