How Do I Cash a Cheque?

People still use cheques in Singapore?

Cheques might seem old-fashioned in today’s digital world, but they’re still a common form of payment in Singapore. You might receive a cheque from a small business that doesn’t use bank transfers, a government agency issuing payouts, or an insurance company settling a claim. These paper-based payments offer a traceable, secure method for larger sums, even if they’re no longer the everyday go-to.

Where can you go to cash a cheque?

Unlike what some may think, you generally can’t walk into any bank to cash a cheque — it is usually handled at your own bank or the bank that issued the cheque.

Here’s what to know:

• Crossed cheques, which are most common, must be deposited into a bank account. They cannot be cashed out at the counter.

• Uncrossed or bearer cheques may be encashed at the issuing bank, but only with proper identification.

• Each bank has its own procedures. For example, DBS/POSB lets you deposit cheques via ATMs or Quick Cheque Deposit (QCD) boxes. OCBC and UOB offer similar services but may differ in cut-off times and processing windows. Notably, you can cash OCBC cheques at their ATMs, applicable for OCBC Personal or Corporate cash cheques.

• Foreign cheques or cheques drawn from a different bank will usually take longer — think up to 30 working days — and may incur fees. For instance, depositing a USD cheque into a local SGD account might cost you both a service fee and a conversion fee.

» Learn to identify the parts of a cheque

How to cash a cheque: Step-by-step

Whether you’re cashing it or depositing into your account, here’s what you need to do:

1. Double-check the cheque details — your name should be correct, the amount should match in words and figures, and the date and signature must be valid.

2. Endorse the cheque by signing the back, if required.

3. If you’re depositing it, fill out a cheque deposit slip or the back of the cheque with the necessary details.

4. Place the cheque and the slip into the bank’s deposit box or hand them to a bank teller.

5. Always keep the receipt or transaction slip for your records, especially if the cheque is of a large amount. This doesn’t apply to cheques at cheque deposit boxes, though. In such cases, to be safe, take a photo of the cheque just before depositing it. 

What’s the fastest way to cash a cheque?

If you’ve got a crossed cheque, the quickest option is to deposit it directly into your account via the bank’s cheque deposit box. These boxes are widely available at bank branches, and many are processed by the next working day if dropped in before the daily cut-off (usually around 3pm on weekdays). 

For uncrossed cheques, you may be able to get immediate cash at the issuing bank, but this depends on your ID and whether the cheque is properly filled out.

To speed up the entire process:

• Confirm all cheque details are accurate.

• Sign the reverse side if required.

• Clearly complete the deposit slip (if needed).

Even with everything in order, standard cheque clearance typically takes about two working days in Singapore if the cheque doesn’t bounce. 

Common questions about cashing cheques

My cheque has both my name and someone else's. Can I deposit it into my personal account?

No, cheques made out to two names usually require both parties to endorse and deposit it into a joint account or visit the bank together.

What is a Quick Cheque Deposit Box (QCD)?

This is a dedicated drop-box found at many bank branches where you can quickly deposit cheques without queueing. They’re a convenient option for after-hours banking or skipping the counter.

What if I don’t want to use cheques at all?

Many payments today can be made using PayNow, bank transfers, or digital wallets. These are faster, more secure, and easier to track than cheques.

Do I need documents for overseas cheques?

Yes. If you’re cashing a foreign cheque, banks may ask for supporting documents such as invoices or remittance advice to validate the source. Fees and longer processing times are also to be expected.