Supported Transfer Types, Fees, Limit & Timeframe
You can send local transfers from your Aspire SGD Account using these transfers:
Transfer Type | Aspire Fee | Transfer Limit | Timeframe* |
FAST | Individual Transfers: FREE! Batch Transfers: 0.50 SGD | 200,000 SGD** | Almost 2 hours |
GIRO (for payroll only!) | SGD 0.20 | 90 Million SGD | 4-5 business days*** |
Non-FAST participating Bank in Singapore | SGD 18 | No limit | 3-5 business days |
Notes:
*Transfers are subjected to compliance checks. Our team may email you to ask for further details or documents before we release your transfer. While we will do our best to expedite these reviews, Aspire can not be held responsible for any delays arising from such reviews.
**If you wish to send more than 200,000 SGD, you may opt to send it via our Transfer Request Form route.
***Timeline of GIRO Payroll Transfers
Day 1: Submission Date - Submit your request on any calendar day (this can be a non-business day e.g. Saturday, Sunday).
Day 2: Submission Date + 1 Business Day - After submitting the request on "Submission day", the Payroll transfers will be available in-app for authorized user approvals by "Submission" + 1 Business Day.
Day 3: Approval Date - User may approve the transactions on any date before 6 pm (this can be a non-business day e.g. Saturday, Sunday).
Day 4: Approval Date + 1 Business Day - The transaction is executed via the GIRO payment rails on Approval Date + 1 Business Day. E.g. If approval was on Saturday, the transaction is executed on Monday.
Day 7: Approval Date + 4 Business Days - The beneficiary should expect to see the funds received by Approval Date + 4 Business Days
Example:
Day 1: Submission Date - User submits a payroll request on Monday
Day 2: Submission Date + 1 Business Day - Transaction is ready for approval on Tuesday
Day 3: Approval Date - Transaction is approved by user on Wednesday
Day 4: Approval Date + 1 Business Day -Transaction is executed via GIRO payment rails on Thursday
Day 7: Approval Date + 4 Business Days - Funds are received by the beneficiary by Tuesday
Accepted Banks for Local Transfers
FAST Transfers
Please note that you can ONLY send local transfers to banks under the FAST Network.
Notes: When sending transfers to the banks listed below, make sure to confirm the correct Bank Identifier Code of your customer's bank account:
CitiBank (CITISGSGXXX or CITISGSLXXX)
HSBC (HSBCSGS2XXX or HSBCSGSGXXX)
Maybank (MBBESGSGXXX or MBBESGS2XXX)
Choosing an incorrect bank would result in an unsuccessful transfer.
GIRO (Payroll Transfers)
You can send Payroll Transfers via GIRO to these supported banks. Toggle the button below to see the list:
Supported banks you can send payroll transfers
Supported banks you can send payroll transfers
Australia and New Zealand Banking Group Limited - ANZBSGSXXXX
Bangkok Bank Public Company Limited - BKKBSGSGXXX
Bank of America, N.A. Singapore - BOFASG2XXXX
Bank of China Limited - BKCHSGSGXXX
The Bank of East Asia Limited - BEASSGSGXXX
Bank of India - BKIDSGSGXXX
MUFG Bank, Ltd. - BOTKSGSXXXX
BNP Paribas - Singapore Branch - BNPASGSGXXX
CTBC Bank Co., Ltd. - CTCBSGSGXXX
CIMB Bank Berhad - CIBBSGSGXXX
Citibank, N.A., Singapore. - CITISGSGXXX
Citibank Singapore Limited - CITISGSLXXX
Commerzbank AG, Singapore Branch - COBASGSXXXX
Credit Agricole CIB - CRLYSGSGXXX
DBS Bank Ltd, Singapore. - DBSSSGSGXXX
Deutsche Bank AG - DEUTSGSGXXX
DNB Bank ASA, Singapore Branch - DNBASGSGXXX
First Commercial Bank, Ltd. - FCBKSGSGXXX
HL Bank, Singapore - HLBBSGSGXXX
The Hongkong and Shanghai Banking Corporation Limited - HSBCSGSGXXX
HSBC Bank (Singapore) Limited - HSBCSGS2XXX
ICICI Bank Limited - ICICSGSGXXX
Indian Bank - IDIBSGSGXXX
Indian Overseas Bank - IOBASGSGXXX
Industrial and Commercial Bank of China - ICBKSGSGXXX
Intesa Sanpaolo S.p.A. Singapore - BCITSGSGXXX
JP Morgan Chase Bank, N.A. - CHASSGSGXXX
KEB Hana Bank Singapore Branch - KOEXSGSGXXX
Malayan Banking Berhad - MBBESGSGXXX
Maybank Singapore Limited - MBBESGS2XXX
Mizuho Bank, Ltd. Singapore Branch - MHCBSGSGXXX
National Australia Bank - NATASGSGXXX
Nordea Bank ABP Singapore Branch - NDEASGSGXXX
Oversea-Chinese Banking Corporation Limited, Singapore - OCBCSGSGXXX
Bank Negara Indonesia (Persero) P.T. - BNINSGSGXXX
Qatar National Bank (Q.P.S.C) - QNBASGSGXXX
RHB Bank Berhad - RHBBSGSGXXX
Skandinaviska Enskilda Banken AB (PUBL) - ESSESGSGXXX
Societe Generale - SOGESGSGXXX
Standard Chartered Bank Singapore Limited - SCBLSG22XXX
State Bank of India - SBINSGSGXXX
Sumitomo Mitsui Banking Corporation - SMBCSGSGXXX
Svenska Handelsbanken, Singapore Branch - HANDSGSGXXX
UBS AG Singapore Branch - UBSWSGSGXXX
UCO Bank - UCBASGSGXXX
UniCredit Bank AG Singapore Branch - BVBESGSGXXX
United Overseas Bank Limited - UOVBSGSGXXX
How to send local transfers from SGD account
FAST Transfers
Admin and Finance with transfer and submit transfer rights can initiate a local SGD transfer in-app:
1. Go to your SGD Account page
2. Click on "Submit a transfer button"
3. Select from one of your saved recipients or create a New Recipient. When creating a new recipient, you need to choose their bank from the dropdown list and place their account name & account number
4. Input the amount you would like to send and provide any relevant transfer details such as budget, transfer reference, category, and internal note. Once completed, select "Next"
Notes: To add a new recipient, please make sure that you have sufficient funds available in your SGD account.
5. Review the transfer details and if all good, click "Confirm" and the transfer will be initiated.
Notes: If your account has a Transfer Approval Policy in place, the transfer will then require approval from the Approver/s that has been set in your business's policy.
GIRO Payroll Transfers
Admin, Finance with transfer rights, and Finance with submit-only rights users can conveniently pay employees' salaries all at once by following the steps below:
1. Click on "Pay salaries" button under frequently used actions
2. Click on next to read through how the feature works, then once you click on "Get Started" you will be directed to a page where you can download the Payroll template in either Excel or Google sheet format.
3. Make sure that you create a copy of the Excel or Google Sheets template first before you amend the following details:
Columns | Detail |
Sl No | Add the serial number based on the number of entries you will be placing on the sheet. |
Currency | Only place SGD. |
A/c Holder Name | Recipient's bank account name. |
A/c Number | Recipient's bank account number. |
Bank code | Choose the recipient's BIC from the dropdown menu.* |
Transfer Amount | Amount you want to send to the recipient. |
Reference | Use your company name as the payee so that the recipient can see that the payment is from your company, as it will appear as "Aspire FT Pte. Ltd." on the transfer details. Keep in mind that there is a character limit of 25, so your company name may be shortened. |
Notes:
*Please choose from the dropdown menu and refrain from inserting manually.
Our Payroll Templates cannot be modified and must follow the columns above.
4. Save your Excel or Google Sheet file in .XLSX format.
5. Return to the previous tab and upload the file by clicking "Choose file."
6. Enter your local SGD account number in the "SGD Virtual Account to debit from" field, then hit "Submit"
Notes:
This is not a recurring setup. Users will have to reinitiate a new transfer every time a new payroll cycle comes.
The cutoff time for submitting the payroll transfer form is 3 PM SGT during business days. After you submit the payroll transfer form, it will appear in the pending transfers section of your Aspire app for your approval on the following business day.
The cutoff time for approval is 12 PM SGT during business days. Once the transfers are approved, you will not be able to cancel them.
The Pay Salaries feature is designed specifically for sending salaries to employees within Singapore and cannot be used for overseas transfers.
Non-FAST participating Bank in Singapore
If you would like to make a transfer from your SGD account to a bank outside of the FAST network, you may raise a request to send the transfer via our Transfer Request Form.
The transfer will incur an SGD 18 fee and will be sent via MEPS. The transfer will be processed through our alternative partners and typically takes 3-5 business days to reach the beneficiary.
What name will be displayed as the sender of the transfer?
Transfer Type | Sender Name |
FAST | The beneficiary will see your company name as the sender of the transfer. |
GIRO | The beneficiary will see the sender as Aspire FT Pte Ltd, example below:  |
Non-FAST participating Bank in Singapore | The transfers sent via our Transfer Request Form will be sent via our alternative payment partners and will not state your business name as the sender's name. However, you can inform us to indicate your business name in the reference for outgoing transfers. |
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.