- What is Bank Draft ?
A bank draft is a cheaper alternative to telegraphic transfer.
It is a written order issued by our bankers to pay your beneficiary a specific sum of money. The time required for the bank draft to clear varies between banks.
- What is Telegraphic Transfer?
Telegraphic transfer is an electronic payment sent to an overseas bank, instructing them to pay your beneficiary a specific sum of money.
- What is Remittance?
Remittance is sending money to or receiving money from an overseas bank account.
- What is Beneficiary?
Beneficiary is the person who receives the funds.
- Where does Raffles Money Change get the exchange rates?
The exchange rates are based on Reuters and the economic forces of market demand and supply.
- What is the minimum/maximum amount I can remit?
There are no limitations as to the sum of money you want to remit.
- What are the charges involved?
Our charges depend on the type of currencies transacted. Please contact us at 6538-0080 or 6536-6800 for more details.
- What are the documents required?
Identity card – Employment Pass/Work Permit/Passport/IC.
Beneficiary Details - This includes Name, Address, Telephone Number, Bank Name, Bank branch, Bank address, and Account Numbers. We can refer to our database if the beneficiary is the same.
- Why do we need identity documents?
The Monetary Authority of Singapore, which governs and issues licenses to remittance and money changing companies, requires such identity documents.
- When do we need to present identity documents?
Only money exchange transactions above S$5,000 and all remittance transactions require identity documents.
- How do you make payments to us?
Cash / Cheque / ATM Transfer / Internet Transfer which we will deposit into our clients' bank accounts before the remittance process is complete.
- How can I enquire about your current exchange rates?
A) Over the counter
B) F rom your place by phone
You can ask us to quote you the prevailing exchange rate. We will inform you the total SGD equivalent amount inclusive of handling fees.
- What is the remittance process?
Once you have confirmed the exchange rate with us, we need you to: -
1) Fill in a remittance application form which you can send to us electronically.
2) Pay the total amount equivalent in SGD using any of the above modes of payments
3) We will issue you a receipt.
4) We will send you a deposit slip or other appropriate supporting documents.
- How soon can the beneficiary receive the funds?
It depends on the location of the beneficiary's bank, the bank itself and whether the transaction is done before or after our cut-off time.
Please contact us at 6538-0080 or 6536-6800 for more details.
- How does Raffles Money Change notify our customers about the confirmation of money sent?
The deposit slip or other appropriate supporting document will be sent to our customers either through fax or email.
- What if my remittance encounters a problem?
Our staff will contact you as soon as possible if our correspondents or agents notify us of any problem being encountered.
- What happens if I think the funds may not have reached my beneficiaries?
You can call us at 6538-0080 or 6536-6800 and we will look into the matter.
Please provide us with the names of the senders and beneficiaries' bank details and dates of transactions.
- Who are our clients?
Our clients are banks, money changers, travel agents, corporations and individuals; both foreigners and locals.