- What is Remittance?
Remittance is sending money to or receiving money from an overseas bank account.
- What is Telegraphic Transfer ("T/T")?
Telegraphic transfer is an electronic payment sent to an overseas bank, instructing them to pay your beneficiary a specific sum of money.
- What is Bank Draft?
It is a written order issued by our bankers to pay your beneficiary a specific sum of money.
- How long does it take to clear a Bank Draft?
The clearing of a bank draft depend on the beneficiary bank and it varies from bank to bank.
- How does Dollar Exchange get the rates?
By using the Reuter’s rates as guideline, special rates offer by our agents and also market forces. These are the factors that determine our exchange rates.
- What are the charges?
We offer low handling charges at a flat rate per transaction. Please contact us at 6438 4300 for more details.
- What is the minimum amount for remittance and money changing?
There is no minimum or maximum amount.
- How long does the money take to reach the beneficiary’s bank account?
Under normal circumstances, the beneficiary will receive the funds within 3 business days.
Please contact us at 64384300 for more details.
- How do we prove to the beneficiary that the money has been remitted?
We will fax, email or mail the bank-in slip / TT advice to our customer.
- Without the bank account number, can Dollar Exchange be able to remit the funds?
We will NOT be able to remit any funds without the bank account number.
- Will Dollar Exchange be able to collect the S$ payment from the customer’s residence, office or worksite as per request?
It depends on the area and the amount transacted. We can only collect a sum NOT EXCEEDING S$5,000.00 per transaction per customer.
- How do customers make remittance payment to Dollar Exchange?
Customers can pay cash at our counter, deposit cheques (subject to clearance) or transfer into one of our clients’ account by cheque, through ATM transfer or via internet.
- Does Dollar Exchange provide credit to customers?
According to the Monetary Authority of Singapore remittance licensing conditions, the licensee shall NOT grant any credit facility or loan to customers.
- Are the rates valid for the whole day?
No. The rates are always subject to change without prior notice.
- Who are Dollar Exchange’s customers?
They are wholesalers, import/export companies, property companies, tour agencies, students, seamen, maids, professionals and etc.