200k FAST limit from 5 Feb

[oceanicmanta]

http://www.businesstimes.com.sg/ban...r-fast-to-be-raised-to-s200000-from-feb-5-abs

good news

 

[kehyi4]

BT: Transaction limit for Fast to be raised to S$200,000 from Feb 5: ABS
FRI, FEB 02, 2018 - 8:48 PM
LEE MEIXIAN leemx@sph.com.sg

THE Association of Banks in Singapore (ABS) on Friday announced that the transaction limit for the Fast and Secure Transfers system (Fast) will be raised from S$50,000 to S$200,000 with effect from Feb 5.

The revised limit will apply to both personal and corporate banking customers. Customers, however, will still be subject to daily and monthly limits set by their respective banks.

"With the convenience and increased adoption of Fast, and in preparation for future initiatives such as PayNow Corporate, there is a need for a higher transaction limit to cater to the growing demand for electronic funds transfers and payments," it said.

Fast usage has grown strongly since its launch in March 2014, and further accelerated after the launch of PayNow in July 2017. In less than four years, the average monthly Fast transaction volume grew almost six times. In December 2017 alone, close to four million transactions valued at S$7.3 billion were executed via Fast.

Jacqueline Loh, deputy managing director of the Monetary Authority of Singapore, said that the central bank welcomes the increased limit for electronic payments via Fast.

"Allowing for larger-value payments will help promote the wider use of Fast instead of cheques. With PayNow Corporate in the pipeline, businesses will further benefit from the increased convenience of making payments using the recipient's mobile number, NRIC number or unique entity number."

PayNow lets customers send and receive Singapore-dollar funds through Fast using just their mobile number or Singapore NRIC. PayNow will be extended to corporate customers this year, allowing businesses to link their unique entity numbers to their bank accounts.

 

[tmkedmw]

While FAST will go up from $50k max per xfer to $200k max per transfer, had any bank announced that they are revising their daily transfer limit?

 

[maumu]

hope the next thing they raise is the SDIC protection amount.

 

[hwmook]

While FAST will go up from $50k max per xfer to $200k max per transfer, had any bank announced that they are revising their daily transfer limit?

DBS already announced the revision to $200k.

 

[zuoom]

Fast. Faster. Fastest.

 

[Perisher]

Sinkies getting richer... even fast need to up.

 

[sg_investor]

I hope my salary grows this fast.

 

[tmkedmw]

DBS already announced the revision to $200k.

No. DBS has not announced revision to their daily transfer limit.

Upping the FAST limit is not the same as Upping the bank's daily transfer limit.

FAST is a inter-bank transfer mechanism and they set the standard on how much u can FAST per transfer. Now $50k per FAST transfer and will be $200k per FAST transfer comes 5 Feb. This applies to ALL banks that are in the FAST bandwagon.

Now, each bank has its own "daily transfer limit". For different tier of customers, the daily transfer limit will vary.
Currently, most priority tier of banks allows only $100k max daily. So even if FAST is $200k per transfer, the bank will not allow u to FAST out $200k as it breaches their daily transfer limit.

Hope I had made this clear as many are confused between FAST and bank's daily transfer limit.

 

[the bees]

No. DBS has not announced revision to their daily transfer limit.

Upping the FAST limit is not the same as Upping the bank's daily transfer limit.

FAST is a inter-bank transfer mechanism and they set the standard on how much u can FAST per transfer. Now $50k per FAST transfer and will be $200k per FAST transfer comes 5 Feb. This applies to ALL banks that are in the FAST bandwagon.

Now, each bank has its own "daily transfer limit". For different tier of customers, the daily transfer limit will vary.
Currently, most priority tier of banks allows only $100k max daily. So even if FAST is $200k per transfer, the bank will not allow u to FAST out $200k as it breaches their daily transfer limit.

Hope I had made this clear as many are confused between FAST and bank's daily transfer limit.

Certainly very helpful. Thanks!

""Where the willingness is great, the difficulties cannot be great."" HardwareZone Forums app

 

[dexboi]

I wonder why must the banks have daily limit tranches for different tiers of banking customers. I mean, if your account doesn't have that much money, the limits obviously won't affect you.

But if I really DO have the need to transfer $200k as a normal general customer, then why restrict us the ability to transfer $200k at once? Don't tell me AML/KYC sh1ts. We were all screened prior to any sort of account openings with the bank.

Similarly, I wanted to up my daily/monthly debit card limit but Citi told me I need to be a Priority customer first. It just doesn't make sense to me.

Safeguarding our monies is nonsense as well. You mean Priority customers are more intelligent? zzz

 

[P R N D]

DBS already announced the revision to $200k.

OCBC only S$100k
But Maybank S$200k

What's OCBC thinking?

Sent from Nokia 8210 using GAGT

 

[heng_ah]

OCBC only S$100k
But Maybank S$200k

What's OCBC thinking?

Sent from Nokia 8210 using GAGT

They think simple loh.
Make transfer in easier.
Make transfer out harder.

 

[NTTDoCoMo]

UOB still having daily limit of 20k per day for normal consumer account.

 

[hwarzoner]

UOB still having daily limit of 20k per day for normal consumer account.

Transfer everything out from Uob for me. other already min 50k

 

[Charlie_Zhan]

No. DBS has not announced revision to their daily transfer limit.

Upping the FAST limit is not the same as Upping the bank's daily transfer limit.

FAST is a inter-bank transfer mechanism and they set the standard on how much u can FAST per transfer. Now $50k per FAST transfer and will be $200k per FAST transfer comes 5 Feb. This applies to ALL banks that are in the FAST bandwagon.

Now, each bank has its own "daily transfer limit". For different tier of customers, the daily transfer limit will vary.
Currently, most priority tier of banks allows only $100k max daily. So even if FAST is $200k per transfer, the bank will not allow u to FAST out $200k as it breaches their daily transfer limit.

Hope I had made this clear as many are confused between FAST and bank's daily transfer limit.

I checked my dbs ibanking and it now allows me to update the daily limit to 200k

Sent from International Space Station using GAGT

 

[Stallone]

Uob is still the most cock one la

20k is wad a joke

 

[tmkedmw]

I checked my dbs ibanking and it now allows me to update the daily limit to 200k

Sent from International Space Station using GAGT

yep, my post had been written way back on 3 Feb and since then, dbs had upz the daily limit to 200k.

Some other banks had also upz to 200k for priority, eg maybank, stanchart

uob and ocbc still no change at $100k for priority

 

[lavive_gp]

Uob is still the most cock one la

20k is wad a joke

Won't UOB allow to raise the limit like other banks have for Internet Banking? I couldn't even find a setting for that!
20K is indeed a scam!
Doesn't UOB have MEPS?

 

[lioney]

No. DBS has not announced revision to their daily transfer limit.

Upping the FAST limit is not the same as Upping the bank's daily transfer limit.

FAST is a inter-bank transfer mechanism and they set the standard on how much u can FAST per transfer. Now $50k per FAST transfer and will be $200k per FAST transfer comes 5 Feb. This applies to ALL banks that are in the FAST bandwagon.

Now, each bank has its own "daily transfer limit". For different tier of customers, the daily transfer limit will vary.
Currently, most priority tier of banks allows only $100k max daily. So even if FAST is $200k per transfer, the bank will not allow u to FAST out $200k as it breaches their daily transfer limit.

Hope I had made this clear as many are confused between FAST and bank's daily transfer limit.

Anyone know the current FAST limits for each bank (for normal account, not priority)?