Sending Money

Updated 1 week ago by Jia Yi

Guides

Sending Local and International Transfers

Countries and Currencies

What currencies can I send to and from?
Sleek Business Account (SBA) can facilitate sending and receiving multiple currencies.

However, the SBA is an SGD-denominated account. As such, all foreign currencies will be converted into SGD and be reflected in your account.
Which countries can I send to?
Sleek Business Account (SBA) can facilitate sending funds to all countries except China, India and Pakistan. (You will still be able to receive funds from these countries.)

Any other corridors that Sleek decides to prohibit are subject to its sole discretion.

Transaction Limits

What are the daily transaction limits?
There is no daily transaction limit.

However, there is a transaction limit of SGD 200,000 per outgoing transaction.
What are the transaction limits per transaction?
There is a transaction limit of SGD 200,000 per outgoing transaction. Charges may apply per transaction. See here for fees and pricings.

There is no transaction limit for incoming transactions.

Local transfer

What methods of local transfer does the Sleek Business Account (SBA) support?
1. FAST (incoming and outgoing)
2. MEPS (incoming and outgoing)
3. IBG (incoming only)
How do I add a new recipient?
Fill in the relevant details for your local recipient. See here for a step-by-step guide.
What are the local transfer fees?
There are no charges for incoming and outgoing SGD transactions within Singapore via FAST and MEPS. Charges are absorbed by Sleek.
What is the processing time for local outgoing/incoming payments?
For local transactions via the FAST network, they are processed immediately and will be reflected in your Sleek Business Account (SBA) immediately .

For local transactions via MEPS, transactions will be reflected in your SBA within 1-2 working days.

For local non-SGD transactions via the SWIFT network, transactions will be reflected in your SBA within 3-5 working days.
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.
Can I make 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.
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.
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.
Is the Sleek Business Account (SBA) able to process Stripe payments?
Yes, SBA can process Stripe payments.

International transfer

What methods of international transfer does the Sleek Business Account (SBA) support?
The SBA supports Telegraphic Transfers/ Wire Transfers and MEPS. Transfer fees apply. See here for Fees and Pricings.
How do I add a new recipient?
Fill in the relevant details for your international recipient. See here for a step-by-step guide.
What is the processing time for outgoing/incoming international payments?
For all international payments via the SWIFT Network, the processing time is 3-5 working days.
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.)
Why has my outgoing international payment been declined?
Your outgoing international payment may be declined due to the following reasons:
1. Incorrect Beneficiary Details
Please validate your beneficiary details before initiating the transfer again.

2. Insufficient Funds in your Sleek Business Account (SBA)
An SGD 100 buffer is implemented to cover any additional charges charged by the intermediary banks. Hence, you will only be able to transfer the total balance in your SBA less the SGD 100 for any international payments.

3. Sending SGD overseas.
Currently, SBA does not support sending SGD overseas (e.g. sending SGD overseas to Australia). You may send other currencies overseas.

4. All outgoing international payments are made by Sleek Tech Pte. Ltd. on behalf of your company.
Due to certain countries'/beneficiaries' regulations, they might reject the transaction.

Fees and Pricings

SGD Transfer Within Singapore

SGD Transfer (Sending and receiving) within Singapore via FAST

S$0

Cross Border Transfer (Charged by Partner Bank)

Outward Telegraphic Transfer

Handling commission

Handling commission, or handling charge, is a surcharge that the bank or remittance service provider levies on the money transferred overseas.

As its name suggests, it covers the administrative cost of handling the transaction for you.

0.125% (min S$10, max S$120)

In Lieu Of Exchange (not involving foreign exchange)

0.125% (min $S$10, max S$120)

Cable Charges

When you wish to transfer money from your bank account into an overseas bank account, the bank needs to make contact with the receiving bank.

The time and effort to make contact with the receiving bank is accordingly chargeable as a cable charge. It is almost akin to the fees you must pay when you call your overseas friend on your telco post-paid plan.

The cable charge is typically a fixed fee per transaction, set by the bank or money transfer service provider.

Approximately S$20

Agent Charges

There will always be a receiving bank in an overseas money transfer transaction. The receiving bank is also known as the agent bank. The agent bank will need to liaise with your bank or money transfer service provider to accept and complete the transaction. For these efforts, the agent bank charges a fee.

If Applicable (Approximately S$20)

Amendment / Tracer Charges

Charges apply for each tracer/amendment(e.g. incorrect beneficiary name or account details)

S$30

Inward Telegraphic Transfer

Handling Fee

S$10

Cancellations and refunds

I would like a refund for something I bought.
In a situation where you are not satisfied with the goods or services you paid for, or you were charged an incorrect amount, please contact the merchant directly to request a full or partial refund.

Do note that point of sale transactions cannot be reversed. If you authorise a transaction and then fail to make a purchase of that item as planned, the approval may result in a hold of funds equal to the estimated purchase amount, for up to seven (7) days.

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