You can receive payments in cheques for certain types of cheques and only by visiting a DBS bank branch.
Please note there are 2 types of cheques;
1) Bearer cheques
2) Account Payee Only cheques.
1) Unfortunately, we are unable to accept any Bearer cheques. As its name implies, it is a cheque where the original name written on it doesn’t matter.
2) We can accept account payee only cheques. Please note "TFP -" followed by the company name has to be written as for DBS to identify as to whom the cheque would be payable to.
You can recognise an Account Payee Only cheque when either:
i) “Account Payee Only” is printed on the cheque
ii) The words “OR BEARER” are crossed
iii) There are 2 lines drawn on the cheque, typically diagonally on the top left hand corner of the cheque or vertically in the middle
Please note that account payee cheques without "TFP -" before the company name will be rejected.
Please note that online / wire transfers can of course be made to you in your company's name and we encourage you to ask your clients to pay you through transfer.