Payment services: Cross-border money transfer service

Cross-Border Money Transfer definition


  • According to PS Act

    “cross-border money transfer service” means either of the following services:

    (a) any service of accepting money in Singapore, whether as principal or agent, for the purpose of transmitting, or arranging for the transmission of, the money to any person outside Singapore (other than any such service that the Authority may prescribe);

    (b) any service of receiving any money from outside Singapore for, or arranging for the receipt of any money from outside Singapore by, any person in Singapore (other than any such service that the Authority may prescribe), whether as principal or as agent;

    According to MAS (Guidelines)
    last revised 18 December 2019

    Providing inbound or outbound remittance service in Singapore.