Clementi Money Changer Singapore: Your full guide

Aman Saxena

Clementi Money Changer, which also goes by HRBS Foreign Money Changer, can be found next to the Clementi Mall and MRT station. A legacy money changing service, Singapore residents and non-residents alike have been using Clementi Money Changer to exchange cash for a number of years.

But Clementi Money Changers is still very much an in-person business, from getting exchange rate information to actually purchasing foreign currencies. Read on to learn more about how Clementi Money Changers works.

If you are looking for a way to buy and spend foreign currencies that is more aligned with how you work online, take a look at the easy to use and transparent Wise

Clementi Money Changer charges and fees

Clementi Money Changer, or HRBS, is a foreign exchange counter that you can find at the Grantral Mall. Their primary services are buying and selling foreign currencies. They have 31 currencies, including¹:


The whole process with Clementi Money Changer (HRBS) requires you to physically go to the counter at the mall. They don’t offer their services on their website or through an app, which makes it difficult unless you are nearby and are carrying the cash with you.

If you want to exchange money, you have to bring the cash to the counter, at which time you will see the rate that you will get on the board posted on the wall. There is also an option to give them a call to find out today’s rates. But to actually buy into the foreign currency of your choice from their list, you will have to be at the counter and complete it there. Clementi Money Changer is open Monday through Saturday from 10am-9pm, Sundays from 10am-7pm.²

So if you are looking for easy ways to send money to a foreign bank account like remittances, not go to the Grantral Mall or exchange into any currencies beyond the ones listed above, HRBS won’t be to meet your needs.

You shop online, book flights online and bank online- why not do the same for money changing? Buy, spend and send money online with a click of a button with Wise. With an easy-to-use website and an award-winning app, you can exchange it into 40+ currencies at home or on the go. The Wise multi-currency account takes it even further with the ability to hold multiple currencies and spend online or in-person with a debit Mastercard.

The true cost of money changing with Clementi Money Changer

What is the true cost of exchanging money with Clementi Money Changers? To be honest it is unclear.

How money changers work is that they first look at the mid-market exchange rate, that is the rate the banks use themselves to exchange currencies. It is the same rate you see on Google or Reuters. Money Changers like Clementi then adjust their own rates to be weaker than the banks’ exchange rates. Their buy rates go lower, and their sell rates go higher. And in that difference, there is a spread, which money changers pocket as profit.

That profit is how money changers stay in business, and why they are hesitant to provide clear and transparent information on their rates upfront or online. Money changers want to make frequent changes to the rates they offer so to ensure their profits per dollar exchanged.

Even a 5 cent difference between the mid-market rate and the buy rate in the favor of Clementi can mean a loss of S$ 50 in just one S$ 1,000 foreign exchange. That is less money in your hand for travel and essential purchases.

Transparency and clarity on fees is key to exchanging money. Because knowing what you are paying and how much is the only way to know how to make the best decisions for you and your finances. That is where TransferWIse steps in. Wise always gives you the mid-market exchange rate, the clear delivery time and the small fee right from the website. So from the comfort of your living room, you can check rates and have access to over 150 currencies to exchange into, and 40+ to hold with the borderless account.

A cheap, fast and transparent alternative: Wise

Exchanging money does not have to be time consuming or expensive. With smart technology, Wise has made exchanging and holding multiple currencies as easy as can be. With the Wise borderless account, you can hold over 40+ currencies in one digital wallet online.

With the Wise multi-currency account, you can exchange from Singapore dollars into the 40+ currencies at the mid-market exchange rate. There is no markup on the exchange rate, and all you will have to pay is one low transaction fee. And Wise makes sure you have the exchange rate, the fee and the delivery time all before you place your order.

Once you have the currencies in your wallet, you can spend online or in-person, and take out cash for free up to S$ 350 from ATMs around the world. The amount that you spend in that currency will be taken out from the respective currency in your borderless account. It is that easy.

Wise is easy, fast, secure and cheap for all of your shopping and travel around the world. Plus opening an account is absolutely free. Join the 7 million other customers that have saved time and money with Wise.

Sources used for this article:
  1. Clementi Money Changers Currencies
  2. Clementi Money Changers Days and Times

All sources checked as of 15 April, 2020

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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