Frequently Asked Questions

Getting Started

  • 1. What is MoolahGo?

    MoolahGo is a Financial Technology (Fintech) company licensed and regulated by the Monetary Authority of Singapore (MAS) to offer online money changing and online remittance businesses in Singapore. In fact, we are the first online money changer in Singapore operating based on a regular full license. We believe that we are also the largest online money changer currently in Singapore. Since May 2018, we have also been approved to become a Stored Value Facility (SVF or e-Money) Holder as we prepare to launch our e-Wallet product in early 2019.

  • 2. What financial services do MoolahGo provide?

    The 2 financial services that we currently provide is Online Currency Exchange (online money changer) and Online Money Transfer (online remittance).

    Our next product, a multi-currency e-wallet, is targeted to be rolled out in early 2019.

    At the same time, we are already thinking about the next financial product to be launched after our e-wallet. Lots of exciting services coming up, so stay tuned. Existing Members will automatically be given privileges to future products when they are rolled out.
  • 3. What are the benefits of using MoolahGo?

    Online Currency Exchange (money changing):
    • Exchange Rates – Extremely competitive, on par with those that you see in Raffles Place
    • Convenience – Order online, Pay online, No more worries about rate fluctuations
    • Safety and Security – Licensed by one of Asia’s highest standard regulators, the MAS, with substantial funding held as security deposit for dispute resolution. MoolahGo site is secured and encrypted with 256-bits Cryptographic Security algorithm.
    • Rewarding – Another First in this industry! We are the first money changer in Singapore to actually reward you for every transaction that you perform with us!

  • 4. What is Peer-to-Peer (P2P) Currency Exchange?

    P2P Currency Exchange is MoolahGo's innovative currency exchange service which allows its Members to submit money-changing transactions in its financial services e-marketplace (the First in South East Asia!) for other members (including MoolahGo and other Money Changers) to transact with. This service is totally safe, secure and it is licensed and regulated by the Monetary Authority of Singapore (MAS). Members do not need to reveal their identities or physically meet with other members to perform the exchange. MoolahGo is the licensed intermediary to facilitate and hold funds in custody on behalf of each member.

    What are the Benefits of P2P Currency Exchange?
    The benefits of P2P Currency Exchanges as opposed to traditional money-changing is vast, including:
    ○ Buying or Selling Currencies at the exchange rate that you want
    ○ Our P2P Currency Exchange Service is FREE OF CHARGE! You pay nothing to list or match a transaction in our marketplace!
    ○ Planning ahead for your currency needs by creating listing in our marketplace with a validity period
    ○ Listing any currency for exchange - no currency restriction
    ○ Getting rid of left-over foreign currencies after your trip at the exchange rate that you want
    ○ Taking advantage of your view on future exchange rate movements
    ○ and many more....

    Common terms used in P2P Exchanges:
    ○ Listing - Your Offer in the MoolahGo Marketplace to other members to exchange currencies from you
    ○ Match - You like a listing offered by another member and have decided to transact on it
    ○ Marketplace - MoolahGo's unique, innovative and proprietary electronic marketplace with an ecosystem of members offering and buying financial services

    How do I get started?
    EASY! If you are not a MoolahGo Member yet, just Sign Up. Signing Up is Free of Charge and you get 500 Reward Points immediately! So what have you got to lose? Sign up now!

    For more information, please refer to How It Works page. A short Explainer video is also available in that page.

  • 5. Current Exchange Rates for MoolahGo Express Currency Exchange Service (Non-P2P Currency Exchange)?

    CurrencyBuy (We buy from you)Sell (We sell to you)
    Australian Dollar0.9431.0353
    British Pounds1.7080.57457
    Chinese Renmimbi0.1985.015
    Euro1.5440.63828
    Hong Kong Dollar0.1735.67293
    Indonesian Rupiah0.0000910576.4376375
    Japanese Yen0.0127279
    Korean Won0.00121822
    Malaysian Ringgit0.328073
    Philippines Peso0.02538.353292
    Taiwan Dollarnana
    Thai Baht0.04223.5292
    US Dollar1.3590.72771
    Above rates updated as at 03/01/19 10:45 AM

    Notes:
    "na" - MoolahGo is currently not buying nor selling this currency directly from / to the public. You may still sell / buy this currency to / from our other members using our Peer-to-Peer marketplace
    Please note that exchange rates fluctuate by the second. Rates may change at time of placing an order with us. It is always best to get in touch with us for our latest rates.

    Lastly, Express Service is currently not available between 6PM-10:30AM on Weekdays, Weekends and Public Holidays ("Non-Trading Days"), so you won't be able to see current rates on such days. If you make a booking during non-trading days, your transaction will be processed based on the rate on the next business day morning.

    Please contact us at +65 6850-7370 or support@moolahgo.com
  • 6. Am I eligible to sign up?

    As long as you are 18 years old and above, you are allowed to sign up for MoolahGo services. Signing up for an account is totally Free of Charge and Simple, so start now.

    * Please note that at this stage, we are only allowing Individual / Personal accounts. We will open up our services to Businesses and Companies very soon. Please drop us a note via the Contact Us page to be notified of this. Also, to comply with the Authorities, we regret to inform that users from the below list of countries would not be able to perform transactions but are welcomed to sign up and use our free tools.

    AfghanistanDemocratic Republic of the CongoSouth Sudan
    BelarusEritreaSudan
    BurundiIranSyria
    Bosnia and Herzegowina IraqVenezuela
    CubaLibyaYemen
    CrimeaNorth KoreaZimbabwe
    Central African Republic Somalia 
  • 7. How do I sign up?

    Signing up with MoolahGo is super easy and its free! Just click on this link.

    Once you've signed up for an account, please go to your dashboard to update your profile details to activate your account for transactions. We are required by the Authorities to ask you for your details before we could allow you to perform any transactions. This is also to protect our members from becoming victims of financial crimes (we want to keep the crooks out of our site).

    After you've submitted your information and required documents to us, we would then perform a verification. This process typically takes a few hours but is affected by accuracy of information that you provide to us as well as volume of new sign-ups at the point of time. But we always endeavor to complete this within a few hours.

    Don't worry, we are here to help should you have any trouble updating your profile. You may contact us at +65 6206-0030 or email us at support@moolahgo.com.

  • 8. How do I perform a transaction?

    Before you start a transaction, please make sure that you have a verified account. There are a few ways in which you can perform a transaction in MoolahGo:
    1.Create a Listing

    Create your own Cross-border Payment or Currency Exchange listing depending on your currency needs. Just log into your account and select "Create Listing" and follow the instructions on the screen. Make fees payment to us (if any) and wait for a notification email from us after we've successfully verified your listing. It's that simple. After your listing has been verified, just sit back, relax and wait for another user to match your listing.

    2. Match a Listing

    Instead of creating your own listing, why not match another user's listing? Just log in and search our unique Marketplace to see if any listing meets your currency needs. If you find one, click on Match to initiate a transaction.
  • 9. How do I make changes to my listing or match which I've submitted?

    Unfortunately, we currently do not allow anyone to make changes to the transaction once it has been submitted. If you feel that your current transaction no longer meets your needs, you would need to cancel that transaction and re-create another one. But don't worry, if you cancel your listing before it has been matched, you will get a refund of the fees you have paid (if any). However, do note that if your transaction has been matched by another member, you should not delete your transaction to be fair to the other member. Should you delete it, we regret that any fees that you have paid may be forfeited and your GO7Club Status will be downgraded.
  • 10. What happens if my listing is not matched?

    Depending on the currencies, amount and exchange rate that you have set for your listing, at times, it may take a while for your listing to be matched. Exchange rates close to the Market Rate typically has a very high chance of being matched. In the event that your listing expires without a match, the fees which you have paid (if any) will be refunded in full to you.
  • 11. What happens if the other user fails to complete the transaction?

    This would be quite a rare scenario as we have deterrents in place to eliminate or reduce such behaviors. For example, any user who fails to complete a transaction will have his / her fees forfeited and status downgraded. If such a situation should arise, MoolahGo would find other ways to ensure that your transaction is completed. If all else fail, we would refund your fees (if any) in full. However, this would be a very rare situation.
  • 12. What happens if I fail to complete my transaction within the required timeline?

    To keep our marketplace effective, we seek the cooperation of all members to complete their tasks as early as possible, within the stipulated time. However, we do understand that at times, certain unforeseen circumstances may arise that may cause you to miss the deadline. Under such situations, please do inform us as early as possible so that we can assist to manage the transaction.

    If no satisfactory reason or advance notice is provided for missing the timeline, as part of our Terms of Use, we may cancel the transaction and any fees which you have paid previously will be forfeited. This would also result in a downgrade of your GO7Club Status.
  • 13. Is my money safe?

    Yes, your money is absolutely safe with us. We are a regulated money-changing and cross-border funds transfer provider in the countries that we operate in. As part of this regulation, we cannot hold your money in the same bank account as the one used by MoolahGo for its operations. As such, there is no comingling of funds. The money that you transfer to us is always held in a separate client account which is audited by a qualified auditor.
  • 14. How much does it cost?

    Peer-to-Peer (P2P) Transactions
    Zero Fees! Yes, List and Match as many P2P Transactions as you wish for there's absolutely NO FEES you need to pay!

    Express Transactions
    For Express Currency Exchange transactions (including those that you see on Get4x.com), there's 0 Fees.

    For Express Money Transfer transactions, a nominal fee of 0.5% is applicable. Our fee is transparent, there are no surprises. Unlike banks or other money transfer operators, there are no hidden charges, no cable fees, no bank commissions, no beneficiary bank charges and best of all, we do not earn from foreign exchange markups.
  • 15. What exchange rate does MoolahGo use?

    MoolahGo's proprietary platform allows our members to specify their own exchange rates as well as access to what we refer to as the "Market Rate". Our Market Rate tracks the mid-market exchange rate very closely. Mid-market rate is the mid-point between the BUY and SELL rates quoted in financial markets and is also known as the interbank rate.

    For our Currency-exchange service, MoolahGo also displays exchange rates on Singapore's leading money-changer rates comparison website, Get4x (https://get4x.com). This is the rate that our users can transact directly with MoolahGo without having to wait for another peer to transact with them. You can view it as an "Express" service. Our rates shown on Get4x now reflects the final rates that you will get (ie. what you see is what you get!).

    Besides one of the best rates (if not THE Best), do not forget that when you transact with us, you get to earn rewards!

  • 16. What is the maximum value that I can transact?

    The maximum amount that you can transact depends on your profile. Once you've logged into your account, you will be able to view your transaction threshold amount in your account dashboard.
  • 17. Which countries can I convert my money in?

    Currently, you can only convert money in Singapore. Very soon, we'll be providing this service in other cities as well. Let us know which countries you're interested in and we'll notify you when they are available. You can email us at the Contact Us page.
  • 18. How long does it take to change my money?

    From the time when a match has taken place and payments have been made by both members, you would receive your converted currency within the same day.
  • 19. What are the ways to receive my exchanged currencies?

    MoolahGo provides lots of convenience to our members when they exchange currencies on our platform. We currently offer 2 delivery options for your exchanged currencies:

    1. Cash pick-up at our office
    2. Deposit into your nominated bank account

    For Cash pick-up:
    Once you have received a notification email from us informing you that your funds are ready, please visit our location below to collect your money:
    8 Shenton Way
    #34-01, AXA Tower
    Singapore 068811

    Please remember to bring along your confirmation email (don't need to print it out) and your ID for collection. We are not permitted to release money to you without sighting these 2 documents.

    For Bank Deposit:
    We can deposit your exchanged currency into your bank account as long as you have an account for the relevant currency in Singapore. However, before we could do so, please provide us with a recent (< 3 months old) bank account statement for that specific account, which must be under your name (singly or jointly). Note that your bank may impose charges which are beyond our control. Therefore, the amount that you eventually receive in your account may be less than your exchanged amount.

    To opt for this method, once you have successfully created a Listing or Match transaction (ie. when you receive an email from us that your listing/ match has been approved), you should email us support@moolahgo.com with the following information:

    Your Username
    Full Name
    Bank Account Name
    Bank Account Number
    Bank Account Type
    A recent (less than 3 months old) good quality scanned image of your bank account statement for the above account

    Note:
    We currently do not deliver exchanged currencies due to the many potential security risks that could arise during delivery. As a customer, you would also want to be assured of the legitimacy of your currencies.
  • 20. Can I request for delivery of my exchanged currencies?

    Yes, you may...

    Free Delivery
    You can request for a free delivery if you are a repeat customer and your transaction amount is between S$2500 and S$5000 (free delivery applies to a single destination to a business establishment such as MRT station or office building within the central business district only). How to request? Simple....just drop us a note here.

    For Amounts below S$2500 or if you are a first time customer, you may request for a delivery at a nominal fee of S$8 per destination.

    For Amounts above S$5000, for security reasons, as a general rule, we currently do not provide delivery. However, we may decide on a case-by-case basis.

    Having said...

    As a customer, you would also want to be assured of the legitimacy of your currencies by witnessing the scanning of your money for counterfeits before you receive it. Whilst we do by default scan all our cash for counterfeits and our customers can trust us, we just would like to avoid the hassle that both sides need to experience to resolve such unnecessary disputes.
  • 21. What should I do if I believe that I have received a counterfeit?

    MoolahGo scans all its currencies using counterfeit detection machine from our partner, Safescan®, which is one of the leaders in this industry. However, if you truly believe that you have received a counterfeit from us, you should immediately bring it back to us for further investigation.
  • 22. Which countries can I send money to?

    These are the Countries that you currently can send money to from Singapore:

    Hong Kong, Indonesia, Malaysia, Philippines, Thailand
    Watch this space closely, as we will add more countries soon to meet your needs. Or let us know which countries you're interested in and we'll notify you when they are available. You can email us at the Contact Us page.

  • 23. How long does it take to send money?

    Please refer to the chart below:

    Hong Kong, Indonesia, Malaysia, Philippines, Thailand
  • 24. Can my recipients receive money at cash pick-up points?

    We currently only provide money transfers to Bank Accounts only. We are working to open up other delivery methods such as cash pick-up in the very near future.

    If you would like to be kept up to date on this development, please drop us a line here.
  • 25. How do I make payment to MoolahGo?

    For Fees Payment, we accept Credit Card / Online Banking / Deposits at the bank branch or ATM.

    For Payment of Transaction Amount, you can make payment to MoolahGo via Online Banking or Cash Deposit at the bank branch or ATM (no Credit Card). Our preferred method is Online Banking. We can accept cash deposit into our bank account at the branch or ATM but this would mean a lower transaction threshold that we are allowed to accept. We strictly do not accept cash payments at our office (except for foreign currencies received for currency exchange transactions).

    You can find our Bank Account information at relevant pages when you create / match listings.
  • 26. Can I make payment to MoolahGo using cash?

    Though this is not our preferred payment method, but Yes, you can make payment to us using Cash Deposit via the DBS / POSB ATM to our Bank Account.

    However, payment via Cash Deposit is only allowed for transactions up to S$5,000 or equivalent.

    Please note that we STRICTLY DO NOT accept Cash payment at our office (except if you are performing a currency exchange transaction and you possess a non-SGD currency).

    Our Bank Account information will be displayed to you when you're notified to make a payment to us. For confidentiality, we do not publish them here.
  • 27. How do I make payment via Cash Deposit?

    Via a DBS / POSB Cash Deposit ATM:
    Please locate a DBS / POSB Cash Deposit ATM machine nearest to you. For your convenience, you may like to refer to the bank's links below (the banks may change their webpages from time to time, please refer to the banks' websites directly if the links below are broken):
    POSB Cash Deposit
    DBS Cash Deposit

    Note that as at the time of this writing, cash deposit at ATMs in Singapore does not require a bank card. Please follow the instructions provided by the banks' ATMs.

    Please make payments to the nearest higher dollar amount. For example, payment for S$1,234.55, please deposit S$1,236. Do not worry, any excess payments that you have made will be refunded to you.

    Via a DBS / POSB Branch:
    You may also visit a DBS / POSB branch and deposit cash via the teller. Just provide our bank account number to the bank staff.

    Once you have made the deposit, you will receive a transaction receipt from the machine. Please take a picture of this receipt and submit to us for verification via your "My Tasks" page. All this can be done easily using your smartphone, by the way.
  • 28. How do I make payment to MoolahGo using Bank Transfer?

    Making Bank Transfers to us is simple and it's also our preferred method! Most of the banks in Singapore are on the FAST system, meaning that funds transfers amongst the participating banks take place instantly.

    You can perform such transfers either via your Internet Banking or via your bank's ATM.

    For Internet Banking, if you are not with DBS / POSB bank, you should choose Funds Transfers to Other Bank. Different bank may call it something differently, so please follow carefully the instructions stated in your internet banking screen. If you have questions, you should contact your bank's hotline.

    !!! NEW !!!
    Use PayNow for even more convenience to make payment to us. Either Scan our QR Code below or Enter our UEN # 201709931R680.

    PayNow QR Code

    For ATM, its pretty straight-forward as well. If you're not on DBS / POSB bank, just select Fund Transfer to Other Bank's Account and you're set.

    PLEASE ENSURE YOU ENTER THE PAYMENT REFERENCE CODE SPECIFIED IN THE EMAIL WHEN MAKING PAYMENT

    Once you've made the transfer, remember to go to your "My Tasks" page and press "Payment Done".
  • 29. What should I do if I have made payment to a wrong bank account?

    Please contact your bank immediately to stop payment. Unfortunately, on our side, we wouldn't be able to liaise with your bank on your behalf.
  • 30. What should I do if I did not change my email / password but have received a notification?

    You should immediately contact us at +65 6206-0030 or email us at support@moolahgo.com. And do not make any payments until you have contacted us.

    In any case, please note that your password cannot be changed by anyone without the password reset notification email.
  • 31. What are the terms of your current promotions?

    Current Promotions:

    1. Earn DOUBLE GO7Coins for our Top 9 Money Transfer Destinations
    Earn 2X GO7Coins when you make a funds transfer with us to these 9 countries:
    1. Australia
    2. China
    3. India
    4. Indonesia
    5. Japan
    6. Malaysia
    7. Philippines
    8. South Korea
    9. Thailand

    To qualify, your transaction value must be at least S$1000. 2X GO7Coins will be earned up to S$3000 transaction value.
    This promotion is valid between Now and 28th Feb 2019 and is applicable for personal accounts only (non-companies).


    2. Referral 'Hongbao'
    Refer your family and friends during this Chinese New Year to receive 2X Referral GO7Coins from us.
    2X Referral GO7Coins is equal to 600 GO7Coins (usual only 300 GO7Coins).
    This promotion is valid from 4th Feb to 19th Feb 2019 and is applicable for personal accounts only (non-companies).


    3. Reap the Rewards of your Referrals
    Earn 5% of the GO7Coins that your referral earns each time they transact. For example, your referral transacts and earns 5000 GO7Coins, you get to earn 250 GO7Coins without doing anything!
    This promotion is valid from Now until 28th Feb 2019 and is applicable for personal accounts only (non-companies).


    Note:
    To receive bonus GO7Coins during promotional periods, you or your friend needs to sign-up successfully as a member. Successful sign-up means that you have created an account, updated it and your account has been successfully approved by us. The same condition applies to your friend whom you have referred to us as well.

    GO7Coins awarded as part of promotions can only be utilized after you or your referred friend has performed at least 1 transaction.

    MoolahGo reserves the right to make changes to these terms, including the number of GO7Coins to be awarded without prior notice. Members will be awarded GO7Coins according to the prevailing terms as at the time of referral or transaction.
  • 32. Details about the Ringgit Promo?

    This Promotion is valid from Now until 28-Feb-2019.
    Only 1 Listing per day under Username "MoolahGo" will be put up in our Marketplace to offer money transfer (send) from SGD to MYR at very attractive exchange rate.
    Listing will be put up usually after 10AM each day except on Weekends, Public Holidays and MoolahGo Non-Trading Days (1-Feb to 6-Feb 2019).
    The Amount and Exchange Rate offered will be as per listed and may not be changed.
    If you don't see such a listing, it could be that another user have used it or it is not available yet or it is a non-trading day.
  • 33. What are GO7Coins?

    Our GO7Coins currently allow you to redeem Vouchers. You earn GO7Coins after each successful transaction (refer to the next FAQ to learn how to earn GO7Coins). This is our way of thanking you as part of our Reward Program, the GO7Club.

    Are GO7Coins Crypto Tokens?
    This is 1 question that we have been receiving a lot. The short answer is, No, they are not cryptos in any shape or form (well, at least not for now). MoolahGo is currently pondering an ICO. If this does happen, there may be a possibility that we might convert existing GO7Coins into MoolahGo tokens. However, nothing is confirmed and we are probably quite a fair bit away from this decision.

    As such, our GO7Coins are currently strictly a form of "reward points" which you can accumulate to redeem Shopping Vouchers (please refer to following FAQ about redemption).

    GO7Coins are non-transferable to another party.
  • 34. How do I earn GO7Coins?

    As part of our GO7Club reward program, for every SGD10 (or equivalent) of successfully completed transaction, you earn 1 GO7Coin. GO7Coins expire after 12 months. This ratio of SGD10 : 1 GO7Coins is valid only during the current promotional launch period. The ratio is subject to changes at anytime by our Company.

    You can also earn GO7Coins by referring your friends to sign up with us and perform at least 1 transaction. As at this time, you can earn 300 GO7Coins for every friend that you refer a friend.
  • 35. How do I redeem GO7Coins?

    Let us know your redemption selection via the Contact Us form. Your 1,000 GO7Coins equate to a S$10 voucher and redemption is available after you have done transactions of S$2000 or above (cumulatively). Redemption is in multiples of 1,000 GO7Coins only. Currently, you may redeem the following choices of vouchers:

    NTUC Voucher  NTUC FairPrice/ Finest (S$10)

    Cold Storage Voucher  Cold Storage (S$10)

    Watsons Voucher  Watson's (S$10)

    Isetan Voucher  Isetan Voucher (S$10)

    Takashimaya Voucher  Takashimaya Voucher (S$10)

    Starbucks Giftcard  Starbucks Gift Card (S$10)

    Many more will be added in future. Or, let us know what you would like to see and we'll work to include it.

    Please note that this redemption formula is valid for GO7Coins earned during this current promotional period only. The formula is subject to changes by our Company at any time.
  • 36. What does my GO7Club Status mean?

    The GO7Club Status represents your current tier of membership in our reward program, the GO7Club. GO7Club is about rewarding your loyalty. The more you transact with MoolahGo, the faster you advance to higher tiers. GO7Club tiers start off with Bronze and steps up to Silver, Gold and Diamond tiers.

    The privilege that you would get is a discount on your Transaction Fee. The higher your Status is, the greater the discount that you would get.
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