FAST fund transfers coming

L

lzydata

Supremacy Member
Joined
Oct 16, 2010
Messages
6,717
Reaction score
3,029
Sounds too good to be true, but the new Fast and Secure Transfer (FAST) service, promising "almost immediate, 24x7 basis" fund transfers between banks, starts at 8am on Monday. Maximum amount per transaction is $10k; according to CIMB, the minimum amount is just 1 cent.

The following 14 banks will have it:


  • ANZ Bank
  • CIMB Bank
  • Citibank
  • DBS Bank/POSB
  • Deutsche Bank
  • Far Eastern Bank
  • HSBC
  • Maybank
  • OCBC Bank
  • RHB Bank
  • The Royal Bank of Scotland
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • United Overseas Bank

Of the banks' websites that promoted this, so far none have mentioned any fees or charges except for DBS/POSB:

Payments via FAST (iBanking/mBanking) Free
Payments via FAST (Branches) S$20 per transfer
Receipts via FAST Free
Personalised SMS S$0.10 (Waived till 16 April 2014)

DBS: Local Funds Transfer (MEPS) | Service Charges
POSB: FAST Transfer

If any of you are trying it out, share your experiences here!
 
S

stam

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
18,895
Reaction score
86
Wow! Din know there is such service! Thanks for the information!
 
D

DevilCurseYou

Senior Member
Joined
Nov 13, 2006
Messages
560
Reaction score
0
lzydata said:
Maximum amount per transaction is $10k;
Click to expand...

Is there any interface to choose between the old system and this new one?

I am concerned about the 10k limit. Does this mean that if I transfer 10,001, the transaction will revert back to the old system of taking days, or are the banks smart enough to automatically convert the money into blocks of 10k?
 
S

saycaleb

Junior Member
Joined
Feb 18, 2014
Messages
3
Reaction score
0
DevilCurseYou said:
Is there any interface to choose between the old system and this new one?

I am concerned about the 10k limit. Does this mean that if I transfer 10,001, the transaction will revert back to the old system of taking days, or are the banks smart enough to automatically convert the money into blocks of 10k?
Click to expand...

wow very interesting point, I hope the system is smart enough
 
L

lzydata

Supremacy Member
Joined
Oct 16, 2010
Messages
6,717
Reaction score
3,029
DevilCurseYou said:
Is there any interface to choose between the old system and this new one?

I am concerned about the 10k limit. Does this mean that if I transfer 10,001, the transaction will revert back to the old system of taking days, or are the banks smart enough to automatically convert the money into blocks of 10k?
Click to expand...

Very good point. At least with DBS/POSB, they are saying that you do not need to specify FAST, you can just use the usual "funds transfer to other banks" service in i- or mBanking. My own guess is with 10,001 yes it will revert.

FAST Transfer
 
frustrateddude

frustrateddude

Senior Member
Joined
Nov 4, 2012
Messages
1,638
Reaction score
0
So far look thru 8 banks and most can choose "FAST" except DBS and OCBC (still maintaining website at this point).
interesting , Citibank has a expiry date for this FAST thing
24ewcwl.jpg
 
S

subprimelive

Senior Member
Joined
Jun 4, 2010
Messages
1,223
Reaction score
20
Techno Pride said:
Hmmm. Is this meant as an alternative to MEPS?
Click to expand...

FAST transfers are within mins and capped at S$10,000 per transfer and it is limited to domestic transactions. Seems more retail customer focus

MEPS is interbank transfer within same business day. It is more for FI and corporates. Is my understanding correct?
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top