What remittance methods are supported?

BiyaPay supports local and international remittances. When you bind the receiving bank account, you can view the specific supported remittance methods. The specific information is subject to the display when binding.

Local remittance

1.Local Transfer

Scope of application: Transfer of funds between bank accounts within the same country or region.

Features:

• Low fees: Usually the fees are low, and some banks even offer free services.
• Fast: Funds usually arrive within a few minutes to a few hours, and sometimes it may take 1-2 working days.
• Remittance method: Remittance is made through telegraphic transfer.
• Security: Protected by the bank’s security system to ensure transaction security.

2.Singapore FAST remittance

Applicable scope: Instant fund transfer between Singapore bank accounts.

Features:

• Instant transfer: Funds usually arrive in a few seconds.
• All-weather service: 24-hour operation throughout the year.
• Low cost or free: The specific cost depends on the bank’s policy.
• Security: Adopting advanced security technologies and protocols to ensure the security of funds and information.

3.Hong Kong FPS Remittance

Applicable scope: Instant fund transfer between Hong Kong bank accounts and Stored Value Facilities.

Features:

• Instant transfer: usually completed within a few seconds.
• All-weather service: 24-hour operation throughout the year.
• Currency support: Supports Hong Kong dollars.
• Security: Adopting advanced security technologies and protocols to ensure the security of funds and information.

4.US ACH Remittance

Applicable scope: Electronic fund transfer between domestic bank accounts in the US.

Features:

• Low cost: Compared to telegraphic transfer, the cost is lower.
• Widely used: for salary payment, bill payment, personal transfer, etc.
• Trading time: Usually takes 1-2 working days to complete.

5.US ABA remittance

Applicable scope: US domestic bank transfers using ABA numbers.

Features:

• ABA Number: Used to identify a specific US Bank or Financial Institution.
• Main applications: used for check processing, ACH remittance and telegraphic transfer, etc.
• Recognition function: Ensure the accuracy and efficiency of fund transfer.

International remittances

1.SWIFT remittance

Scope of application: International remittances between bank accounts in over 200 countries and regions worldwide.

Features:

• Global Coverage: Connecting tens of thousands of Financial Institutions worldwide.
• High security: using strong encryption technology and strict security protocols.
• High efficiency: usually completed within 1-5 working days, the specific time depends on the bank’s processing speed.
• Fees: May include fees for the issuing bank, the receiving bank, and the intermediary bank.

2.SEPA remittance

Scope of application: Euro payments between eurozone countries.

Features:

• Area of coverage: Applicable to all member states of the European Economic Area and some other European countries.
• Uniform standards: Use uniform payment standards and processes.
• Fast and efficient: usually completed within 1-2 working days.
• Low cost: transparent fees, usually low, and sometimes even free.