Collection Account
Virtual Accounts
QUICK ANSWER
HitPay’s Collection Account (Virtual Account) is a receivables collection method for Singapore-registered businesses, not a bank account you hold money in. Share own-name account details so clients and partners pay invoices or B2B transfers via SGD FAST/PayNow in real time and SWIFT in additional currencies; every receipt sweeps into your Available HitPay Wallet beside card, PayNow and POS sales, then follows your normal HitPay payout schedule. No setup fee · no monthly fee. SGD collections are S$0.50 per receipt; AUD A$3.00; other listed inbound currencies free; FX to SGD is 1% over interbank mid-rate (confirm live on hitpayapp.com/sg/pricing and docs.hitpayapp.com/finance/virtual-accounts). HitPay Payment Solutions Pte. Ltd. is a MAS Major Payment Institution (PS20200643). Existing merchants activate from the dashboard, typically 1–3 business days for approval, then share details on an invoice and collect a first receipt.
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 12 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. 12 CURRENCIES
HitPay’s virtual account receives in 12 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
12
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
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, PayNow 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/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 much does the Singapore Collection Account cost?
There is no setup fee and no monthly fee. SGD receipts via FAST/PayNow are S$0.50 per collection and AUD is A$3.00. Other listed inbound currencies (USD, EUR, GBP, HKD, CNH, CAD, NZD, NOK, SEK and CHF) are free. Converting to SGD uses 1% over the interbank mid-rate. 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 are funds safeguarded, and is HitPay MAS-licensed?
Each account is held in your business’s own name with a regulated banking partner, never pooled with other merchants’ money. HitPay Payment Solutions Pte. Ltd. is a MAS Major Payment Institution, licence PS20200643. Details on the licences and registrations page.
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 PayNow 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.
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