Collection Account
Virtual Accounts
Your HitPay Collection Account gives your business its own account details. Local customers and partners can pay you in SGD via FAST, and funds arrive instantly. USD, EUR, GBP, AUD, HKD and other currencies arrive via SWIFT in 1–3 business days. Every receipt lands in your HitPay Wallet, alongside your card and payment link sales.
QUICK ANSWER
For a Singapore SME that needs to receive USD, EUR and other currencies from overseas clients, HitPay’s Collection Account (Virtual Account) gives you account details in your business name to collect multi-currency receivables. SGD arrives instantly via FAST; USD, EUR, GBP, AUD, HKD and the other listed currencies arrive via SWIFT, typically in 1–3 business days. Every receipt lands in your HitPay Wallet alongside your card, payment link and POS sales.
Pricing: no setup fee, no monthly fee. SGD: S$0.50 per collection. All other currencies: 1% FX fee when converted to SGD. Confirm on hitpayapp.com/sg/pricing.
Choose HitPay when the job is collecting receivables into the same ledger as your Singapore checkout. Choose a treasury-style multi-currency account (Airwallex, Aspire, Wise, Revolut) when you mainly need to hold balances and pay out in foreign currencies. HitPay is MAS licensed. This is a collection method, not a bank account.
01. Unified Collections
Singapore SMEs often manage customer payments and B2B transfers separately — one system for customers, another for partners. HitPay brings them together in one dashboard: card payments from customers, SGD FAST transfers from local partners, and SWIFT transfers in 12 currencies.
Customer payments (C2B) via cards, e-wallets, GCash, QR PH, GrabPay, ShopeePay, and payment links
Business receivables (B2B) via local SGD 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
03. 12 CURRENCIES
HitPay’s virtual account receives in 12 currencies - SGD instantly via FAST, plus 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 FAST transfers from local and overseas SGD senders · S$0.50/collection
USD · EUR · GBP · AUD · HKD - via SWIFT · 1% FX fee
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
12
Currencies receivable
1–3
Business days to approval
Pricing
Not a bank account: cannot hold funds in the VA or send money out from it; receipts always sweep to HitPay Wallet.
Currencies you can receive
SGD — local FAST, instant · S$0.50 per collection
Via SWIFT (1% FX fee on conversion to SGD): USD · EUR · GBP · AUD · HKD · CNH · CAD · NZD · NOK · SEK · CHF
12 currencies in total for Singapore-registered businesses. Confirm the current list on /sg/pricing.
| What | HitPay fee | Notes |
|---|---|---|
| Setup / monthly fee | None | — |
| SGD collection (FAST) | S$0.50 per collection | Instant |
| Other currencies (USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, CHF) | 1% FX fee | Converted to SGD at 1% over interbank mid-rate; SWIFT typically 1–3 business days |
| Where funds go | HitPay Wallet | Paid out on your normal HitPay payout schedule |
| Approval | Typically 1–3 business days | Existing merchants activate in the dashboard |
| Paying suppliers (BillPay, optional) | Local S$0.50/transfer; international from 0.5% FX | See /sg/pricing |
A HitPay Collection Account is for getting paid. Local customers and partners pay you in SGD via FAST, while overseas clients pay in 11 other currencies via SWIFT, with everything landing in your HitPay Wallet. A multi-currency account is for holding, converting and spending foreign currency. If you mainly need to receive and reconcile payments, start with the Collection Account.
Need a full business account rather than a collection account? See best multi-currency business accounts in Singapore.
| HitPay Collection Account | Multi-currency business account (typical) | |
|---|---|---|
| Main job | Receive payments and receivables | Hold, convert, pay out and spend |
| SGD in | FAST to your account details, instant, S$0.50 per collection | Varies by provider |
| Foreign currency in | 11 currencies by SWIFT, 1–3 business days, 1% FX fee | Local or SWIFT details in many currencies |
| Holds foreign-currency balances | No | Yes |
| Where the money lands | HitPay Wallet, next to checkout, POS and payment-link sales | The account balance |
| Pay suppliers | Use HitPay BillPay (FAST S$0.50; international from 0.5% FX fee) | Built in |
| Monthly fee | None | Varies |
Compare
Published fees as of October 2026 from each provider’s Singapore pricing page. “Not listed” means the provider doesn’t publish that figure.
| HitPay Collection Account | Airwallex | Aspire | Wise Business | Revolut Business | |
|---|---|---|---|---|---|
| Monthly plan | None | Explore free; Grow S$79/mo; Accelerate from S$399/mo (excl. GST) | Basic S$0; Premium S$15/mo | No monthly fee shown; 99 SGD one-time fee for account details | Basic S$0; Grow from S$15/mo; Scale from S$84/mo (annual billing) |
| Setup fee | None | $0 Global Account creation fee (SG fee schedule) | None | 99 SGD one-time (to get account details) | Not listed on Revolut's pricing page |
| Receiving currencies | 12 (SGD + 11 via SWIFT) | "Collect and hold in 20+ currencies" | 8 (SGD, USD, EUR, GBP, MYR, PHP, IDR, VND) | Account details in 22 currencies | "Receive and hold 35+ currencies" |
| Receive SGD locally | S$0.50 per collection (FAST) | 0% receiving fee (SG fee schedule) | Free (FAST/GIRO etc.) | Free (domestic) | Not listed on Revolut's pricing page |
| Receive USD | 1% FX fee (SWIFT) | 0% receiving fee (SG fee schedule) | ACH/Fedwire free; SWIFT USD 8 | Domestic free; SWIFT 6.11 USD | Not charged by Revolut ("other fees may apply") |
| Receive EUR | 1% FX fee (SWIFT) | 0% receiving fee (SG fee schedule) | SEPA free; SWIFT USD 8 equiv. | Domestic free; SWIFT 2.39 EUR | Not charged by Revolut ("other fees may apply") |
| FX conversion | 1% over interbank mid-rate (to SGD) | 0.4% over interbank (major); 0.6% (others) | Send: from 0.46% (Basic); Premium 0% on first S$13,000 | From 0.19% | Basic: interbank up to S$1,500/mo, then 0.6% |
Sources: HitPay · Airwallex and SG fee schedule · Aspire and Help Centre (receiving fees) · Wise · Revolut. YouBiz (SG): free FAST receiving, 8 currencies, S$0/month — see YouBiz.
Built In Benefits
From SGD instant receipts via FAST to SWIFT overseas wires, all in one account.
frequently asked questions
What is HitPay’s Collection Account (Virtual Account)?
A Collection Account is a dedicated receiving account in your business’s registered name for inbound business payments: invoices, receivables and B2B transfers. It is a collection method, not a bank account. Receipts settle into the same HitPay Wallet as your card, payment link and POS sales, so customer payments and receivables share one ledger. It is available to businesses registered in Singapore (ACRA-registered private limited company, LLP, sole proprietorship or partnership) or the Philippines. See the Virtual Accounts docs.
What currencies can a business receive, and which settle locally versus via SWIFT?
Singapore-registered entities receive SGD in real time via FAST, plus SWIFT transfers across 12 currencies in total (SGD, USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, CHF).
Will local EUR, GBP, and AUD receiving accounts be available for Singapore-registered entities?
Yes - local receiving accounts in EUR, GBP, and AUD for Singapore-registered entities are coming soon. Until they are available, these currencies are received via SWIFT into the SGD account structure.
How much does the Singapore Collection Account cost?
There is no setup fee and no monthly fee. SGD receipts via FAST are S$0.50 per collection. All other listed inbound currencies on the Singapore Virtual Account ratecard are charged a 1% FX fee (CNH, CAD, EUR, HKD, NZD, NOK, GBP, SEK, CHF and USD — including AUD received via SWIFT). Other-currency receipts are not free: each one carries the 1% FX fee when it converts to SGD. Confirm live figures on the Singapore pricing page and the Virtual Accounts docs.
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 is this different from Airwallex or Stripe?
Airwallex is often the fit when multi-currency treasury and FX cash management is the primary purchase; see HitPay vs Airwallex Singapore and verify Airwallex fees on their own site. Stripe is commonly compared for card and checkout stacks; see HitPay vs Stripe. A HitPay Collection Account is for receivables landing in the same HitPay Wallet as your online checkout, POS and payment links, rather than a separate treasury stack.
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.
How does HitPay Collection Account compare to Aspire, Airwallex, or YouBiz?
Aspire, Airwallex, and YouBiz are usually evaluated as multi-currency business / spend accounts. HitPay’s Collection Account is a receivables collection method: own-name inbound details that sweep into the same HitPay Wallet as your online checkout, POS and payment links. It is not a treasury account for holding multi-currency balances. HitPay fees: SGD S$0.50/collection; other listed currencies 1% FX — /sg/pricing. For Aspire, Airwallex, or YouBiz fees, verify each provider’s own Singapore pages (never rely on third-party tables).
What is the best virtual account for multi-currency receivables for a Singapore SME?
It depends on the job. If you mainly need to collect invoices and B2B transfers from overseas clients and want those receipts in the same place as your card, payment link and POS sales, HitPay’s Collection Account gives you account details in your business name for SGD (S$0.50 per collection via FAST) and 11 other currencies via SWIFT (1% FX fee), with no setup or monthly fee. If you mainly need to hold and pay out foreign-currency balances, treasury-style accounts such as Airwallex, Aspire, Wise or Revolut Business are built for that. Compare the published fees in the table above.
What is the best collection account to receive USD and EUR in Singapore?
With HitPay's Collection Account, overseas clients pay USD or EUR by SWIFT to account details in your business name. Funds typically arrive in 1–3 business days and are converted to SGD at a 1% FX fee over the interbank mid-rate, landing in your HitPay Wallet. There is no setup fee and no monthly fee. Other providers publish different structures: for example, Wise charges 6.11 USD per incoming USD SWIFT payment and Aspire USD 8 per incoming USD SWIFT transfer. Check each provider's pricing page before you choose.
What is the best multi-currency business account in Singapore?
HitPay is not a multi-currency bank account. It’s a payments platform with a multi-currency Collection Account for receivables. If you want one place to receive overseas payments and also accept cards, e-wallets and in-person payments, HitPay fits. If you want to hold balances in many currencies and pay suppliers abroad from them, compare Airwallex (20+ currencies), Wise (22 currencies of account details), Revolut Business (35+ currencies) and Aspire (8 currencies) on their published fees.
Aspire vs Airwallex vs Revolut vs Wise vs HitPay: which multi-currency business account suits a Singapore business?
Airwallex, Aspire, Wise and Revolut Business are multi-currency accounts built around holding balances, cards and payouts. HitPay is a payments platform whose Collection Account collects receivables in SGD and 11 other currencies into the same wallet as your checkout and POS sales: S$0.50 per SGD collection, 1% FX fee on other currencies, no monthly fee. Choose by job. Use HitPay for collecting from customers in one ledger. Use the others for treasury and foreign-currency payouts. The comparison table above lists each provider's published fees.
Can I receive local SGD and overseas SWIFT payments into the same HitPay account?
Yes. SGD collections via FAST and SWIFT receipts in the listed currencies all land in your HitPay Wallet, alongside the payments you take online and in person, and follow your normal HitPay payout schedule.
What's the difference between a Collection Account and a multi-currency account?
A multi-currency business account (for example Airwallex, Wise, Aspire or Revolut Business) lets you hold balances in several currencies, convert, pay out and often spend on cards. HitPay’s Collection Account is a way to receive money: account details in your business name that people pay into. Every receipt lands in your HitPay Wallet alongside your card and payment link sales. It doesn’t hold foreign-currency balances or send money out.
How do local customers pay my business in SGD?
Your HitPay Collection Account comes with its own account details. Local customers and partners pay you in SGD via FAST using those details, and the money arrives instantly in your HitPay Wallet.
How much does it cost to receive SGD?
S$0.50 per SGD collection via FAST, with no setup or monthly fee. Other listed currencies have a 1% FX fee.
Which currencies can I receive?
SGD arrives instantly via FAST. USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK and CHF arrive via SWIFT, typically in 1–3 business days.
When should I choose a multi-currency account instead?
If you need to hold foreign currency, convert at will, pay overseas from a foreign-currency balance or issue corporate cards, a multi-currency account fits better. If you mainly need to get paid and want receivables in the same place as your checkout, use the Collection Account, and pay local suppliers with BillPay.
Is the Collection Account available in Malaysia?
No. The Collection Account is for Singapore-registered businesses on this page.
Is my money safe?
HitPay is MAS licensed.
How do I get an SGD receiving account with FAST?
Open HitPay’s Collection Account (for Singapore-registered businesses). Your business gets its own account details, and customers pay you in SGD via FAST. Funds arrive in real time in your HitPay Wallet at S$0.50 per collection, with no setup or monthly fee. It’s a collection method, not a bank account.
How do I collect B2B invoice payments into one account?
Put your Collection Account details on your invoices. SGD arrives via FAST at S$0.50 per collection, while USD, EUR and the other listed currencies arrive via SWIFT in 1 to 3 business days, converted to SGD at a 1% FX fee. Every receipt lands in your HitPay Wallet alongside your card, payment link and POS sales.
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