FAQs

FAQs

Safety and Assurance

Is it secure?

Hanshan has been licensed by the Monetary Authority of Singapore since 1998. Since then, we have been trusted to provide reliable remittance services. In 2013 alone, more than 450,000 transactions worth over 2 billion Singapore Dollars were conducted.

What happens if my beneficiary does not receive my money?

One of the likely reasons why beneficiaries do not receive the funds can be due to inaccurate information supplied. Due to the inaccurate information, the bank was unable to deposit the fund into the beneficiary’s account. The money will be returned to Hanshan and you will be informed via an SMS.

What are some reasons for not receiving the money other than providing the wrong information?

These are some of the reasons:

  • Closure of account for whatever reasons
  • Incompatible currency account
  • Inaccurate instructions such as wrong account name,account,country and other inaccurate information provided

If for whatever reasons, my money is returned and I don’t want to remit anymore, can I have my money back in full?

Unfortunately, the service charge is not refundable. If you have remitted in Singapore dollars, the fund will be converted from the intended foreign currency back to Singapore dollars at the prevailing exchange rate. All funds can only be refunded in Singapore dollars.

Will there be any changes in the exchange rate and additional charges if I wish to re-send upon the return of my fund?

There will be no change in the exchange rate. However, there may be an additional bank service charge to process the remittance again.

Why should I use Hanshan?

Here are some simple reasons:

  • Good and competitive exchange rates.
  • Knowledgeable staff who are able to advise you on remittance matters for your assurance.
  • We are fast and can deliver same-day transfers for selected countries.
  • Long retail hours for your convenience. Rain or shine, we are open every day from 09:00 to 21:30.
  • We make it simple and convenient! We combine knowledge, speed and multiple payment options so that you can save time and effort.
  • We make it more convenient for you with our mobile and online applications.

How is my privacy protected at Hanshan?

We treat your information with utmost respect and confidentiality. It will not be released to anybody, including closest-of-kins such as spouses and children. We will only release the information to relevant authorities who are requesting it on statutory or legislative grounds.

What are the payment modes accepted at Hanshan?

We accept PayNow, cash, cheques, ATM/Bank Transfers and NETS.

Remittance Processes

I am remitting with Hanshan for the first time. What information do I need to provide?

If you are remitting to China, Hong Kong, Vietnam and Indonesia, we require the following:

  • Recipient’s Name
  • Recipient’s Bank Name
  • Recipient’s Bank Address
  • Recipient’s Bank Branch
  • Recipient’s Telephone Number
  • Sender’s Name
  • Sender’s Identity Number (includes IC, Passport or any other valid passes)
  • Sender’s Address
  • Sender’s Telephone Number
  • Purpose of Remittance

If you are remitting to Europe, UK, USA, Australia, New Zealand and all other countries:

  • Recipient’s Name
  • Recipient’s Address
  • Bank Name
  • Bank Address
  • Bank Branch (If applicable)
  • SWIFT Code
  • BIC/SORT/I-Ban Code
  • Purpose of Remittance
  • Invoice (if remitting to a company only)
  • Address of beneficiary (For Canadian Dollars only)

What do I need to bring?

Please provide your identity documents such as passport, IC, or any other valid passes.

How long will it take for the money to reach?

For RMB, funds will be deposited into the recipients’ accounts within the same business day or by the next working day. For all other major currencies, funds will be deposited within 2-3 business days. Please allow for more time if the remittance is made following public holidays and weekends.

How much is the service charge?

Whether you are transferring a big or a small sum, we charge a simple flat rate for the following currencies:

  • China RMB: S$18
  • Malaysia Ringgit: S$10
  • Hong Kong Dollar: S$20
  • New Taiwan Dollar: S$30
  • Indonesia Rupiah: S$10
  • Thailand Baht: S$15
  • Vietnam Dong: S$8
  • Philippine Peso: S$5
  • Australian Dollar/New Zealand Dollar/US Dollar/Japanese Yen/
    Great Britan Pound/Euro/Korean Won: S$30

If you would like to remit an amount that is not listed above, you may contact our customer service to find out more.

Is the service fee the same regardless of amount?

Yes, we charge a simple flat rate regardless of the amount.

I am remitting a big amount of money, what documents do I have to provide?

For remittance transactions that are more than $30,000, please provide the following documents:

If you are an individual:

  1. Your IRAS or Monthly Salary slip to certify your income.
  2. Bank Withdrawal Slip

If you are a corporate entity:

  1. ROC Bizfile
  2. The IC of the person acting on behalf of entity
  3. Directors’ IC
  4. Invoice or other documents to prove the purpose of the remittance
  5. Authorisation Letter endorsed by the Company Director. See Example