How do I add PayNow to my invoices?

Apply for PayNow for Business and generate a static QR tied to your UEN. Place the QR box on the invoice with the UEN, amount, and a reference rule such as INV--. Ask customers to copy the reference exactly for auto-match.

PayNow vs FAST—when should I use each?

Use PayNow for customer payments via UEN/QR; it’s instant and reduces key-in errors. Use FAST for vendor payouts, scheduled runs, and refunds (clear memos). Both settle in seconds, but FAST suits approval workflows and batch files.

What risks come with holding foreign balances?

Holding USD/EUR balances avoids needless conversions but introduces FX exposure. Set currency floors/ceilings, convert on a weekly cadence, and document a simple treasury policy to avoid ad-hoc decisions.

How should I structure my MCA for reporting?

Use sub-wallets or virtual references mapped to clients or countries. Adopt a weekly FX log with target vs executed spreads, and export daily statements (CSV/API) into your accounting system. Separation simplifies aging, cash forecasting, and audits.

How many currencies should I enable?

Enable the currencies that cover ≥80% of flows. Each additional wallet adds operational complexity (reconciliation, policy, access). Expand once volumes justify it and your team can maintain controls.

What’s the difference between named and pooled collection?

Named collection shows your entity name and dedicated details; pooled uses shared details and relies on references. Named details raise payer trust and reduce “missing reference” headaches. If pooled is the only option, enforce strict reference ru

Do I need an MCA from day one?

If USD/EUR/GBP flows are frequent, start with an MCA. Prefer named collection details in your company’s name (US routing/account, EUR IBAN), which reduces payer friction and improves reconciliation. Occasional small USD receipts can be converted on

Should I pay for a relationship package?

If you process ≥20 international wires/month or convert ≥SGD 200k FX/month, tighter FX spreads and better support often outweigh higher minimums. Confirm in writing: spread tiers, waivers, and any bundled benefits (e.g., named collection, reportin

How can I compare banks fairly on cost?

Use low/base/high scenarios over 12 months.

What are typical international transfer charges?

Expect a flat fee plus corridor-dependent deductions.