Once your local currency account is active (check guide for requesting accounts here), you can receive payments locally in MYR, PHP, IDR, and VND via domestic payment rails. Share your local collection details with whoever is paying you, and the funds are credited straight into your Aspire account.
Who can do this
Admin and Finance users can view and share your local collection details. Receiving funds itself requires no action once your details have been shared.
How to receive a local transfer
The steps below use MYR as an example. The flow is exactly the same for PHP, IDR, and VND - just open the relevant currency account.
On your Aspire dashboard, open your MYR account.
Click "Receive funds"
Select "Receive via bank transfer"
Your local collection details are displayed - including the account holder name, account number, bank code. Share these details with the person or business paying you.
When the payer sends a local transfer to these details, the funds are credited to your Aspire account within the timeframe shown in the table below.
Note: For MYR via DuitNow, when the payer enters your account number, your account name will display with the "M-DAQ MALAYSIA SDN BHD" as suffix. This is expected, and your funds will still be credited to your account correctly.
Payment rails, limits, and settlement times
Each currency can be collected through one or more local rails. The maximum amount and the time taken to credit funds to your account depend on the rail the payer uses.
Currency | Transfer Type | Min and max collection amount (per transaction) | When funds are credited to you |
MYR | DuitNow | RM 0.01 – RM 10,000,000 | Instant |
MYR | IBG | RM 0.01 – RM 1,000,000 | Same business day, if received before the local cut-off |
PHP | InstaPay | Up to PHP 50,000 | Instant |
PHP | PESONet | No Limit
Note: Additional information/documents might be required for transaction amount >50,000,000 PHP | Same business day, if received before the local cut-off |
IDR | BI-FAST | IDR 15,000 – 250,000,000 | Instant |
IDR | SKN | IDR 15,000 – 1,000,000,000 | Same business day, if received before the local cut-off |
IDR | BI-RTGS | Above IDR 100,000,000 | Same business day, if received before the local cut-off |
IDR | RTOL | IDR 15,000 – 50,000,000 | Instant |
VND | NAPAS | VND 10,000 – 500,000,000 | Instant |
VND | CITAD | No limit | Same business day, if received before the local cut-off |
Payments outside of the min and max transaction limit will be auto-returned to the payer
Pricing
A fee of 0.29% applies to all collections across MYR, PHP, IDR, and VND.
Important things to know
When you convert a balance, the transaction may show as Completed in MYR, PHP, IDR, or VND terms, but the credit into your HKD, USD, EUR, or GBP account is processed according to that currency's local rail timing. You may therefore see a delay of around 3–4 hours before the converted funds appear.
Reverse conversions are not supported yet. You cannot convert from HKD, USD, EUR, or GBP back into MYR, PHP, IDR, or VND.
Currency Exchange Limits:
Currency | Fixed Side | Maximum Limit |
IDR | Sell | IDR 100,000,000,000 |
MYR | Sell | MYR 10,000,000 |
PHP | Sell | PHP 1,300,000 |
VND | Sell | VND 300,000,000 |
USD | Buy | USD 1,000,000 |
EUR | Buy | No Limit |
GBP | Buy | GBP 1,000,000 |
HKD | Buy | HKD 10,000,000 |
Note: Incoming collections are subject to compliance checks by our team or partners, which may occasionally delay funds being credited to your account.