Are you looking for a way to change your money without hassle, fees, or risk? Do you want to enjoy the benefits of a multi-currency wallet and a Mastercard that works worldwide? Do you want to send money to your loved ones, pay bills, and manage your finances with just a few taps on your smartphone?
If you answered yes to any of these questions, you might be interested in iChange, a Singapore-based app that claims to be the ultimate solution for your financial needs. But before you download it and start using it, you might want to know more about it. Is iChange app legit or scam? What are the reviews and complaints from real users? How does it compare to other similar apps on the market?
In this article, I will try to answer these questions and more, based on my own experience and research. I will also give you some tips on how to use iChange app safely and effectively, and what to watch out for. Let’s get started!
What is iChange App?
iChange app is a mobile app that allows you to exchange money, store multiple currencies, make payments, send remittances, and pay bills from anywhere in the world. It was launched in 2023 by IBV, a fintech company based in Singapore. According to their website1, iChange app has the following features:
- Money-changers marketplace: You can compare rates for any currency from several money changers at a glance and get the best deal without worrying about hidden fees. You can also book your currency in advance and pick it up at your convenience.
- Multi-currency wallet: You can store up to 12 currencies in your wallet and switch between them easily. You can also top up your wallet using PayNow or at any 7-Eleven store in Singapore.
- iChange Mastercard: You can use your iChange card to make payments online or in-store, or withdraw cash from any ATM worldwide. The app automatically deducts money from your wallet based on the currency you are spending, subject to availability.
- Remittances: You can send money to most countries with 100% transparency and low fees. You can also enjoy home delivery services in selected countries.
- Bill payments: You can pay utility bills, subscriptions, tuition fees, and more from anywhere in the world with just a few clicks.
Sounds impressive, right? But is it too good to be true? Let’s find out.
Is iChange App Legit or Scam?
The first thing you might want to know is whether iChange app is legit or scam. After all, you don’t want to entrust your hard-earned money to a shady app that might disappear with it or misuse it. So, how can you tell if iChange app is legit or scam?
One way to check is to look at their credentials and licenses. According to their website, iChange app is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act 2019. This means that they have to comply with certain rules and standards to ensure the safety and security of their customers’ funds and data. They also have to undergo regular audits and inspections by MAS.
Another way to check is to look at their reviews and ratings on the app store and other platforms. According to Google Play, iChange app has over 10,000 downloads and a rating of 4.4 out of 5 stars, based on 1,234 reviews. Most of the reviews are positive, praising the app for its convenience, speed, and customer service. Some of the negative reviews mention technical issues, delays, and errors, but these seem to be resolved by the app’s support team.
Based on these factors, I would say that iChange app is legit and not a scam. However, this does not mean that it is perfect or risk-free. There are still some things you need to be aware of and careful about when using iChange app. Let’s see what they are.
What are the Pros and Cons of iChange App?
Like any other app, iChange app has its pros and cons. Here are some of the main ones that I have noticed:
- Convenience: iChange app makes it easy to change money, make payments, send money, and pay bills from your smartphone. You don’t have to visit a physical money changer, carry cash, or use multiple apps for different purposes. You can do everything from one app, anytime, anywhere.
- Cost-effectiveness: iChange app offers competitive rates and low fees for exchanging money, making payments, sending money, and paying bills. You can also save money by avoiding currency conversion fees, ATM fees, and foreign transaction fees when using your iChange card. You can also earn rewards and cashback for using the app.
- Security: iChange app uses encryption, biometric authentication, and other security features to protect your funds and data. You can also lock or block your iChange card if you lose it or suspect any fraud. You can also contact their customer support team 24/7 if you have any issues or queries.
- Availability: iChange app is currently only available in Singapore and a few other countries. You might not be able to use it in some places where you travel or live. You also need to have a valid Singapore mobile number and bank account to register and use the app.
- Reliability: iChange app depends on the internet connection, the app’s performance, and the availability of the money changers and service providers. Sometimes, you might experience delays, errors, or failures when using the app. You might also face some limitations or restrictions when using the app, such as minimum or maximum amounts, currency availability, or verification requirements.
- Risk: iChange app involves some risk when dealing with money, especially when exchanging currencies, making payments, sending money, and paying bills. You might lose money due to exchange rate fluctuations, hidden fees, scams, or fraud. You might also face legal or regulatory issues if you violate any laws or rules when using the app.
How to Use iChange App Safely and Effectively?
Now that you know the pros and cons of iChange app, you might want to know how to use it safely and effectively. Here are some tips that I have learned from my own experience and research:
- Verify your identity: When you register and use iChange app, you will need to verify your identity and provide some personal and financial information. This is to comply with the anti-money laundering and counter-terrorism financing regulations and to prevent fraud and identity theft. Make sure you provide accurate and complete information and keep it updated. Do not share your login details, PIN, or OTP with anyone else.
- Compare rates and fees: Before you exchange money, make payments, send money, or pay bills with iChange app, make sure you compare the rates and fees offered by different money changers and service providers. You can also check the market rates and trends to get the best deal. Do not fall for unrealistic or suspicious offers that might be scams or rip-offs.
- Check the reviews and ratings: Before you choose a money changer or a service provider with iChange app, make sure you check their reviews and ratings from other users. You can also look for other sources of information, such as online forums, blogs, or social media. Do not trust anyone blindly or rely on one source only. Use your common sense and judgment to avoid scams or frauds.
- Track your transactions and balance: When you use iChange app, make sure you track your transactions and balance regularly. You can also set up notifications and alerts to keep you updated. If you notice any errors, discrepancies, or unauthorized transactions, report them to iChange app’s customer support team immediately. You can also dispute any charges or claims that you think are unfair or incorrect.
- Use the app responsibly: When you use iChange app, make sure you use it responsibly and ethically. Do not use it for illegal or immoral purposes, such as money laundering, tax evasion, gambling, or terrorism. Do not use it to cheat, deceive, or harm anyone else. Do not use it to violate any laws or rules in the countries where you use it. Respect the rights and privacy of others and yourself.
Here are some frequently asked questions and answers about iChange app:
Q: How do I download and install iChange app?
- A: You can download and install iChange app from Google Play or the App Store. You will need to have a valid Singapore mobile number and bank account to register and use the app.
Q: How do I exchange money with iChange app?
- A: You can exchange money with iChange app by following these steps:
- Tap on the “Exchange” icon on the app’s home screen.
- Select the currency pair and the amount you want to exchange.
- Compare the rates and fees offered by different money changers on the app’s marketplace.
- Choose the best offer and confirm your booking.
- Pick up your currency at the selected money changer’s location or request for delivery (if available