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

Supported Transfer Types, Fees, Limit & Timeframe

Admin, Finance with transfer rights, and Finance with submit-only rights can send local transfers from the Aspire SGD Account using these transfers:

Transfer Type	Aspire Fee	Transfer Limit	Timeframe*	How to initiate
FAST	Individual: FreeBatch: SGD 0.50	SGD 200,000	Instant	In-app
GIRO (payroll only)	Free	SGD 90 million	4-5 business days***	In-app
MEPS	Free	No limit	Same-day (if submitted before 6:00 PM SGT on a business day)	In-app

Notes:

All transfers are subject 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 cannot be held responsible for any delays arising from such reviews.
FAST transfer:
- During periods of high volume, the transfer may take up to 2 hours to complete.
MEPS transfer:
- If you wish to send more than 200,000 SGD, you can send it via MEPS.

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 FAST transfers to banks under the FAST Network.
If you want to send a local transfer to a non-FAST participating bank, you can send it via MEPS.

Notes: When sending transfers to the banks listed, 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.

MEPS Participating Banks

You can send MEPS transfers to all 65 participating institutions on the MEPS network.

Here is the full list:

Bank Name	BIC Code
Anext Bank Pte Ltd	ANTPSGSG
Australia And New Zealand Banking Group Limited	ANZBSGSX
Bangkok Bank PCL	BKKBSGSG
Banco Santander S.A.	BSANSGSG
Bank Of America NA	BOFASG2X
Bank Of China Ltd	BKCHSGSG
Bank Of East Asia Ltd	BEASSGSG
Bank Of India	BKIDSGSG
Bank Of Taiwan	BKTWSGSG
Barclays Bank Plc	BARCSGSG
BNP Paribas	BNPASGSG
Cathay United Bank	CATHSGSG
Central Depository (Pte) Ltd	CDPLSGSG
China Construction Bank	PCBCSGSG
CIMB Bank BHD	CIBBSGSG
Citibank NA	CITISGSG
Citibank Singapore Limited	CITISGSL
CLS Bank International	CLSBUS33
Commerzbank Aktiengesellschaft	COBASGSX
Credit Agricole CIB, Singapore	CRLYSGSG
Credit Industriel Et Commercial	CICFSGSG
CTBC Bank Co., Ltd	CTCBSGSG
DBS Bank Ltd	DBSSSGSG
Deutsche Bank AG	DEUTSGSG
First Abu Dhabi Bank P.J.S.C.	NBADSGSG
First Commercial Bank, Ltd.	FCBKSGSG
Green Link Digital Bank Pte Ltd	GLDTSGSG
GXS Bank Pte Ltd	GXSPSGSG
Habib Bank Ltd	HABPSGSG
HL Bank	HLBBSGSG
Hongkong And Shanghai Banking Corp Ltd	HSBCSGSG
Hong Leong Finance Limited	HLFSSGSG
HSBC Bank (Singapore) Limited	HSBCSGS2
ICICI Bank Ltd	ICICSGSG
Indian Bank	IDIBSGSG
Indian Overseas Bank	IOBASGSG
Industrial And Commercial Bank Of China	ICBKSGSG
ING Bank NV	INGBSGSG
JPMorgan Chase Bank NA	CHASSGSG
KEB Hana Bank	KOEXSGSG
LCH Limited	LABORSGM
Malayan Banking BHD	MBBESGSG
Maribank Singapore Private Limited	SSPISGSG
Maybank Singapore Limited	MBBESGS2
Mega International Commercial Bank Co	ICBCSGSG
Mizuho Bank Limited	MHCBSGSG
Monetary Authority Of Singapore	MASGSGSM
MUFG Bank Ltd, Singapore Branch	BOTKSGSX
National Australia Bank Ltd	NATASGSG
Natixis	NATXSGSG
Oversea-Chinese Banking Corp Ltd (OCBC)	OCBCSGSG
PT Bank Negara Indonesia (Persero)	BNINSGSG
RHB Bank Bhd	RHBBSGSG
Royal Bank Of Canada	ROYCSGSG
SGX Derivatives Clearing Limited	SGXDSGSG
Shanghai Pudong Development Bank Co., Ltd	SPDBSGSG
Sing Investments And Finance Ltd	SIVFSGSG
Skandinaviska Enskilda Banken AB	ESSESGSG
Standard Chartered Bank (S) Ltd	SCBLSG22
State Bank Of India	SBINSGSG
Sumitomo Mitsui Banking Corp	SMBCSGSG
Trust Bank Singapore Limited	TRBUSGSG
UBS AG	UBSWSGSG
UCO Bank	UCBASGSG
United Overseas Bank Ltd	UOVBSGSG

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

How to send local transfers from SGD account

Notes: Outbound SGD transfers are sent from Aspire's master 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/Make a transfer" button, then choose “Pay a recipeint”

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. Click “Add schedule” to send the transfer on a later date or set a recurring payment. Click “Continue”

5. Place any transfer reference that will be visible to the recipient, then add the rest of the reporting fields (category, budget, other reporting fields) on your payment

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.

6. Review the transfer details, and if all good, click "Submit" 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.

MEPS Transfers

Go to your SGD Account page
Click on "Submit/Make a transfer" button, then choose “Pay a recipient"
Select from one of your saved recipients or create a New Recipient. When creating a new recipient, you need to update the Transfer mode to “MEPS Transfer” by selecting it from the drop down.
Choose their bank from the dropdown list and place their account name, account number, and address
Input the amount you would like to send. Click “Add schedule” to send the transfer on a later date or set a recurring payment. Click “Continue”
Place any transfer reference that will be visible to the recipient, then add the rest of the reporting fields (category, budget, other reporting fields) on your payment, and click "Continue."

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. On the homepage, click the "Process Payroll" button in the Frequently Used Actions section.

2. Start creating your batch payroll payment.

Choose SGD as your Source account
Choose "Same currency"
Choose "Giro transfer" to ensure that "Salary" is tagged and visible to the beneficiary bank.
Choose a category for your batch payroll payment (required).

3. Click "Download .CSV template", then create a copy of the Google Sheets template 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.

See additional transfer instructions here

Notes:

*Please ensure the account number field remains in 'Plain Text' format to avoid processing issues.

**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 Google Sheets file in .CSV format.

5. Return to the previous tab and upload the file by clicking "Upload filled .CSV template". You can also edit the batch name after uploading the file.

6. Review the matched Aspire fields with your .CSV fields. If all good, click “Review”.

7. Double-check your batch payment transfer. You can review the successful transfer list by clicking "Show list”. You may also proceed with submitting the transfer by clicking “Submit xx transfers”.

Notes:

To see unsuccessful transfers, click

You can adjust your .csv file and re-upload it to correct the errors. Amending the transfer details directly in Aspire is not available yet.

There is no fee for GIRO payroll transfers.
Transfer reference is auto-generated as “<current_month> - <company_name>” (eg. Mar - Aspire).
The cutoff time for submitting the payroll transfer form is 3 PM SGT during business days.
Users who can make batch payment transfers are Admin, Finance with transfer rights, and Finance with submit-only rights.
The Pay Salaries feature is designed specifically for sending salaries to employees within Singapore and cannot be used for overseas transfers.
This is not a recurring setup. Users will have to reinitiate a new transfer every time a new payroll cycle comes.

Sending Salary Payments?

Choose the right method based on whether you need salary labels to appear in employees' bank accounts:

GIRO Transfer

Displays "salary" label (SAL/SALA code) in employees' bank accounts
Processing time: 4-5 business days
Relevant article: How to Submit a Payroll Batch Transfer from Aspire SGD Account

FAST Transfer

Does not display "salary" label in employees' bank accounts
Processing time: Instant
Available as single or batch payroll transfer
Relevant articles:
- How to Submit a Payroll Batch Transfer from Aspire SGD Account
- How to Submit an Individual Payroll Transfer from Aspire SGD Account

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.
MEPS	Your company name will be displayed as the sender of the transfer.

Cancelling Recurring Transfers

Follow the steps below to stop your recurring transfer:

Log in to your Aspire dashboard and click on "Transactions" in the left navigation bar if you're using the web app, or click "Menu" and choose "Transactions" if you're on the mobile app.
Navigate to the "Upcoming" tab if the transaction has been approved.
Locate the scheduled transfer you wish to stop.
Click on "Manage Transfer", then select "Stop transfer". This action will cancel the scheduled transfer and remove it from your "Upcoming" transfer tab.