We’re going cheque-free!
As part of our go green initiative and in support of the Singapore Government’s aim to go cheque-free by 2025, we are taking progressive steps to reduce our carbon footprint.
From 1 October 2021, receive your SGD cheque payments for corporate actions and sales transactions in a quicker and more convenient way!
- If you have applied for the Electronic Payment for Shares (EPS) or GIRO service, your SGD payments will be paid directly to your bank account.
- If you have not applied for EPS or GIRO service, you will receive your SGD payments in your Trust account.
What do I need to do?
| My Preference | Action Required |
|---|---|
| I want my payments credited into bank account based on the existing EPS or GIRO arrangement I have with UOB Kay Hian. | No Action Required |
| I do not have an existing EPS or GIRO arrangement and would like to receive the payments in my Trust account. | No Action Required For information on withdrawing your funds from the Trust Account, please refer to the FAQs below. |
| I do not have an existing EPS or GIRO arrangement and would like to receive my payments directly in my bank account. | Take 5 minutes to complete and submit the required forms. Details can be found below this table. |
To link a bank account to your trading account, complete the EPS form and mail it to us or email to contact@utrade.com.sg with the header "EPS Application".
If you prefer to receive your proceeds via GIRO, complete the GIRO form and mail the original copy to us for processing.
Frequently Asked Questions
This exercise covers SGD sales transactions, SGD corporate action payments and foreign currency payments that were converted into SGD and paid out via cheque.
Foreign currency cheques for your sales transactions are still available at the moment, but will be progressively phased out.
The average processing time is approximately 1 to 2 weeks upon receipt of your duly completed application form.
For purposes of receiving payment, both GIRO and EPS allows you to receive payments in your bank account directly. However, if you are deciding between EPS and GIRO for purposes of funding your share purchases, do note that clients on GIRO will have the payment debited directly from their bank accounts while clients on EPS will have to initiate payment separately.
No action is required from you. We will make the necessary arrangements for you to receive your SGD corporate action payments in the same bank account.
UOB Kay Hian abides by regulatory frameworks and requirements in the Securities and Futures Act, including the maintenance of Trust accounts. Your money is safe in the Trust Account. No action is required from you to set up a Trust account. In addition, your SGD cash in your Trust account will yield a small interest at the prevailing interest rates. If you would like to target higher interest returns, you can also apply for the UCASH service.
UCASH can be used as a parking facility for your liquid cash while you are on the lookout for investment opportunities. Monies will be deducted automatically for your equity investments and sales proceeds will be credited into UCASH to earn a higher interest.
You can contact your Trading Representative on the request. Please also note that there is a handling fee of up to S$40 for each remittance, depending on the remittance amount. However, this fee can be waived if you complete a standing instruction for remittance, and provide necessary supporting documents showing your ownership of the bank account. Your Trading Representative will be able to advise you of the procedures and provide forms to be completed.
No, as UOB Kay Hian is only able to maintain one bank account linkage at any one time.
You will receive your dividends in your EPS/GIRO bank account. If you do not have any EPS/GIRO arrangement with UOB Kay Hian, you will receive the payments in your Trust Account.
You may check with your Trading Representative or contact our Client Services team at 6536 9338 or email to contact@utrade.com.sg.
For further assistance, please contact our Client Services team at 6536 9338 or email to contact@utrade.com.sg.
Thank you for supporting our commitment to build a sustainable environment!
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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