Purchase Cheque or Demand Draft (Mail)
Purchase Demand Draft (Mail)
This service allows you to order a Demand Draft online to be mailed out to your recipient. A Demand Draft allows you to purchase a foreign currency Demand Draft online, and mail it to any individual or organisation locally or abroad.
Features
- The Demand Draft is available only in 6 foreign currencies: US Dollar, Yen, Australian Dollar, Euro, Hong Kong Dollar and Sterling Pounds.
- The fee (excluding postage) for this Demand Draft service is lower than the fee charged at the branch.
- You may send out your demand drafts anytime, from anywhere.
- The bank account details of the party you wish to pay is not needed for purchasing of Demand Draft.
- You may use any of your S$ current or savings account to purchase a Demand Draft. These cannot be joint-all or trust accounts.
- The Demand Draft will be printed and mailed out by DBS Bank on your behalf via registered mail. A payment advice will be mailed back to you to acknowledge the transaction.
- It will take up to 2 working days from the point of submission for DBS Bank to send out the Demand Draft. The length of time it takes for the Demand Draft to reach the recipient via registered post will be dependent on the country it is being sent to.
- A commission fee of 1/8% of S$ equivalent of remittance amount, subject to minimum S$5.00 and maximum S$100.00, is charged for every Demand Draft that is sent out plus any additional postage charges.
- Postage charges will be S$2.50 for delivery to a local address, and S$4 for overseas delivery depending on which country the demand draft is being sent to. All delivery will be by registered post. This commission charge and postage charges will be debited from your account only at the point of processing. The commission charge and postage charges are non-refundable.
- A Demand Draft is valid for a period of six months from the date printed.
- To cancel a valid or expired Demand Draft, you have to submit your application for cancellation together with the original draft at any of our
DBS/POSB branches. We will credit the funds, less the commission charge, back to your designated account. There is no cancellation fee imposed.
- To stop payment on a Demand Draft, you have to submit your application for "Stop Payment" at any of our DBS or POSB branches. Please note that stop payment can only be placed if a draft has been lost, stolen or destroyed. When the Bank receives confirmation from the Recipient Bank that the draft has not been paid and "Stop Payment" successfully placed, we will return the funds to your designated account. A commission of S$15, cable charge of $20 and any applicable agent bank charges will be imposed.
- To amend a draft, you will have to submit your application for amendment together with the original draft at any of our DBS or POSB branches. We will cancel the original draft and re-issue a new draft with the amended beneficiary's name. A commission of S$10 will be charged for this amendment.
- The amount will be debited when your demand draft is being processed. Upon submission, it will take between 1-2 days to process. The commission charge and postal charges will be debited at the same time. Your transaction will not appear immediately in your iBanking online statement upon submission. It will only appear after the demand draft is created.
Purchase Cheque (Mail)
This service allows you to order a cheque online to be mailed out to anyone in Singapore at no charge. A Demand Draft allows you to purchase a local currency Bank Cheque online, and mail it to any individual or organisation in Singapore. You can send out a cheque even though you do not have a Current Account.
Features
- This service is completely free.
- You may send out your cheques anytime, from anywhere.
- You may use any of your Savings, Current or Cashline Account to purchase a cheque using this service. However, they cannot be joint-all or trust accounts.
- The cheque will be printed and mailed out by DBS Bank on your behalf via Singapore Post.
- It will take up to 4 working days from submission of the cheque to reach the recipient by ordinary post.
- The bank account details of the party you wish to pay is not needed for purchasing of this cheque.
- You can pay any person with a valid Singapore postal address and a valid bank account with a Singapore bank. The cheque can only be deposited directly to the recipient's Singapore bank. It cannot be cashed out at the branch.
- This service also allows you to address a cheque to a local organisation for payment of your bills, such as credit card, telephone or utility bills.
- You can state the purpose of payment in the 'Instructions to Recipient' field when you apply for the cheque. These instructions will appear in the payment advice attached to the cheque. The payment advice will also contain your name and the type of account you have used to fund your cheque. Your account number will not be revealed.
- Each cheque shall be valid for a period of two months from the date printed.
- When the cheque expires, the amount, less the non-refundable commission charge, will be refunded to the debiting account or other account with DBS Bank, and a notice of refund will be sent to you by ordinary post.
- The amount will be debited immediately from your account upon submission.
- If you wish to stop a payment on your cheque, you will need to go down to any of our DBS or POSB Branches and fill out a "Stop iB Cheque Indemnity Form". A Stop Cheque fee of S$15 will be imposed and deducted from the account stipulated in the form.
- The money will be credited back to your debiting account within 5 working days. Once the Stop Payment process is successful, you will be informed via mail. Please note that you can only Stop Payment on a cheque if it is lost, stolen or destroyed.
- The status of a cheque may be ascertained only after a stop payment request is received by DBS Bank. A stop payment request will not be processed if the cheque is found to have been cleared and paid.
- If you have a physical copy of the cheque, you can cancel the Cheque by bringing the physical copy to any DBS or POSB Branch and approaching the counter staff for assistance. We will credit the funds directly to your designated account. Cancellation fee charges may apply.
- No amendments can be made to a cheque after submission is completed.
- Upon confirmation of your cheque and recipient details, you will see a "Completion" page where we will display your transaction reference number. Please print out this page for your reference. No further confirmation advice will be mailed to you.
Add Cheque or Demand Draft Recipient
This service allows you to set up a new recipient for your Cheque and Demand Draft services. You will be required to add a recipient before you are able to send a cheque or demand draft. Simply fill in the recipient's name and the mailing address to add a recipient.
Delete Cheque or Demand Draft Recipient
This service allows you to remove a recipient for your Cheque and Demand Draft services. Simply select a recipient you would like to remove from your Cheque or Demand Draft recipient list.
Change Local Transfer Limit
This service allows you to manage the daily total limit for all Funds Transfers from your account. To find out more about transfer limits, please click here.