FAQ - Purchase of Demand Draft and Cashier's Order

1. How is the demand draft and cashier's order different?

   Demand draft is normally used for overseas remittance and is denominated in a foreign currency whereas cashier's order is normally used for local payment and is denominated in local currency.

2. What are the charges for my demand draft and cashier's order purchase?

   Demand Draft purchased via iBanking are chargeable at 1/8% of the payment amount, subject to a minimum commission of $5.00 per draft. Cashier’s Orders purchased via iBanking are free (effective 05 Jun 2010).

3. What is my transactional limit for the purchase of demand draft and cashier's order?

   The maximum amount you may purchase per demand draft and cashier's order is S$10,000 or its equivalent.

   Note that as your account is deducted when we process your transaction, please ensure sufficient funds in your account to avoid any delay.

4. What is the applicable exchange rate for my demand draft purchase?

   The bank's latest exchange rate will be used when you purchase between 0930 to 1830 hours (Mon-Fri) and 0930 to 1500 hours (Sat).
   Outside these hours, or when the latest rates are unavailable, an indicative rate will be shown to you and the actual rate will be applied when we process your transaction.

5. How do I collect my demand draft/ cashier's order after I have made the purchase?

   The bank does not mail the demand draft/ cashier's order to you as your signature is required upon collection. During your online purchase, you will need to designate a branch for collection of your demand draft/ cashier's order.

6. What is the collection time of my demand draft/ cashier's order at the designated branch?

   If you apply before 1200 hours (Mon-Fri), your demand draft/ cashier's order can be collected from the branch between 1600 to 1700 hours on the same day. Thereafter, including application on Saturdays/ Sundays/ public holidays, the collection hours are after 1200 hours the next business day.