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Is there a bank account in Singapore that allows me to cash third party check

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genepool
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Is there a bank account in Singapore that allows me to cash third party check

Post by genepool » Wed, 10 Aug 2016 7:25 pm

My account in US is closed abruptly. I got a check written to a business name.

It's $5k check.

Basically I want to fly to singapore open a bank and do my biz there. Perhaps open a company. How difficult it is?

Sometimes I got checks written to my website names and stuff. I wonder if I can cash those too?

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Strong Eagle
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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by Strong Eagle » Wed, 10 Aug 2016 10:04 pm

The rules in Singapore for depositing or cashing a cheque are different than in the US. All Singapore cheques are of a standard format and size. The formal rules are:
  1. One thing that is found on all checks are the words, "Or Bearer". If these words are not crossed off, then the person in possession of the check can deposit or cash it at any bank.
  2. If the words "Or Bearer" are crossed out, then only the individual named on the check can cash it.
  3. If two parallel lines are drawn at the upper left of the cheque, then it can only be deposited not cashed.
  4. Checks made out to a private limited (Pte Ltd) can only be deposited, never cashed, regardless of the presence or absence of the parallel lines.
In reality, banks are far more cautious about accepting third party or Bearer checks and will only do so when they have an established working relationship with the client. Even if the check has been endorsed and handed over, the accepting bank doesn't have a way to verify the signature.

In fact, Singapore banks can be so anal about the whole thing that I've run into this situation. My personal account was opened using my US passport, and therefore the account style is "SMITH, John Doe", ie last name first. The bank on a fairly regular basis rejected checks made out to "John Smith" because the names didn't match. However, after banking with them for 8 years, UOB did accept a check made out to me instead of my company.

Singapore banks also do not like to take checks in a foreign currency, and quite a few will simply reject them unless they have that working relationship. Foreign checks have to be submitted for collection, a process that can take 6 to 8 weeks, and the exchange rate is determined as of the date of acceptance for collection.

Bottom line: It will be virtually impossible to deposit a check that is not made out to the account name on the checking account. It's hard enough to do with local companies and local checks, a complete waste of time for what you are trying to do.

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Strong Eagle
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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by Strong Eagle » Wed, 10 Aug 2016 10:05 pm

Your best bet is to open another company account in the USA.

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Re: RE: Is there a bank account in Singapore that allows me to cash third party check

Post by ecureilx » Wed, 10 Aug 2016 10:35 pm

genepool wrote:My account in US is closed abruptly. I got a check written to a business name.

It's $5k check.

Basically I want to fly to singapore open a bank and do my biz there. Perhaps open a company. How difficult it is?

Sometimes I got checks written to my website names and stuff. I wonder if I can cash those too?
You want to cash a cheque issued in which country ? If not issued by a Singapore bank, expect a week plus time for it to clear, "IF" you are able to open a local account ....

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Re: RE: Is there a bank account in Singapore that allows me to cash third party check

Post by Strong Eagle » Wed, 10 Aug 2016 11:12 pm

ecureilx wrote:You want to cash a cheque issued in which country ? If not issued by a Singapore bank, expect a week plus time for it to clear, "IF" you are able to open a local account ....
He wants to cash/deposit a third party foreign check. Good luck with that, account or no account.

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by genepool » Thu, 11 Aug 2016 2:29 am

Okay so Singapore is no go. I got to have a bank account in US. Any recommendation?

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by Strong Eagle » Thu, 11 Aug 2016 2:35 am

genepool wrote:Okay so Singapore is no go. I got to have a bank account in US. Any recommendation?
Depending upon the state you are in, a credit union that takes business accounts is often the easiest and cheapest.

To open a business account, you either need a copy of your assumed name filing with your local authorities (for sole proprietorships) or you need a copy of your LLC, incorporation, or partnership documents from the state.

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by BBCWatcher » Thu, 11 Aug 2016 8:01 am

genepool wrote:My account in US is closed abruptly.
Any reason given why? I ask because you might need to correct that problem first, or at least that problem could trigger another account closure.

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by Strong Eagle » Thu, 11 Aug 2016 9:07 am

BBCWatcher wrote:
genepool wrote:My account in US is closed abruptly.
Any reason given why? I ask because you might need to correct that problem first, or at least that problem could trigger another account closure.
I was trying to avoid going there, and it is the rather obvious question, isn't it?

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by BBCWatcher » Thu, 11 Aug 2016 11:21 am

It's an obvious question perhaps, but the answer isn't obvious. There are many reasons banks close accounts. Sometimes whole banks fail, although usually (but not always) an acquiring institution will continue handling the failed bank's accounts.

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by BBCWatcher » Thu, 11 Aug 2016 3:57 pm

More useless, rude, ad hominem attacks. How disappointing, again. :(

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Re: Is there a bank account in Singapore that allows me to cash third party check

Post by PNGMK » Thu, 11 Aug 2016 4:26 pm

OP - you're best bet may (and yes it will cost) is a cash checking service in the USA (if that's where you are). Third party checks are a common form of money laundering and my feeling is that 'checks' will cease being viable in a decade if not less.
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