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What would I need a cheque book for?

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rtjiptabudy
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What would I need a cheque book for?

Post by rtjiptabudy » Fri, 04 Feb 2011 1:35 pm

Hello Everyone, I'm relocating to Singapore in few months. I'm looking at the Banks and their products as well as discussion topics here.

However, I still have a question about cheque book, what would I need it for?

As long as I can pay my bills (utilities, rent, credit card payment) through internet banking, do I really need cheque book?

Can you please explain to me in what situation in Singapore, people can accept persona cheque? The only time I think I might need a cheque is for deposit for apartment, even that I assume a bank cheque is preferred to a personal cheque.

Please let me know. Thank you for all your feedback.


-ronald

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sundaymorningstaple
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Post by sundaymorningstaple » Fri, 04 Feb 2011 2:04 pm

It's better to have it and not need it rather than need it and then have to pay money at the bank for a bank draft. If you want to have a newspaper subscription for daily delivery, you need to ensure that you alway have the cash around to pay for it when the guy comes around and stupid ungodly hours at night. Or, if you bank with one bank and have a local credit card at another bank, some banks don't have the ability/desire to allow online payments to the other bank, then you have to run out and find an AXS machine in order to pay them. Or, as noted, deposits for apartments. (Bank cheque is okay, unless it's a Landlord's market. They they will use your cheque for a leveraging tool, e.g., the agent will use the cheque in hand to get somebody else also looking to up the rental, thereby upping the deposit. If you want it, you need to write out another cheque (or hope it's not on the weekend so you cannot run down to the bank, get the new cheque and run back to the......

Nah, get a cheque book.
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Post by revhappy » Fri, 04 Feb 2011 11:06 pm

Yeah, the only time a cheque comes handy is when you are renting a house. I am so glad that I had issued a cheque for renting a house last year. 2 days later we decided that we didnt want to rent the house as our circumstances had changed and luckily the owner hadn't banked the cheque and I was able to do a stop payment. Had I given cash, we would have had to say good bye to our money. So you see, Cheque gives you those couple of days extra to review your decision. :wink:

Also with the kind of frauds happening in housing, you would rather deal in cheques than cash. The few 10s of dollars that you lose as fees to the bank is more than worth it than facing the trauma of losing money.

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Post by Strong Eagle » Sat, 05 Feb 2011 12:13 am

Why wouldn't you get a check book? It's the civilized way to dealing with one time transactions throughout the world. Unless of course, you deal only in cash.

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Post by beppi » Tue, 08 Feb 2011 11:16 am

Cheques as payment method are outdated everywhere outside of North America. You certainly don't need them in Singapore!
Last time I used one was in 2002, when my 80-year-old landlady wanted to be paid by one. She passed away and her daughter let us use a standing instruction instead - what a relief!
You can also pay all other bills and most everything else by credit card or bank transfer here.

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Post by x9200 » Tue, 08 Feb 2011 12:16 pm

You don't truly need them but they are good to have. I use cheques from time to time to pay for home delivery if I forgot or did not want to be bothered looking for an ATM (none on my direct route work-home).

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Post by ScoobyDoes » Tue, 08 Feb 2011 12:19 pm

I use cheques these days for quite a few things:

1) Paying my Credit Card, issued from bank where i have no account.
2) Pre-school for the little one.
3) Deposits for apartment etc.
4) Paying the movers.
5) Medical / Car Insurance Premiums.
6) Air-Con Contractor.


It could be possible to pay one or two of the above by online banking and transferring money, for example to the school or insurance company but in these cases it is easier and safer to write a cheque. Deposits, movers and the air-con guys only take cheques.
'When Lewis Hamilton wins a race he has to thank Vodafone whereas in my day I used to chase the crumpet. I know which era I'd rather race in.'

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Post by ksl » Tue, 08 Feb 2011 2:20 pm

My wife also uses check book for many things here in Singapore, it's much safer and easier to cancel.

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Post by QRM » Tue, 08 Feb 2011 2:30 pm

Being an anorak here, a cheque book is just a pre-printed form to save you time, in theory you can write a "cheque" on a piece of bog paper, so long as it contains all the correct details and wording, the bank or person receiving it should accept it.

Having had some serious wall banging moment with some of the local bank tellers, the chances of getting a bog roll cheque through would be slim. Though an interesting test to see if the guys at the bank really know the regulations.

I use mine quite alot here, and better figure out the way the locals "cross' their cheques, very different from the UK.

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Post by curiousgeorge » Tue, 08 Feb 2011 7:42 pm

I rarely need to use a cheque, but when it comes times to pay the tax man...almost no other way for me to pay him. I don't have a local account with NETS, so no choice really.

rtjiptabudy
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Post by rtjiptabudy » Tue, 08 Feb 2011 9:15 pm

I see some of the reasons a cheque might be useful and some postings that it might not.

I'll just have to think twice before open an account in Singapore ;)

Thank you everyone for contributing.

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Post by ScoobyDoes » Wed, 09 Feb 2011 9:49 am

curiousgeorge wrote:I rarely need to use a cheque, but when it comes times to pay the tax man...almost no other way for me to pay him. I don't have a local account with NETS, so no choice really.

Is your account anyway available online?

Most accounts allow for Bill Payment online such as for TV, SP-Services and yes, taxes. I don't think NETS itself is a limitation.
'When Lewis Hamilton wins a race he has to thank Vodafone whereas in my day I used to chase the crumpet. I know which era I'd rather race in.'

SIR Stirling Moss OBE

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Post by curiousgeorge » Wed, 09 Feb 2011 11:03 am

ScoobyDoes wrote:
Is your account anyway available online?

Most accounts allow for Bill Payment online such as for TV, SP-Services and yes, taxes. I don't think NETS itself is a limitation.
Yeah, and I pay all those other services online...but the only option for IRAS is not for personal income tax. Go figure. (Citibank).

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Post by ScoobyDoes » Wed, 09 Feb 2011 11:53 am

Yes, strange indeed because i pay IRAS online but I wonder, then, if it has anything to do with Shitibank being 'foreign' since I do everything through UOB.

Maybe they try not to let foreign banks have a relationship on that level with the government so I'll need to check whether i can do it through my HSBC account online.
'When Lewis Hamilton wins a race he has to thank Vodafone whereas in my day I used to chase the crumpet. I know which era I'd rather race in.'

SIR Stirling Moss OBE

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