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To obtain a Money Changer License in Singapore, businesses must meet specific capital requirements set by the Monetary Authority of Singapore (MAS). While the official minimum paid-up capital is generally S$100,000, the actual capital needed to operate effectively is often higher, depending on the scale and nature of the business.

For a retail money-changing business, a practical capital outlay of S$200,000 to S$500,000 is typically needed. This accounts for costs such as rental of premises, security infrastructure, employee salaries, compliance systems, and sufficient inventory of foreign currencies.

For wholesale money changers, the capital requirement can exceed S$2 million. This is due to the larger volume of transactions, higher inventory demands, and more complex operational setups.

Beyond capital, applicants must also demonstrate strong compliance capabilities, including robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures. MAS places significant emphasis on regulatory compliance, governance, and internal controls.

In summary, while the baseline capital requirement to qualify for a license is S$100,000, aspiring money changers should plan for a higher capital investment to ensure operational readiness, regulatory compliance, and long-term sustainability in Singapore’s tightly regulated financial environment.