Sleek Business Account Exceptions

Updated 3 weeks ago by Jia Yi

About the Sleek Business Account

Is the Sleek Business Account (SBA) a bank?
No, Sleek Tech Pte. Ltd. does not have a bank license. Sleek Tech Pte. Ltd. is a payments provider, holding a payment license that allows us to handle payments on clients’ behalf, and is regulated by the Monetary Authority of Singapore (Licence No. PS20200521). Your funds are safeguarded by our partners such as DBS Bank.
Is my money in the Sleek Business Account safe?
Yes. Sleek Tech Pte. Ltd. holds a payment license that allows us to handle payments on clients’ behalf, and is regulated by the Monetary Authority of Singapore (Licence No. PS20200521). Your funds are safeguarded by our partners such as DBS Bank.
Is the Sleek Business Account (SBA) a multi-currency account?
No. Currently, you can only hold SGD in your SBA.

However, you will still be able to pay in a foreign currency (relevant foreign currency charges apply).

Ability to hold multi-currencies will be available soon.
What activities are not supported by the Sleek Business Account (SBA)?
We have put together a guide that provides more information on the following:
1. Prohibited jurisdictions
2. Prohibited activities
3. Restricted corridors

Find out if you’re eligible.
Can you provide me with a DBS letterhead?
No, we are unable to provide you with a DBS letterhead as your account is a Sleek Business account and not a DBS account.
Can you provide me with a bank certificate?
No, we are unable to provide a bank certificate as Sleek is not a bank.

We can provide a document stating that your company has a virtual account with Sleek Tech Pte. Ltd.
Can you provide me with a Banker's Guarantee (BG)?
No, we are unable to provide a BG as this is issued by a traditional bank. However, we can refer you to our bank partners for you to apply to them for the BG.
Read more here.

Functionalities

What are the transaction limits for my Sleek Business Account (SBA)?
There is a transaction limit of SGD 200,000 for outgoing transactions. There is no transaction limit for incoming transactions.

Read more here.
Can I connect my Sleek Business Account to Xero?
Currently, we do not offer connections to Xero.

Nevertheless, we do understand the convenience that Xero brings. This is why for SBA users who are also subscribed to Sleek accounting services, our accountants have access to your bank statements and will be able to input your transaction details manually in Xero, hence you will not need to submit any bank statement to us.
Can I send or receive Paynow transfer?
Currently, the Sleek Business Account (SBA) does not support PayNow transactions.

In the interim, if you have recurring collections, using FAST could be a better alternative as your payor only needs to save your account number in their banking app and thereafter it is easy to pay you. Furthermore, local transfer fees are absorbed by Sleek.

Read more here.
Can I send and receive Giro payments?
No. Currently, you will not be able to make GIRO payments. However, you can still receive GIRO payments.

In the interim, if you have recurring payments, using FAST could be a better alternatives as you only need to add your beneficiary account number once in the Sleek Business Account web app and thereafter it is easy to make future payments. Furthermore, local transfer fees are absorbed by Sleek. You may refer here to learn how to add beneficiaries and send money.

Read more here.
Can I receive recurring GIRO payments?
No. Currently, the Sleek Business Account (SBA) does not support this service.

Read more here.
Can I set up Sleek Business Account (SBA) for CPF contribution?
No. Currently, the SBA does not support CPF contribution via direct debit by Giro or eNets by PayNow.

Read more here.
Does the Sleek Business Account (SBA) support Apple Pay or Google Pay?
No, currently SBA does not support Apple Pay or Google Pay, but we are looking into these for our upcoming enhancements.

Read more here.
Which countries are temporarily unavailable for outgoing international payments?
Currently, the Sleek Business Account does not support outgoing transactions to China, India and Pakistan. (You are still able to receive funds from these countries.)

Read more here.
Is the Sleek Business Account (SBA) able to generate a Merchant Number?
No, the card acceptance functionality for merchants is not available yet.

In the interim, you may offer your unique virtual account number for your clients to pay you via FAST or wire transfer. See here for a step-by-step guide for obtaining your account details.

Read more here.
Will I be able to use my company UEN number to collect local payments?
No, you may only use your Sleek Business Account (SBA) Virtual Account number to collect payments. See here for a step-by-step guide for obtaining your account details.

Read more here.
Why is Sleek Tech Pte. Ltd. the beneficiary for collecting overseas transfers?
In order to collect overseas transfers, the name would have to be Sleek Tech Pte. Ltd.

To facilitate the collection smoothly, and the amount to be reflected in your account on time, the name is Sleek Tech Pte. Ltd. Sleek Business Account (SBA) is a virtual business account and Sleek Tech Pte. Ltd. will be collecting the payment on behalf of you.

You can add "on behalf of <company name>" in the transfer description/comments.

You may email businessaccount@sleek.com to confirm your SBA details.

Read more here.
Can I deposit a cheque into my Sleek Business Account (SBA)?
As the SBA is a virtual account, it is unable to accept cheques.

Read more here.
Read more here.


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