Help And Support
Payments, collections and transactions - Cheque Sunsetting
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How will I be affected by the elimination of corporate cheques?
In December 2024, The Monetary Authority of Singapore and Association of Banks in Singapore announced that the deadline to cease processing of SGD corporate cheques will be extended by an additional year to 31 December 2026. SGD corporate cheque payees should present their cheques for clearing well before 31 December 2026, to ensure that their cheques can be processed before the deadline.
For more details, please refer to the joint Media Release issued by The Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS).
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What are the key dates for corporate cheques sunsetting?
1) No new SGD cheque books will be issued to corporates after 31 December 2025;
2) Banks are to discontinue SGD bulk cheque services to corporates by 31 December 2025;
3) The last day for banks to accept corporate SGD cheques will be on 31 December 2026; and
4) All payees (corporates or individuals) receiving corporate-issued SGD cheques are strongly encouraged to present these cheques for clearing well before 31 December 2026. Corporate-issued cheques will not be accepted by all banks from 1 January 2027.
For more details, please refer to the latest Consultation Paper on Roadmap to Sunset Corporate Cheques issued by the Monetary Authority of Singapore (MAS).
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Why are corporate cheques eliminated ahead of retail cheques?
Corporate cheques account for a majority of the cheques cleared in Singapore today. Eliminating corporate cheques will help to bring down a substantial portion of the cheque transaction volume in Singapore.
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Which denomination of corporate cheques is to be eliminated after 31 December 2026?
Corporate-issued SGD cheques is to be eliminated after 31 December 2026. The last day for banks to accept corporate SGD cheques will be on 31 December 2026.
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Banks will cease the issuance of new cheque books to all corporates by 31 December 2025. Which denomination of cheque books will be impacted?
Banks will cease the issuance of new SGD cheque books to corporates by 31 December 2025.
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Will the Electronic Deferred payment (EDP) solution be available for corporates?
Yes, Electronic Deferred Payment (EDP) will be available for corporates by 2025.
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Will I be charged for issuing/ depositing SGD-denominated cheques?
Currently, we are charging corporates for SGD cheque issuance and deposit and will continue to do so. Please refer to our Pricing Guide for the cheque fees and charges.
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Will I be charged for issuing/ depositing USD-denominated cheques?
Currently, we are charging corporates for USD cheque issuance and deposit and will continue to do so. Please refer to our Pricing Guide for the cheque fees and charges.
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Am I still able to deposit corporate SGD-denominated cheques after 31 December 2025?
You can continue to deposit SGD-denominated cheques issued by corporates after 31 December 2025. The corresponding cheque deposit fees will apply. However, please note that the last day for banks to accept corporate-issued SGD cheques will be on 31 December 2026. We encourage you to adopt electronic means of payment acceptance.
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Am I still able to deposit retail SGD-denominated cheques after 31 December 2026?
You can continue to deposit SGD-denominated cheques issued by individuals after 31 December 2026. The corresponding cheque deposit fees will apply. We encourage you to adopt electronic means of payment acceptance.
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Am I still able to issue cashier’s orders after 31 December 2026?
You can continue to issue cashier’s orders after 31 December 2026. The corresponding cashier’s order issuance fees will apply.
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Am I still able to issue / deposit USD-denominated cheques after 31 December 2026?
You can continue to issue / deposit USD-denominated cheques after 31 December 2026. The corresponding cheque fees will apply.
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What are the alternative digital payment methods that are available for cheque users now?
You may make use of GIRO, FAST, PayNow, or MEPS+ for your SGD-denominated payments. From mid-2025, the suite of options will be further enhanced with the launch of the new EDP and EDP+.
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What is Electronic Deferred Payment (EDP)?
Electronic Deferred Payment (EDP) is a new e-payment solution complementing the current suite of e-payment solutions, such as PayNow, FAST, GIRO and MEPS+.
EDP is an e-payment solution that is intended to address the use case of a deferred payment (done by way of post-dated cheques today). EDP+ is a variation of EDP that is intended to provide greater certainty of payment (done by way of cashier's orders today).
EDP and EDP+ will both leverage existing payments solutions like PayNow and GIRO.
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What currency of payment does EDP and EDP+ support?
EDP and EDP+ will only be available for domestic payments in SGD.
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Which banks will be offering EDP and EDP+?
At launch, the Domestic Systemically Important Banks (D-SIBs), namely OCBC, Citibank, DBS, HSBC, Maybank, Standard Chartered and UOB, will offer both the EDP and EDP+.
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When can I start using EDP and EDP+?
The industry will be launching the EDP and EDP+ in mid-2025 and it will be available for retail and corporate customers. More details will be announced.