Are You Still Making Cheque Payments with DBS?
Be ready for the latest fee introduction!
With effect from 1 August 2022, DBS will begin to charge for all cheque deposits and over-the-counter transactions. This move is in line with Singapore’s vision of becoming a cheque-free nation by the year 2025.
If your business has an account with DBS, you should be expecting the following new additional fees from 1 August 2022:
| Transaction Type | Charge Amount |
| Cheque Deposit | $0.75 per cheque Charge is waived for the first 2 cheques deposited per month till 31 Jan 2023. |
| Over-the-counter transactions(OTC) | $5 per transaction Charge is waived for the first 5 OTC transactions per month till 31 Jan 2023. *These include but are not limited to: cash withdrawal/deposits, cheque encashment, cheque book request and funds transfer |
With all these additional costs, it is definitely not viable for any business to continue paying for such transactions in the long-term. How can business owners avoid such extra expenses then?
DBS fully welcomes and accepts digital payments through accounting software, such as Xero. By adopting Xero, you can complete bank transactions directly online and save costs on the upcoming charges. Xero is one of the highly sought-after accounting software among SME businesses in Singapore. It offers powerful yet flexible features that can help to optimize your accounting processes, such as:
1. Faster TransactionsWith Xero, you can complete bank transactions faster. It is equipped with the Optical Character Recognition (OCR) which allows you to scan data directly from documents. With simple scanning, you save an incredible amount of time by avoiding manual data entry and form filling. You can complete your bank processes in a much shorter time and on the go too!
2. Increased ConvenienceXero enables you to complete bank transactions remotely, anywhere and anytime. You do not need to make physical trips to the bank anymore, and there is no need to wait for hours in the queue. You can, therefore, utilize your time more efficiently on other important causes and grow your business.
3. Reduced ErrorsManual bank reconciliations carry a big risk of human errors. With automation, Xero processes bank reconciliations digitally and it eradicates all potential human errors. You can be reassured of total accuracy in your accounts then!
4. Direct Bank FeedsXero can be connected with most major banks, such as DBS, UOB, OCBC, and HSBC. Your bank and credit card transactions will get imported directly to Xero on a daily basis, thereby saving you time and energy from entering the data yourself. Bank reconciliation is also made simple, as information automatically flows seamlessly between your bank and Xero at the end of each day.
Digitalise your entire accounting system for just $217.50, after 70% PSG funding!
PSG funding has been reduced to 50% on 1 April 2023.
Xero is a pre-approved solution that is heavily subsidised under the Productivity Solutions Grant (PSG). The PSG supports SMEs which want to improve their productivity by adopting pre-approved IT solutions to enhance business processes.
K-Reporting is an extremely useful tool that can provide you with reporting and data analytics capabilities. Get it free when you subscribe to Xero with us! It can be fully integrated with Xero to generate business reports that can help you to track your business progress and analyse financial data.
