Singapore

Overview

Transfer method	Local	Local	Local	SWIFT
Local clearing system	`FAST` (The default LOCAL payout option when `local_clearing_system` is not specified)	`GIRO`	`RTGS`
Supported currency(ies)	SGD	SGD	SGD	AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR
Payment scheme	FAST	GIRO	MEPS
Flight time (business days)	0-1	1-2	0-1	0-3
Maximum transaction limit	200,000 SGD	No limit	No limit	No limit
Ultimate payer displayed			Yes	Yes

Please refer to the sections below for the key required bank details and other considerations for each supported transfer method.

Local FAST payout

Required fields	Permitted Data	Notes
`account_currency`	3-letter ISO 4217 currency code	Should be `SGD`
`account_name`	2-200 characters	Account holder name of the recipient’s bank account
`account_routing_type1`	One of `swift_code`, `phone_number`, `virtual_payment_address`, `business_registration_number`, or `personal_id_number`	See table below for definitions of each routing type
`account_routing_value1`	Definition depends on `account_routing_type1`; see the table below
`account_number`	7-17 alphanumeric characters	Only required when `account_routing_type1` is `swift_code`.
`swift_code`	8-11 alphanumeric characters	Only required when `account_routing_type1` is `swift_code`. Should be a valid and supported BIC-8 or BIC-11 code
`bank_country_code`	2-letter ISO 3166-2 country code	Should be `SG`

FAST payouts to PayNow IDs (Beta)

FAST payouts to PayNow IDs is currently in Beta. Please contact your Airwallex Account Manager for details.

When paying SGD locally via FAST, you can now pay to PayNow IDs in addition to swift codes and account numbers. You can specify various types of PayNow IDs with the account_routing_type1 parameter under the beneficiary.bank_details object.

See below the supported values for account_routing_type1 and respective definitions for the account_routing_value1 parameter.

Account routing type 1	Account routing value 1	Note
`swift_code` (The default routing type when not specified)	A SWIFT code to identify a bank in Singapore.	Please note that unlike other routing types below, when `siwft_code` is specified for `account_routing_value1`, `swift_code` and `account_number` are also required under the `beneficiary.bank_details` object, instead of `account_routing_value1`.
`phone_number`	A phone number in the format of `+aaa-nnnnnnnn` as registered with the bank account where: - `aaa` is an international country calling code up to 3 digits; and - `nnnnnnnn` is a local phone number up to 14 digits. E.g. `+65-87654321`	Account number is not required when paying to a PayNow ID; account routing value1 is required. Same for all other types below
`virtual_payment_address`	A PayNow Virtual Payment Address (VPA) up to 21 characters, e.g. `UEN196800306E#ABCD`	Account number is not required when paying to a PayNow ID
`business_registration_number`	An 8-to-13 character Singapore Unique Entity Number (UEN)	Account number is not required when paying to a PayNow ID; this type is available only when the beneficiary's `entity_type` is `COMPANY`
`personal_id_number`	A 9-character Singapore ID number (NRIC or FIN) in the format of `SnnnnnnnA` where: - `S` is an alphabetic letter; - `nnnnnnn` is a 7-digit number; and - `A` is an alphabetic letter	Account number is not required when paying to a PayNow ID; this type is available only when the beneficiary's `entity_type` is `PERSONAL`

Local GIRO payout

Required fields	Permitted Data	Notes
`account_currency`	3-letter ISO 4217 currency code	Should be `SGD`
`account_name`	2-200 characters	Account holder name of the recipient’s bank account
`account_number`	7-17 alphanumeric characters
`swift_code`	8-11 alphanumeric characters	Should be a valid and supported BIC-8 or BIC-11 code
`bank_country_code`	2-letter ISO 3166-2 country code	Should be `SG`

Local RTGS payout

Required fields	Permitted Data	Notes
`account_currency`	3-letter ISO 4217 currency code	Should be `SGD`
`account_name`	2-200 characters	Account holder name of the recipient’s bank account
`account_number`	6-23 alphanumeric characters
`swift_code`	8-11 alphanumeric characters	Should be a valid and supported BIC-8 or BIC-11 code
`bank_country_code`	2-letter ISO 3166-2 country code	Should be `SG`

SWIFT payout