Frequently Asked Questions

Get instant answer to the most common questions and learn how to use Steadfast "Send Online" like a pro.

Registration

1. Am I eligible for registration?

If you are a resident of Singapore, or a business based in Singapore, you can sign up with us

2. How do I register for your service?

For individuals, you will have to come down to our office for the first time and bring:

  1. NRIC/ Work Pass/ Passport
  2. A document showing your current address such as
    • tenancy agreement
    • electric power bill
    • phone bill
    • bank statement
    • income tax assessment
    • any other government correspondence
  3. Your salary slip for the last month (or last 3 months if you intend to send more than 5,000 SGD per transaction) / other documents showing income
    Subsequently you may continue to send with us online.
    For businesses, please email us at transfer@steadfastmoneytransfer.com
3. How long does the registration take?

It will take around 15 minutes

4. Why is face-to-face verification necessary?

As we are regulated by the Monetary Authority of Singapore, we are required to complete the “Know Your Client” (KYC) procedure before we allow our clients to start transacting on our website. As part of this KYC process, we need to meet with you face-to-face and to check your original identification documents.

Rates & Charges

1. How much are the fees for my transaction?

Our fees differ from countries and corridors of transfers. Please use our rate calculator to find out the exact fees for your transaction

2. Why are your rates different from online rate converters i.e. Google, Bloomberg, Reuters etc.

Exchange rates shown online are the rates that banks use to trade with other banks for transactions of at least 1 million US dollars. These rates are not always available to us as we are not a bank

Sending Money

1. What is the maximum amount of money I can send?

We do not place limits on the amount of money that you can send as long as you can provide supporting documents to show the purpose of the transaction, and the source of the funds. There are daily limits imposed by your bank on the amount of money you can transfer to us. If you need to transact a larger amount, kindly contact our office for assistance.

However, if you do not have supporting documents, the maximum amount of money that can be transferred per month is according to the Singapore pass you hold, as follows:

  1. Singapore Pink/Blue NRIC : 5,000 SGD
  2. S Pass / Employment Pass: 5,000 SGD
  3. Work Permit: 2,000 SGD
  4. Social Visit: 1,000 SGD
2. How do I pay for my transaction?

Payment can be made by paying cash at our branch, internet banking funds transfer, ATM funds transfer, or cheque.

NEW! We can accept PayNow payments using our UEN 200609555W

We strictly do not accept cash deposits directly to our account eg. at the ATM machine or at the bank branch. Cash is only accepted at the Steadfast office.

3. How long will it take for my beneficiary to receive the money?

We try our best to move your money as quickly as possible. However, how long it takes is also dependent on the following:

  1. The country you are sending to
    Each corridor is different. Please click here and select the relevant country to find out the crediting time
  2. Method of payment
    Some methods take longer to clear than others. Transactions paid in cash are processed faster than those paid with cheques, which take 2 business days to clear
  3. What time you pay
    Did you send before or after the cut-off time for the day?
  4. Whether correct and complete transaction information is given
    Incorrect or incomplete transaction details will delay the process. Amendments or refunds will take an even longer time
  5. AMLA checks
    Bigger amounts take a longer time to be cleared
4. How long will it take for me to receive my receipt after I have submitted my transaction and made payment?

The receipt will arrive in your email usually within 2 hours.

There may be a delay if there is a problem with the transaction details or payment. We will give you a call for clarification.

Receiving Money in Singapore

1. I am an individual or business based in Singapore. Can I receive money from overseas? Which countries can I receive from?

Yes, we can assist you to receive funds from the Philippines and Indonesia at minimal charges. We will need supporting documents to show where the funds are coming from.

Such documents include but are not limited to:

  • Invoice for supplier payment
  • Sales Agreement of overseas property
  • Dividends paid by overseas company
  • Bank statement

For other countries, give us a call at 6734 8035 during office hours so that we may advise and assist you.

For Organisations

1. My company needs to transfer money frequently. Is it possible for me to get the rates daily?

Yes, we will be able to provide you with rates and services based on your company’s needs, after you have registered with us.

2. What is a batch payment?

A batch payment allows you to send many transfers in one go by uploading a batch file. You can combine all payments into a single payment to Steadfast to fund all the transfers in the batch.

This is especially for companies who have to make multiple transactions to multiple beneficiaries such as employees, suppliers or vendors overseas.

For any enquiries, email us at transfer@steadfastmoneytransfer.com and we will link you with a Relationship Manager who will assist you.

Online Transfer

1. How do I make payment?

You can make payment by:

PayNow:

UEN no. 200609555W

Bank Transfer:

Steadfast Money Transfer Pte. Ltd.

DBS Current Account 0149020840

2. When will I receive the receipt?

It usually takes a few hours as we need to confirm your payment before the receipt is sent to your email address.

If there is an issue with your payment, we will give you a call.

Pending Transactions

1. There is a mistake in the transaction details. How do I amend it?

Call us immediately at +65 6734 8035 during office hours so that we can assist you.

2. Is it possible to refund my transfer?

It depends on the type of transaction and whether the transfer has been completed. The transfer fee cannot be refunded.

3. Why can’t my beneficiary claim the funds I sent at the cash pickup agent?

Please first check that you are giving your beneficiary the correct reference number, and that your beneficiary is also picking up the money with the correct reference number.

For Philippine pick-up transactions, M Lhuillier and Cebuana branches tend to run out of cash during the peak periods (the beginning and the end of the month), especially if the branch is located in the provinces. To avoid such situations, advise your beneficiary not to pick-up money during the peak period, or call the branch in advance before making the trip there.

About

1. How safe is Steadfast?

Steadfast Money Transfer Pte. Ltd. is licenced to operate a remittance business (RA No. 01486) and is regulated by the Monetary Authority of Singapore (MAS).

We keep all your information and documents provided confidential as per our Personal Data Protection Policy (PDP).

Any enquiries regarding the privacy of your personal or transaction information can be emailed to dpo@steadfastmoneytransfer.com

2. Will Steadfast be closed during the CoVID-19 period?

Steadfast is considered an essential service and will continue operating our office for walk-ins, and our website for online transactions as per usual.

For the latest updates, follow us on  Facebook or call us at +65 6734 8035