MONEY CHANGER

Retail Money Changer

The money changing business in Malaysia has grown significantly in the last decade. Traditionally, remittance service in Malaysia was provided only by the banking institutions.
With the growing importance and significance of remittance flows, in particular remittances abroad by foreign workers in the country and the objectives to increase access to formal remittance channels, the Bank Negara Malaysia has liberalized the policy to allow non-bank players to provide remittance services.
The money-changing business has evolved over time. Over the years, the money-changing has developed gradually as reflected in the increased total turnover of exchange transactions.
As at end August 2011, the total turnover of the industry stood at RM17.7 billion, an increase of 49% from 2005. Presently, there are over 800 licensees operating at more than 1,000 premises.
The number of non-bank remittance service providers had increased to 39 as at end 2010 from 3 as at end 2005, hence increasing the access points for remittance services.
A more competitive environment in the remittance business has also contributed towards enhancing services to consumers in terms of lower cost, faster speed and more extensive channels for remittance transactions.