Purchase a Demand Draft
Demand draft allows you to transfer foreign currency overseas in the form of a bank draft, based on your instructions. It is suitable for payments to beneficiaries who do not accept cash.
Part of: Guides > Your Guide to digibank Online
- Demand Drafts are valid for payment within 6 months from the date of issuance.
How to purchase a Demand Draft
There are various channels which you may purchase a Demand Draft with us. The most convenient method would be via digibank Online.
Complete the Authentication Process.
Select Transfer and click on More Transfer Services.
Under Local Transfer and Other Services, select Purchase Demand Draft (Mail).
Select the Receipt’s Name and enter the currency of transfer.
Enter your Contact Number, Account and the Amount in foreign currency you wish to transfer.
Verify the Rates & Charges and click Next.
Verify the details and click Submit to apply for your Demand Draft.
- Available in 5 foreign currencies: US Dollar, Japanese Yen, Euro, Hong Kong Dollar and Sterling Pounds.
- Upon submission, it will take up to 2 working days for DBS Bank to mail out the Demand Draft. The time it takes for the Demand Draft to reach the recipient is dependent on the country it is being mailed to.
- A commission fee of 1/8% of S$ equivalent of remittance amount, subject to minimum S$5.00 and maximum S$120.00, is charged for every Demand Draft that is mailed, plus any additional postage charges.
- Postage charges are S$2.50 for delivery to a local address, and S$4 for overseas delivery depending on which country the demand draft is being mailed 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 and are non-refundable.
- Maximum amount per Demand Draft is S$10,000.
- You may purchase a Demand Draft at our DBS/POSB Branches.
- Present your NRIC/Passport upon application and collection;
- You need to hold a valid DBS/POSB Bank Account;
Processing time is around 30 minutes at DBS/POSB Branches from Mondays to Fridays.
(Please arrive at the branch at least 30 minutes before it's closing time)
- With effect from 18 March 2023, Demand Draft purchases submitted on Saturdays will only be processed on the next business day. Branch staff will inform you on the date and time of collection for the Demand Draft.
- Should you request for the Demand Draft to be mailed to yourself or a recipient of your choice, postage charges will apply accordingly.