StraitsX assigns unique bank wire instructions to each end-user of the StraitsX business account holder. The StraitsX business account maintains an internal ledger of user’s funds.
Payout API
Send and program payouts via multiple payment rails.
What documents are required to open a StraitsX Business Account?
We require the ownership information of your business. For each owner, we would require a valid passport / national ID (NRIC) scanned document, and a proof of residential address with at least 3 months' validity. Businesses would also need to provide ACRA/Bizfile documentation, Memorandum or Articles of Association, and a corporate bank account statement.
How can I set up StraitsX APIs?
StraitsX provides support in integrating your application/website with our APIs. Reach out to our sales team via our contact sales page.
What are the settlement times for StraitsX Business Accounts?
Settlement times of StraitsX Business Accounts is as follows: Bank Transfer In (FAST): 5 to 10mins. Bank Transfer In (Indonesia): 5 to 15 mins. Bank Transfer Out (FAST): Up to 90mins. Bank Transfer Out (Indonesia): 5 to 15mins. XSGD/XIDR Transfer In: Near-instant (30 confirmations) XSGD/XIDR Transfer Out: Up to 1 business day (1 hour in most cases)
*Bank settlement times for Indonesia is estimated based on central bank working hours. Please allow up to 1 business day for transactions outside of central bank working hours.
What are the transaction limits to StraitsX Business Accounts?
For SGD transfers in, there are no limits. For XSGD transfer out, a 2,000,000 XSGD limit applies per transaction. For SGD bank transfer out, there is a standard limit of 200,000 SGD, which can be increased by reaching our sales team. For IDR transfer in and out, a 2,000,000 IDR limit applies per transaction. For XIDR transfer ins, there is no limit. For XIDR transfer outs, a 2,000,000 XIDR limit applies per transaction.
What are the fees for StraitsX APIs?
StraitsX API fees are as follows: Set up fees: one-time fee including account creation, verification, onboarding support, API integration support. Account maintenance fees: monthly fee covering account maintenance, customer support, tech support, corporate funds settlement out of StraitsX, monthly reports. Transactions fees: per transaction fee covering customer funds settlement.