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Dear Valued Customers,
With the adoption and wide use of electronic payment methods such as PayNow, FAST and GIRO, and cheque usage in Singapore falling steadily, the Monetary Authority of Singapore (“MAS”) announced that all corporate cheques will be eliminated by end-2025 while the individuals will still be able to use cheques for a period.
With effect from 1 June 2024 (inclusive) and in line with the industry wide transition away from physical cheques, ICBC will be implementing cheque clearing fees for all SGD-denominated and local USD-denominated cheques drawn on your account with ICBC and accepted by ICBC.
The clearing charges for each cheque are as follows.
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Currency
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Category
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Fee
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SGD
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cheque clearing fee
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S$0.75 per cheque
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USD
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cheque clearing fee
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US $0.55 per cheque
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Kindly note that this newly introduced cheque clearing fee is in addition to the existing cheque issuance fee which will be charged upon the issuance of chequebook.
For enquiries, please call our customer service hotline at 6369 5588 or visit any of our sub-branches.
Yours Sincerely,
Industrial and Commercial Bank of China Limited, Singapore Branch
18 April 2024
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