Sleek Business Account Exceptions
About the Sleek Business Account
Is the Sleek Business Account 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 a multi-currency account?
Yes. You can hold up to the following 12 currencies in your multi-currency wallet :
SGD
USD
EUR
GBP
AUD
NZD
HKD
CAD
CHF
JPY
NOK
SEK
Please note that any currencies received outside these 12 currencies will be credited as SGD to you.
SGD
USD
EUR
GBP
AUD
NZD
HKD
CAD
CHF
JPY
NOK
SEK
Please note that any currencies received outside these 12 currencies will be credited as SGD to you.
What activities are not supported by the Sleek Business Account?
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.
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. However, a Sleek letterhead can be generated via the ' Account Details ' tab in your Sleek Business Account webpage. Simply click 'Receive Money' and then 'Download proof of account' to be provided a proof of account details form. Do take note that there is a local (Within Singapore) and international (Global) variation.
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.
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?
There is a transaction limit of SGD 200,000 for outgoing transactions. There is no transaction limit for incoming transactions.
Read more here.
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 Sleek Business Account 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.
Nevertheless, we do understand the convenience that Xero brings. This is why for Sleek Business Account 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?
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.
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?
Can I set up Sleek Business Account for CPF contribution?
Currently, the Sleek Business Account does not support CPF contribution via direct debit by GIRO
Instead, you can make your CPF contributions via PayNow QR code
Read more here.
Instead, you can make your CPF contributions via PayNow QR code
Read more here.
Does the Sleek Business Account support Apple Pay or Google Pay?
No, currently Sleek Business Account does not support Apple Pay or Google Pay, but we are looking into these for our upcoming enhancements.
Read more here.
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.
Read more here.
Is the Sleek Business Account able to generate a Merchant Number?
Will I be able to use my company UEN number to collect local payments?
No, you may only use your Sleek Business Account virtual account number to collect payments. See here for a step-by-step guide for obtaining your account details.
Read more here.
Read more here.
Can I deposit a cheque into my Sleek Business Account?
What are some limitations of the Sleek Business Account?
While Sleek is highly convenient for startups—especially because it integrates directly with company incorporation, bookkeeping, and secretarial services—it operates under a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) rather than a full banking license. This distinction introduces a few operational and regulatory limitations compared to a traditional corporate bank account.
Some limitations, but not wholly exclusive are:
PayNow via UEN: Traditional corporate accounts let you link your Unique Entity Number (UEN) directly so clients can pay your business instantly. With a Sleek account, you can pay out via PayNow UEN, but you cannot receive payments via UEN or mobile number. Inbound PayNow is restricted to a specific PayNow QR code, and the sender sees the recipient name as "Sleek Tech Pte Ltd – CUSTOMERS' ACCOUNT" instead of your exact company name.
GIRO Transactions: Sleek does not natively support traditional SGD GIRO collections or payments (the standard network used for automated recurring billing or massive payroll files). Traditional banks offer robust, native GIRO integration.
Cheques and Cash: Sleek is a 100% digital platform. It does not handle physical cheque deposits, issue cheque books, or provide over-the-counter cash services.
Some limitations, but not wholly exclusive are:
PayNow via UEN: Traditional corporate accounts let you link your Unique Entity Number (UEN) directly so clients can pay your business instantly. With a Sleek account, you can pay out via PayNow UEN, but you cannot receive payments via UEN or mobile number. Inbound PayNow is restricted to a specific PayNow QR code, and the sender sees the recipient name as "Sleek Tech Pte Ltd – CUSTOMERS' ACCOUNT" instead of your exact company name.
GIRO Transactions: Sleek does not natively support traditional SGD GIRO collections or payments (the standard network used for automated recurring billing or massive payroll files). Traditional banks offer robust, native GIRO integration.
Cheques and Cash: Sleek is a 100% digital platform. It does not handle physical cheque deposits, issue cheque books, or provide over-the-counter cash services.
