Help And Support

Payments, collections and transactions - Cheque Sunsetting

Frequently Asked Questions
  • How will I be affected by the elimination of corporate cheques end-2025?

    The Monetary Authority of Singapore and the Association of Banks in Singapore has announced that corporate cheques will be eliminated end-2025. This means that you will no longer be able to issue corporate cheques after 2025. MAS has also announced the development of Electronic Deferred Payment (EDP), a solution that allows users to make a deferred payment or issue a cashier’s order without involving a hardcopy cheque. The EDP solution will be available by 2025.

  • Which denomination of corporate cheques is to be eliminated by end-2025?

    Corporates are to cease SGD cheque issuance by end-2025.

  • Will the Electronic Deferred payment (EDP) solution be available for corporates?

    Yes, Electronic Deferred Payment (EDP) will be available for corporates by 2025.

  • Banks will cease the issuance of new cheque books to all corporates in 2025. Which denomination of cheque books will be impacted?

    Banks are to cease the issuance of SGD cheque books to corporates in 2025.

  • Will I be charged for issuing/ depositing SGD-denominated cheques by 1 Nov 2023?

    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.

  • Will I be charged for issuing/ depositing USD-denominated cheque by 1 Nov 2023?

    Charges for USD cheques will be implemented at a later stage. Details of the fees will be shared in due course.

  • Am I still able to deposit cheques after 2025?

    You can continue to deposit cheques issued by individuals after 2025. The corresponding cheque deposit fees will apply. We encourage you to adopt electronic means of payment acceptance.

  • Will I still be able to issue cashier’s orders after 2025?

    ABS will work with key banks to build an electronic deferred payment (EDP) solution to allow users to make a deferred payment or issue a cashiers’ order, without the need for cheques. The EDP solution will be ready by 2025.

  • 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.