Merchants may conduct outgoing FX international transactions with their SGD Accounts. However, merchants would be required to activate their USD Account before any international transfers can be made.
Step 1: Click on “Account Number” or the arrow symbol on the dashboard to access your SGD Account.
Step 2: Select “Transfer Out”
Step 3: Select “International Transfer” and click “Next”
Note: If this is the first time utilizing the FX function, you will be required to accept the Terms and Conditions. It would take up to 1-2 business days before the FX function will be activated.
Step 4: If this is your first time making an International Transfer Out, you will be required to add a recipient. Click on the “Add Recipient” button and after adding a new recipient, you may select the recipient from the drop-down menu in the Transfer Destination section.
Step 5: After selecting the recipient, provide more details about the transaction. It is also recommended to upload any supporting documents for the transaction (e.g. an invoice for the rent). Check that the transaction details entered are correct and click “Next”
Step 6: You may choose to input the transaction amount either in the “Amount to send” or “Recipient gets” section. The currency pair and the corresponding amount for the other currency will be automatically populated based on the current FX rates
Note: The exchange rate displayed will be refreshed every 20 seconds.
Step 7: Confirm the various transaction details before submitting the transfer request.
Note: Any other fees that the intermediary or beneficiary bank may charge will not be displayed. All transactions will take 1-2 business days to be processed.