go cheque-free

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.

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.

From 1 January 2026
• As of 1 January 2026: All banks have stopped the issuance of new SGD corporate cheque books, and have ceased bulk cheque services and cheque self-printing services.

From 1 January 2027
• From 1 January 2027: All banks will stop processing SGD corporate cheques, regardless of when they were issued.

If you are a SGD corporate cheque payee 
• Please deposit all SGD corporate cheques*, as early as possible and no later than 31 December 2026 (subject to the applicable cut-off time).
• You may wish to inform your payer to start transitioning and using existing e-payment methods – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+ – instead of cheques to make payment to you as early as possible.

If you are a SGD corporate cheque payer 
• Please inform your payees to deposit all SGD corporate cheques*, as early as possible and no later than 31 December 2026 (subject to the applicable cut-off time of the bank that they are depositing the cheque with).
• It is advised that you stop issuing SGD corporate cheques and start tapping on existing e-payment methods, such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+, to make your payments.
• Please use these existing e-payment methods as soon as possible to transition away from cheques.

* Currently, banks will process cheques that are valid (i.e. date of deposit is within 6 months from date of issuance on the cheque.) From 1 January 2027, banks will no longer process SGD corporate cheque even if they are valid.

In the event you are unable to deposit your cheque(s) by 31 December 2026 within the applicable cut-off time, please approach your payer to arrange for an alternative e-payment method – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.

In the event your payee did not deposit the SGD corporate cheque(s) issued by your business by 31 December 2026, please check and arrange with your payee for an alternative payment method – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.