Others


Charge Card

A charge card is a card that provides an alternative payment mode to using cash when making purchases. The issuer and the cardholder enter into an agreement that the debt incurred on the charge account will be paid in full and by a due date (usually monthly) or be subjected to late fees and restrictions on card use.  Balances incurred on charge cards cannot be rolled over from one billing cycle to the next.   

  • When you pay for a purchase, you sign the sales slip and receive a receipt. The card issuer bills you each month. You can also get cash advances with your card.
  • Charge card bills must be settled in full every month.

Standing orders

These are instructions you give to your bank to transfer specified sums of money regularly to a third party.

Electronic funds transfer at point of sale (EFTPOS)

Commonly known as NETS, you can use your ATM card or debit card to make payments with this facility. Once the transaction is approved, the amount is immediately deducted from your bank account.

Payment orders - cashier’s orders, demand drafts and telegraphic transfers

A cashier's order is a cheque issued by the bank, payable to a designated recipient in Singapore for a stated amount in Singapore dollars.

A demand draft is a written order issued by the bank to the bank's overseas correspondents to pay a stated amount (this may be in a foreign currency or Singapore dollars) to your recipient.

An outward telegraphic transfer is a payment sent by SWIFT / Telex to an overseas party. Payment should be received within a few days depending on the currency, destination, period, and the agent bank used. This is a faster mode of remitting money overseas and more costly compared to a demand draft.

Phone banking

With an ID and password, you can use your phone to carry out various banking transactions, such as fund transfers, and to check account information.

Internet or online banking

Internet banking is banking through online services. Banks with internet banking facilities allow customers to check account information, pay bills, transfer funds, and explore other services and products offered by the bank on the internet.

There are safeguards in place for internet banking, such as banks' requirement for two-factor authentication at login for all types of internet banking.

 

The above information is prepared in collaboration with the Association of Banks in Singapore.