Singapore will also eliminate corporate cheques by end-2025, while individuals will still be able to use cheques “for a period after 2025”.
SINGAPORE: Banks in Singapore will start charging customers for issuing Singapore dollar cheques by Nov 1, the Monetary Authority of Singapore and the Association of Banks in Singapore announced on Friday .
Banks incur a “fixed cost” when it comes to processing of cheques. These costs include cheque clearing costs and other bank operating costs, such as the collection and handling of cheques, data capture, as well as imaging and signature verification. This is set to increase to between S$2 and S$6 by 2025, if cheque volumes fall by another 70 per cent by then, said MAS and ABS.
They will work on several measures to facilitate the transition to zero corporate cheques by end-2025. “This will provide the remaining individual users with a longer runway to switch to alternative payment methods,” said MAS and ABS.
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