How does Transfer Approval Policy work?

Understand its definition, covered transactions, submission and approval processes, and what happens when an approver creates a transfer.

Updated over a week ago

What is a Transfer Approval Policy?

Transfer Approval Policy helps your business have better control over spending on the Aspire platform. It works as a gatekeeper for outbound transactions of your business.

Companies can create their transfer approval matrix on Aspire in three easy steps. Once the approval matrix is set up, transfers are automatically routed to the right approvers before transferring to the beneficiary.

Transactions covered under the Transfer Approval Policy

  • Transfer Approval Policy settings are applicable for outbound transfers, including Bill payments and transfers from Budgets. Claims transfers and Card payments are not covered.

  • Transfer Approval Policy settings are applicable for the same currency transfers from Aspire SGD, IDR, USD, EUR and GBP accounts.

  • Transfer Approval Policy settings are applicable for foreign currency transfers from Aspire SGD, USD, EUR and GBP Accounts ONLY. (IDR FX transfers coming soon!)

Note: Transfer Approval Policy Feature is not available for Hong Kong-incorporated businesses. All submitted transfers are reviewed and approved by Admin users.

Transfer submission and approval process after the Transfer Approval Policy is created

After publishing the Transfer Approval Policy - creating, submitting, or approving transfers will remain the same.

Submitting transfers

Notes: Only Admin, Finance with transfer rights, or Finance with submit-only rights users can submit a transfer.

  1. Go to "Accounts", select whether it's SGD/USD/IDR/ EUR/GBP , then click "Make a Transfer"

  2. Select or create the recipient, fill in the transfer details, and submit the transfer.

  3. After the transfer is submitted, you can view the Pending Approvals by clicking on the "Show Pending Approvals" button on the transfer details page.

Approving transfers

Notes: Only approvers listed in the company's transfer approval policy can approve the submitted transfers. Approvers can include Admin users and Finance users with transfer rights.

  1. Go to "Transactions" menu, then click "Pending" tab

  2. Select the transfer you want to review,

  3. Click the "More" button to reject or modify the transfer or click "Approve" if all is good. Transfers can be approved or rejected individually or in bulk.

What happens when an Approver creates a transfer?

Transfers created by an approver are automatically approved by them. In this case, some approvals may be skipped as mentioned below:

  1. Approvals from the previous steps will not be required. (If a Step 2 approver creates a transfer, Step 1 approvals will not be needed).

  2. Approvals at the same step will not be required if the setting is "Anyone can approve". (If an approver creates a transfer, they also automatically approve it. If the setting for that Step is "Anyone can approve", other approvals at that Step are not needed).

  3. Approvals at the same step will be required if the setting is "All must approve". (If an approver creates a transfer, and the setting is "All must approve", then all other approvers at that Step must approve the transfer).

  4. Approvals from subsequent steps will be required. (If a Step 2 approver creates a transfer, Step 3 approvals will be needed).

Let's see this with an example:

This is the Transfer Approval Policy for a company. When John (Step 2 approver) creates a transfer,


Step 1 approvals (Philip & Amanda) are not needed since John is a Step 2 approver.


Mary's approval is needed because the Step 2 setting is "All must approve".


Once Mary Approves the transfer, it is executed.

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