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Review: Mustafa Foreign Exchange

Get bank-beating rates when you exchange foreign cash or send money with Mustafa Foreign Exchange.

Mustafa Foreign Exchange is a money changer and remittance service provider. Located in Mustafa Centre, Singapore’s most popular 24-hour shopping mall, you can change currency or transfer money overseas any time of the day. On top of its 24/7 operating hours, you’ll typically see a long queue here due to its competitive rates and a wide array of currency options.

While there are a few other money changers at Mustafa Centre, Mustafa Foreign Exchange is the most well-known in the mall.

Mustafa Foreign Exchange rates and fees

Mustafa Foreign Exchange offers some of the most favourable exchange rates in the area, especially for Asian currencies. You can expect particularly competitive rates for Indian rupees, Indonesian rupiah, Chinese yuan, Malaysian ringgit, Hong Kong dollar and Philippine peso.

There are no fees to exchange currency, but Mustafa Foreign Exchange does add a margin of around 1% to 1.5% on top of the mid-market exchange rate.

Available currencies

Mustafa Foreign Exchange provides foreign cash exchange in over 15 currencies. Some of the more popular ones include:

  • GBP British pound
  • PHP Philippine peso
  • EUR Euro
  • THB Thai baht
  • JPY Japanese yen
  • NZD New Zealand dollar
  • HKD Hong Kong dollar
  • CNY Chinese yuan

What types of transfers can you make?

Mustafa Foreign Exchange only provides over-the-counter foreign cash exchange and supports bank-to-bank transfers.

How long does a money transfer take?

A transfer with Mustafa Foreign Exchange should reach your recipient on the same day. With some of the less-popular currencies, transfers can take up to two days.

What payment methods does Mustafa Foreign Exchange accept?

You can pay for your Mustafa Foreign Exchange money transfer with cash, or through a bank transfer by submitting a remittance application request online. Once you’ve submitted the form, it’s a good idea to print it and bring it with you. Alternatively, you can take note of the application number and head down to the Mustafa counter to have it printed.

Is Mustafa Foreign Exchange safe to use?

  • Security and regulation: Government regulated.
  • Established: 2006.
  • Reviews: Google Review gives Mustafa Foreign Exchange a score of 4.2* out of 5, based on around 56 reviews.

*According to MAS and Google Business on 8 June 2019.

How does Mustafa Foreign Exchange make money?

Mustafa Foreign Exchange doesn’t charge any fees, so makes its money by adding a margin to the exchange rate. The margin refers to the difference between the mid-market rate you’ll see on XE or Google and the exchange rate a provider quotes you.

Because of this, remember to compare both exchange rates and fees when looking at any currency exchange or money transfer company.

How to register an account and with Mustafa Foreign Exchange

In a nutshell

Pros:

  • No fees. Mustafa Foreign Exchange profits by adding a margin on the exchange rate, but you won’t be charged any fees.
  • Remittance services. Besides foreign cash exchange, you can also remit money worldwide at the counter or online.
  • Online rate chart. Unlike many other money changers in Singapore, Mustafa Foreign Exchange publishes its forex rates for select currencies on its website.
  • Location. Mustafa Foreign Exchange is conveniently located at Mustafa Centre, which is a stone’s throw away from Farrer Park MRT station.

Cons:

  • Limited currencies. Some less popular currencies aren’t available. Call to check in advance before heading down.
  • Only supports bank transfers for online remittances. You can only send to bank accounts and can’t pay for the transfer with debit or credit cards.
  • No direct transfer platform. Although its website supports a remittance application form, it doesn’t facilitate a direct transfer or tracking.
  • Website is not user-friendly. Mustafa Foreign Exchange shares a website with its main company, Mustafa Centre, which provides many other products and services that aren’t related to money exchange or transfers. Site navigation and design are also outdated.

How does Mustafa Foreign Exchange compare to other providers?

Calculate what fees and exchange rate other money transfer services are providing below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day SGD 10.00 0.726 USD
718
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
SGD 0 Same day SGD 4.99 0.72 USD
717
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.721 USD
721
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 4.50 0.729 USD
725
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days EUR 3.00 0.724 USD
724
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 4.30 0.729 USD
725
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 Within an hour SGD 5.00 0.726 USD
722
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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