Update banking details to receive money

Update banking details to receive money

Learn how to update your banking information to receive payments from storage bookings as a space owner.

Automatic Monthly Payouts

As a space owner, you receive 80% of all booking payments automatically on the 1st of each month. Keep your banking details updated to ensure seamless payments.

How to update your banking details

Step-by-step guide

1

Open the Splacebar app

Launch the app and log in to your space owner account. Make sure you're using the latest version of the app.

2

Go to Account Settings

Tap on your profile icon (bottom right) and select "Account Settings" from the menu.

3

Select "Banking Information"

Look for "Banking Information" or "Payout Details" in your account settings and tap on it.

4

Enter your new banking details

Provide your updated bank account information. You'll need your account number, bank name, and branch details.

5

Verify and save

Double-check all information for accuracy, then save your changes. You'll receive a confirmation email.

Important Notes

  • • Changes may take 1-2 business days to take effect
  • • Ensure your account can receive local bank transfers
  • • Bank account must be in your name and match your profile
  • • Keep your banking details secure and don't share them

Required banking information

You'll need to provide the following information to update your banking details:

✓ Account Information

  • Account holder name: Must match your profile exactly
  • Bank account number: Your full account number
  • Account type: Savings or current account
  • Currency: Singapore Dollars (SGD) preferred

✓ Bank Details

  • Bank name: Full name of your bank
  • Branch code: Your branch identifier
  • SWIFT/BIC code: For international transfers
  • Bank address: Branch location details

When you'll receive payments

Understanding when and how you'll receive your storage earnings:

Monthly payout schedule

1

Earnings Calculation

At the end of each month, we calculate your total earnings from all bookings (80% of booking fees minus any applicable taxes).

2

Automatic Transfer

On the 1st of each month, your earnings are automatically transferred to your registered bank account.

3

Payment Confirmation

You'll receive an email confirmation with your payout details and a breakdown of your earnings.

Processing Times

  • Local bank transfers: 1-2 business days
  • International transfers: 3-5 business days
  • Minimum payout: $10 SGD (amounts below this carry over to next month)

Security and verification

We take the security of your banking information seriously:

Security Measures

  • Bank-level encryption: All data is encrypted during transmission and storage
  • Secure verification: We verify account ownership before processing payouts
  • Fraud protection: Advanced monitoring systems detect suspicious activity
  • Compliance: We follow all local banking regulations and requirements

Verification process

Identity verification completed during registration
Bank account ownership verification via small test deposit
Ongoing monitoring for account security

Common issues and solutions

Here's how to resolve common banking detail issues:

Payment Failed

Common reasons and solutions:

  • Incorrect account details: Double-check your account number and bank information
  • Account closed: Update to an active bank account
  • Name mismatch: Ensure account holder name matches your profile exactly
  • Bank restrictions: Some banks don't accept certain types of transfers

Update Not Saving

Try these troubleshooting steps:

  • Check internet connection: Ensure you have a stable connection
  • Update the app: Make sure you're using the latest version
  • Clear app cache: Force close and restart the app
  • Try again later: Our servers may be temporarily busy

Tax considerations

Important tax information for space owners:

Tax Responsibilities

  • Income reporting: Storage earnings may be considered taxable income
  • GST obligations: You may need to register for GST if earnings exceed thresholds
  • Record keeping: Keep detailed records of all payments received
  • Professional advice: Consult a tax professional for specific guidance

Note: Splacebar provides payment records for tax purposes, but you're responsible for reporting income according to local tax laws.

Need help updating your banking details?

If you're having trouble updating your banking information or have questions about payments, our support team is ready to help.

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