Automated payments in Singapore

In Singapore payment processes are still stuck in 90s. You need to raise an invoice. The payer typically writes a cheque. Cheque is typically sent by post which takes two working days. And then it's cashed.

For personal accounts there is a recurring payments feature generally available with online banking.

However if you have a business account, recurring payments are generally not available with online banking. YMMV

Giro 10SGD setup

You have to go to your banking branch and take out either a:

  1. Standing order
  2. Giro

The standing order is for a fixed amount, and it costs 10SGD to setup. This makes it unpopular.

The Giro can take a month to setup and you get charged 10SGD for any amendments.

Giro grants the payee the right to debit the payer's account and is typically used for things like utility bills which, because they have an unpredictable component, can't be settled with a fixed monthly payment set up by the payer.

GIRO payments are instigated by the payer which needs to be a GIRO billing organisation, not the payee, in order to "pull" money out of the payer's account.


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