Fast and Secure Transfers (FAST)

What is FAST?

FAST (Fast And Secure Transfers) is a new electronic funds transfer service that allows a secure and almost immediate transfer of Singapore Dollar (SGD) funds between accounts held in the 20 participating banks in Singapore. Prior to FAST, an interbank funds transfer can take up to 3 working days.

FAST is available 24 hours a day, 7 days a week. Customers of the 20 participating banks can make interbank funds transfers of up to S$50,000 per transaction, subject to their daily or monthly withdrawal limits. Customers can find out the status of their transfers by accessing their bank accounts via internet banking, or through notification services provided by their participating banks.

Frequently Asked Questions 

When was FAST launched?

FAST was launched on 17 March 2014.

Are there minimum and maximum transaction limits for using FAST?

You can transfer funds of up to S$50,000 per transaction subject to your daily or monthly withdrawal limits. Please contact your bank for more information on the limits imposed. There is no minimum transaction amount.

Will Interbank GIRO continue to be made available?

Yes. You can still transfer funds using Interbank GIRO.

How does FAST compare with other payment modes?

FAST enables almost immediate transfer of funds. You can find out the status of the transfer by accessing your bank account via the internet banking service or via notification service offered by your bank.

 Payment Type Receipt of Payments  
 FAST  Almost Immediate
 Cheque  Up to 2 working days
 Interbank GIRO  Up to 3 working days

Are transfers via FAST secure?

FAST is secure and adopts the same security standards established by the banking industry in Singapore for funds transfers.

What are the operating hours of FAST?

Most participating banks offer FAST at all times. You may wish to check with your bank on its operating hours of FAST.

Who can use FAST?

Customers with savings or current accounts at the 20 participating banks can use FAST.

How do I use FAST to transfer funds?

You can access FAST via your bank’s internet banking service using electronic devices such as tablets, smart phones or personal computers.

You will need the recipient’s name and bank account number to transfer funds.

Can I use FAST if I have the recipient’s name only and not the account number?

No. You will need to have the recipient’s bank account number to use FAST. The recipient’s name is for reference purposes only.

Can I make a funds transfer from a FAST participating bank to a non-FAST participating bank?

No. You can only use FAST to transfer funds between accounts held at the 20 participating banks in Singapore. You can still use Interbank GIRO to transfer funds between a participating bank and a non-participating bank.

Can I use FAST to transfer funds to a bank account overseas?

No. You can only use FAST to transfer SGD funds between customer accounts held at the 20 participating banks in Singapore.

How will I know if my funds transfer via FAST is successful?

You can find out the status of your funds transfer via your internet banking service or via the notification service offered by your bank.

What happens if I made a wrong funds transfer?

You should be careful when keying in the SGD amount and bank account number, as funds transferred via FAST will be credited to the recipient’s bank account almost immediately.

Please contact your bank immediately if you have wrongly made a funds transfer.

Will there be charges if I use FAST?

The participating banks may have different fees and charges related to customers using FAST. While some may charge, others may not. You may wish to contact your bank for more information on its fees and charges, if any.

Can FAST be used to transfer funds to accounts other than savings and current accounts?

Currently, most banks allow the transfer of funds via FAST between customers’ savings and current accounts only. You may wish to find out more about FAST at the website of the Association of Banks in Singapore (ABS) via http://www.abs.org.sg/FAST.php  

Which are the 20 participating banks that offer FAST?

The 20 participating banks are:

  • ANZ Bank
  • Bank of China
  • BNP Paribas
  • CIMB Bank
  • Citibank
  • DBS Bank/POSB
  • Deutsche Bank
  • Far Eastern Bank
  • HL Bank
  • HSBC
  • HSBC Bank (Singapore) Limited 
  • Maybank
  • Mizuho Bank
  • OCBC Bank
  • RHB Bank
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • The Bank of Tokyo-Mitsubishi UFJ
  • The Royal Bank of Scotland
  • United Overseas Bank