When it comes to opening a corporate account, entrepreneurs usually have problems with the choice. The bank should match certain criteria as we all want our financial institution to be well-reputed and reliable, provide a wide range of services, high-quality customer support, quick wire transfers to different countries, and so on. But do these banks want you? High-street institutions are interested in large reputable corporations, of course. But what if you have an offshore company, a more or less risky business, or just a start-up that is simply making its first steps? That’s where payment systems come to the rescue.
This article will be devoted to a payment system in Singapore that our customers find very convenient. If you want to know more about international banking, payment systems, investments, asset protection, and so on, please visit our web page. You will find a lot of articles written by our experts who help our clients open personal and corporate accounts in different countries on a regular basis. We will help you for free if you struggle with the choice and you are not sure which jurisdiction and bank will be best for your needs. And if you require our help with administrative issues, we will open an account with your minimum involvement at a moderate fee.
Singapore Payment System: Advantages for Non-Residents
If you decide to open a corporate account with a regular bank in Singapore, you will face a lot of challenges that will make you abandon the idea in most cases. Singapore is a well-known financial hub, and it is very popular with non-resident companies – so its institutions can afford to be picky and demanding.
However, a payment system is a way out as you will not face much difficulty opening an account online to enjoy the great flexibility of the instrument and payment processing speed.
Let’s look at other benefits that the Singapore payment system we recommend can offer:
- You can create and operate your account remotely from any place in the world (except for sanctioned entities)
- All the corporate details will be provided to you
- Payment accounts in the Singapore payment system are opened in USD and SGD
- If you need to make payments in USD and SGD within Singapore, they will be free
- If you need to make cross-border payments, you will have access to 30+ currencies that you can transfer to 130+ countries at low commission fees
- You will be able to quickly obtain virtual payment cards for resident/non-resident account holders
- The Singapore payment system will provide you access to a mobile app and an online banking platform to manage your funds conveniently and securely
- The system allows integration with accounting software
- Both e-money and regular payment operations will be available to you
- Creating an account in the Singapore payment system takes no more than 2 weeks
- If your company is set up in a non-sanctioned jurisdiction, you are free to get your Singapore account
- The payment system is about to launch accounts in EUR and BPS
- You will be able to use local transfer methods or SWIFT to send and receive funds
- International transfers come at a fixed fee, and it will be about 4 times lower than the relevant banking fees
As soon as your account with the Singapore payment system has been opened, you can link virtual debit cards to it to make payments from your resident/non-resident accounts wherever you are. You will be able to issue an unlimited number of VISA cards.
You are allowed to issue a corporate debit card to pay rent and so on or payment cards for your employees. If you need to set card limits, you are free to do so. The app will remind you by default to submit or get your digital receipts.
The virtual VISA cards will give you a chance to get a 1% cashback.
Let’s look at the main features of payment acceptance and management using the Singapore payment system we offer:
- You can provide regular invoices to your customers and send them one-time or multiple-use payment links.
- If you are currently using any payment software, such as Shopify, PayPal, or Stripe, you can link it to the Singapore payment system if you need.
- You will have an opportunity to create a few virtual user areas in the system, and each user will independently manage the funds in the Singapore account.
- The withdrawals you will make in the Singapore payment system are unbelievably quick: in fact, the speed is 4 times higher than in ordinary banks.
- The system architecture has been built in a well-thought-out way to secure money transfers and receipts and do so transparently and efficiently.
Documents to be Submitted to Set Up an Account
You will only need to submit a basic package of documents to open an account with the Singapore payment system remotely, and these include:
- The account holder’s passport
- Proof of the account holder’s address of residence
- Certificate of company incorporation
- Certificate of Good Standing
- Company’s previous financial reports
The Singapore payment system retains the right to require additional documents from you.
Cost of Account Opening and Fees
Support in corporate account setup with the Singapore payment system costs 2,999 euros.
The account maintenance fee is SGD 12 a month.
If you have an account in SGD:
- Incoming payments are free
- If you convert currencies, incoming payments are still free and the only commission payable is the one for currency exchange
- Outgoing currencies are free, too
- If you need to convert currencies to make an outgoing payment, you will pay a conversion fee and a transparent fee
If you have an account in USD:
- Incoming payments made using ACH & ABA/Fedwire Transfers are free
- SWIFT transfers cost USD 8
- SWIFT transfers with currency conversion also come at USD 8 plus the cost of conversion
- Outgoing ACH payments are free
- Outgoing SWIFT transfers with currency conversion cost USD 8 plus the conversion rate
Need a corporate account with a reliable institution without much hassle? Click on the above link to find more up-to-date information or book a session with our expert to discuss the details – it’s free!