What is the definition of a money transfer?
There are two types of services available:
Domestic payment processing services in Singapore seem to fund transfer systems or remittance Singapore. The remittance to people outside of Singapore is referred to as cross-border remittance services. Domestic and cross-border fund transfer services may be offered by e-wallet service providers. Knowing e-wallets is a good place to start for more information on e-wallets.
Who should you deal with?
Other financial firms, like banks, merchant banks, finance companies, or credit card or fee issuers, provide all services in addition to licensed domestic as well as cross-border fund transfer providers.
Steps to follow –
- Different commissions and exchange rates may be charged by banks and licensed money transfer service providers. Make a cost comparison.
- Learn how the money would be transferred, as well as the agents who will be involved. Inquire with the service provider about what occurs if the remittance is not received by your intended recipient.
- Choose service providers who have adequate security systems (such as CCTV) in place to ensure a safe and secure atmosphere for you all to transfer your funds. Bring your identification documents with you to be verified.
In the case of a dispute, make sure you have a proper invoice as evidence of a transaction. Information about the licensed service provider’s business.Date and quantity of transaction, exchange rate commission, and other fees.It is illegal in Singapore to operate a payment processing business without the need for a valid driver’s license. You should avoid using the assistance of unlicensed individuals.