No More Cheques In Singapore come 2027 Jan and EDP (electronic deferred payment)

[therock]

On 9/24/2025 at 11:30 AM, Lala81 said:

Writing a cheque to convince the other party to lower their asking price for a property transaction cannot liao.

 

I wondered about this... because for new launches, the agents ask you to bring a blank check... what happens now ? 

[Davidklt]

Anyone knows if cashier's order is considered as part of this phase out?

[Davidklt]

On 9/24/2025 at 11:10 AM, Benarsenal said:

Cheque is useful when you need a physical record for tracking (like receipt).

Once I bought a car from a direct owner. He was afraid I might not make the payment after he did the transfer on Singpass. He asked for a cashier's order for the full amount. I thought this is quite a good safeguard for both sides. 

[Mkl22]

On 9/24/2025 at 12:15 PM, Davidklt said:

Once I bought a car from a direct owner. He was afraid I might not make the payment after he did the transfer on Singpass. He asked for a cashier's order for the full amount. I thought this is quite a good safeguard for both sides. 

whats the diff? you can show him the cashier order and then not give it to him or tear it up.

[Throttle2]

On 9/24/2025 at 12:15 PM, Davidklt said:

Once I bought a car from a direct owner. He was afraid I might not make the payment after he did the transfer on Singpass. He asked for a cashier's order for the full amount. I thought this is quite a good safeguard for both sides. 

yup, thats what i always used to do.  cashiers order

[Throttle2]

On 9/24/2025 at 12:25 PM, Mkl22 said:

whats the diff? you can show him the cashier order and then not give it to him or tear it up.

it is to be handed over to seller upon transfer of asset.  

[Throttle2]

On 9/24/2025 at 12:12 PM, Davidklt said:

Anyone knows if cashier's order is considered as part of this phase out?

probably not, since a cashiers order can only be made out by the bank if the account is funded.  and once made out, the money is deducted from the account unlike a cheque.  A cashiers order cannot bounce unless it is reported as lost officially and voided by the bank.  

I do make use of Checks quite often as it is the only way to lumpsum transfer big amounts for a given day. 

Edited September 24 by Throttle2

[Davidklt]

On 9/24/2025 at 12:25 PM, Mkl22 said:

whats the diff? you can show him the cashier order and then not give it to him or tear it up.

Well, it does show a few things.

It showed that I am a sincere and genuine buyer.

I sent him a photo of the cashier's order to show I have the payment prepared and it would be a fuss free full payment deal for him. Based on this, he kept the car for me despite not putting in a deposit, and rejected further viewings from others. I met him a week later.

I handed him the cashier's order to him before he started the Singpass transfer. It was an assurance on his side and no risk for me as I can cancel it first thing in the morning if he tries anything funny.

Compare this with a paynow transfer, its a guessing game to convince who wants to start the process first.

Edited September 24 by Davidklt

[Mkl22]

On 9/24/2025 at 12:38 PM, Davidklt said:

Well, it does show a few things.

It showed that I am a sincere and genuine buyer.

I sent him a photo of the cashier's order to show I have the payment prepared and it would be a fuss free full payment deal for him. Based on this, he kept the car for me despite not putting in a deposit, and rejected further viewings from others. I met him a week later.

I handed him the cashier's order to him before he started the Singpass transfer. It was an assurance on his side and no risk for me as I can cancel it first thing in the morning if he tries anything funny.

Compare this with a paynow transfer, its a guessing game to convince who wants to start the process first.

yes, i know. i have done all 3 before. Cash, Cashier Order and Paynow for buying as well as received a cheque for selling a car. i guess its trust in the end. 

[Beehive3783]

On 9/24/2025 at 10:29 AM, therock said:

https://www.straitstimes.com/business/corporate-cheques-singdollar-cease-2027-payment-alternatives-businesses 

 

The time is coming soon... I wonder what you all are using for larger payments, eg for condos etc

How about downpayments for cars etc? 

What you need to know about the new electronic deferred payment solutions – EDP and EDP+

Launched on July 28, 2025, electronic deferred payment solutions EDP and EDP+ are offered by seven major banks in Singapore: Citibank Singapore, DBS, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB.

The solutions are available to both individuals and businesses. They can be accessed through any of the seven banks’ digital banking platforms – either the mobile banking app or the internet banking site – and no sign-up is required.

Some benefits of EDP and EDP+ include:

Ease of use: Payer can transfer funds using the mobile number, National Registration Identity Card (NRIC), Foreign Identification Number (FIN), Unique Entity Number (UEN), or bank account number of the payee.

Full traceability: Both payer and payee receive real-time updates on status changes, including when an EDP/EDP+ is issued, cancelled, expired and presented (i.e. act of payee requesting payment). This provides visibility on when and why a payment was made, and who the payer and payee are.

i remember PayNow can transfer up to 200k SGD per transaction. The last time I checked the limits.

[Soya]

On 9/24/2025 at 1:46 PM, Beehive3783 said:

i remember PayNow can transfer up to 200k SGD per transaction. The last time I checked the limits.

Jialat…..liddat how to pay full cash?

 

[Beehive3783]

On 9/24/2025 at 2:14 PM, Soya said:

Jialat…..liddat how to pay full cash?

 

Go bank withdraw cash in duffel bag?  

[macrosszero]

Retirees withdraw too much cash or move cash around, banks also have safeguards to ask long ask short in case they are being scammed…

[Enye]

If renew coe use what ah?

paynow?

😬😅

[serenade]

On 9/24/2025 at 11:39 AM, Throttle2 said:

I dont know if the same applies, but the max i can transfer is $200k per day which is too low.  how can EDP help unless there is no limit on transfer amount.

Use MEPS+ instead of PayNow. MEPS+ is like a TT within Singapore banks. Can transfer millions account to account. Not instant as PayNow, just a little bit longer as the checks are more thorough.

[Throttle2]

On 9/24/2025 at 3:47 PM, serenade said:

Use MEPS+ instead of PayNow. MEPS+ is like a TT within Singapore banks. Can transfer millions account to account. Not instant as PayNow, just a little bit longer as the checks are more thorough.

How to MEPS online? 
possible?

[Lala81]

On 9/24/2025 at 3:37 PM, Enye said:

If renew coe use what ah?

paynow?

😬😅

my BIL renewed this month, paynow.

 

[serenade]

On 9/24/2025 at 4:18 PM, Throttle2 said:

How to MEPS online? 
possible?

Usually is found under local transfers to other banks. You have to setup the beneficiary details like local bank, acct number and name in advance. When you make the transfer the bank's payment system will auto route it from TT to MEPS. While for TT there is usually a charge, MEPS (for me) has been free.