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What does “verified bank account” mean?

A verified bank account is one that we have confirmed belongs to you. Only verified bank accounts can be used for withdrawals to protect your Syfe account and investments.

Why is bank account verification required?

As part of our enhanced security measures, we require bank accounts to be verified before withdrawals. This is in line with Monetary Authority of Singapore (MAS) guidelines and helps protect you against fraud, especially in today’s evolving scam landscape.

In simple terms, this ensures your money can only be withdrawn to bank accounts under your own name.

How do I verify my bank account?

SGD bank accounts (or multi-currency accounts holding SGD):

  • Make a deposit (via eGIRO / Paynow / FAST transfer) or 
  • Upload a bank statement

USD bank accounts (or multi-currency accounts holding USD):

  • Upload a bank statement

Please note that:

  • Funds must come from a bank account in your own name registered with Syfe.
  • For DBS users: DBS PayLah! cannot be used to verify your account. Make your deposit via your DBS banking app instead.

What happens after verification?

Once your bank account is successfully verified:

  • You’ll receive a notification in the app

  • A confirmation email will also be sent to you

What happens if I don’t verify my bank account?

You won’t be able to withdraw funds to an unverified bank account, and will be prompted to verify your account first. We recommend verifying early to avoid any disruption at time of withdrawal.

Why was my bank account not verified?

Please check if any of these apply:

  • Did you fund from an account not in your name (as registered on Syfe)? Make sure you verify a bank account strictly under your name. For joint accounts, we may contact you for additional details to confirm ownership.
  • Did you fund using DBS PayLah! to verify your DBS account? Use the DBS banking app instead.

If none of these apply, please email support.sg@syfe.com for help.

How do I add a new bank account for withdrawals?

When adding a new bank account:

  • Verification is required upfront. The process is the same as for existing accounts: make a deposit or upload a bank statement.
  • Once verified, we’ll notify you in the app and by email, and your bank account will appear in the Syfe app, ready for use.