Receiving Money

Guides

Receiving Local and International Transfers

Receiving Money Basics

What are the transaction limits for receiving money into my Sleek Business Account?
There is no transaction limit for incoming transactions.
Is the Sleek Business Account 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.

Receiving Local Transfer

How do I obtain my account details for a local transfer?
Under "Business Account, click on “Receive money”. Click on “FAST” to access your account details required to receive local transfers. See here for a step-by-step guide.
What is the processing time for receiving local transfers?
For local transactions via the FAST network, they are processed immediately and will be reflected in your Sleek Business Account immediately.

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

For local non-SGD transactions via the SWIFT network, transactions will be reflected in your Sleek Business Account within 3-5 working days.
Can I send or receive funds via PayNow transfers?
Currently, the Sleek Business Account 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 receive GIRO payments?
You will not be able to set up a standing GIRO instruction to collect recurring payments. However, you are able to receive incoming INTERBANK GIRO (IBG) payments.

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 receive recurring GIRO payments?
No. Currently, the Sleek Business Account does not support this service.
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.

Receiving International Transfer

How do I obtain my account details for an international transfer?
Under "Business Account, click on “Receive money”. Click on “Global” to access your account details required to receive international transfers. See here for a step-by-step guide.
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 is a virtual business account and Sleek Tech Pte. Ltd. will be collecting the payment on behalf of you.

In the event that the beneficiary name is not input as Sleek Tech Pte. Ltd., please note that the transaction will not be successful and will be refunded back to the sender by 10-12 working days.

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

You may email businessaccount@sleek.com to confirm your Sleek Business Account details.

Sleek is looking to introduce a new account setup where our clients will be able to receive funds in their own company name. This will be announced once commenced.
What is the processing time for receiving international transfers?
For non-SGD international transfers & currencies not supported by SBA , transactions will be reflected in your Sleek Business Account within 3-5 working days.
Why is my international payment taking longer than usual to arrive?
Often, intermediary banks that serve to facilitate financial transaction might be involved in the transfer. As a result, the facilitation of funds might prolong the credit of the funds to your account.

If you have not sighted your funds within the stipulated time, please forward a copy of the MT103 to businessaccount@sleek.com and we will investigate for you.
Why is my international transfer refunded?
International transfers may be refunded for the following reasons.
If the transaction is from Sleek company to another bank,
1. Sort code is not correct.
2. Beneficiary bank is not stated correctly.
3. Account number is wrong.
4. Account Number format is incorrect.
5. Beneficiary bank and account number does not match.

If the transaction is from another bank to a Sleek Business Account client, ensure that the company name is directed to Sleek Tech Pte. Ltd. and not the company name of the Sleek Business Account client.

Cheque

Can I deposit a cheque into my Sleek Business Account?
As the Sleek Business Account is a virtual account, it is unable to accept cheques.

Fees and Pricings

SGD Transfer Within Singapore

SGD Transfer (Sending and receiving) within Singapore via FAST

S$0

Inward Telegraphic Transfer

The following SGD 10.00 fees applies to all Inward Telegraphic Transfers, regardless of currency or sending bank of the transaction. This is with respect to DBS, as linked here.

Handling Fee

Charged by receiving bank.

S$10

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