The Money Changers Association (Singapore) has sent out an 11-point advisory to its 150 members urging them, among other recommendations, to insure their business and also to change their "appearance" when transporting cash.
The release comes in the wake of two robberies of those involved in the money-changing business - the first in Aljunied less than three weeks ago, and the other in Raffles Place last Friday. The amounts involved amounted to more than $1.4 million in total.
But money changers whom The Straits Times spoke to have questioned the guidelines, saying some of them were simply not practical.
One key recommendation was to hire armed guards when large volumes of currencies were being moved. Mr Mohamed Rafeeq, the association's secretary, had told The Straits Times that the association was open to discussing group rates with Certis Cisco if members were keen.
When contacted yesterday, the security company said that its armed escort service can be contracted on an hourly basis.
"Typically, each trip costs $100 or more, depending on the frequency, collection window and the volume of cash to be escorted," a spokesman said.
He added that the company was open to having a negotiated rate for money changers. The company has provided armed escort service for the Pawnbrokers' Association.
But one money changer The Straits Times spoke to noted that booking a security guard with a firm such as Certis Cisco would have to be done in advance. However, the nature of the business means that he cannot predict when a guard would be required.
Others stressed that their low profit margins made it untenable. Noting that a $100,000 currency exchange would typically yield a profit of about $20 to $30, one simply said: "It is a good idea, but I don't think it will work out."
All seven money changers who agreed to speak declined for them or their firms to be named, to avoid unwarranted attention on their businesses.
As for insurance, most money changers said they did have it, although a few who did not said they were not too worried as all had closed circuit television cameras inside their shops.
"I think Singapore is very safe, so there is no need to panic," one said.
The more important thing, said another, was not to be monitored and tracked during their day-to-day operations.
Other recommendations in the advisory included looking out for suspicious characters loitering around business areas, and making frequent changes in the route when transporting cash.
This article was first published on November 21, 2014.
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