Singapore Foreign Currency Cheques/DDs

If you are planning to get your money transferred from Singapore to India, and do not wish to use wire transfer then you could try foreign current cheques and foreign currency DD. Here we have listed the details on how you could deposit money against your foreign currency cheques and DD from Singapore.

Axis Bank offers Foreign Currency Instrument Collection service to customers in hassle free simple and easy steps

• You can now deposit any currency denominated demand drafts issued by any bank and avail Indian Rupees against the draft.
• Simply visit any Axis Bank branch in India and get the beneficiary account credited by the equivalent amount, with no hassles.
• Equivalently, you can also mail cheques / DDs to your Branch in India along with an instruction letter mentioning the account number where the funds have to be credited.
• This mode of transfer allows faster and hassle free transfers, and freedom from volatile exchange rates as the demand draft issued to you is in fixed amount.
• Foreign Currency Instrument Collections are lodged in 3 different schemes subject to accepted currency and payable country
  • Final Credit Scheme (FCS)- Available only for US dollar denominated cheques & other intruments. In this scheme funds are received after they are realised by Drawee bank which is a confirmed credit and payment is without re-course to the Customer.
  • Cash Letter Scheme (CLS)- Available for USD, EUR, GBP, CAD, DKK, SEK, AUD & CHF currency denominated cheques & other Instruments. In this scheme funds received are provisional credit and payment is with re-course to customer.
  • Direct Collection Scheme (DCS)- All FCY Cheques that cannot be lodged under FCS & CLS are accepted under Direct Collection Scheme. In this scheme, the FCY cheque/other instruments are directly sent to Drawee Bank without any intermediary for collection. Received credit would be final without possibility of return and without re-course to the Customer.
• All charges in addition to Axis Bank charges are to be borne by the beneficiary which are adjusted from the realized amount or recovered from customer’s account in case if the cheque gets returned unpaid.
• Foreign Currency Instrument (Cheque/Draft) sent for Collection under applicable schemes & charges ( Please click here)