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Start saving on your currency conversions today
Start saving on your currency conversions today
+65 6403 3956 Open untill 6 PM

We’re here to help

Here are some Frequently Asked Questions. 

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Will opening an account with Clarency be beneficial to my company?

Yes. Clarency can save money for any company that deals with foreign currencies. Companies making currency transactions of over S$ 100,000 a year could see a significant saving.

How will I save money?

Clarency is cheaper than any bank. Banks charge high fees for converting currencies. These include the cost of maintaining a foreign currency account and the transaction fees for international payments. But most of the banks’ profits are hidden within the exchange rate. We offer competitive rates that you agree up front, and we only charge S$ 5 for any single international payment. It means you get more money for your money.

How do I open an account?

Simple: open a corporate account using this form.

Is an account free?

Yes, it's completely free to open and maintain an account with Clarency.

What do I need to open an account?

You’ll need the following proofs of your business:

• A copy of your registration document with the Chamber of Commerce (ACRA Bizfile)

• Proof of residence of your company's Ultimate beneficial owners (shareholders with a holding of >10%)

• Proof of identity of your company's Ultimate beneficial owners (shareholders with a holding of >10%).

Can I open an account as a private individual?

Yes, simply open an account using this form.

How long does it take to open an account?

We usually open an account within a day.

What do you charge?

We charge S$ 5 per transaction, and there are no other fees, even if it’s urgent. We don’t charge for opening and maintaining an account, for instance. We do make a profit on the exchange rate, but the rate we offer and agree with you will always be competitive.

How do I request an exchange rate?

Account holders request conversions through our Dealhub. Click here to log in, or call one of our currency experts on (+65) 6403 3956.

How do I make an international payment?

You tell us where the money needs to go, and we will make the payment for you

Is there a minimum amount for a currency transaction?

No. The amount can be as small or as large as you wish, and we’ll only ever charge you S$ 5.

Is there a minimum number of transactions required?

No. There are no such limitations for Clarency account holders.

Which countries can I make payments to?

We deal with almost every country, in more than thirty different foreign currencies.  Sometimes there are restrictions on certain countries. If in doubt, get in touch on (+65) 6403 3956.

How long does it take to complete a transaction?

As soon as you’ve agreed on the exchange rate with one of our team, we’ll complete the payment within 24 hours

What costs do you charge?

We charge S$ 5 per transaction, and there are no other fees. We don’t charge for opening and maintaining an account, for instance. We do make a profit on the exchange rate, but the rate we offer and agree with you will always be competitive.

Is it free to open and maintain an account?

Yes, it's completely free to open and maintain an account with Clarency.

Can I stay with my current bank if I open an account with Clarency?

Of course, your company stays with your current bank for all other banking matters. Whenever you want to make an international payment, you can either do it through your bank or with Clarency. Comparing the fees and rates will help you choose.

What is the cost per payment?

We charge S$ 5 per payment, and there are no other fees, even if it's urgent.

What if something goes unexpectedly wrong with my payment?

Get in touch with our currency experts immediately on (+65) 6403 3956. Please call from Monday to Friday between 08.30 and 17.30 SGT.

What are your opening hours?

Our team is on hand from Monday to Friday between 08.30 and 18.00 SGT.

How is my money protected?

We are regulated by the Monetary Authority of Singapore (MAS) as a remittance business. Our license number is 01516

To protect your money, we use segregated Customer accounts. This gives you confidence that your money is always set aside. We may not use the Customer accounts for any other purpose and this account is inaccessible to any bankruptcy proceedings.

The money is transferred from the segregated accounts to the required account of your supplier or customer. Clarency Singapore Pte. Ltd. and NBWM (the parent company) has multiple segregated accounts with several banks.

Do you have a license from the MAS?

We are licensed by the MAS. Clarency Singapore Pte. Ltd. operates under a remittance license. Click here to view the license.

When can I carry out payments?

The times you can carry out payments vary per currency. We aim to process all our payments from Monday to Friday between 08.30 and 17.30 hours (SGT)

What are your opening times?

We are open Monday to Friday from 08.30 to 18.00 hours (SGT).