FAQ

What is Bank Draft ?

A bank draft is a cheaper alternative to telegraphic transfer. It is a written order issued by our bankers to pay your beneficiary a specific sum of money. The time required for the bank draft to clear varies between banks.

What is Telegraphic Transfer?

Telegraphic transfer is an electronic payment sent to an overseas bank, instructing them to pay your beneficiary a specific sum of money.

What is Remittance?

Remittance is sending money to or receiving money from an overseas bank account.

What is Beneficiary?

Beneficiary is the person who receives the funds.

Where does JC Money Change get the exchange rates?

The exchange rates are based on Reuters and the economic forces of market demand and supply.

What is the minimum/maximum amount I can remit?

There are no limitations as to the sum of money you want to remit.

What are the charges involved?

Our charges depend on the type of currencies transacted. Please contact us at 6266-1817 for more details.

What are the documents required?

Identity card – Employment Pass/Work Permit/Passport/IC. Beneficiary Details - This includes Name, Address, Telephone Number, Bank Name, Bank branch, Bank address, and Account Numbers. We can refer to our database if the beneficiary is the same.

Why do we need identity documents?

The Monetary Authority of Singapore, which governs and issues licenses to remittance and money changing companies, requires such identity documents.

When do we need to present identity documents?

Only money exchange transactions above S$5,000 and all remittance transactions require identity documents.