How FAST Transfers Work in Singapore

How FAST Transfers Work in Singapore

FAST (Fast And Secure Transfers) is Singapore’s instant interbank payment rail for Singapore Dollar (SGD) transfers. It lets you send money between participating banks—and some participating financial institutions—almost instantly, any time of day, including weekends and public holidays.

At a Glance

• Speed: Near real-time; most transfers complete in seconds.
• Availability: 24/7/365.
• Currency: Singapore Dollar (SGD).
• Where it works: Domestic transfers within Singapore between participating institutions.

Who Operates and Oversees FAST

FAST is administered within Singapore’s national payment ecosystem. It is operated by Banking Computer Services (BCS), which manages several national clearing and payment infrastructures. The system is also a designated payment system under Singapore law, which provides legal certainty on finality of settlement. Industry information and consumer materials are coordinated by the Association of Banks in Singapore (ABS).

Step-by-Step: What Happens During a FAST Transfer

1. You instruct your bank via mobile or internet banking to send SGD to a recipient’s account at a participating bank. You’ll enter the recipient’s name, bank, and account number (or use PayNow—more on that below).
2. Your bank checks and sends the payment through the FAST infrastructure.
3. Recipient’s bank credits the account almost instantly and returns a confirmation.
4. You and/or the recipient get notifications (depending on bank settings), and both accounts reflect the transfer immediately.

Behind the scenes: Inter-participant settlement for FAST happens on Singapore’s real-time gross settlement system (MEPS+). FAST is designated under the Payment and Settlement Systems (Finality and Netting) framework, which helps ensure payments are final once processed.

Limits, Timing and Fees

• Per-transaction cap: Up to S$200,000 per FAST transaction industry-wide. Individual banks may set lower per-transaction, daily, or channel limits for security and risk management. Always check your bank’s current limits.
• Cut-off times: None—FAST runs continuously.
• Fees: Many banks price FAST transfers at low or no cost for personal customers; business pricing varies. Refer to your bank’s latest fee schedule.

FAST vs. PayNow (and How They Relate)

Think of FAST as the underlying real-time transfer rail. PayNow is an “overlay” service that lets you send money over FAST without entering bank and account numbers. Instead, you can use easy identifiers:

• Mobile number or NRIC/FIN for individuals
• UEN (Unique Entity Number) for businesses
• VPA (Virtual Payment Address) when supported for wallets

When you send via PayNow, the transfer typically travels on FAST rails, but the addressing is simpler and less error-prone.

Participating Institutions

FAST participation has expanded since its 2014 launch. The latest list of participating banks and eligible financial institutions is maintained by ABS. Because participation can change, it’s best to consult the current list directly before relying on a new counterparty.

When to Use FAST vs. Other Options

• FAST: Everyday payments, bill splits, supplier payments, and time-sensitive transfers within Singapore in SGD.
• MEPS+: High-value, time-critical corporate payments when you need RTGS certainty directly (banks offer MEPS+ as a separate service).
• GIRO/eGIRO: Recurring debits or bulk payments where instant credit is not required.

Practical Tips for Smooth Transfers

• Double-check the recipient’s name and account number (or use PayNow to reduce manual entry).
• Review your bank’s transfer limits and alerts before making large payments.
• Save trusted payees to minimize key-in errors in the future.

FAQ

Does FAST work on weekends and public holidays?

Yes. FAST is available all day, every day.

Can I send FAST transfers overseas?

No. FAST is for domestic SGD transfers. For cross-border payments, use your bank’s international transfer options. (Separate linkages—like PayNow-UPI—are offered through partner schemes.)

How long does a FAST transfer take?

Most transfers complete in seconds. Bank-side checks or unusual activity can occasionally add a short delay.

Can I cancel a FAST transfer after sending?

Payments are processed almost immediately and are considered final. If a mistake occurs, contact your bank as soon as possible for assistance.

Important

For payments that are time-critical or high-value, always verify limits, fees, and participating institutions with your bank. For critical decisions, cross-check details on the official sources below, as policies and participation can change.

References (Official & Technical)

• Association of Banks in Singapore (ABS) – FAST overview & resources
• ABS – FAST Fact Sheet (latest edition)
• ABS – Media Release: FAST transaction limit raised to S$200,000 (Feb 2018)
• ABS – Comparison of e-payment methods (shows PayNow using FAST rails)
• ABS – PayNow press release (PayNow transfers via FAST)
• Banking Computer Services (BCS) – National clearing & payment infrastructure (incl. FAST)
• Singapore Statutes Online – Designation of FAST under the Finality and Netting Act
• World Bank – Singapore FAST Case Study (governance & MEPS+ settlement)