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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 by 20251. UOB is committed to assist you with going digital to make banking easier, better, and faster for your business.
As we transition towards becoming a digital nation, a vast majority of individuals and businesses have adopted digital payment methods. With dwindling cheque usage in Singapore, the average cost to process a cheque transaction is projected to increase steadily.
Since 1 November 2023 onwards, banks with significant depositor base in Singapore will charge cheque processing fees as an industry-wide measure2 to better reflect the increasing cheque processing costs.
| 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, effective 1st Mar 2024 |
| 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 |
Simplify your accounts payables process with the following electronic payment modes.
Please visit our UOB Corporate Fee page to find out more.
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.
The cheque processing fee is in line with industry wide measure to reflect the higher processing costs for cheque transactions.
Customers can explore utilising alternative payment modes which are cheaper, faster and secure, such as FAST, PayNow or GIRO. For customers who receive cheque payments, please encourage your payers to utilise digital payment modes.
1Please refer to Consultation Paper “Roadmap to Terminate the SGD Cheque Truncation System – Eliminating Corporate Cheques by 2025” for more details.
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.
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