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Frequently asked questions
Cancel Mercury: The Right Way
How to cancel Mercury and recover your funds in singapore
What Mercury is and why you might cancel
Mercury is a fintech banking platform designed for startups, small businesses, and individual account holders across Singapore. You gain access to business accounts, payment cards, domestic and international transfers, cheque handling, and workflow automation-all controlled from a single dashboard. However, if Mercury no longer aligns with your financial needs, you must follow a clear procedure to cancel transfers, subscriptions, cards, or your entire account. At Yafee, we help you navigate this process with precision and confidence, ensuring you understand your rights under Singapore law.
Core services Mercury offers
Mercury provides online transfers using ACH and wire protocols, cheque deposit and processing services, payment cards for business and personal use, recurring invoice automation, and subscription management tools. You select from a free tier, Mercury Plus (approximately SGD $40.66 per month), or Mercury Pro (approximately SGD $406.64 per month) based on invoicing volume, team size, and automation requirements. The platform integrates with your accounting software, which means you may need to coordinate cancellations across multiple linked services when you decide to leave.
Why you might want to cancel
You may cancel because you have migrated to another financial institution, no longer require a specific payment card, wish to halt a recurring subscription, or prefer to close your account entirely. Whatever your reason, Yafee ensures you understand your contractual rights and complete the cancellation process without forfeiting funds or incurring unexpected charges.
Your consumer rights in singapore
Your legal protections as a consumer in Singapore rest on clear statutory frameworks that govern financial services and fair trading practices.
What the law protects you from
Singapore's Consumer Protection (Fair Trading) Act (CPFTA) protects you against unfair trading practices, including hidden fees and deceptive cancellation terms. Financial services fall under the regulatory authority of the Monetary Authority of Singapore (MAS). Digital banking services do not automatically qualify for a 14-day cooling-off period (as physical goods do), but Mercury remains legally bound to honour its published cancellation and refund policies. If Mercury refuses to cancel or issue a refund without valid contractual grounds, you have the right to escalate your complaint to the MAS Consumer Complaint Centre.
Your specific rights with Mercury transfers and payments
Your legal position: Under Mercury's standard terms, if you cancel a transfer within 30 minutes of authorisation and the funds have not been collected or deposited, you are entitled to a full refund as a contractual right, not merely as a courtesy. For card subscriptions, you retain the right to cancel future charges at any time without penalty. Refunds for purchases made with your Mercury card remain the merchant's responsibility, though Mercury must process them promptly once received from the merchant. Maintain screenshots and transaction IDs; these documents form your evidence if you need to escalate to Yafee or the MAS.
Mercury pricing and plans
Understanding your current plan structure helps you identify which services incur charges and which must be cancelled to prevent future billing.
| Plan | Price (SGD) | Billing period | Key features |
|---|---|---|---|
| Mercury (Business - free) | $0.00 | Monthly | Basic business banking, no monthly fee, no overdraft charges, no account minimums |
| Mercury Plus (Business) | $40.66 | Monthly | Advanced invoicing, ACH debit invoicing, recurring invoices, up to 20 team users |
| Mercury Pro (Business) | $406.64 | Monthly | Everything in Plus, plus dedicated relationship manager, unlimited API access, up to 250 team users |
| Mercury Personal (Premium) | $326.40 | Annual | High-yield savings, unlimited wires and ACH transfers, ATM reimbursements, joint account access, multiple cards |
Should you cancel Mercury?
Evaluate your cancellation decision by weighing your current usage against Mercury's feature set and cost structure.
Reasons to keep Mercury
Retain your Mercury account if you regularly send domestic or international transfers, require automated invoicing, depend on seamless accounting software integration, or value the platform's user interface and card offerings. The free tier carries no ongoing cost, making it suitable for businesses seeking basic banking without monthly fees. Furthermore, if you maintain a balance and use Mercury's payment cards actively, switching to a competitor may introduce setup delays and transfer friction.
Reasons to cancel Mercury
Cancel if you have opened an account with a competitor that better suits your workflow, no longer need business banking services, or wish to consolidate your financial services with a traditional bank. Additionally, if you have upgraded to Mercury Plus or Mercury Pro but no longer require the advanced invoicing or team features, downgrading to the free tier may suffice-or cancelling entirely might align with your revised strategy.
How to cancel Mercury step by step
Follow these procedural steps to cancel your Mercury account and associated services in Singapore.
Step 1: review your account and identify active services
Log into your Mercury account and audit all active services. Check whether you are subscribed to Mercury Plus or Mercury Pro, hold any active payment cards, have recurring invoices or transfers enabled, and maintain any linked third-party integrations (accounting software, invoicing tools, or API connections). Document the date you joined, your current plan, and any linked beneficiaries or recipients. This information will be essential when you contact Mercury's support team and when you verify the cancellation has taken effect.
Step 2: withdraw or transfer remaining funds
Before initiating cancellation, transfer or withdraw all remaining funds from your Mercury account. You may initiate an ACH transfer to another bank account, request a cheque, or withdraw via ATM if you hold a Mercury debit card. Allow 2-3 business days for ACH transfers to clear. Mercury will retain no residual balance once your account is closed, so confirm that all funds have left the platform before you proceed to step 3.
Step 3: cancel active subscriptions and recurring services
Navigate to your account settings and cancel any active subscriptions (Mercury Plus, Mercury Pro, or premium features). Locate the billing section and disable all recurring invoices, automated payments, and standing transfer instructions. Deactivate any active payment cards by accessing your card management panel. Mercury will cease billing on your next billing cycle if you cancel before the billing date; if you cancel after billing has occurred, request a pro-rata refund in writing (see step 5).
Step 4: contact mercury's support team for account closure
Reach out to Mercury's customer support via their in-app messaging, email, or phone contact details (available on your account dashboard). Provide your account number, registered email address, and a clear statement that you wish to close your account entirely. Request written confirmation of the closure request and ask Mercury to confirm the effective date. Keep a record of all correspondence; you may need this documentation if a dispute arises with the MAS Consumer Complaint Centre.
Step 5: request a written cancellation and refund confirmation
Once Mercury acknowledges your closure request, ask for a final written statement confirming:
- Your account closure date
- Any charges applied in the final billing cycle
- Pro-rata refunds owed (if you cancelled mid-cycle)
- The date by which you will receive any refund
- Confirmation that all recurring services have been disabled
Retain this confirmation email or document indefinitely. Under the Consumer Protection (Fair Trading) Act, Mercury must provide this information within a reasonable timeframe-typically 7 to 10 business days.
Step 6: verify closure and monitor your account
After the stated closure date, attempt to log into your Mercury account. It should either deny access or display a message confirming account closure. Check your registered email and bank statement for any unexpected charges. If Mercury continues to charge your linked bank account after the closure date, take a screenshot and contact the MAS immediately. Yafee advises keeping your account login credentials and confirmation emails for at least 12 months in case a dispute emerges.
Timeline for Mercury cancellation
Understanding the cancellation timeline helps you plan your financial transition.
| Action | Expected timeframe | Notes |
|---|---|---|
| Request account closure | Immediate (upon contacting support) | Submit your request in writing; obtain confirmation |
| Receive written confirmation | 7-10 business days | Most critical step; chase Mercury if delayed |
| ACH transfer of remaining funds | 2-3 business days | Depends on your receiving bank's processing speed |
| Final charges processed | By end of current billing cycle | Pro-rata refunds issued within 14-30 days |
| Account becomes inaccessible | Closure date stated in confirmation | Verify you cannot log in; save credentials for records |
Refunds and payment recovery
You are entitled to recover funds under specific circumstances outlined in your contract with Mercury.
What refunds Mercury must issue
Mercury must refund you if you cancel a transfer within 30 minutes of authorisation and the funds have not been picked up. If you cancel a subscription mid-cycle (Mercury Plus or Mercury Pro), you are entitled to a pro-rata refund for the unused portion of that month, calculated on a daily basis. In accordance with the Consumer Protection (Fair Trading) Act, Mercury cannot lawfully withhold refunds based on vague or undisclosed policies; all refund terms must be transparent and reasonable.
How to claim a refund
Include your refund claim in your written cancellation request to Mercury support. Specify the reason (cancelled mid-cycle subscription, unauthorised charge, or incorrect billing), provide transaction IDs or invoice numbers, and state the refund amount you expect. Mercury must respond within 7 to 14 business days. If they refuse, request their reasons in writing and escalate to the MAS Consumer Complaint Centre with copies of all correspondence. Yafee recommends submitting your refund claim before you request account closure, as this prevents delays.
Timeline for receiving refunds
Mercury processes refunds to your registered bank account within 14 to 30 days of approval. ACH transfers typically take 2 to 3 additional business days to appear in your account. If you do not see a refund within 35 days of Mercury's written approval, escalate immediately to the MAS with your documentation.
Common cancellation mistakes to avoid
Many consumers encounter unnecessary delays or forfeit refunds by overlooking these critical steps; you can prevent this by preparing carefully.
Forgetting to disable recurring transfers or invoices
If you close your account without disabling standing instructions or recurring invoices, Mercury may still attempt to process charges. These failed transactions can trigger overdraft fees or delays in your account closure. Before contacting Mercury support, manually disable every recurring service from your account dashboard.
Not withdrawing your balance before closure
Leaving funds in your Mercury account after requesting closure creates ambiguity about final balances and refunds. Transfer all money to your primary bank account or request a cheque payment before you initiate cancellation.
Cancelling without written confirmation
Verbal cancellation requests leave no evidence. Always submit your closure request via email or Mercury's in-app messaging system so you retain proof. Screenshot or print the confirmation email immediately.
Failing to claim pro-rata refunds
If you cancel mid-billing-cycle, Mercury will not automatically issue a pro-rata refund; you must request it explicitly. Calculate your refund (monthly cost divided by 30, multiplied by the number of unused days) and include this figure in your cancellation email.
After cancellation: what to do next
Closing your Mercury account is one step; you must complete several follow-up actions to finalise your financial transition smoothly.
Update your billing information with other services
If you used your Mercury card or account details with third-party merchants, payment platforms, or subscription services, update their billing information to reflect your new bank account or card. Review your email inbox for subscription confirmations and update each one to prevent payment failures or service interruptions.
Monitor your statements for 60 days
After Mercury closes your account, monitor your primary bank statement for 60 days to ensure no further charges appear. Screenshot any unexpected activity and report it to your bank and the MAS immediately.
Keep documentation for 12 months
Retain all cancellation correspondence, refund confirmations, and account closure emails for a minimum of 12 months. This documentation protects you in the event of a dispute with the MAS or if Mercury re-opens charges incorrectly.
Consider escalating if Mercury delays closure
If Mercury does not close your account within 30 days of your written request, or if charges continue to appear after the stated closure date, file a formal complaint with the MAS Consumer Complaint Centre. Provide all email correspondence and transaction records. The MAS will investigate and may compel Mercury to refund you and pay compensation for the delay.
When to escalate to the MAS
Singapore's Monetary Authority enforces fair banking practices and provides a formal dispute resolution process for consumer complaints.
File a complaint if Mercury refuses to cancel
If Mercury denies your cancellation request without providing a valid contractual reason, you have grounds to escalate. The Consumer Protection (Fair Trading) Act prohibits unreasonable restrictions on cancellation. File your complaint with the MAS Consumer Complaint Centre with copies of all communications.
File a complaint if charges continue after closure
If Mercury's system continues to debit your linked bank account after your account closure date, contact your bank immediately and file a complaint with the MAS. Request that the MAS investigate Mercury's billing systems and compel a refund plus interest (if applicable).
File a complaint if refunds are not issued
If Mercury approves a refund but fails to process it within 30 days, the MAS will intervene. Provide your bank statement showing the date Mercury promised the refund and the date it should have appeared in your account.
Mercury cancellation checklist
Use this checklist to ensure you complete every cancellation step correctly and retain all necessary documentation.
| Action | Completed? | Notes |
|---|---|---|
| Reviewed all active subscriptions and services | ☐ | Document plan type, billing amount, and next billing date |
| Transferred or withdrawn all remaining funds | ☐ | Allow 2-3 business days for ACH transfer clearance |
| Cancelled all recurring subscriptions and transfers | ☐ | Disable from account dashboard before contacting support |
| Submitted written closure request to Mercury | ☐ | Keep email confirmation; note the date and support ticket number |
| Requested written closure confirmation and refund details | ☐ | Must include closure date and pro-rata refund amount (if applicable) |
| Verified account is inaccessible after closure date | ☐ | Attempt login; screenshot any closure message for records |
Why consumers choose to cancel Mercury
Understanding common reasons for cancellation helps you evaluate whether Mercury remains the right choice for your circumstances.
Migration to competitor banks
Many businesses close Mercury when they migrate to traditional banks (DBS, OCBC, or UOB) that offer comparable features or when they switch to niche fintech competitors with superior integrations. Consequently, you may find that your new bank provides better rates, faster transfers, or more intuitive user interfaces.
Reduced need for business banking
If your business has closed, merged, or downsized, you may no longer require Mercury's features. The free tier may suit small businesses, but if you no longer transact regularly, maintaining the account incurs unnecessary friction and account monitoring.
Cost-reduction initiatives
If you subscribed to Mercury Plus or Mercury Pro but discovered that your invoicing volume or team size no longer justifies the monthly fee, you may downgrade to the free tier or cancel entirely. Yafee advises calculating your true monthly usage before deciding; some businesses discover they only need Mercury's free offering and can redirect savings elsewhere.
Feature gaps or integration failures
If Mercury lacks a critical integration with your accounting software or payment processor, the platform becomes a bottleneck. Rather than manage manual workarounds, you may cancel and select a competitor with native integration support.
Compare Mercury to alternatives
Before you cancel, consider whether a competitor may better serve your needs.
| Provider | Base cost (SGD) | Key differentiators | Best for |
|---|---|---|---|
| Mercury | Free | Free tier, global transfers, invoicing | Startups and small businesses |
| DBS SME Banking | $0-50/month | Traditional bank, local support, established reputation | Established SMEs and larger businesses |
| OCBC Business Plus | $0-60/month | Competitive fees, relationship manager, trade financing | Businesses with high transaction volumes |
| Stripe | 2.4% + $0.30 per transaction | Payment processing focus, no banking features | E-commerce and online subscription businesses |
| Wise | $0-20/month | Low international transfer fees, multi-currency | Businesses with frequent cross-border payments |
Summary: your path to cancelling Mercury safely
Cancelling Mercury in Singapore is straightforward if you follow the procedural steps outlined above and reference your consumer rights under the Consumer Protection (Fair Trading) Act. Withdraw your funds, disable all recurring services, submit a written cancellation request, obtain written confirmation, verify closure, and monitor for 60 days. If Mercury refuses to honour your request or continues to charge after closure, the MAS Consumer Complaint Centre will investigate and enforce your rights. Yafee has helped thousands of consumers cancel fintech accounts safely, recover refunds, and transition to new financial providers without losing money or facing unexpected complications. Start your cancellation today by reviewing your account settings and preparing your closure request.
