Payment services: Cross-border money transfer service

What transaction information must cross-border money transfer service providers record?


  • According to MAS (Notices)
    last revised on 05 December 2019

    2. In respect of any payment transaction for cross-border money transfer service, the following details:
    (a) date of transaction;
    (b) total amount of money received by the licensee or exempt payment service provider and where the licensee or exempt payment service provider did not receive Singapore dollars, the equivalent amount in Singapore dollars, and the exchange rate applied to determine the Singapore dollar equivalent, with a breakdown of the following:

    (i) amount of money transferred in the currency received by the payee, and the exchange rate applied to convert the currency received by the licensee or exempt payment service provider to the currency transferred to the payee where the currencies are different;
    (ii) amount of commission and other service charges in Singapore dollars, if any;

    (c) date of receipt of money by payee;

    (d) in the case of cross-border money transfer services in respect 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, the date of transmission to overseas agent or bank and name of overseas agent or bank.