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Review: Mustafa Foreign Exchange

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

Zyane Tan

Updated Nov 19, 2020

Fact checked

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.

Country	Regulated by
Singapore	The Monetary Authority of Singapore (MAS)

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.

I want to send

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	Compare	Show details	Details Minimum transfer amount USD 60.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Email Available currencies AUD, BDT, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, SGD, THB, USD, VND Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount SGD 0.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ALL, AMD, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BIF, BMD, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, FJD, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MKD, MVR, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RSD, RUB, RWF, SGD, SLL, THB, TJS, TND, TRY, TTD, TZS, UAH, UGX, USD, UYU, UZS, VND, XAF, XOF, ZAR, ZMW, BYN Go to site Read the full review
SGD 250	1 day	-	-		Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount SGD 250.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, YER, ZAR Go to site Read the full review
SGD 2,000	1 day	N/A	N/A	N/A	TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site	Compare	Show details	Details Minimum transfer amount SGD 2,000.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount SGD 250.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JPY, KES, KWD, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, YER, ZAR, CHE Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount SGD 1.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount SGD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CLP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PAB, PHP, PLN, SEK, SGD, THB, USD, YER, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount SGD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount SGD 200.00 Transfer methods Online, Phone Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, CAD, CLP, CNY, COP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, KRW, LKR, MXN, MYR, NOK, NPR, PEN, PHP, PLN, SEK, SGD, THB, USD, VND, YER Go to site Read the full review

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

Frequently asked questions

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Zyane Tan

Zyane Tan is an editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.

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Review: Mustafa Foreign Exchange

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

In this guide

Guides

Services

Send money to

Banks

Mustafa Foreign Exchange rates and fees

Available currencies

What types of transfers can you make?

How long does a money transfer take?

What payment methods does Mustafa Foreign Exchange accept?

Is Mustafa Foreign Exchange safe to use?

How does Mustafa Foreign Exchange make money?

Where is Mustafa Foreign Exchange regulated?

How to register an account and with Mustafa Foreign Exchange

Step 1: Head to Mustafa's website

Step 2: Create a new account

Step 3: Add in your personal details

Step 4: Complete the Remittance Application Form

In a nutshell

Pros:

Cons:

How does Mustafa Foreign Exchange compare to other providers?

Compare up to 4 providers

Frequently asked questions

How can Mustafa Foreign Exchange save me more money than my bank?

Does Mustafa Foreign Exchange have an app?

Zyane Tan

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