In line with the upcoming Payment Services Act, we have the following updates for your Xfers Wallet, effective January 22, 2020:
- The combined holding limit in General Wallet and Digital Goods Wallet will be capped at S$5,000.00.
- The combined annual spending limit of General Wallet and Digital Goods Wallet will be capped at S$30,000.00.
Any amount exceeding $5,000.00 will be stored as your Temporary Holding Balance and will be made available for withdrawal on your Xfers dashboard.
For example, if you have S$ 8.00 in your Digital Goods wallet, $2.00 in your General wallet, and a pending S$ 500.00 top up request, this means that you have consumed a total of S$ 510.00 of your account's holding limit. You will still have S$ 4,490.00 remaining in your holding limit.