> ## 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**. The account type, local rails, and currency reach issued to a business depend on where it is registered.

<Info>
  Virtual Accounts are for receiving inbound business payments. They are separate from [Payouts](/getting-started/payouts), which pays a business's settled HitPay sales balance out to an external bank account.
</Info>

## Currency and rail support

Currency reach differs by where the business is registered.

| Country     | Currencies supported                                       | Rails               | Settlement                  |
| ----------- | ---------------------------------------------------------- | ------------------- | --------------------------- |
| Singapore   | SGD, USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, CHF | FAST, PayNow, SWIFT | Real-time to HitPay Balance |
| Philippines | PHP                                                        | InstaPay, PESONet   | Real-time to HitPay Balance |

Combined, 13 currencies are receivable across both markets (12 for Singapore-registered entities, plus PHP for Philippines-registered entities).

<Info>
  Local EUR, GBP, and AUD receiving accounts for Singapore-registered entities are coming soon. Until available, these currencies are received via SWIFT into the SGD account structure.
</Info>

## How to Activate

Activating a Virtual Account does not require a separate sign-up or a second KYB check.

<Steps>
  <Step title="Create your free HitPay Account">
    Sign up or log in to [HitPay](https://dashboard.hit-pay.com).
  </Step>

  <Step title="Create your Virtual Account">
    In the HitPay Dashboard, go to **Payments > Virtual Accounts**.

    <img src="https://mintcdn.com/hitpay/ImrHA_kf6TufzVN7/images/finance/virtual-accounts-dashboard.png?fit=max&auto=format&n=ImrHA_kf6TufzVN7&q=85&s=2049581764171076dd4a0b81cf5ce152" alt="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" width="1998" height="911" data-path="images/finance/virtual-accounts-dashboard.png" />

    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**.
  </Step>

  <Step title="Account issued">
    Once approved, the account number (and SWIFT/BIC, where applicable) is available on the Virtual Accounts page and can be shared with payers.
  </Step>
</Steps>

## What it's for

* **Business collections and receivables** - amounts owed by customers or clients, collected into the same account as other receivables.
* **Invoice receivables** - account and SWIFT/BIC details placed on an invoice for payment by direct bank transfer.
* **B2B collections** - payments from partners, distributors, or marketplaces.

## 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.
* Singapore-registered entities can additionally sync transactions to Xero or QuickBooks.

## Fund custody

Each currency balance is held with a regulated banking partner appropriate to that market and currency, in the business's own name - not pooled with other merchants' funds in a single e-money float. 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

| Market      | Fee                          | Amount                                     |
| ----------- | ---------------------------- | ------------------------------------------ |
| Singapore   | Monthly or setup fee         | None                                       |
| Singapore   | SGD collection (FAST/PayNow) | S\$0.50                                    |
| Singapore   | AUD collection               | A\$3.00                                    |
| Singapore   | Other currencies, inbound    | Free                                       |
| Singapore   | FX conversion to SGD         | 1% over interbank mid-rate                 |
| Philippines | Monthly or setup fee         | None                                       |
| Philippines | PHP collection               | Flat PHP 15 per collection, PHP 20 minimum |

Fees vary by currency and are subject to change. Full pricing is at [hitpayapp.com/pricing](https://www.hitpayapp.com/pricing).

<Info>
  For API access - creating a Virtual Account, retrieving its details, or listing existing accounts - see the [VA (Virtual Account) API reference](/apis/virtual-account/create-va).
</Info>

## FAQs

<AccordionGroup>
  <Accordion title="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 [Currency and rail support](#currency-and-rail-support).
  </Accordion>

  <Accordion title="What currencies can a business receive, and which settle locally versus via SWIFT?">
    Singapore-registered entities receive SGD in real time via FAST/PayNow, plus SWIFT reach to 12 currencies total (SGD, USD, EUR, GBP, AUD, HKD, CNH, CAD, NZD, NOK, SEK, 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.
  </Accordion>

  <Accordion title="Will local EUR, GBP, and AUD receiving accounts be available for Singapore-registered entities?">
    Yes - local receiving accounts in EUR, GBP, and AUD for Singapore-registered entities are coming soon. Until they are available, these currencies are received via SWIFT into the SGD account structure.
  </Accordion>

  <Accordion title="How does the Philippines PHP account work?">
    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.
  </Accordion>

  <Accordion title="Does a business need to open a new account to use this?">
    No. Existing HitPay accounts activate a Virtual Account from the dashboard with no new vendor and no second KYB. New businesses complete a single onboarding - ACRA in Singapore, DTI/SEC in the Philippines - and receive both customer payment tools and the Virtual Account together.
  </Accordion>

  <Accordion title="How are funds safeguarded?">
    Each account is held in the business's own name with a regulated banking partner appropriate to that market and currency, not in a shared e-money float. 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.
  </Accordion>

  <Accordion title="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.
  </Accordion>

  <Accordion title="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.
  </Accordion>
</AccordionGroup>