Say Goodbye to Cheques: Embrace Digital Payments for Your Business

At a Glance

Singapore’s Smart Nation initiative

Singapore is transitioning to a cashless society, transforming how we live, work, and play. In 2023, the Monetary Authority of Singapore (MAS) announced the cessation of corporate cheques. On 5 Dec 2024, MAS and The Association of Banks in Singapore (ABS) announced extension of deadline for cessation of corporate cheques in a second consultation paper. Refer to MAS Consultation Paper and MAS Press Release for details.

How will this impact you?

DBS will cease providing the following cheque related services according to the timelines below.

SGD corporate chequebook issuance	Last day to request a new SGD corporate chequebook is on 27 Dec 2025
Special cheque printing and bulk corporate cheque services	To cease by 31 Dec 2025
SGD corporate cheque clearing	Last day to clear an SGD corporate cheque is on 31 Dec 2026

SGD Cashier’s Order / bank cheques and USD cheques will continue to be available for corporates.

Refer to the FAQ below for details.

Go Digital Today!

E-payments offer a fast, simple, and secure means of paying and receiving money. Since 2020, the number of digital payment users has tripled, with FAST and PayNow being the most popular choices. Cash transactions were also halved in the same period. More than 90% of active DBS’ corporate customers use digital payments and collections for faster, and more efficient transactions.

To help with the transition, ABS and Domestic-Systemically Important Banks (including DBS) have launched a new digital payment solution—EDP and EDP+—in July 2025. EDP can be used as an alternative to post-dated cheques, while EDP+ can be used as an alternative to cashier's orders. Learn more.

Why should you go digital?

Manual Transactions Have Costs

The cost of using cheques and physical transactions at the branch includes transaction fees as well as administrative overheads to queue, transact and reconcile any transaction.

Cheque Transactions Take Time

The transaction settlement for cheques is not immediate. Cheques deposited with the banks typically take two days to process.

Cheques Transactions Can Be Inconvenient

Instances of damaged cheques, incorrect signatures can result in delayed settlement of cheque transactions, hindering cash flow management for your businesses.

Transact easily on DBS IDEAL

Switch to digital payments with DBS IDEAL

Simply log in to DBS IDEAL, our internet banking platform, and start transacting.

DBS IDEAL also offers the following benefits:

Accessibility to your bank accounts anytime, anywhere via DBS IDEAL Mobile app,
Time-savings through saved templates for repetitive payments and an intuitive payment’s user interface,
Hassle-free reconciliation through a variety of account and transaction reports,
Automated Alerts and reminders across key banking activities.

How to Apply

For more information, please contact DBS BusinessCare or call at 1800 2222200.

DBS IDEAL Singapore Customer Trainings

Sign up for instructor-led online training sessions to learn more about DBS IDEAL.

Digital Payment Modes

Go digital for quicker, more efficient payments

Digital payments made via FAST or PayNow offer businesses greater agility, efficiency, and security. Take advantage of FAST, as well as the convenience of making payment to PayNow registered proxies i.e., Company UEN or NRIC or mobile number. Choose from a wide range of digital payment modes for these purposes:

Supplier and Vendor Payments

For Singapore dollar payments, DBS IDEAL will recommend the best payment method for your needs:

Account Transfer	For same-day transfer to a DBS and POSB account holder.
FAST / PayNow FAST	For near real time, 24/7, low value funds transfer to any banks in Singapore, including funds transfers to a PayNow proxy for amounts less than $200,000.
GIRO / PayNow GIRO	For low value funds transfer in bulk to any banks in Singapore, including funds transfers to a PayNow proxy for any amounts.
MEPS+	For high value interbank funds transfers to any banks in Singapore.
Electronic Deferred Payment (New!)	For future dated fund transfer, with near real time notification to your Payee; and ability for your Payee to accept or reject the fund transfer

Encourage your Payee to register your PayNow with DBS today!

For retail customers: Find out more

For corporate customers: Find out more

Payroll and Commission

Use Giro Payroll on IDEAL.

Tax and Utility Payments

Set up recurring Bill payments using DBS Commercial Cards, or use Bill Payment on DBS IDEAL.

Digital Collection Modes

Enjoy the benefits of Digital Collection solutions too!

Receive payments instantly by registering PayNow

STEP 1: Log into IDEAL and link your Company’s UEN to your DBS bank account number.

STEP 2: Indicate your UEN, or a generated PayNow QR on your website, invoices or online channels for your beneficiaries to pay you.

Find out more

DBS Max app

Get paid instantly via PayNow QR powered by DBS MAX app.

STEP 1: Apply for DBS MAX in DBS IDEAL > Merchant services portal

STEP 2: Download the DBS MAX app and start collection via PayNow QR.

STEP 3: Track and reconcile receipts into your bank accounts on the same day.

DBS MAX provides seamless collections through PayNow, PayLah! and cards for online and offline businesses.

Find out more

Frequently Asked Questions

Why is there a need to transition away from corporate cheque use?

As set out in the consultation paper published in November 2022, MAS is facilitating Singapore’s transition into an innovative e-payments society. Phasing out corporate cheques could accelerate businesses’ transition to more efficient e-payment methods and provide gains to the economy. Refer to MAS Consultation Paper and MAS Press Release for details.

Cheque usage has steadily declined as businesses and individuals increasingly adopt faster, more efficient digital payment methods. As a result, cheque clearing and processing costs have risen, making cheque-based transactions costly for financial institutions to maintain.

As a corporate cheque user, what key dates should I be aware of regarding the phasing out of corporate cheques?

DBS will cease providing the following cheque related services according to the timelines below.

SGD corporate chequebook issuance	Last day to request a new SGD corporate chequebook is on 27 Dec 2025
Special cheque printing and bulk corporate cheque services	To cease by 31 Dec 2025
SGD Cheque clearing	Last day to clear an SGD corporate cheque is on 31 Dec 2026

What happens if a corporate cheque payer issues a cheque in 2026, but the payee deposits the cheque in 2027?

DBS will not be able to process any corporate cheques deposited after 31 December 2026. Corporate cheque payees must deposit all corporate cheques by 31 December 2026.

Should corporate cheque payees miss the deadline to deposit their cheques or have their cheques rejected, they will need to make alternative payment arrangements with the cheque payer. We recommend depositing your corporate cheques well before this deadline.

	Will cashier’s orders and bank cheques (i.e. Cheque Express) remain available for corporates?
	You will still be able to use Cashier's Orders, also known as banker’s cheque or bank cheques, even after corporate cheques are phased out. Refer to MAS Consultation Paper for more information.

	Will USD cheques remain available for corporates?
	USD cheques will still be available to corporates, until further notice.

	What are the alternative payment methods that are available for cheque users now?
	Currently, corporates and individuals have access to a broad range of payment alternatives, including EDP, GIRO, FAST, PayNow, MEPS+ and e-wallets.

	When is the last day to request an SGD corporate cheque book.
	The last day to request an SGD corporate cheque book will be on 27 Dec 2025. Foreign currency chequebooks will continue to be available to requisite. The bank reserves the right to decline any request of more than five chequebooks.

Which currency denominated cheques will be charged a fee?

SGD denominated cheque	Charges
Clearing	SGD0.75 per cheque
Deposit	SGD0.75 per cheque

USD denominated cheque	Charges
Clearing	USD1.00 per cheque
Deposit	USD1.00 per cheque

#gochequeless