The earliest payment arrival date will be displayed to you during the payment setup process. It requires around 3 business days from the moment you set up the payment on our platform for the payment to reach your recipient.
You can expect the payment to reach your recipient on time if you have
provided the correct recipient bank account details
uploaded the accurate supporting payment documents for payment approval
have sufficient funds into your account to process the payment
*Also note that the payment arrival date is also subject to your recipient’s bank processing time.
When you make an international payment using our platform, here's what happens:
Payment Setup:
After you've set up the payment on our platform, it usually takes about 3 business days for the payment to reach the recipient. It's like sending a package that takes a few days to arrive at its destination.
Account Debit:
Once our compliance team gives the green light, we'll deduct the required amount in SGD from your account. It's similar to making sure you have enough money to cover what you're sending.
Payment Approval:
After the payment is approved and we've taken the necessary amount from your account, we move on to the next step.
Currency Conversion:
We then take care of changing the money from SGD to the currency the recipient uses.
Payout to Recipient:
The recipient gets the money in their own currency.
Stay in the Loop:
Throughout this process, we'll keep you in the loop by letting you know about the status of your payment. It's like getting updates on your order when you shop online.
So, all in all, it takes about 3 business days from the moment you set up the payment for the money to reach the recipient. During this time, we're making sure everything is secure and accurate.
What happens if my payment is not approved on time? Will there be any cancellation imposed?
Our team targets to review and approve your payments within 1 business day.
The real-time market exchange rates get updated constantly. We will lock the exchange rate* once your payment setup is completed
The locked-in exchange rate will only be held until the next business day by which our team would approve your payment and capture required funds from your account.
*We accept up to a 1% rate fluctuation in your locked-in rate. If the rate changes by more than 1% during the locked-in period, we will cancel and refund your payment.
Why is the locked-in exchange rate important to you?
While the market exchange rates get updated constantly, the amount required for your payment will change if there is no locked-in exchange rate.
The locked-in exchange rates ensure that your converted payment amount remains until the stipulated time so you don’t have to worry about rate fluctuations.
To ensure that your payment can be processed on time, make sure you keep the required available balance in your account.
What if the funds transfer failed for my payment before the cut-off time?
We will not be able to process your payment if the full amount does not reach us by the cut-off time. Your payment will therefore be cancelled.
If your payment is cancelled, the full amount will be refunded to your bank account as stated in your Elevate account.
What if my payment setup falls on a weekend or public holiday?
We do not process payments on weekends or public holidays.
The earliest arrival payment date displayed to you during payment setup is based on business days.