On 31st December 2019, in response to the new Payment Services Act (PSA), we announced that from 22nd January 2020 onwards, all Xfers personal accounts will have a combined holding limit of SGD 5,000.00 and annual spend limit of SGD 30,000.00.
Since then, we have received inquiries on how withdrawals from Xfers Wallets are being affected. With effect from 28th February 2020, 1630HR (GMT +8), we are pleased to share that every verified personal account of Xfers will now have zero withdrawal fees and a daily withdrawal limit of SGD 10,000.00. Please note that:
- This daily withdrawal limit refers to the withdrawal of funds from your Xfers account (General Wallet, Digital Goods Wallet and Temporary Holding Balance) to your verified bank account. This withdrawal limit does not refer to the withdrawals from our merchants to your Xfers account.
- Withdrawal limits between our merchants and your Xfers account will proceed as usual, as per the limit imposed by each merchant.
- There are also no monthly withdrawal limit implemented.
Please be reminded that in the event that there is an excess balance beyond the permitted holding of SGD 5,000.00 in your Xfers account (combined balance in Xfers General Wallet and Digital Goods Wallet), the excess will be automatically moved to a Temporary Holding Balance at the end of the day. Please refer to this guide on how to withdraw your excess balance from the Xfers dashboard. This Temporary Holding Balance will only appear when there is a balance in it.
If you face difficulties related to withdrawals or require other forms of assistance, please submit a support ticket here. We will reply to your inquiry during our office hours: Weekdays: 9:30AM - 6:30PM (GMT +8), Weekends: 9.30am - 1.30PM (GMT +8).