MoolahGo Singapore: Your full guide

MoolahGo is a fintech company that offers a platform for money exchanges and transfers. It is unique because it is completely online and has a marketplace for peer-to-peer (P2P) money exchanges. While it is innovative, it may take you longer than you expect to transfer or exchange money and may not have the currencies you need. Read on to learn more about MoolahGo and how it works.

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How to exchange currency with MoolahGo

MoolahGo has three options for dealing with foreign currencies. You can exchange currencies through its P2P marketplace, exchange directly with MoolahGo, or you can transfer money directly to a bank account as remittances. In all cases, you will need to sign up for an account from their website first.

To open an account, you will need to be above the age of 18 and acting as an individual and not a business. The account is free to open and you will be prompted to fill out your personal details to get started. Once you are signed up, you will be required to activate your account by providing documents and complete the verification before doing a transaction. If you have any questions, you can reach MoolahGo at support@moolahgo.com and +65 6914-9140.¹

Now if you want to exchange currency, you can start in two ways. First, you can create a listing on the marketplace for currency exchange. What this means is that you can create a post, or in their words a listing, for the currency you want to exchange and then find another person in the marketplace to exchange it with. You can set your own exchange rates and MoolahGo becomes the intermediary in doing the exchange. This way you have freedom over the type of currency you make a listing for and your rate. Let’s delve into how to make a listing.²

How to create a listing on MoolahGo

You can first do so by selecting “Create Listing” on your dashboard and following the directions on the screen. You will submit your listing to MoolahGo and they will email you when your listing is verified. Once that has happened, you will have to wait until someone matches with your listing.

The other option for currency exchange is to go on the marketplace and find a listing that matches the currency need you have and initiate a transaction with them by clicking on “Match”. MoolahGo will then approve your match and notify you by email.³

There is also an option of doing an Express currency exchange directly with MoolahGo. You can buy AUD, GBP, RMB, EUR, HKD, IDR, JPY, MYR, PHP, THB, KWR, and USD at the rates that MoolahGo offers.⁴

In either case, you can then pick up the cash from the MoolahGo office or have it deposited into a bank account that is denominated in the currency you are getting. MoolahGo does not offer delivery. If you would like it to be deposited into a foreign currency denominated bank account in Singapore, you will need to email support@moolahgo.com with the following information:

• Your Username
• Full Name
• Bank Account Name
• Bank Account Number
• Bank Account Type
• An image of the bank account statement from the past 3 months for the account listed above.

If instead, you would like to make a direct transfer overseas to a bank account you can do that with MoolahGo as well. You can send money in 22 different currencies including:

For 12 of the 22 currencies on offer, the money can be received the same day as long as the instructions and payments are completed that day and are received Monday-Friday before 10 am. For other countries, the money will arrive next business day if the instructions and payments are complete before 10 am Monday-Friday. You can pay for the transfer through credit card or online banking. ⁵

MoolahGo charges and fees

MoolahGo is free to sign up and does not carry any fees for the P2P exchanges or with the Express currency exchange directly with the company. There is only a .5% fee with the overseas transfers.⁶

The exchange rate you get in the P2P marketplace is set by you or the person you are matched with. The exchange rate you get on the currency exchange and the transfer are both set by MoolahGo themselves.

Want a simple way to send money to more countries online? Check out Wise. Wise lets you send money in over 60 currencies directly to local bank accounts, all from your phone. With one low fee and the real exchange rate, your global money transfers are 7x cheaper than with a bank or Paypal in Singapore.

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The true cost of money changing with MoolahGo

MoolahGo has a unique model for doing currency exchanges, but it does come with pros and cons. With the P2P exchange, you can set your own exchange rates and there are no fees which are great, but there is no guarantee that someone will be matched on the other side. There is a chance that no one exchanges their currency for yours, and any fees that you have paid MoolahGo is returned to you. So if you want a quick exchange, this may not be a good option for you.

For the currency exchange and transfer, there are no or low fees respectively but they come with a catch as well. First, you can only transfer within MoolahGo’s limited currencies for both the exchange or the transfer. And if you are using the currency exchange, to receive money you either have to have a denominated account in Singapore or pick up the cash yourself.

For the currency exchange and transfer, you will have to buy, sell, or transfer at the rates set by MoolahGo. And while the rates are close to the mid-market rate, they don’t use it exactly. The mid-market rate is the rate that banks use themselves to exchange money. It is the rate that you see on Google and it doesn’t have any mark-ups. MoolahGo sets its rates slightly weaker than the mid-market rate and takes a slight cut off the conversion.

Here is a chart to compare MoolahGo’s exchange rate and the mid-market exchange rate. As you’ll see there is a difference between the two rates.

Checked as of May 28, 2020

If you are looking for a money transfer provider that gives you the mid-market exchange rate and is truly global, look no further than Wise. With Wise, you will always get the mid-market exchange rate and one low fee on money transfers in over 60 currencies.

A cheap, fast and transparent alternative: Wise

Wise is a completely online global money service provider that lets you transfer money directly to overseas bank accounts. And it is free to sign up and use. Plus, Wise also lets you hold over 40+ currencies in one account with the Wise multi-currency account. And in every transaction, you will always get the real mid-market exchange rate and one low fee.

Wise uses smart technology to make transfers easier and faster for you. And in doing so, make transfers cheaper. So from your phone or computer when you’re at home or if you’re on the go, you can send money or exchange it into your multi-currency account fast and easily. All at the transparent exchange rate and with just one low fee. So sign up for Wise and see how much you can save today.

All sources checked as of 27 May, 2020