Through a collaboration between Funding Societies and Opal, Opal Users can now make payments to their overseas vendors/suppliers globally in 34 different currencies (i.e. Buy Now) while making repayment at a later date (i.e. pay later).

This is only eligible for payments for goods and services to third party vendors/suppliers. 

With BNPL, you can access a pre-approved credit line for use anytime without any collateral. Furthermore, this can be a cheaper alternative compared to your credit cards or personal loans.

You will need to submit the form with your NRIC and latest three months bank statements for our KYC check and final approval. 

Upon receiving the full set of documents, you will receive the approval notice within 3 business days from Funding Societies.

Upon receiving the full set of documents, you will receive the approval between 1 to 4 business days from Opal.

Yes. After your BNPL facility is approved by Funding Societies, you will need to complete an onboarding process to create your Global Digital Business Account with Opal in order to utilise your facility.

There is a token upfront annual facility fee of 2% based on the approved facility limit (e.g. 2% * $20k = $400)

Upon approval of your payment transaction, Funding Societies will disburse the funds to your Global Digital Business Account with Opal and pay directly to the overseas vendor/supplier.

- You can inform your dedicated relationship manager at Opal about your upcoming payment and they will assist you to utilize your approved BNPL facility.

- We are building this feature and you will be able to select this as your payment option in future.

Depending on the currency and country of your supplier, it may take up to 5 business days for your overseas supplier to receive the funds. 

- You will only be charged an all-in utilisation fee of 2% flat for whatever you use.
- If you do not use it for any particular month, there is no charge.
- You will receive a bill at the end of the month, indicating the due date and total repayable amount.

A monthly statement will be sent to you by Funding Societies and you can use any bank account to make repayment to Funding Societies directly. 

We encourage you to be timely with your repayment in order to build a good credit history. However, if the repayment is not received by the due date, there will be standard late fee/charges. We will provide you with more details after your application is approved.

Reach out to us at opal@fundingsocieties.com or contact your Opal relationship manager.