> ## Documentation Index > Fetch the complete documentation index at: https://docs.hitpayapp.com/llms.txt > Use this file to discover all available pages before exploring further. # Virtual Accounts > Receive local and international business payments into a dedicated account, available to businesses registered in Singapore or the Philippines. ## Overview A Virtual Account is a dedicated receiving account, issued in a business's registered name, for inbound business payments - invoices, receivables, and B2B transfers. It is separate from customer-facing checkout (payment links, POS, online store) but settles into the same HitPay Wallet, so business receivables and customer payments appear in one transaction ledger. Virtual Accounts are available to businesses registered in **Singapore** or the **Philippines**. Which currencies and transfer networks you get depend on where your business is registered. ![Virtual Accounts page in the HitPay Dashboard, showing bank details and a Received transfers log with completed transfers across multiple currencies](https://mintcdn.com/hitpay/oG_1za_YgsOqA4tZ/images/finance/virtual-accounts-overview.png?fit=max\&auto=format\&n=oG_1za_YgsOqA4tZ\&q=85\&s=0c4ca47bbda6ecbcacb659020c80c0a0) ## How funds flow A Virtual Account is a **collection method, not a bank account**. Funds never sit in it - every transfer moves straight through to your HitPay Wallet and out to your bank, the same way your customer payments do. **1. Payer sends a transfer** A client, partner, or marketplace sends money to your Virtual Account details from their own bank. **2. Funds land in your HitPay Wallet** The transfer is collected into your **Available** HitPay Wallet, alongside the rest of your HitPay sales. > [!NOTE] > > This can be **instant or take up to 3 business days**, depending on the Virtual Account you use and the currency sent. **3. Paid out to your bank** Funds are paid out to your linked external bank account on your normal HitPay **payout schedule** (daily, weekly, or monthly). > [!WARNING] > > * You can't hold funds in a Virtual Account or send money out of it. > * **Refunds are not supported** for Virtual Account transactions. If money needs to be returned to a payer, send it back manually, outside of HitPay. ## Country and currency availability The currencies you can receive, and the bank location of each Virtual Account, depend on where your business is registered. **Singapore** | Bank location | You can receive | Rails (transfer networks) | Settlement | | - | - | - | - | | Singapore | SGD | FAST, PayNow | Real-time to HitPay Balance | | Singapore | USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, CHF | SWIFT | Real-time to HitPay Balance | | Philippines | PHP | InstaPay, PESONet | T+3, automatically converted to SGD | Singapore-registered businesses can receive 13 currencies in total. **Why hold an account in another country?** A Virtual Account held with a bank outside Singapore is mainly for your customers' convenience. With a PHP account, customers in the Philippines pay you like a local - through GCash, Maya, or any Philippine bank over InstaPay or PESONet - instead of making an international transfer. Funds are automatically converted to SGD and settled into your HitPay Wallet. > [!NOTE] > > Local GBP, EUR, and AUD receiving accounts are coming soon. Until available, these currencies are received via SWIFT into the SGD account structure. **Philippines** | Bank location | You can receive | Rails (transfer networks) | Settlement | | - | - | - | - | | Philippines | PHP | InstaPay, PESONet | Real-time to HitPay Balance | ## How to activate Activating a Virtual Account does not require a separate sign-up or another business verification check - it uses the same HitPay account you already have. **1. Create your free HitPay Account** Sign up or log in to [HitPay](https://dashboard.hit-pay.com). You'll need to **complete onboarding and have payments enabled** for your business before you can activate a Virtual Account. **2. Create your Virtual Account** In the HitPay Dashboard, go to **Settings > Payments > Virtual Accounts**. ![Virtual Accounts page in the HitPay Dashboard, showing bank name, account name, address, and supported currencies for a Singapore-registered SGD account, with a Received transfers log below](https://mintcdn.com/hitpay/oG_1za_YgsOqA4tZ/images/finance/virtual-accounts-dashboard.png?fit=max\&auto=format\&n=oG_1za_YgsOqA4tZ\&q=85\&s=f3c619b5d9d1e1db6b21fe63a9140a9b) Each Virtual Account entry shows: | Field | Description | | - | - | | Bank name | The regulated banking partner holding the account (for example, DBS Bank) | | Account name | The registered business name the account is issued to | | Address | The registered address associated with the account | | Supported currencies | The currencies receivable into this account | Below the account details, **Received transfers** lists incoming payments by date and amount, filterable by status: **All**, **Completed**, **Pending**, or **Failed**. Approval typically takes **1–3 business days**. **3. Account issued** Once approved, the account number (and SWIFT/BIC, where applicable) is available on the Virtual Accounts page. Use **Copy account details** to copy them as a ready-to-send message and share it with your payers. ## What it's for * **Business collections and receivables** - amounts owed by customers or clients, collected into the same account as other receivables. * **Invoice receivables** - let clients pay an invoice by bank transfer, straight into your Virtual Account. See [Accepting invoice payments](#accepting-invoice-payments) below. * **B2B collections** - payments from partners, distributors, or marketplaces. ## Accepting invoice payments Add Bank transfer as a payment option on your invoices, so clients can pay by transferring money from their own bank instead of paying online. > [!NOTE] > > Invoice payments via Virtual Account are currently available for **Singapore-registered businesses only**. Support for the Philippines is coming soon. **1. Turn on Bank transfer as a payment method** When creating or editing an invoice, open **Payment methods** and switch on **Bank transfer**, alongside any other methods you offer. ![Invoice creation screen in the HitPay Dashboard with the Payment methods panel open and the Bank transfer toggle switched on](https://mintcdn.com/hitpay/oG_1za_YgsOqA4tZ/images/finance/virtual-accounts-invoice-payment-method.png?fit=max\&auto=format\&n=oG_1za_YgsOqA4tZ\&q=85\&s=130057d712f810d4442fdfc07ba81e95) **2. Your client pays by bank transfer** On the invoice, your client selects **Bank transfer** under **How to pay**. They'll see your Virtual Account's bank name, account number, and SWIFT code - plus a unique **Payment reference** for that invoice. ![Customer-facing invoice payment page with Bank transfer selected, showing the Virtual Account bank details and a highlighted Payment reference field](https://mintcdn.com/hitpay/oG_1za_YgsOqA4tZ/images/finance/virtual-accounts-invoice-bank-transfer.png?fit=max\&auto=format\&n=oG_1za_YgsOqA4tZ\&q=85\&s=494f0d8f1ed44487f3c8adbf153daa8a) > [!WARNING] > > * **The Payment reference must match exactly.** Nothing added, removed, or changed - HitPay uses it to automatically match the transfer to the right invoice. If it's missing or altered, the payment may not be detected and the invoice won't be marked as paid on time. Let your clients know about this before they pay. > * **Only full payments are matched.** A transfer must be for the full invoice amount. Partial payments are not recorded or associated with the invoice. Once HitPay matches the transfer to the invoice, it's marked as paid, and the funds are collected the same way as any other Virtual Account payment - see [How funds flow](#how-funds-flow). ## Account details and reconciliation * The account number (and SWIFT/BIC, where applicable) is issued in the business's registered name - not a shared or pooled account. * Customer payments (cards, PayNow, GCash, QR, wallets) and business receivables settle into the same HitPay Wallet and appear in one transaction ledger, each entry tagged with sender, currency, amount, and fee. * A single reconciliation export covers both transaction types. * Every Virtual Account collection appears in **Transactions** with its own charge ID, showing the sender, amount, fee, and the Virtual Account it was received into. * Singapore-registered entities can additionally sync transactions to Xero or QuickBooks. ## Fund custody Each currency balance is held with a regulated banking partner in your business's own name - never pooled together with other merchants' funds. In Singapore, HitPay Payment Solutions Pte. Ltd. is licensed as a **Major Payment Institution** (PS20200643) under the Payment Services Act. In the Philippines, HitPay Payment Solutions Inc. is a **Registered Operator of a Payment System** regulated by Bangko Sentral ng Pilipinas (BSP registration OPSCOR-2023-0006) and registered with the Anti-Money Laundering Council (AMLC registration PBSP-20230220903000068-5). ## Pricing There are no monthly or setup fees in either market. You only pay per collection received. **Singapore** | Currency | Collection fee | | - | - | | SGD (FAST/PayNow) | S\$0.50 per collection | | PHP (InstaPay/PESONet) | PHP 15 flat fee per collection, 0% transaction fee | | AUD | A\$3.00 per collection | | All other currencies | Free | Currencies other than SGD are converted to SGD at **1% over the interbank mid-rate**. **Philippines** | Currency | Collection fee | | - | - | | PHP (InstaPay/PESONet) | PHP 15 per collection, PHP 20 minimum | Fees are subject to change. Full pricing is at [hitpayapp.com/pricing](https://www.hitpayapp.com/pricing). ## API integration You can manage Virtual Accounts programmatically - create a Virtual Account, retrieve its details, or list existing accounts. See the [VA (Virtual Account) API reference](/apis/virtual-account/create-va). ## FAQs > **Which businesses are eligible?** > > Businesses registered in Singapore (private limited company, LLP, sole proprietorship, or partnership under ACRA) or the Philippines (sole proprietorship, partnership, or corporation under DTI/SEC). The account type issued depends on the registration market - see [Country and currency availability](#country-and-currency-availability). > **What currencies can a business receive, and which settle locally versus via SWIFT?** > > Singapore-registered entities receive SGD in real time via FAST/PayNow and PHP via a local PHP account (InstaPay or PESONet), plus SWIFT reach to SGD, USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, and 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 GBP, EUR, and AUD receiving accounts be available for Singapore-registered entities?** > > Yes - local receiving accounts in GBP, EUR, and AUD for Singapore-registered entities are coming soon. Until then, these currencies are received via SWIFT into the SGD account structure. A local PHP receiving account is already available for Singapore-registered entities - see [Country and currency availability](#country-and-currency-availability). > **How does the PHP account work for Singapore businesses?** > > Singapore businesses can accept PHP from customers in the Philippines through local payment rails (InstaPay and PESONet), so customers can pay via GCash, Maya, or any Philippine bank. Funds are automatically converted to SGD at 1% over the interbank mid-rate and are available in your HitPay Wallet on **T+3**. The fee is a flat PHP 15 per collection, with no transaction fee and no monthly or setup fee. To request one, your business needs Payments enabled and QRPH enabled. > **How does the PHP account work for Philippines businesses?** > > Philippines-registered entities receive a persistent local PHP account reachable by any InstaPay- or PESONet-connected bank or e-wallet, including GCash, Maya, BPI, BDO, and UnionBank. Transfers settle in real time. The fee is a flat PHP 15 per collection with a PHP 20 minimum; there is no monthly or setup fee. > **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?** > > Each account is held in your business's own name with a regulated banking partner, never pooled together with other merchants' money. HitPay Payment Solutions Pte. Ltd. is licensed as a Major Payment Institution in Singapore (MAS licence PS20200643), and HitPay Payment Solutions Inc. is a Registered Operator of a Payment System regulated by Bangko Sentral ng Pilipinas (BSP registration OPSCOR-2023-0006) in the Philippines. > **How is this different from HitPay Payouts?** > > Payouts moves a business's settled HitPay sales balance out to an external bank account. Virtual Accounts are the receiving side - they let customers, partners, or marketplaces send money into a dedicated account in the business's name, whether that's a customer sale, an invoice payment, or a B2B transfer. > **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](#how-funds-flow). > **Can I close my Virtual Account?** > > Singapore-registered businesses can close a Virtual Account held with a bank in Singapore. Once it's closed, the account can no longer receive funds - any payer who tries to send money to it will see an error. Make sure your clients and partners have updated payment details before you close it. > **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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