The Association of Banks in Singapore has just announced that Fast And Secure Transfers (FAST) of electronic funds transfer from one bank to another bank will be almost instant using the internet and mobile platforms, starting from 17 March 2014 8am. This is much improvement from the current turnaround time of up to three working days.
The maximum funds allow for interbank transfer is currently set at $10,000. This service is free for all retail customers. However, the per transaction fee ranges from 20 cents to 5 dollars for corporate customers.
The 14 participating banks are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.