In line with MAS regulations, Syfe can only accept funds that originate from a bank account held in your own name.
When you make a deposit, we will verify that the bank account belongs to you. Once the verification is successful, the bank account will be added as a verified bank account and can be used seamlessly for future deposits and withdrawals.
This requirement helps ensure the security of your account and compliance with regulatory standards.
Transferred from a joint account?
Yes, deposits from joint bank accounts are supported. However, additional details are required to verify the account ownership.
Please submit your joint bank account details via the Syfe app:
Go to Menu → Manage account → Bank details
If your bank account is already listed, select Verify account → Upload bank statement
If the bank account is not listed, go to the Withdrawal tab → Add new → Upload bank statement
Note: The bank statement does not need to show the deposit transaction. It is only used to verify the account ownership details.
If you have already made a deposit from a joint bank account, your funds will be processed once the required details are submitted and verification is completed.
Transferred from a third-party account?
No, Syfe does not accept deposits or withdrawals from third-party bank accounts, meaning bank accounts that are not in your name.
If you have already made a deposit from a third-party bank account, please email support.sg@syfe.com so we can assist with arranging a refund back to the originating account.
This policy is in place to comply with regulatory requirements and to safeguard your account.
