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Guide to Sending Local Transfers from Aspire SGD Account
Guide to Sending Local Transfers from Aspire SGD Account
Updated this week

Note: You can send free and instant transfers to other Aspire accounts. Please check your eligibility here.

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 fee per payroll transfer

90 Million SGD

4-5 business days***

Non-FAST participating Bank in Singapore

SGD 18

No limit

3-5 business days

Notes:

  • *Please note that all transfers go through compliance checks by our team or partners, which might cause delays in receiving the funds. Our team might email Admin and Finance users for additional details or documents needed to process your transfer. While we strive to complete these reviews quickly, we can't provide an exact timeline for when you will receive the funds, as weekends, public holidays, and banking hours might also affect the timing. We appreciate your understanding and patience regarding any potential delays.

  • **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

  • 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

Unsupported Transfers

Due to the current setup of Aspire accounts, functions which are related to the following items below are not supported:

  • ATM Withdrawals

  • Direct Debit Authorizations (DDA)

  • Outbound GIRO transfers

These features are currently in our roadmap and will be released in time. You can also submit feature requests on this page to help us discover and implement further improvements to the platform.

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.

  • If you have scheduled the transfer, it cannot be attached to a budget.

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. Start creating your batch payroll payment. Once done, click "Make a Giro Transfer"

  • Choose SGD as your Source account

  • Check the "Mark as Payroll transaction" box for payroll tagging. This ensures that users without payroll permission cannot view individual transactions or the total transfers made. To learn more about payroll permissions, refer to this article.

  • Choose "Same currency"

  • Choose "Giro transfer" to ensure that "Salary" is tagged and visible to the beneficiary bank. If you choose "Fast transfer", the "Salary" tag will not be visible to the beneficiary bank.

3. Click on "Open GIRO form" to be directed to a page where you can download the Payroll template in either Excel or Google sheet format.

4. 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.

5. Save your Excel or Google Sheet file in .XLSX format.

6. Return to the previous tab and upload the file by clicking "Choose file."

7. 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:

Sample Employee Bank App Screen

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.


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