Switch to digital payments today!
Switch to digital payments today!
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. Over 97% of DBS’ corporate customers actively using digital payments and collections for faster, and more efficient transactions.
In support of an industry-wide effort to drive the continued adoption of digital payments, corporate cheques will be phased out by 2025. Refer to the MAS Consultation Paper for details.
With effect from 1 November 2023, the following charges will apply for all SGD-denominated and local USD-denominated corporate cheque clearing and depositing.
|SGD Cheque||Current pricing||From 1 November 2023|
|Clearing||S$0.75 per cheque||No change|
|Deposit||S$0.75 per cheque |
(Free for first two cheque deposits)
|S$0.75 per cheque |
(From first cheque deposit onwards)
|USD Cheque||Current pricing||From 1 November 2023|
|Clearing||No charge||US$1.00 per cheque|
|Deposit||No charge||US$1.00 per cheque|
To help you on your digital transformation journey to #gochequeless, DBS offers a range of digital payment options that help you transact more quickly, efficiently, and securely.
Switch to digital payments with DBS IDEAL
Simply log in to DBS IDEAL, our internet banking platform, and start using FAST or PayNow for payments.
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.
Enjoy the benefits of Digital Collection solutions too!
STEP 1: Simply 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.
Power your cashless collections instantly with DBS MAX.
STEP 1: Apply for DBS MAX in DBS IDEAL.
STEP 2: Download the DBS MAX app and start collection.
STEP 3: Track and reconcile receipts into your bank accounts on the same day.
As an alternative to cheques, take advantage of the instant capabilities of FAST, that are available 24/7, as well as the convenience of making payments to PayNow registered proxies i.e., Company UEN or NRIC or mobile number.
|FAST/PayNow||S$0.50 per transaction|
|Outwards PayNow lookup||Waived till 31 Dec 2025|
|Inward PayNow||Waived till 31 Dec 2025|
Why are corporate cheques being phased out?
Corporate cheques account for a substantial portion of the remaining cheque transaction volume in Singapore. Transitioning away from corporate cheques in favour of digital payment methods will help facilitate Singapore’s transition to an innovative e-payments society where everyone has access to fast, simple, and secure payments. This is in line with Singapore’s Smart Nation vision. For more information, please refer to MAS Consultation Paper and visit MAS media release on 28 July 2023.
Will Cashier’s Orders still be available?
Yes, companies can apply for Cashier’s Order at all DBS branches.
Will DBS continue to avail Cheque Express?
Aligned to MAS’ timeline to cease corporate cheque issuance by 2025, Cheque Express will also be phased out by 2025.
What alternatives do I have to using cheques?
Corporate customers can consider digital alternatives GIRO, FAST, PayNow, merchant related solutions such as DBS MAX, for small value payments. Large value payments can be transacted via GIRO, MEPS, Telegraphic Transfers.
What is the Electronic Deferred Payment solution and when will it be ready?
The Electronic Deferred Payment solution will provide a simple e-payment solution which payers can use to i) make deferred payments; or ii) issue a cashiers’ order without the need for cheques. The EDP will ride on existing payment rails and will be subject to the underlying rail’s specifications on transaction limits and availability. The EDP solution will be ready by 2025.