A new electronic funds transfer service called Fast and Secure Transfers (FAST) will be available to customers of participating banks on March 17, 2014.
The service allows customers to move funds of up to S$10,000 per transaction between participating banks immediately. It can be used after office hours, and on weekends and public holidays.
Under the current GIRO system, it can take up to three working days for customers to transfer money from one bank account to an account held at another bank.
The service will be free for all retail customers of the participating banks. However, there are varying charges imposed by the banks for their business banking clients.
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.
View the introductory video on FAST here
View the FAQ’s on FAST here