Bank Transfer Authorization Form

Bank Transfer Authorization Form Template for Singapore

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Key Requirements PROMPT example:

"I need a Bank Transfer Authorization Form for a recurring monthly transfer of SGD 5,000 from my Singapore business account to our supplier in Malaysia, starting from March 2025, with specific provisions for currency conversion and intermediary bank details."

Document background

The Bank Transfer Authorization Form is a critical document used in Singapore's banking system when an account holder needs to authorize their bank to transfer funds. This form, regulated under Singapore's Banking Act and MAS guidelines, includes essential details such as the account holder's information, beneficiary details, transfer amount, and execution instructions. It's particularly important for ensuring compliance with AML/CFT requirements, data protection laws, and payment services regulations. The form serves both individual and corporate clients, supporting domestic and international transfers, while providing a clear audit trail for financial transactions.

Suggested Sections

1. Account Holder Information: Full name, ID/passport number, contact details, and address of the account holder

2. Bank Account Details: Account number, bank name, branch details of both source and destination accounts

3. Transfer Instructions: Transfer amount, frequency, purpose of transfer, and execution date

4. Authorization Statement: Express authorization for the bank to execute the transfer and acknowledgment of terms

5. Data Protection Notice: Statement regarding collection, use, and disclosure of personal data as per PDPA requirements

Optional Sections

1. Standing Instruction Details: Optional section for recurring transfers, including frequency, duration, and cancellation terms

2. Foreign Exchange Instructions: Optional section for international transfers, including currency conversion preferences and foreign exchange terms

3. Intermediary Bank Details: Optional section for transfers requiring correspondent banking arrangements

Suggested Schedules

1. Schedule A - Fee Schedule: Detailed breakdown of applicable charges and fees for the transfer service

2. Schedule B - Required Documentation: List of required supporting documents including proof of identity and transaction justification documents

3. Schedule C - Terms and Conditions: Comprehensive terms and conditions governing the bank transfer service

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Corporate Services
Retail
International Trade

Relevant Teams

Finance
Treasury
Compliance
Operations
Legal

Relevant Roles

Bank Branch Manager
Compliance Officer
Financial Controller
Treasury Manager
Operations Manager

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Let's create your Bank Transfer Authorization Form

Authors

Alex Denne

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