The use of cheques has steadily declined as businesses and individuals increasingly adopt 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.

In 2023, as part of Singapore’s transition into an innovative e-payments society, The Monetary Authority of Singapore (MAS) announced that corporate cheques would be phased out.

From 1 January 2026:
All banks will will no longer provide SGD corporate cheque books, bulk cheque services and cheque self-printing services.

From 1 January 2027:
All banks will stop processing SGD corporate cheques. Corporate cheque payees should present their SGD cheques for clearing before this date to ensure that their cheques can be processed.

For more details, please refer to the MAS Consultation Paper and MAS Press Release.

Banks will not process any corporate cheques from 1 January 2027. Corporate cheque payees must deposit all corporate cheques by 31 December 2026 to avoid having such cheques rejected.

Should recipients of corporate cheques miss the deadline to deposit their cheques and/or have their cheques rejected, they will need to make alternative payment arrangements with the payer.

Yes, Cashier's Orders will still be available for both corporates and individuals.

Yes, USD cheques will still be available for corporates and individuals.

Yes. Individuals can continue issuing or depositing SGD cheques. Corporates can continue depositing SGD retail cheques.

Please refer to our Business Banking Pricing Guide.

You may make use of GIRO, FAST, PayNow or MEPS+ for your SGD-denominated payments. From 28 July 2025, this suite of payment options will be further expanded to include EDP and EDP+.