FAQs

Bank Transfer Payments

Virtual Accounts

What are virtual accounts?

A Virtual Account is an account created and assigned to each of your user.

Virtual accounts are temporary bank accounts where the money flows to when a bank transfer takes place. The virtual account is generated by our bank and the money is stored in our master account before being transferred into your StraitsX Business Account. Each virtual account created is unique, which allows businesses to easily identify the paying customer and the purpose of payments.

Can a user have more than 1 virtual account for each merchant_ref?

No, each user can only have 1 virtual account per merchant_ref.

My transaction is blocked. What can I do?

Do refer to our Blocked Codes page on the suggested steps to take.

Payments

How can my user send SGD to me?

Your user can perform a FAST transfer (local transfer) of SGD to the virtual account assigned. The funds will then be credited into your StraitsX business account as XSGD.

How can my user send USD to me?

Your user can perform a SWIFT transfer of USD to the virtual account assigned. The funds will then be credited into your StraitsX business account as USDC.