Transfer

Almost instantaneous fund transfe with start of electronic inter-bank service

A new electronic interbank service allowing almost-instant fund transfers by individuals and businesses will be available from next week, announced the Association of Banks in Singapore (ABS) today (March 10). Fast And Secure Transfers (FAST) will be launched on March 17, said ABS. Last month, it estimated that FAST would be made available by June. The service, accessible on Internet and mobile banking platforms 24/7, allows customers to transfer up to S$10,000 a transaction between banks in minutes, shortening a process that can at times take up to three days. Several banks, such as OCBC, are also making it available at their ATMs. Only Singapore Dollar transactions are allowed.

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