To all valued users of Xfers,
It is with great care that our team at Xfers would like to share an important update with regards to the upcoming Payment Services Act that will commence on 28th January 2020.
In light of the new Act, Xfers will be adopting these changes with regards to all Xfers User Wallets. Starting from 22 January 2020, 0000HR (GMT +8), new holding and annual spending limits will be adopted as required by the Act. Please refer to the diagram below for more details.
If you have a combined balance in both General Wallet and Digital Goods Wallet exceeding S$5,000 as of 22 January 2019, the excess funds will automatically be moved out of these two wallets and will be stored as your Temporary Holding Balance. This will be made available for withdrawal on your Xfers dashboard.
We understand that this change may cause some inconveniences. If you face difficulties related to withdrawing your excess funds or require other forms of assistance, please submit a support ticket here. We will reply to your inquiry within two working days.
In addition, Xfers is taking on a proactive stance to adapt to the new payment regulations in Singapore.
- We are in frequent discussions with our regulators to gather industry feedback. With regard to the Payments Services Act, our regulators have indicated that the limits will be reviewed periodically. Help share your opinions in the following survey and we will compile them for such reviews. Share your thoughts here: Xfers survey for the Payments Services Act
- A new payment solution is currently being developed to help our users transact at higher amounts. Please keep a lookout for the announcement in the year 2020!