Sending money home safely

Every month, many workers in Singapore send part of their salary home to their family. This is your hard-earned money — it deserves to arrive safely, in full, and without being taken by a scammer along the way. This guide explains how to choose a safe way to send money, what to check before you pay, and how to protect yourself from fake "agents" who advertise on social media.

1. Use only MAS-licensed remittance companies

In Singapore, any company or app that helps you send money overseas — banks, remittance shops, and money-transfer apps — must hold a licence from the Monetary Authority of Singapore (MAS) to legally provide cross-border money transfer services. A licensed company is required to follow rules that protect your money, including checks against money laundering and rules on how quickly your family must receive the funds.

An unlicensed operator has none of these protections. If something goes wrong — the money never arrives, or the company disappears — you have far less protection and it is much harder to get your money back.

How to check the MAS Financial Institutions Directory (FID)

Before you use any remittance company for the first time, take two minutes to check it is licensed:

1. Go to the MAS Financial Institutions Directory at eservices.mas.gov.sg/fid.
2. Search for the company's exact name (the name printed on their shopfront, receipt, or app — not a nickname).
3. Open the company's listing and check it shows an active licence — for remittance, look for "Major Payment Institution" with the activity "Cross-border Money Transfer Service" (some older or smaller firms may instead hold a Money-changing Licence).
4. If the company does not appear in the directory at all, or the licence is not active, do not send money through them — no matter how good the exchange rate looks.

You can also use banks (such as DBS, OCBC or UOB) — banks are always licensed and regulated by MAS to handle money transfers.

2. Compare exchange rates and fees before you send

Different licensed providers can charge very different total costs for the same transfer. Before you choose, compare at least two or three options and look at the total amount your family will actually receive, not just the advertised rate. Check:

• The exchange rate offered (compare it against the mid-market rate you can see on any currency website).
• The transfer fee or service charge, which is sometimes shown separately from the rate.
• How long the transfer takes to reach your family, and how they can collect it (bank deposit, cash pickup, or mobile wallet).
• What happens — and who you contact — if your family does not receive the money on time.

A rate that looks unusually generous compared with every other provider is a warning sign, not a bargain — this is one of the most common tricks used by unlicensed operators to attract victims.

3. Keep your receipts, every time

Always ask for and keep a receipt or transaction confirmation for every transfer. A proper receipt from a licensed provider should show the company's name, the amount you paid, the exchange rate used, any fees charged, and a transaction or reference number. If you pay through an app, take a screenshot of the completed transaction as your proof.

Keep these receipts safely (a photo on your phone plus a backup is enough). They are your evidence if a transfer goes missing, if there is a dispute over the amount, or if you ever need to show proof of the money you have sent home.

After each transfer, contact your family to confirm they have received the correct amount. A licensed remittance agent should ensure your family receives the money within a reasonable number of business days — if they do not, follow up with the remittance company directly using your receipt as proof.

4. Avoid unlicensed "agents" and remittance scams

The Singapore Police Force has warned that scammers advertise money-changing and remittance services on social media and marketplace platforms — including WeChat, Facebook and Carousell — by offering unusually attractive exchange rates. Victims transfer money into a personal bank account given by the "agent," and then either never receive the promised currency, or their family back home never receives the transfer. As of the police's December 2022 advisory, at least 116 victims had lost at least S$1 million this way since January 2022.

If you are ever unsure whether a message, call, or offer is genuine, stop before you pay and check it first — a genuine, licensed company will never mind you taking time to verify them.

5. If something feels wrong

If you suspect a remittance offer is a scam, if your money has not arrived, or if you have already paid someone who may be unlicensed, act quickly:

• Call the free ScamShield Helpline (1799), available 24 hours a day, to check if something is a scam.
• Re-check the company's name on the MAS Financial Institutions Directory to confirm its licence status.
• Make a police report — you can do this online or by calling the Police Hotline.
• Keep every receipt, screenshot, and chat message as evidence — do not delete anything.