FAST interbank transfer from 17 March 2014

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.