Singapore dollar payments for business: FAST, PayNow and paying in Singapore
Singapore businesses pay each other in seconds on FAST and PayNow. Here is how SGD payments work, and how a company abroad pays and gets paid in Singapore dollars.
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Singapore is a regional base for thousands of companies, and Singapore businesses buy and sell across Asia and beyond. Domestically, SGD moves in seconds. For a company abroad, the question is how to fit into that system rather than sending slow wires.
How Singapore account details work
| Field | Format |
|---|---|
| Bank code | 4 digits |
| Branch code | 3 digits |
| Account number | Varies by bank |
| PayNow (optional) | UEN for companies; phone or NRIC for individuals |
| SWIFT code | For international wires |
The rails
| Rail | Run by | Timing | Used for |
|---|---|---|---|
| FAST | Banks, under the Association of Banks in Singapore | Near-instant, 24/7 | Everyday SGD transfers |
| PayNow | On top of FAST | Near-instant, 24/7 | Paying by UEN, phone number or NRIC |
| GIRO | Banks | Batch, 1 to 3 days | Payroll, recurring bills |
| MEPS+ | Monetary Authority of Singapore | Real-time gross settlement | Large-value payments |
PayNow Corporate is useful for suppliers: a Singapore company registered for PayNow can be paid by its UEN, and the payer sees the registered company name before confirming.
Paying in Singapore
To pay a Singapore supplier or contractor you need their bank details, or their UEN for PayNow where supported. A local SGD payout arrives quickly and avoids SWIFT fees. See bulk payments explained for paying many at once, and Airwallex alternatives if you are comparing providers that started in Singapore.
Receiving SGD
If you sell into Singapore regularly, holding SGD lets clients pay in their own currency and lets you pay Singapore costs without converting twice. See foreign currency accounts for exporters.
SGD on Rivet
Rivet's Scale plan lets a company hold and convert SGD beside its USD, EUR and GBP balances. On every plan you can pay Singapore accounts in Singapore dollars, with the cost shown before you confirm. Local SGD receiving details are issued where we offer them; ask at onboarding. See Pricing and Payouts.
Questions people ask
What is FAST in Singapore?
Fast And Secure Transfers, an electronic funds transfer service that moves SGD between accounts at participating banks and financial institutions almost instantly, at any time.
What is PayNow Corporate?
PayNow for businesses: a company registers its Unique Entity Number (UEN) as a PayNow proxy, so customers and partners can pay it using the UEN instead of bank account details. It runs on FAST.
How do I pay a supplier in Singapore from abroad?
Pay in SGD to their Singapore account using their bank details, or to their UEN by PayNow if your provider supports it. A local SGD payout avoids SWIFT fees and the supplier's bank converting at its own rate.
Can a company outside Singapore hold SGD?
Yes, through a provider that holds SGD balances. That lets you receive from Singapore clients and pay Singapore suppliers without converting each time.
Sources
Rashidatou writes Rivet's guides to how money moves between countries: the payment rails, what each one costs, and the account details a company needs to get paid in another currency. Every figure in Rashidatou's articles is traced to the scheme rulebook, the regulator or the provider's published price list, and those sources are listed at the end.
More from Rashidatou K. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
- sgd payments
- paynow corporate
- fast singapore
- singapore dollar account
- pay suppliers in singapore
