From my past experiance by ebay & other on-line:
1. Local Banks can accept "Other" currency's cheque with a
transaction fee. To what I remember POSBank cannot accept foreign
cheque.
2. Be aware of "Money Order". I have received Canada "Local Money
Order". Very clearly, it for local (Canada) use only.
3. The charges for clearing into Singapore is pretty high. Prepare
to pay SG$20 to SG$50 per cheque. Plus low exchange rates & 2
to 4 weeks to clear. So if you need your cash flow, be
prepared.
My recommendations is use Paypal & accept their low exchange
rate, but can download $ directly into DBS account. Takes about 1
week to clear & charges is SG$1 per download.
Use Western Union Money Transfer. It's immediate you can take your
$ using codes only. Exchange Rate is reasonable. There is no
charges for receiving $. All charges paid by senders. Available in
all Post office.
If you need to use cheque, ask if you can receive in Singapore
Dollar Banker's Cheque. As if in Singapore Dollar, either there is
no service charge or very low service charge, no worrys of exchange
rate & take shorter time to clear.
See you don't have to just use their on-line service. You have the
power to choose. Check it out carefully. There are many loop holes
by creating a account.
