Nature of Money Changing Services
What is a money-changing service?
A money-changing service refers to the service of buying and/or selling foreign currency notes. Money-changing service providers need to be licensed and regulated under the PS Act to conduct only money-changing services.
“money-changing service” means the service of buying or selling foreign currency notes;
Money-changing licensees are licensed and regulated under the Payment Services Act ("PS Act") to conduct only money-changing services i.e. the service of buying or selling foreign currency notes.
Note that entities that provide other payment services must hold a standard payment institution licence or major payment institution licence instead.