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Can a vendor refuse to accept cash or certain denominations (e.g. 5-cent coin) as payment?
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Source: https://www.mas.gov.sgAs the payment for goods and services is an agreement between a willing buyer and a willing seller, both the seller and the buyer can specify how the payment is to be made.
Vendors usually consider several factors when deciding payment terms, such as the value of transaction, cost of acceptance and convenience to customers. Under the Currency Act , if a vendor does not wish to accept any or certain denominations of coins or notes as payment, he/she can provide a written notice to inform potential customers. This serves to highlight the proposed terms of payment to the customers and help customers make a decision on whether to go ahead with the transaction.
If the vendor displays a written notice stating their payment requirements (for example, stating that cash or 5-cent coins are not accepted), they have acted in accordance with the Currency Act and can reject any form of payment stated in the written notice.
If no written notice is provided, the customer is entitled to make payment in all denominations of currency notes and coins (up to the legal tender limit for coins) to satisfy the debt incurred. Read more information on acceptance of legal tender.
Vendors usually consider several factors when deciding payment terms, such as the value of transaction, cost of acceptance and convenience to customers. Under the Currency Act , if a vendor does not wish to accept any or certain denominations of coins or notes as payment, he/she can provide a written notice to inform potential customers. This serves to highlight the proposed terms of payment to the customers and help customers make a decision on whether to go ahead with the transaction.
If the vendor displays a written notice stating their payment requirements (for example, stating that cash or 5-cent coins are not accepted), they have acted in accordance with the Currency Act and can reject any form of payment stated in the written notice.
If no written notice is provided, the customer is entitled to make payment in all denominations of currency notes and coins (up to the legal tender limit for coins) to satisfy the debt incurred. Read more information on acceptance of legal tender.
This information provided here is sourced from the MAS website.
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