Money is the lifeblood of business – and banks seem to be its pump if we continue the metaphor – that is, its heart. However, not every bank will be a suitable heart for your undertaking. Entrepreneurs need to quickly open an account, pay low maintenance fees and commissions, make quick transfers, take advantage of easy low-fee conversion, have access to a wide network of correspondent banks to make settlements with counterparties located anywhere, and so on. There is no single bank that would suit any business, so the choice is made on a case-by-case basis.
We want to offer an almost ideal solution that may well match your priorities: a payment system in Singapore. The first thing you need is, of course, information, so we will be glad to see you on our portal where you will read more detailed information on corporate IBAN account in Singapore and find an abundance of articles on business banking in different countries. The second step you may need is to find a qualified expert that can give you advice in your situation, and we have a team that will help you.
Our seasoned experts work with entrepreneurs around the world helping them open accounts and set up businesses in various jurisdictions. Some of our services are free: for example, we will select the jurisdiction and bank that best matches your criteria at absolutely no fee. We also provide turnkey services: you collect and fill the documents according to our recommendations, and we make the remaining steps to open a bank account for you. Follow the link and book a session today!
Why do we propose Singapore out of many other jurisdictions? Well, it is a thriving financial hub whose international reputation is very high. It serves not only domestic companies but also the entire Asia Pacific region. Singapore’s financial industry is very strong, and its banking has every chance to become the dominating one in the world very soon.
You can benefit from top-notch banking infrastructure to make your payments around the world: for example, you will not be subject to capital control, so any currency will be exchanged to freely move in and out. Singapore dollar is not an obligatory base currency of your account: you can have an account in any currency or a multi-currency one. In short, Singapore banking is worth it!
Why Payment System?
Singapore’s banking system is great (as we described above), which is a curse and a blessing at the same time. The city-state is becoming more and more popular, and it is becoming increasingly difficult for non-residents to open an account with an ordinary Singaporean bank.
Singapore strives hard to comply with all international transparency requirements, and you will be subject to numerous checks before the bankers decide that you are going to be a law-abiding customer that will not engage in money laundering or tax evasion. What is more, there are more stringent standards of information and identity disclosure than before. It does not mean that we cannot open a Singaporean bank account with a regular bank for you, but you should be informed about the effort it may take.
A payment system is a convenient solution whose functions are not inferior to the best banks in Singapore, and yet it takes much less hassle to set up a corporate account in it. You will get a flexible and adjustable financial instrument that will ensure a really impressive payment processing speed. And, the main thing, an account is easily set up online!
Payment System Functionality
Let’s say for a start that the payment system we offer is licensed in Singapore, Hong Kong, and the UK, which enables it to give you access to multiple financial services in various regions. You will have a reliable and flexible platform that will help you easily manage your transfers and other operations from any place in the world. Your account will have a personalized identifier (a unique IBAN).
Here are some benefits of the payment system that may be useful for your business:
- Use SEPA/SWIFT payment types to make wireless transfers quickly and efficiently
- The Singaporean payment system offers minimum fees on transborder (FOREX) transfers, which will save you a considerable amount if you make a lot of transactions
- Don’t worry if you make settlements in a currency that is not a widespread one: the payment system offers 300 currency pairs to take advantage of, so you are sure to find what you need
- Your currency risks will be effectively mitigated if you use the FOREX products provided by the system: Rate Orders, Low Deposit Forward Trades, or SPOT
- Your counterparties will receive the transferred amount in their bank accounts on the same (or the next) day after the transaction has been completed
It is very important for the heart of your business to function well: if it does, you focus on the business rather than the financial challenges (high fees, no conversion, frozen transactions, and so on). And the Singaporean payment system will be the heart that works flawlessly.
Who Needs an Account with the Singaporean Payment System?
The Singaporean payment system is ready to onboard a wide range of customers:
- Local companies that work in the Singaporean market
- International corporations that engage in business activities across the globe
- Banks (including private ones) that need reliable payment solutions
- Family offices that require special financial services with customized settings
- Any organization providing payments that seeks to expand its functionality
- Wealthy individuals in need of safe and hassle-free payment opportunities
You can follow the above link to see the list of jurisdictions whose legal entities will be welcome in the Singaporean payment system.
Steps Required to Set Up an Account
We strongly recommend contacting our specialists to ensure that the account is opened on the first attempt and you will not have any issues in the future due to incorrectly filled forms.
- Therefore, the first thing to do is to reach our experts by following the above link and book a session
- You receive all the explanations you need to make a well-informed decision and pay a fee for our services
- You collect the documents using our recommendations and send them to us for a thorough check
- The payment system receives the documents from us, and we will need to wait for 2-3 business days for the required checks
- If everything goes as planned, the account is opened, and you can use it for your business operations
Make the first step to seamless payments today!