1 of 3
What do you need help with?
you are in GROUP WHOLESALE BANKING
As part of Singapore’s Smart Nation vision to transition the country into an innovative electronic payments society where everyone has easy access to swift, simple, and secure payments, Singapore will be eliminating the use of corporate cheques, with the cessation of chequebooks in 2025 and the elimination of corporate SGD cheques in 20261. UOB is committed to assist you with going digital to make banking easier, better, and faster for your business.
Banking industry (including UOB) will be launching the new Electronic Deferred Payment (EDP) and EDP+ solutions in mid-2025, to support the transition to e-payments. EDP and EDP+ will complement Singapore's existing suite of e-payment modes, including PayNow, FAST, GIRO and MEPS+.
To allow corporates sufficient time to adopt these new solutions, MAS and ABS have also announced a one-year extension of the deadline to cease processing of corporate cheques to 31 December 2026. From 1 January 2027, corporate cheques will no longer be accepted by all banks.
| Types of charges | Fees |
| Cheque clearing charges (issuance) | Local SGD Cheques S$0.75 per cheque Local USD Cheques USD$1 per cheque |
| Cheque clearing charges (deposit) | Local SGD Cheques S$0.75 per cheque Local USD Cheques USD$1 per cheque |
| Cheque book charges | S$25 per cheque book for eBusiness Account. For eBusiness Accounts opened from 1st April 2024, first cheque book will be waived. Subsequent cheque books will be charged S$25 per cheque book. |
| Types of charges |
| Cheque clearing charges (issuance) |
| Cheque clearing charges (deposit) |
| Cheque book charges |
Please visit our UOB Corporate Fee page to find out more.
Simplify your accounts payables process with the following electronic payment modes.
Access a full suite of payment and collection services including single and bulk fund transfers via PayNow, FAST/GIRO, telegraphic transfer.
Access your business account and authorise transactions anytime, anywhere with a digital token (Infinity Secure).
Real-time visibility to all account balances and transaction details.
Banks will not be able to process any corporate cheques deposited after 31 December 2026.
Should corporate cheque payees miss the deadline to deposit their cheques or have their cheques rejected, they will need to make alternative payment arrangements with the cheque payer.
Cashier's Orders will still be available to corporates and retail users.
USD cheques will still be available to corporates and retail users.
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).
1Please refer to “Consultation Paper on Roadmap to Sunset Corporate Cheques and Transition Plan for Retail Cheques” and joint Media Release issued by The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
2Cheque processing fee is one of the measures collectively proposed by industry participants during a Payments Council fact-finding exercise convened by MAS between October 2021 to March 2022 to reduce cheque usage. Please refer to Consultation Paper “Roadmap to Terminate the SGD Cheque Truncation System – Eliminating Corporate Cheques by 2025” for more details.
Make fund transfers instantly with FAST, 24 x 7.
The most cost-efficient way to make SGD payments.
Pay your recipients with just their mobile number, NRIC/FIN, UEN or VPA with PayNow.
We use cookies to improve and customize your browsing experience. You are deemed to have consented to our cookies policy if you continue browsing our site.
