I am update on the deal, just for the benefit of all who are interested with this topic.
1. Checking that the company and the contact person is genuine.
2. Ask for an electronics PO with the company's letterhead stating the followings:
a. Name of photo (link to my flickr account) and price for that photo.
b. State that the photo rights is still with the photographer and the publisher is only using the photo for the "magazine name and issue #".
c. Get the editor to sign on the PO.3. Then upload the pic to the publisher FTP account.
4. After the magazine was published, get ready to send them the Invoice (just fill up the invoice provided by the publisher) for the payment.
For payment they TT the money to my POSB account and POSB will convert to SG$ before depositing, and POSB will charge SG$10 for the process. Regarding the TT information, just approach any POSB branch for a copy of TT account details and furnished it with your POSB account and you are ready to sent it over to the publisher.
Hope this helps whoever reads this thread.
Thanks all who have given their advice in one way or another.