Remittance – Whenever cross border fund transfer takes place, It is known as remittence. Though main purpose of remittance was to send money back to their home country from Singapore or elsewhere , These funds inevitably had to pass though market, formal and/or informal , before they arrive at their home town.
Since inception, this market was dominated by banks or established financial institutions however lately governing authorities opened it and gave opportunity to others to enter with their remittance specialised solution that was fast, reliable and cost effective.
Competitive market is inversely proportional to market monopoly resulting in customer benefits however this still lacks the full transparency specially with strict guidelines on providers service fee etc. Having said that, It is mandatory for individuals to compare the real time exchange rates offered by various providers. sgdtoinr.com has been developed to serve community with same reason to provide a platform which is efficient enough to calculate SGD to INR effective exchange rate and presenting in simplest form of a table.
In Singapore Regulations for Money-Changing or Remittance Business
Money-changing or remittance businesses are licensed and regulated under the Money-Changing and Remittance Businesses Act 1979 (MCRBA). Money-changing involves the buying and selling of foreign currency notes and may be conducted as a sole proprietorship, partnership or company. Remittance business involves the acceptance of moneys for the purpose of transmitting them to persons resident in another country or a territory outside Singapore.
All listed providers in sgdtoinr.com are remittence license holders and authorised to provide cross border remittance service. To know-how remittance license is obtained, please refer this here