With CTS, the cheque will be scanned upon deposit and its electronic image, instead of the physical cheque, will be transmitted throughout the entire clearing cycle. All banks in Singapore that clear SGD and local USD cheques have implemented an online image-based cheque clearing system called the Cheque Truncation System (CTS) from 12 July 2003. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. As it turns out, there’s no fee associated with depositing a foreign check at Bank of America – or at least not with our account type. With the increasing trend of electronic transactions, digital signatures are becoming more Cheques and GIRO transactions which are cleared through the Automated Clearing House ... fund consisting of foreign currencies, demand and time deposits, Treasury bills and securities, and gold. Deposit Accounts • Premier Deposit Accounts (SGD) 1 • Other Savings/Current Accounts (SGD) 1 • Fixed Deposit Accounts (SGD) 1 Ang Mo Kio Hub• Global Deposit Accounts (Foreign Currency) 2 Cheque 3 Remittances • Inward Remittance 4 • Outward Remittance 4 • Cancellations / Amendments / Stop Payments 5 • Other Funds Transfer Services 5 Foreign currency cheque purchased 0.25% commission, subject to a minimum of S$20 per cheque We will notify you of any changes by giving you 30 days' notice except where otherwise stated in the Terms and Conditions governing the Bank's relevant Products and Services. Cheque Truncation System (CTS) is an image-based cheque clearing system implemented by all banks in Singapore for SGD and USD cheques. Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to $75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Talk to us today to learn more about how a Citibank deposit account can meet your investment goal. Bank drafts must be deposited into a bank account and cannot be cashed. ; Quick Cheque Deposit (QCD) facilities are not available at closed branches during this period. Cheques are valid for 6 months from date of issuance, unless otherwise stated on cheque. Locate a Quick Cheque Deposit Box near you or visit our 24/7 digital lobbies! Cheque deposit cut-off time is usually at 3.30pm Cheques deposited on Saturdays and Sundays will be sent for cheque clearing on Mondays or the next business day Cash cheques can be encashed on Saturdays at the payer's bank. Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. As the cheque is made out in the local currency where it will be sent, it doesn’t require conversion and is therefore able to be banked quicker than a cheque written in SGD. Maybank Foreign Currency Current Account (For Non-Individuals) Receive or make payment in the original foreign currency without having to convert them into Singapore Dollars; flexibility to deposit or withdraw local and foreign currency in cash, demand drafts or telegraphic transfers. Important information. A handling fee may apply Writing a cheque. The fixed deposit must be made with fresh funds and not funds transferred from existing UOB savings/current/fixed deposit account(s) or UOB cheques, cashier's orders and demand drafts. With CTS, cheques are scanned when deposited and their electronic images, instead of the physical cheques, are transmitted throughout the entire clearing cycle. Singapore. A foreign deposit account in Singapore may offer the peace of mind you are looking for. Secure. 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