Multicurrency Collection
Virtual Accounts
01. Unified Collections
Singapore SMEs often manage customer payments and B2B transfers separately — one system for customers, another for partners. HitPay brings them together, with PayNow, cards, SGD FAST transfers from local partners, and SWIFT transfers in 13 currencies managed from one dashboard.
Customer payments (C2B) via cards, PayNow, GCash, QR PH, GrabPay, ShopeePay, and payment links
Business receivables (B2B) via local SGD or PHP accounts, plus SWIFT for 10+ other currencies (local EUR/GBP/AUD accounts coming soon)
One dashboard, one ledger, one reconciliation export. No manual matching
Xero and QuickBooks sync covers both C2B and B2B transactions
For your business collection receivables, invoice receivables, and B2B collections
02. with an Industry-Leading Bank
The top concern with fintech multi-currency accounts is fund availability - frozen balances and no human to call are the most-cited complaints against EMI-backed competitors. HitPay's virtual account is backed by an established financial institution. Funds sit with each account, not a pooled e-money float, held in the business's own name.
Backed by an established financial institution, not an EMI licence
Own-name account - funds are yours, not pooled with other businesses
Full banking recourse - the #1 gap in competitor accounts
HitPay is MAS-licensed (PS20200643)
03. 13 CURRENCIES
HitPay's virtual account receives in 13 currencies - SGD instantly via FAST or PayNow, and USD, EUR, GBP, AUD, HKD, and more via SWIFT within 1–3 business days. Singapore businesses share a unique account number and SWIFT/BIC with counterparties, who initiate a standard bank transfer.
SGD - instant via FAST/PayNow from local and overseas SGD senders · S$0.50/collection
USD · EUR · GBP · AUD · HKD - via SWIFT · free inbound (AUD: A$3.00/collection)
Convert to SGD at 1% over interbank mid-rate
04. ZERO NEW VENDOR
Existing HitPay merchants activate multi-currency receiving from their current dashboard - no new vendor, no second KYB, no additional hardware. New businesses complete standard ACRA-based KYB once (typically 1–3 business days) and gain access to both C2B collection tools and the virtual account simultaneously.
Existing HitPay merchants - activate from dashboard, no new KYB
New businesses - one sign-up, one ACRA UEN, both products unlocked
Zero hardware - account details shared digitally with payers
SGD 0 monthly fees - pay only when you collect (SGD: S$0.50 per receipt)
The HitPay difference
Most multi-currency platforms handle international transfers. Only HitPay also collects from your customers locally and cross-border, and from local partners via FAST.
SGD 0
Monthly account fees
13
Currencies receivable
1–3
Business days to approval
Built In Benefits
From SGD instant receipts via FAST to SWIFT overseas wires, all in one account.
frequently asked questions
Which businesses are eligible?
Businesses registered in Singapore (private limited company, LLP, sole proprietorship, or partnership under ACRA) or the Philippines (sole proprietorship, partnership, or corporation under DTI/SEC). The account type issued depends on the registration market - see Currency and rail support.
What currencies can a business receive, and which settle locally versus via SWIFT?
Singapore-registered entities receive SGD in real time via FAST/PayNow, plus SWIFT reach to 12 currencies total (SGD, USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, CHF). Philippines-registered entities receive PHP in real time via InstaPay or PESONet; SWIFT reach is not currently supported for Philippines-registered entities. Combined, that’s 13 currencies across both markets.
Will local EUR, GBP, AUD, and PHP receiving accounts be available for Singapore-registered entities?
Yes - local receiving accounts in EUR, GBP, AUD, and PHP for Singapore-registered entities are coming soon. Until EUR, GBP, and AUD are available, these currencies are received via SWIFT into the SGD account structure; PHP is not yet available for Singapore-registered entities.
How does the Philippines PHP account work?
Philippines-registered entities receive a persistent local PHP account reachable by any InstaPay- or PESONet-connected bank or e-wallet, including GCash, Maya, BPI, BDO, and UnionBank. Transfers settle in real time. The fee is a flat PHP 15 per collection with a PHP 20 minimum; there is no monthly or setup fee.
Does a business need to open a new account to use this?
No. Existing HitPay merchants can activate a Virtual Account straight from the dashboard, with no new sign-up and no extra business verification. New businesses complete a single onboarding - ACRA in Singapore, DTI/SEC in the Philippines - and get both customer payment tools and the Virtual Account together.
How are funds safeguarded?
Each account is held in your business’s own name with a regulated banking partner, never pooled together with other merchants’ money. HitPay Payment Solutions Pte. Ltd. is licensed as a Major Payment Institution in Singapore (MAS licence PS20200643), and HitPay Payment Solutions Inc. is a Registered Operator of a Payment System regulated by Bangko Sentral ng Pilipinas (BSP registration OPSCOR-2023-0006) in the Philippines.
How is this different from HitPay Payouts?
Payouts moves a business’s settled HitPay sales balance out to an external bank account. Virtual Accounts are the receiving side - they let customers, partners, or marketplaces send money into a dedicated account in the business’s name, whether that’s a customer sale, an invoice payment, or a B2B transfer.
Is a Virtual Account a bank account I can hold funds in?
No. A Virtual Account does not hold or store funds. It’s a collection method, not a bank account - you can’t hold money in it or send money out. Every transfer received is swept immediately into your Available HitPay Wallet and paid out on your normal payout schedule, just like the rest of your HitPay sales. See How funds flow.
What documents are required to open a Virtual Account?
Singapore entities provide their ACRA UEN and the director’s NRIC or passport (sole proprietors: NRIC and Myinfo). Philippines entities provide DTI or SEC registration and a valid government ID. Both markets require a local business bank account. Sign-up is fully online with no setup fee; approval takes 1–3 business days.
Still have questions?
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