The world of business has turned a revolutionary corner with the emergence of online payment platforms and services. These services have made it easier for businesses to receive and make payments for goods and services rendered. Furthermore, the benefits of these platforms have been felt in reductions to days sales outstanding, increased levels of efficiency, enhanced financial management practices and cost savings- variables that can significantly influence business performance and management. Popular payment services and platforms like Paypal, Apple Pay and Payooner coexist with other alternatives much more geographically narrow in focus and operations. In a brief fashion, this article discusses one of those alternatives – Xfers. Key topics considered in this article revolve around the procedures involved in opening an Xfers account, depositing and withdrawing funds into and from Xfers.
What is Xfers?
Xfers, a digital payment solutions facility, is co-owned by four people- TianWei Liu, TianYao Liu, Victor Liew and Samson Leo. The company, founded in 2015, strives to provide optimum payment services targeted at businesses. Its product offering encompasses payment platforms, financial administration tools (for managing cash flows and expenses) and credit services. Its StraitsX platform also facilitates cryptocurrency trade and transactions. Xfers offers a broad range of products and services, including XSGD, Personal and Business Accounts, Payment API, Payout API, Treasury API, and OTC (Over-The-Counter).
The company has a massive patronage base comprised of various regional and Singaporean clients and partners (businesses and corporate organisations) such as Binance Singapore, Combinator, Convergence Ventures, 500 Startups, Crypto.com, GMO Venture, Quest, Partech, Challenger, eBelanja.id etc. The Monetary Authority of Singapore (MAS) licenses Xfers’ operations. Xfers adopts a regional outlook as illustrated by its restriction of operations to South East Asia. Xfers has its two primary hubs of operation in Singapore and Indonesia, where it serves numerous organisations and businesses.
How to open an Xfers Account.
Access to Xfers’ site products and features require an account. Having an Xfers Account is generally obligatory for cryptocurrency trade transactions; many Singaporean cryptocurrency trading platforms require an Xfers account. Xfers accounts are categorised into two types: Xfers business and Xfers personal accounts. These accounts determine the procedures and steps to be undertaken as far as the issue of opening an Xfers Account is concerned.
Opening an Xfers Personal account
Xfers Personal account is designed for Singaporean citizens and permanent residents. This account type, also known as StraitX Personal Account, affords account holders the ability to undertake payments management, transactions review and digital assets management. According to Xfers, this account allows account holders to convert Singaporean Dollars to XSGD (a digital currency) and vice versa. This account has an annual transaction cap of 30,000 XSGD. Furthermore, a typical StraitX Personal account is barred from holding in excess of 5000 XSGD in a day.
Individuals interested in opening an Xfers Personal Account follow a simple methodology beginning with account registration, which is done on the Xfers website. Individuals have the option of signing up with the SingPass or manually. As part of the process, interested individuals perform phone number and email address verification.
StraitX Personal accounts are active within one to five days of account verification by Xfers.
Opening an Xfers Business account
Xfers business accounts, as the name implies, are designed for and targeted at business organisations and corporate entities registered in Singapore. Xfers Business accounts require the following details:
- 1. Full Name (of the company’s representative);
- Company ID (a unique identifier typically comprised of letters in three groups separated by a dash); and
- A corporate email address.
These details are logged on to a registration page accessible through the Xfers site (xfers.com/sg).
Beyond these details, Xfers Business Accounts also require the following statutory and financial documents pertaining to the company whose account is to be opened on Xfers:
- An Accounting and Corporate Regulatory Authority (ACRA) or Bizfile business file; the ACRA business file is a document issued by the Singaporean Ministry of Finance to businesses and corporate organisations registered in Singapore. It also contains information on a company’s structure, business activity, address and personal details of company staff and executives.
- One of two statutory documents (either a company memorandum or articles of association ) plus the company’s constitution
- A bank- issued a corporate statement of account.
- National Registration Identification Card (NRIC). The National Registration Identification Card is a Singaporean-government issued identity document issued to Singaporean citizens and permanent residents. This is required for the company’s board of directors and owners. A Singaporean passport may be submitted in place of a National Registration Identification Card.
- Proof of residence document for directors and owners. Examples of acceptable documents include utility and telecommunication bills, a Singaporean bank-issued credit, a mortgage loan document, car registration, tenancy agreement, letters or documents issued by a Singaporean insurance company etc.
Required documents are expected to have three months validity.
The registration process follows a simple methodology. Account registration is usually initiated with a visit to the Xfers registration page, where the user inputs required details. Subsequently, the user verifies the phone number linked to the Xfers Business Account (this phone number is typically a Singaporean phone number).
These steps precede other steps, which include the following: logging in and selecting account type (i.e. business) and verifying the email address linked to the Xfers Business account.
Xfers Business accounts have no inward bound transaction limit. Outward bound transactions are capped at 2,000 000 XSGD per transaction. Outward bound bank transfer transactions are similarly capped at 200,000 SGD. Xfers Business account may be subject to the following set of fees: a one-time setup fee (charged for account creation, verification, onboarding and integration support), account maintenance fees (which is charged on a monthly basis for services such as account maintenance, customer support, technical support, monthly reports etc.) and transaction fees (charged on transactional basis).
How to deposit funds into Xfers
Xfers accounts receive funds through two channels: Xfers Direct or Xfers Wallet. Owners of accounts are given the opportunity of making deposits into their various accounts via Xfers Direct. Under this method, account holders transact and transfer funds directly from third-party websites and applications using Xfer’s payment platform. Account-holders may equally make funds deposits through Xfers Wallet. This method involves the following linear steps:
Step 1: Sign in to the Xfers account and select the ‘Deposit’ option under ‘My Account’ from the subsequent interface.
Step 2: Select the desired wallet to be used for the fund’s deposit transaction.
Step 3: Selecting the source account from which funds will be transferred/
Step 4: Entering deposit transaction amount.
Step 5: Following transfer instructions stated in the subsequent interface. These transfer instructions typically contain details pertaining to transfer type, description and recipient bank details (i.e. account name and number).
Step 6: Performing the transaction with stipulated details as contained in prior transfer instructions.
Transfers to Xfers accounts are typically done using FAST (Fast And Secure Transfers). Fast And Secure Transfers, established in 2014, is the online fund transfer platform for inter-bank transactions in Singapore. First-time payments using the FAST platform also have to add ‘Xfers’ and Xfers bank details contained in deposit instructions.
Xfers business accounts attract a fee of 0.5 XSGD for XSGD deposits. XSGD withdrawals attract a fee charge of up to 5 XSGD. Any transfer with a value of more than 5 XSGD is taken care of by Xfers. Xfers operates a fee waiver policy for XGSD deposits below 10 XSGD.
How to withdraw funds from Xfers
Account-holders are allowed to withdraw funds to bank accounts linked with Xfers accounts. To withdraw, users log in to their Xfers dashboard first. Completing this step leads to an environment where they click on Digital Goods Wallet and select Withdraw. In the subsequent interface, users proceed to specify ‘Digital Goods Wallet’ as the source to be withdrawn from and a bank account to be used as the destination for withdrawn funds. Importantly, users compulsorily input the amount to be withdrawn to conclude the withdrawal process.
Xfers charges a $0 withdrawal fee for withdrawal transactions made on Xfers Personal account. However, XSGD withdrawals are charged network fees at the rate of up to 5 XGSD. Xfers cover transactions that incur fees in excess of 5 XGSD. Xfers places a withdrawal fee charge of 1 XSGD for transactions made on an Xfers Business account. Fees in excess of 1 XGSD are covered by Xfers.
How long does it take for Xfers to transfer?
The transaction time for Xfers varies according to transaction type and payment platforms.
Receiving money through FAST takes reflection within 5 – 10 mins. Outward bound bank transfers occur within an hour and a half. Money transfers out of Singapore using XSGD reflect instantly. However, sending money out of Singapore using XSGD normally reflects within 60 mins to 24 hours.