Bank DRAFT (mt110)

What is a Bank Draft?

A bank draft is a reliable payment instrument issued by financial institutions, offering a secure way to make substantial payments without the need for cash withdrawals. It resembles a standard cheque but comes with the assurance that funds are backed by the issuing bank, eliminating the risk of insufficient funds typical of regular checks. Bank drafts are typically made out to specified recipients, ensuring a secure and guaranteed transaction. At our institution, clients can request bank drafts in their own name or that of a designated recipient for amounts up to 1B.

STANDARD OPERATING PROCEDURE

Make an Application

Complete our application form to enable us gather all necessary information about the amount, recipient, and purpose of the bank draft.

Documentation Collection

We will guide you on the documentation needed, including valid identification and any additional paperwork required for larger amounts. We ensure that all documents meet the bank's requirements.

Sign our Document of Agreement

After collecting the necessary documents, we will provide you with a Document of Agreement (DOA) outlining the terms of our service. You will need to review and sign this agreement to proceed.

Payment Facilitation

We shall provide you with a designated bank account to pay the bank service charge into. We ensure that this fee is secured before proceeding with the application to the bank. This initial service fee will be deducted from the total fee amount.

Application Submission

We then submit the completed application and necessary documentation to the bank. Our established relationships with banks allow us to expedite this process efficiently.

Receiving the Bank Draft MT110

Once the bank processes the application, we collect the bank draft on your behalf. We then arrange for you to receive the draft securely, either through courier delivery or in person by a delivery agent to your address.

Confirmation and Follow-up

We provide you with a copy of the bank draft and the transaction receipt for your records. After confirmation, the remaining fee is payable within 30 to 90 days. The initial service fee paid earlier will be deducted from the full fee amount. Our team is available for any follow-up questions or additional assistance you may need.

Frequently Asked Questions

Please reach us at info@wee-sg.com if you cannot find an answer to your question.

Is WEE Investments only for Singapore based companies?

No, We have a global presence with 60% of our partners, clients and investors based outside of Singapore.

What's the minimum or maximum Bank Draft face value one can obtain through Wee?

Minimum face value is 1M and maximum is 1B+

How do I apply for a bank draft through your service?

You can apply by scheduling an initial consultation with us. We will guide you through the documentation collection, signing the Document of Agreement (DOA), and facilitate the payment of the bank service charge before submitting the application to the bank.

What is a bank draft?

A bank draft is a payment instrument issued by a bank, guaranteeing the payment of a specified amount to the recipient. It is often used for large transactions or when the recipient requires a secure form of payment.

Does WEE charge upfront fees?

Yes, service fees are non-negotiable and must be paid prior to contract execution. These fees do not only cover bank charges but also present our clients to be credit worthy while making us a committed guarantor.

What is the initial service fee for?

The initial service fee covers the cost of processing your application and ensuring all necessary documentation is in order. This fee will be deducted from the total fee amount payable after the bank draft is issued.

What's Wee's Refund Policies?

Wee offer full refund of any fees paid if for any reason a customer expresses unsatisfactory experience.

Can I cancel my bank draft application?

Cancellation policies vary depending on the stage of the application process. Please contact us as soon as possible if you wish to cancel, and we will provide guidance based on your specific situation.

How will I receive the bank draft?

You can choose to receive the bank draft either through secure courier delivery or in person by a delivery agent to your specified address.

How much does it cost to purchase or lease an Bank Draft?

Bank Drafts generally cost about 3% of the face value to lease the instrument and 20% of the face value to purchase a fresh cut bank instrument. Any fees paid upfront is deducted from the total cost.

How long does it take to receive the bank draft?

The processing time can vary depending on the bank and the complexity of the transaction. Typically, it takes a few business days from the submission of the application to receive the bank draft.

When is the remaining fee due?

The remaining fee is payable within 30 to 90 days after you receive the bank draft. The initial service fee you paid earlier will be deducted from this total amount.

Does Wee support Project Financing?

Yes, We provide funds to businesses as non-collateral loan for expansion or project financing at 3% interest rate with no prepayment penalties.

Data Privacy

Personal Data Protection Policy

WEE's Personal Data Protection Policy sets out the structure for compliance with the Singapore Personal Data Protection Act 2012. This policy is reviewed annually by the ORMC. The policy’s principles are:

Personal data must only be collected and used for purposes the customer has consented to, or as may be permitted by law;
Personal data is used responsibly in accordance with our ethical standards and corporate values;
Access and disclosure are subject to strict controls;
Integrity and security of personal data are paramount; and
Personal data that is no longer required for legal or business purposes must be anonymised or destroyed, in accordance with document retention policies.

Data protection officers

Personal Data Protection Policy

Line data protection officers at functional and business levels in Singapore and locally-appointed officers at overseas locations report to the Franchise Data Protection Officers in Singapore. These officers ensure compliance with local regulations and Group requirements, as well as assist in the investigation of alleged breaches as and when required.

Group Operational Risk Management, as well as the Data Protection Office under Group Legal, review any incidents and consider whether the incidents need to be reported and/or affected persons notified.

Breach reporting and data leakage protocols are clear, and are designed to ensure timely breach management and mitigation of harm to data subjects. Post-incident action plans are pursued to closure to address any weaknesses in process that resulted in the incidents.

Data ethics and quality

Personal Data Protection Policy

Data ethics and quality

WEE’s Enterprise Data Governance and Quality team from the Data Management Office (DMO) governs the data life cycle from creation and consumption to eventual deletion. This function brings together subject-matter experts from across WEE to focus on the continual improvement of data health, powered by innovations in processes and technology.

Our multi-disciplinary Data Ethics task-force formulates and guides the integration of the Monetary Authority of Singapore’s (MAS) Fairness, Ethics, Accountability and Transparency (FEAT) principles in the design and validation of the Bank’s key artificial intelligence (AI) and analytical models.

WEE’s Data Management Committee provides oversight on data quality and data governance and privacy initiatives.

YOUR ACCESS TO THE BANKING WORLD

Bank DRAFT (mt110)

What is a Bank Draft?

STANDARD OPERATING PROCEDURE

Make an Application

Documentation Collection

Sign our Document of Agreement

Payment Facilitation

Application Submission

Receiving the Bank Draft MT110

Confirmation and Follow-up

Frequently Asked Questions

Data Privacy

Personal Data Protection Policy

Personal Data Protection Policy

Personal Data Protection Policy

Data protection officers

Personal Data Protection Policy

Personal Data Protection Policy

Data ethics and quality

Personal Data Protection Policy

Data ethics and quality

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

YOUR ACCESS TO THE BANKING WORLD

Bank DRAFT (mt110)

What is a Bank Draft?

STANDARD OPERATING PROCEDURE

Make an Application

Documentation Collection

Sign our Document of Agreement

Payment Facilitation

Application Submission

Receiving the Bank Draft MT110

Confirmation and Follow-up

Frequently Asked Questions

Data Privacy

Personal Data Protection Policy

Personal Data Protection Policy

Personal Data Protection Policy

Data protection officers

Personal Data Protection Policy

Personal Data Protection Policy

Data ethics and quality

Personal Data Protection Policy

Data ethics and quality

Our Standard Operating Procedures CANNOT be changed, ensuring non performance risk mitigation...

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