Important changes on cheque fees
Important changes on cheque fees
In line with the announcement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on 28 July 2023, the Bank will be ceasing all corporate cheques by end 2025, while clearing cheques for individual users will continue for a period beyond 2025.
In the interim, new cheque clearing fees will be introduced for all SGD- and USD-denominated cheques processed with effect from 1 November 2023.
As an alternative payment method, we strongly recommend all our clients to make digital payments by PayNow, FAST, GIRO or Telegraphic Transfer via Online Banking, SC Mobile or Straight2Bank (S2B). This is in line with Singapore’s Smart Nation vision where everyone has access to fast, simple, and secure payments. You may refer to the steps on how you can pay digitally here.
If you have yet to register for Online Banking/SC Mobile/S2B, you may follow the steps below:
