Chinese Embassy Advises Nationals in Singapore to Use Banks for Money Transfers

SINGAPORE – The Chinese Embassy in Singapore has urged Chinese nationals in the city-state to use official banking channels for remitting funds home, following a spate of incidents where remittances made through non-bank institutions were frozen. Issued via the embassy’s WeChat account on October 24, the advisory cautions against using remittance companies outside traditional banks, specifically citing issues with some services in Chinatown.

While these remittance companies are legally licensed in Singapore, they often require remitters to sign disclaimers, leaving senders unable to pursue refunds if funds are frozen. To avoid potential financial risks, the embassy strongly recommends using secure bank services like the Bank of China, which now offers enhanced RMB pre-settlement services, allowing 24-hour, fee-free remittance via mobile banking.

The embassy further advised that individuals facing frozen remittances should retain all transaction records and report to the Monetary Authority of Singapore or Singapore police if fraud or money laundering is suspected.