1. Name Mismatch

StraitsX enforces first-party transfers for compliance. If a deposit is sent from a bank account where the sender’s name does not match the verified user:

• The transaction may be delayed for verification
• Our bank may reject the transfer
• The funds may be returned to the original sender
  
  

Please note that bank or intermediary fees may apply if a transfer is rejected or returned, as these charges are determined by the sending or intermediary banks.

Best Practice:

To avoid this issue, ensure that users only deposit from a bank account in their own verified name. 

2. Unsupported Deposit Currency

Depositing a currency that is not supported for the virtual account may result in:

• Processing delays
• Rejected transfers
• Funds are being returned by our bank

In some cases, the following may occur depending on the bank’s processing:

• Bank-level auto-conversion
  The bank processing the transfer may automatically convert the deposited currency into the supported currency using its prevailing board rate.
  
  
• Currency supported by our bank but not offered to users
  If the deposited currency is supported by our banking partner but not available as a supported deposit currency for the Virtual Account, our Operations team may perform a foreign exchange (FX) conversion and credit the equivalent amount to the user’s Virtual Account.
  
  For this process, the transaction details may reflect our bank as the sender on your end, as the FX conversion is processed on behalf of the user.

Best Practice:

Ensure users send deposits in the supported currency for the virtual account.