Receiving Money

Updated 3 weeks ago by Jia Yi

Guides

Receiving Local and International Transfers

Receiving Money Basics

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

Receiving Local Transfer

How do I obtain my account details for a local transfer?
Under "Business Account, click on “Receive money”. Click on “Within Singapore” 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 (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 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?
Yes, you are able to receive incoming GIRO payments. However, currently, you will not be able to set up a standing GIRO instruction to collect recurring 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 (SBA) 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 (SBA) 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 “From Overseas” 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 (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.
What is the processing time for receiving international transfers?
For non-SGD international transfers, transactions will be reflected in your Sleek Business Account within 3-5 working days.

Cheque

Can I deposit a cheque into my Sleek Business Account (SBA)?
As the SBA 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

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

You might also want to visit:


Did this answer your question?