Bank Fee Glossary: Plain-English Definitions

How to use this glossary

Scroll alphabetically or use your browser’s find tool to jump to a term. Fees differ by bank and account type, so treat these as plain-English definitions, not a bank’s pricing. For exact amounts, always refer to your bank’s latest pricing guide.

A

Account Maintenance Fee / Monthly Service Charge

A monthly fee some accounts charge for upkeep and services. Many Singapore accounts waive it if you meet conditions like minimum balance or salary crediting. See your bank’s pricing guide for the exact rules.

Account Statement (Paper) Fee

A small fee for hard-copy statements sent by mail. E-statements are commonly free.

Average Daily Balance

The average of your end-of-day balances over the month. Banks use it to determine if minimum balance conditions are met and whether a “fall-below” fee applies.

ATM Withdrawal Fee

A fee that can apply when you withdraw cash at another bank’s ATM or overseas. Overseas withdrawals may also include network and currency conversion charges. Check your card’s overseas usage section.

B

Banker’s Cheque / Cashier’s Order Fee

A fee for a bank-issued cheque-like instrument guaranteed by the bank. Useful when a payee requests “guaranteed funds.”

Balance Confirmation / Reference Letter Fee

An administrative charge for letters certifying your account balance or banking relationship (e.g., for visa or tenancy purposes).

C

Card Annual Fee (Credit or Debit)

A yearly fee for card membership or card benefits. Some debit cards charge a small annual fee; credit card fees are often waived upon request, depending on the product and eligibility.

Card Replacement Fee

A fee to replace a lost, damaged or expired card (if early replacement). Digital cards in the bank app are usually free to regenerate.

Cash Advance Fee

A fee for withdrawing cash using a credit card, typically a percentage of the amount with a minimum charge. Interest generally accrues from the withdrawal date.

Cheque Book / Cheque Processing Fee

Administrative fees related to cheque books or processing. Singapore is phasing down corporate cheques and promoting digital options, so refer to the latest bank and regulator notices for current timelines and charges.

Coin Deposit Fee

A fee that may apply when depositing coins at the counter or via coin deposit machines, often beyond a free threshold.

Counter Transaction Fee

A small charge for handling certain services at the branch counter (e.g., cash withdrawals over a threshold or manual transactions that are free online).

Currency Conversion Fee (Cards)

When a transaction is in foreign currency, card networks and banks convert it to SGD. The final SGD amount can include network assessments and bank mark-ups. See your card’s overseas transactions section for the exact formula.

D

Dormant Account Fee

Some banks may charge a fee if an account has no customer-initiated activity for an extended period. Activity or closing an unused account can avoid this.

Dynamic Currency Conversion (DCC)

An option offered by some overseas merchants or ATMs to charge you in SGD instead of local currency. It can come with a less favourable rate. You can usually choose to pay in the local currency instead.

E

Early Account Closure Fee

A one-time administrative fee if you close an account within a short period after opening (for example, within six months). Exact windows and amounts vary by bank.

Early Repayment / Partial Prepayment Fee (Loans)

A fee that may apply if you repay a loan ahead of schedule or make a lump-sum prepayment outside the free window stated in your loan terms.

eGIRO (Electronic GIRO)

The digital version of GIRO that lets you set up Direct Debit Authorisations (DDAs) online. It shortens set-up time significantly compared with paper forms. Fees, if any, are listed in your bank’s pricing guide.

F

FAST Transfer Fee

FAST (Fast and Secure Transfers) enables near-instant SGD transfers between participating banks. Personal transfers are often free; business pricing can differ by bank.

Fall-Below Fee

A monthly fee when your average daily balance falls below the account’s minimum. Waiver conditions vary by account type (youth, salary-crediting, priority banking, etc.).

Foreign Transaction Fee (Cards)

A fee that may apply when you pay in a foreign currency or with an overseas merchant. It can include card-network charges and bank mark-ups. See your card’s terms for the exact percentage and how it’s calculated.

G

GIRO

A long-standing system for automatic, recurring payments (e.g., utilities, school fees, taxes). A billing organisation debits your account with your authorisation. Returned debits (e.g., due to insufficient funds) may attract a fee.

H

Hard-Copy Document / Retrieval Fee

A small charge when you request document retrievals (e.g., old statements, advices) or certified true copies at the branch.

I

Inward Remittance Fee

A fee your bank may charge to receive funds from overseas. Depending on the route, intermediary bank charges may also be deducted before funds arrive.

Intermediary Bank Charges

Charges taken by banks in the transfer chain for international payments (e.g., via SWIFT). They may be shared between sender and receiver, or paid by one party depending on the chosen charge option.

L

Late Payment Fee (Credit Cards / Loans)

A fee applied when the minimum amount due is not received by the due date. It is separate from interest that may accrue on outstanding balances.

Loan Processing / Arrangement Fee

An upfront administrative charge for setting up a loan (e.g., personal loan, home loan). The fee and how it’s paid are disclosed in the product’s key facts or fact sheet.

M

Minimum Balance Requirement

The threshold balance to avoid a fall-below or service fee. Requirements vary by account type (e.g., youth or basic accounts often have lower thresholds).

N

NETS

Singapore’s national debit payment scheme used at many merchants. Consumers typically don’t pay a fee to make NETS purchases; merchant fees are handled between NETS and the merchant.

O

Outward Remittance / Telegraphic Transfer (TT) Fee

The fee for sending funds overseas. Total cost may include your bank’s TT fee, currency conversion, and intermediary/receiving bank charges, depending on the route and charge option.

Overdraft (Arranged / Unarranged)

If your account goes below zero, banks may charge overdraft interest and/or a fee. Arranged overdrafts follow agreed terms; unarranged overdrafts can incur higher costs. See your account’s terms for details.

Overseas ATM Usage Fee

A fee that may apply when withdrawing cash abroad via international networks. Currency conversion fees may also apply.

P

PayNow

A Singapore service that lets individuals and businesses receive money using a mobile number, NRIC/FIN or UEN. For individuals, transfers are generally provided free and are available 24/7. Business pricing may differ.

R

Returned Item Fee (e.g., GIRO)

A fee that may apply when a scheduled debit or cheque is returned (e.g., insufficient funds or wrong details). The billing organisation may also charge a separate administrative fee.

S

Statement Reprint / Retrieval Fee

A fee to reprint or retrieve past statements or advices beyond the free period available online.

Stop-Payment Fee (Cheque)

A fee for stopping a cheque payment. With cheque usage declining in Singapore, confirm current availability and fees with your bank.

T

Transfer Network

Refers to the payment rail (e.g., FAST for instant bank-to-bank transfers, GIRO for recurring debits, PayNow as an addressing layer that rides on FAST). Fees depend on the rail and account type.