What is FAST?

FAST (Fast And Secure Transfers) is an electronic funds transfer service that enables customers to transfer SGD funds almost immediately from one participating bank to another in Singapore. 

Which are the participating banks of FAST?

FAST is offered by the following banks - ANZ Bank, Bank of China Limited, BNP Paribas, CIMB Bank, Citibank, DBS Bank / POSB, Deutsche Bank, HL Bank, HSBC, HSBC Bank (Singapore) Limited, ICICI Bank Limited, Industrial and Commercial Bank of China Limited, Maybank Singapore Limited, Malayan Banking Berhad, Singapore Branch, Mizuho Bank Limited, OCBC Bank, RHB Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd and United Overseas Bank.

Why is there a need for FAST?

Existing payment types can take up to three working days for customers to transfer money from one banking account to another across banks. FAST is introduced in response to the increasing demand from consumers and businesses for faster funds transfer services. 

How does FAST compare with other payment modes?

  • FAST enables almost immediate receipt of funds. You will know the status of the transfer by accessing your bank account via internet banking or via notification service offered by the participating bank.
  • FAST is available anytime, 24x7, 365 days
Comparison of payment modes
Payment Type
Receipt of Payments
FAST
Almost Immediate, 24x7 basis
Cheque
Cheque Up to 2 working days
eGIRO (General Interbank Recurring Order)
Up to 3 working days
Comparison of payment modes
Payment Type
FAST
Receipt of Payments
Almost Immediate, 24x7 basis
Payment Type
Cheque
Receipt of Payments
Cheque Up to 2 working days
Payment Type
eGIRO (General Interbank Recurring Order)
Receipt of Payments
Up to 3 working days

Are FAST transfers secure?

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

What are the operating hours of FAST?

Most participating banks offer FAST 24x7, 365 days. 

What is the cut off timing for incoming FAST transactions to accrue interest on the same day?

The interest accrual for the incoming FAST transfer amounts would be based on the fund received prior to the cut off times for the respective days mentioned below.
When you transact
Weekdays
Saturdays
Sundays (Non-Business Day)
Public holidays (Non-Business Day)
Cutoff Timing for Inward FAST Transaction 22:00 17:00 Based on Saturday's cutoff time
Based on previous working day's cutoff time
The interest accrual for the incoming FAST transfer amounts would be based on the fund received prior to the cut off times for the respective days mentioned below.
When you transact
Cutoff Timing for Inward FAST Transaction
Weekdays
22:00
Saturdays
17:00
Sundays (Non-Business Day)
Based on Saturday's cutoff time
Public holidays (Non-Business Day)
Based on previous working day's cutoff time
  • Illustration: For incoming FAST transfers made on a Saturday after 5pm, though funds will be reflected in the beneficiary accounts on the same day, value date¹ of the deposit will commence on Monday or the next business day. (if Monday is a Public Holiday)
  • For outgoing FAST, please check with the receiving bank on the value date of your FAST, as this may be subject to their respective cut-off time or business days.

Can I use FAST if I have the payee's name only and not the account number?

No, the payee's bank account number is required for FAST transfers. 

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

The status of your funds transfer is available via your internet banking or via notification service offered by the participating bank. 

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

No, FAST only enables funds transfer between accounts of the participating banks in Singapore. Funds between a participating and a non-participating bank could be transferred through other modes such as MAS Electronic Payment System (MEPS) / eGIRO. 

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

No, FAST can only be used for SGD fund transfers between bank customer accounts of the participating banks in Singapore. 

How do I access FAST?

FAST can be accessed using electronic devices such as tablet, smart phone or personal computer.

1Value date here refers to the date in which we will start to accrue interest calculation on the FAST transfer incoming funds, as determined by the cutoff timing of Inward FAST transaction