Document background
The Letter for Demand Draft is a crucial document in Singapore's banking system, used when secure, bank-guaranteed payments are required. This document type is particularly important for international transactions where regular cheques may not be acceptable. The letter must include specific details required by Singapore banking regulations, including the amount, beneficiary details, and purpose of payment. It serves as both a formal request and a record of the transaction, helping ensure compliance with anti-money laundering regulations and the Bills of Exchange Act.
