SingPost Money Changing Service
With effect from 06 May 2013 (Monday), Money Changing Service will be available at Chinatown Post Office.
This money-changing service will be provided for foreign bank notes only and no currency coins under a valid money changer's licence issued by MAS.
Frequent Asked Questions
1. What is SingPost Money Changing service?
SingPost Money Changing service is our new service being offered at selected post offices that involves buying and selling of foreign currencies notes. This service operates under a valid Money Changer's license issued by Monetary Authority of Singapore (MAS). We are currently piloting this service at Chinatown Post Office only.
2. Where is Money Changing service being offered?
The service is available at Chinatown Post office:
3. What are the currencies available under Money Changing service?
SingPost is offering 12 currencies under the money changing service for both buy and sell transactions.
4. Will SingPost extend the service to other Post Offices?
As this is a new service under SingPost wide suite of products and services, we are in the midst of reviewing the demand for extending the service to other Post Offices.
5. Do I need to register for the service?
No, you do not have to register for the money changing service. However, under MAS Regulations - MAS Notice 3005, customers are required to produce a valid identification card for verification purpose for an amount equal or exceeding SGD$5000 in aggregate across SingPost branches.
6. What is the payment mode?
Only cash payment mode is allowed for money-changing transactions.
7. What exchange rate is used?
The prevailing exchange rate used will be the rate quoted to you at the point of the money changing transaction.
8. What are the minimum and maximum limits I can exchange?
There are no minimum and maximum limits for the money changing transaction. However, SingPost do not accept coins and banknotes in following conditions:
• Contaminated; e.g. contaminated with blood or a chemical, biological, or radioactive substance.
• Mutilated; e.g. the denomination and authenticity cannot be determined, require special care in handling, or burned notes.
• Defaced/unfit; e.g. notes are limp, worn, or rag-like in appearance, torn and taped together, badly soiled as to be offensive, faded or stained, sticky, contain graffiti or obscenities.
• Counterfeit; e.g. notes that are rejected by currency note counting machine, or verified to have missing security features.
9. Can I cancel my transaction after leaving the money changing counter?
Customers will not be able to cancel the transaction once the settlement is complete.
10. What should I do when there is a shortage in the funds I received from the exchange?
Customers must verify the bank notes received over the counter before leaving the Post Office. SingPost will not entertain nor responsible for any discrepancies thereafter.