How to Collect Payments from Southeast Asia: A Guide for Exporters

Selling across Southeast Asia is straightforward. Collecting payments efficiently is not.

Each market uses different currencies, payment rails, banking requirements, and settlement timelines. Relying solely on international wire transfers can add intermediary fees, unnecessary FX conversions, and avoidable delays.

The practical approach is simple: match your collection method to the buyer’s market, currency, and preferred payment rail.

This guide covers six Southeast Asian markets, explains where cross-border payment costs arise, and outlines how XTransfer can support local collection and international payouts.

Southeast Asia is not one payment market. Each country has its own currency, domestic payment infrastructure, and business payment requirements.

Market	Currency	Key payment methods	What to verify
Singapore	SGD	PayNow, FAST	Local SGD transfer availability
Thailand	THB	PromptPay	Business eligibility and payment route
Malaysia	MYR	DuitNow	Collection method and transaction limits
Indonesia	IDR	BI-FAST, QRIS	Supported business collection route
Philippines	PHP	InstaPay, PESONet	Transfer limits and settlement timing
Vietnam	VND	NAPAS 247, FastFund 247	Beneficiary and documentation requirements

These payment systems are not interchangeable. For example, BI-FAST supports interbank transfers, while QRIS is designed for QR-based payments. In the Philippines, InstaPay supports near real-time transfers, while PESONet is generally used for batch payments.

Important: A domestic payment rail is not automatically available to every international business account. Confirm the supported currency, payment route, account type, and transaction limits before collecting funds.

Singapore: Collect in SGD

FAST supports domestic interbank transfers, while PayNow enables payments using identifiers such as mobile numbers or business registration details.

For exporters, local SGD collection details can make invoice payments easier for Singapore-based buyers and reduce reliance on international wires.

Before collecting, confirm:

• Local SGD transfer availability.

• Correct beneficiary and account details.

• Any transaction or receiving limits.

Thailand: Collect in THB

PromptPay is widely used for domestic payments in Thailand. However, B2B collection availability depends on the receiving account, payment route, and provider requirements.

Before collecting, confirm:

• Whether the route supports business payments.

• Beneficiary information.

• Transaction limits and expected settlement time.

Malaysia: Collect in MYR

DuitNow supports domestic transfers and QR-based payments. A supported MYR collection route can help Malaysian buyers pay without arranging an international transfer.

Before collecting, confirm:

• MYR local collection availability.

• Account eligibility.

• Applicable transaction limits and fees.

Indonesia: Collect in IDR

BI-FAST supports interbank transfers, while QRIS is designed for QR-based payments. The two systems serve different use cases.

For recurring B2B collections, confirm that your provider supports the appropriate IDR payment route and settlement structure.

Before collecting, confirm:

• The supported payment method.

• Settlement and beneficiary requirements.

• FX costs if IDR must be converted.

Philippines: Collect in PHP

InstaPay supports near real-time electronic transfers, while PESONet is designed for batch processing. This difference can affect when funds become available.

Before collecting, confirm:

• The available transfer route.

• Transaction limits.

• Expected settlement timing.

Vietnam: Collect in VND

NAPAS 247 supports domestic interbank transfers around the clock, subject to participating institutions and service conditions.

For exporters, a supported VND collection route can offer an alternative to requesting an international USD wire.

Before collecting, confirm:

• Beneficiary details.

• Payment availability.

• Documentation requirements.

• Settlement timing.

The advertised transaction fee is only one part of the total cost.

Intermediary bank fees

International wires may pass through correspondent banks, each of which may deduct a fee before funds reach the beneficiary. Local collection routes can reduce reliance on correspondent banking, depending on the payment structure.

FX conversion costs

Each conversion may include an exchange-rate spread or separate fee.

For example, converting THB to USD and then USD to CNY may expose the business to two FX spreads. Where supported, holding currencies needed for future payments can reduce unnecessary conversions.

Settlement delays

Slow collections tie up working capital and may delay inventory purchases or supplier payments. Domestic payment rails may be faster, but actual timing depends on the receiving account, provider checks, transaction limits, and compliance requirements.

Documentation and compliance

Providers may request invoices, contracts, purchase orders, shipping documents, or other evidence of the transaction purpose.

Prepare supporting documents in advance, particularly for high-value or unusual payments.

The right metric is total cost to use funds, not just the collection fee.

Your collection setup should reflect three factors:

1. Where your buyers are located.

2. Which currencies they use.

3. Where and how you will use the funds.

Business need	What to look for
Collect from multiple Southeast Asian markets	Local-currency collection accounts
Receive and manage multiple currencies	Multi-currency business account
Transfer funds between participating businesses	Internal transfer capability
Collect from buyers and pay overseas suppliers	Collections and international payouts in one workflow

Example: MYR collection and CNY payout

A Malaysian buyer pays an invoice in MYR, while the seller needs to pay a Chinese supplier in CNY.

An appropriate setup should allow the business to:

1. Receive MYR through a supported local payment route.

2. Hold or manage the funds.

3. Convert MYR into CNY when appropriate.

4. Pay the supplier through a supported international payout route.

5. Track the transaction from collection to settlement.

The best setup minimises the total cost and complexity of the entire payment cycle.

Local Accounts

XTransfer Local Accounts support local-currency collection in Singapore, Thailand, Malaysia, Indonesia, the Philippines, and Vietnam

Eligible businesses may collect in:

• SGD from Singapore

• THB from Thailand

• MYR from Malaysia

• IDR from Indonesia

• PHP from the Philippines

• VND from Vietnam

Instead of asking buyers to send international USD or EUR wires, businesses can pay in their domestic currency through supported local payment routes.

Consider a Vietnamese buyer paying an invoice to a business that needs to pay a Chinese supplier:

Traditional route: VND → USD → CNY

Potential local-collection route: VND → CNY

The second route may reduce the number of conversions and associated FX spreads. Besides, domestic payment routes may reduce the number of intermediaries involved in a transaction, thus lowering the intermediary fees and accelerating the fund flows.

Learn more about XTransfer Local Accounts

Global Accounts

XTransfer Global Accounts support multi-currency business payment workflows. Depending on the account and partner-bank arrangement, supported currencies may include USD, EUR, GBP, SGD, HKD, AUD, JPY and CNY.

Best for: Businesses receiving payments from multiple markets and managing several currency balances.

Potential value: Businesses can manage supported currencies in one platform and determine when to convert based on upcoming payment needs.

Learn more about XTransfer Global Accounts

X2X

X2X enables transfers between XTransfer accounts. Eligible transfers are near-instant and carry no transaction fees.

Best for: Buyers and sellers that both use XTransfer.

Potential value: Participating businesses can transfer funds within the network without routing every payment through a traditional bank-to-bank process.

Explore XTransfer payment service

Product	Primary use	Key customer benefits
Local Accounts	Collect SGD, THB, MYR, IDR, PHP, and VND across six Southeast Asian markets	Reduce double FX conversion, potentially lower intermediary fees, simplify buyer payments, and improve settlement visibility
Global Accounts	Manage multiple supported currency balances	Hold funds in relevant currencies, choose when to convert, and simplify international cash-flow management
X2X	Transfer funds between eligible XTransfer accounts	Simplify network-to-network payments, reduce payment friction, and support faster internal transfers

XTransfer’s Southeast Asia Presence

Payment infrastructure depends on more than technology. Local partnerships, regulatory permissions, licensing, and operational capabilities also matter.

XTransfer’s publicly announced regional developments include:

• Singapore: XTransfer received a Major Payment Institution licence from the Monetary Authority of Singapore on January 1, 2025.

• Malaysia: XTransfer received conditional approval from Bank Negara Malaysia in February 2026 for specified payment licences, including electronic money issuance and a Class A Money Services Business licence. It opened a local office in June 2026.

• Thailand, Vietnam, and the Philippines: XTransfer identifies local branches in these markets as part of its regional presence.

• Indonesia: Eligible businesses can access IDR collection options through XTransfer’s network and financial institution partnerships.

Do I need a bank account in every Southeast Asian country?

Not necessarily. Some providers offer local collection details or multi-currency accounts without requiring a separate bank account in every market. Availability depends on the provider, jurisdiction, and business eligibility.

What documents are required to open an XTransfer account?

Basic company and identity documents, including a Certificate of Incorporation, company constitutional documents or shareholder/director registers, valid ID for directors/shareholders owning 25% or more, and photo or mobile verification. Additional documents may be requested depending on your company structure and verification requirements.

How long does it take to open an XTransfer account?

The registration and document upload process takes only a few minutes. Once submitted, the compliance review is typically completed within 1 to 3 business days if all documents are valid.

How can I send money with XTransfer?

Create an XTransfer account in just a few minutes and complete verification. Then, tap Send Money on the XTransfer app homepage and choose how you’d like to pay your recipient: bank account, XTransfer account, or digital wallet. Before confirming, you’ll see the exchange rate, fees, estimated delivery time, and the exact amount the recipient will receive.

How much does it cost to send money with XTransfer?

If your recipient is an XTransfer user, you can choose X2X (XTransfer-to-XTransfer) and enjoy 0 transfer fees. You’ll also get competitive exchange rates, with any applicable fees shown upfront before you confirm your payment. For bank payments, fees may vary depending on the correspondent bank.

How long does it take for payments to arrive with XTransfer?

If your recipient is an XTransfer user, you can choose X2X (XTransfer-to-XTransfer) for near-instant arrival. For bank payments, delivery times may vary depending on the receiving bank and payment route, but payments typically arrive within 1–3 business days.

Is XTransfer safe to use?

Yes. XTransfer operates under regulatory oversight across 8 major jurisdictions, including the FCA (UK), FinCEN (US), MAS (Singapore), and DNB (Netherlands), and safeguards client funds separately from its operational funds. XTransfer also partners with 170+ global financial institutions, including BNP PARIBAS, J.P. Morgan, VISA, BBVA, DBS, Standard Chartered and Bank of China, supporting secure and compliant cross-border payments.

This article is compiled from publicly available sources and interview content for informational purposes only and does not represent the official views of XTransfer. XTransfer accepts no liability for any damages arising from reliance on this content.