Interbank transfer fees in Singapore depend less on the bank name and more on the rail used: PayNow, FAST, GIRO or MEPS. For personal users, PayNow is provided free to retail customers through participating banks and major payment institutions, while FAST is commonly the default instant SGD transfer route inside mobile banking. Business users see a wider spread: published corporate fee pages often show GIRO around S$0.20 per item, FAST around S$0.50 per item and MEPS around S$18 to S$20 per transaction, with account-package waivers and promotional terms changing the final cost.
FAST
PayNow
GIRO
MEPS
Retail and Business
PayNow / FAST via app
Free under PayNow retail scheme
Often S$0.50 per item
MEPS / same-day transfer
Main Fee Snapshot for Singapore Interbank Transfers
For most personal banking users, the practical choice is simple: use PayNow when the recipient can be identified by mobile number, NRIC/FIN, UEN or VPA, and use FAST when paying to a bank account number. The PayNow setup in Singapore and FAST transfer process are closely linked because PayNow retail transfers run through FAST.
Retail Users
PayNow is provided free to retail customers by participating institutions. Banks may still apply account limits, authorisation limits, service notices or separate fees for non-standard requests.
Business Users
Corporate accounts often have per-item charges, free monthly bundles or promotional waivers. The same bank may price FAST, GIRO and PayNow differently across business account packages.
High-Value SGD Transfers
MEPS is normally used for urgent or high-value SGD transfers. Published bank pages commonly show a same-day fee around S$18 to S$20, subject to channel and customer type.
PayNow, FAST, GIRO and MEPS Compared
The fee comparison only makes sense when the transfer method is separated. A domestic SGD payment to another Singapore bank can be instant, next-business-day, same-day high-value or proxy-based. For recurring deductions, the GIRO setup process may matter more than speed; for high-value payments, MEPS transfer rules should be checked before the cut-off time.
| Transfer Method | Typical Use | Speed | Retail Fee Position | Business Fee Pattern |
|---|---|---|---|---|
| PayNow | Mobile number, NRIC/FIN, UEN or VPA payments | Instant or near instant | Free for retail customers under the PayNow scheme | May inherit FAST or GIRO transaction fees; lookup fee may be waived by banks |
| FAST | Instant SGD account-to-account transfer | Almost immediate | Commonly S$0 via digital banking, subject to bank pricing | Often around S$0.50 per item unless bundled or waived |
| GIRO | Recurring, payroll, vendor or non-urgent payments | Usually working-day processing | Often free for normal personal use | Often around S$0.20 per item; return fees may apply |
| MEPS | High-value or time-sensitive SGD transfer | Same business day if submitted before cut-off | Usually chargeable when available | Often around S$18 to S$20 per transaction |
Interbank fees do not cover every possible charge. Failed GIRO items, recall requests, manual forms, branch submissions, account package fees, overseas bank charges and FX markups are separate fee categories.
Bank-by-Bank Interbank Transfer Fee Comparison
This table focuses on public fee references and service pages available for Singapore banking users. “Verify” means the bank provides the service or pricing guide access, but the exact fee depends on customer segment, account type, channel or a downloadable schedule that should be checked before sending.
| Bank | Retail PayNow / FAST | Business FAST | Business GIRO | MEPS / Same-Day SGD | PayNow Business Notes | Official Verification |
|---|---|---|---|---|---|---|
| DBS / POSB | PayNow retail is free under the scheme; FAST available through digital banking | S$0.50 per transaction on DBS corporate pricing for electronic banking | S$0.20 per transaction for payment, collection and payroll on DBS corporate pricing | S$20 at branches for personal MEPS; S$18 to S$20 shown on corporate pricing by channel | Outward lookup and inward PayNow shown as waived till 31 Dec 2028, with fee notes for selected use cases | DBS local transfers |
| OCBC | OCBC app supports PayNow and FAST local transfers; published transfer limits apply | S$0.50 per transaction on OCBC business local transfer page | S$0.20 per transaction on OCBC business local transfer page | S$20 per transaction on OCBC business local transfer page | PayNow Corporate fees may depend on collection or payment setup and business pricing guide terms | OCBC business payments |
| UOB | UOB describes PayNow as a complimentary 24/7 funds transfer service | S$0.50 per item via Business Internet Banking | S$0.20 per item via Business Internet Banking; return fees may apply | Check UOB business payment schedule by channel | PayNow via FAST S$0.50 per item; PayNow lookup waived; incoming FAST fee shown with waiver terms | UOB business fees |
| Maybank Singapore | Personal local transfer page shows FAST, PayNow and GIRO as free; MEPS shown as S$3 | S$0.50 per transaction on eServices fee page | S$0.20 per transaction on eServices fee page | S$18 per transaction on eServices fee page | PayNow lookup waived till 31 Dec 2028; PayNow FAST S$0.50; PayNow GIRO S$0.20 | Maybank eServices fees |
| CIMB Singapore | Personal FAST funding is supported; verify the current personal pricing schedule before relying on fee treatment | Selected CIMB business accounts advertise free unlimited PayNow, FAST and GIRO | Selected accounts show GIRO waived; some current-account rows show S$0.20 per item | Not clearly shown in the referenced business account comparison section | Account package matters; promotional waivers may have end dates | CIMB business accounts |
| Standard Chartered Singapore | Pricing guide indicates FAST usage and notes a S$200,000 daily FAST limit; non-online MEPS pricing can differ | Verify corporate or business schedule | Verify corporate or business schedule | Pricing guide shows S$20 for MEPS+ in the relevant remittance section | Check PayNow Corporate and business channel terms before sending | Standard Chartered pricing |
| HSBC Singapore | HSBC PayNow page shows transfers up to S$200,000 or the third-party daily limit when authorised | PayNow Corporate supports transfers via FAST; fee schedule should be checked in HSBCnet or business terms | Verify business fee schedule | HSBC app FAQ lists MEPS as an online transfer option; pricing should be verified | PayNow Corporate uses UEN or alias-based payments via FAST | HSBC PayNow |
| Citibank Singapore | Citibank pages describe FAST and GIRO for domestic transfers; GIRO is stated as no-charge on the referenced IPB page | Verify applicable Citi business or institutional fee schedule | Verify applicable Citi business or institutional fee schedule | Verify current pricing guide by customer segment | PayNow terms and pricing depend on account type and customer segment | Citibank fee guides |
No matching rows found.
Fees can change by account package, customer segment, digital channel, branch channel, promotion date and bank notice. Use the official bank fee page before sending large or repeated payments.
Business Transfer Fee Bands From Published Bank Pages
The bars below compare common published business fee bands for domestic SGD transfer rails. The chart is not a ranking of banks; it shows how the cost usually rises from GIRO to FAST to MEPS.
| Fee Band | Published Examples | What It Means |
|---|---|---|
| S$0.20 | Business GIRO on DBS, OCBC, UOB and Maybank public fee references | Often suited to non-urgent or recurring business payments where speed is less critical |
| S$0.50 | Business FAST on DBS, OCBC, UOB and Maybank public fee references | A small per-item cost can become material for high-volume vendor or payroll runs |
| S$18–S$20 | MEPS or same-day SGD transfer references from DBS, OCBC and Maybank pages | Usually reserved for high-value, urgent or operationally time-sensitive payments |
Example Monthly Costs for Business Transfers
Small per-item fees look low until a business repeats them many times. The table uses simple arithmetic based on the public fee bands above and does not include account service fees, failed-item charges, recall requests, FX charges or branch handling charges.
| Monthly Transfer Pattern | Assumed Fee | Estimated Monthly Cost | Cost Note |
|---|---|---|---|
| 100 GIRO payments | S$0.20 each | S$20 | Useful for non-urgent batch payments if the bank package does not waive fees |
| 100 FAST payments | S$0.50 each | S$50 | Speed may justify the higher per-item charge for urgent payments |
| 300 FAST payments | S$0.50 each | S$150 | Free monthly bundles or waived transaction plans can matter for high-volume users |
| 10 MEPS transfers | S$20 each | S$200 | MEPS is usually chosen for urgency or value, not low transaction cost |
Do not use these examples as a live bank quote. Banks may waive charges, apply GST where relevant, change fees, charge for returns, or price the same transfer differently under another account package.
Which Transfer Rail Usually Costs Less?
For Personal Banking
PayNow is usually the easiest low-cost route for everyday local SGD transfers because the retail scheme is free and the sender can use a mobile number, NRIC/FIN, UEN or VPA. FAST is useful when the recipient gives a bank account number instead of a PayNow proxy.
- Use PayNow for small everyday transfers, bill sharing and payments to UEN-registered entities.
- Use FAST for account-number transfers where PayNow is not available.
- Use GIRO for recurring arrangements where processing time is acceptable.
- Use MEPS only when the bank offers it and the value or timing justifies the fee.
For Business Banking
The cheapest route depends on volume. A company making many monthly payments should check free quotas, monthly account fees, FAST/GIRO bundles and PayNow Corporate treatment before judging the per-item fee alone.
- GIRO may cost less per item but is slower.
- FAST is faster but often costs more per business transaction.
- PayNow Corporate may still carry FAST or GIRO transaction charges.
- Certain business accounts advertise waived or free unlimited domestic payment transactions.
What to Check Before Sending an Interbank Transfer
Fees are only one part of a transfer decision. Bank codes, branch codes, recipient name checks, account limits and cut-off times can affect whether the payment succeeds. For account-number transfers, the Singapore bank code list can help users understand clearing details, although the bank’s own transfer screen remains the final checkpoint.
Confirm the Transfer Method
PayNow, FAST, GIRO and MEPS are not priced the same way. Select the rail that matches speed, amount, recipient details and fee tolerance.
Confirm the Customer Type
Retail pricing and business pricing can differ sharply. A fee that is waived for personal users may be charged per item to a business account.
Confirm the Channel
Mobile app, online banking, branch form, manual instruction and corporate platform fees can differ. Manual submissions often cost more.
Check Related Fees
Returned items, amendments, recall requests, tracer requests and failed payments can add separate charges. For overseas transfers, use a separate international transfer fee check.
Retail vs Business Transfer Fees
The biggest gap in Singapore interbank transfer costs is between personal and corporate usage. A personal user sending a one-off PayNow transfer usually focuses on limits and recipient details. A business sending hundreds of supplier, payroll or collection files has to compare transaction fees, account packages and bulk-payment tools.
| User Type | Main Fee Risk | Best Cost Control Step | Where to Verify |
|---|---|---|---|
| Personal user | Using a chargeable channel such as branch or non-standard transfer request | Use PayNow or FAST inside the bank app when appropriate | Retail fee guide and app transfer confirmation screen |
| Freelancer or sole proprietor | Mixing personal and business payment needs without checking account terms | Compare account fees, FAST/GIRO costs and payment volume | Business account pricing page |
| SME | High monthly volume of S$0.20 or S$0.50 per-item transactions | Look for free monthly bundles, waived transactions or lower-cost payment packages | Corporate pricing guide and online banking package terms |
| Company making urgent payments | Using MEPS frequently when FAST or GIRO would be enough | Reserve MEPS for high-value or time-sensitive cases | Bank MEPS cut-off and fee notice |
Fee decisions should not be based on transfer price alone. Payment certainty, business audit trail, recipient requirements, settlement speed and transfer limits may be more relevant than saving a small per-item amount.
What Is Not Included in Interbank Transfer Fees
Domestic interbank transfer fees are separate from other bank charges. A S$0 or S$0.50 local transfer does not mean the full banking relationship is free.
Overseas Transfers
Telegraphic transfers, overseas bank charges, cable fees and FX markups sit outside normal Singapore interbank SGD transfer pricing.
Account Service Fees
Monthly account fees, fall-below fees, cheque charges and statement fees may apply even when local digital transfers are free or waived.
Failed or Returned Items
Returned GIRO, rejected instructions, stop requests, amendments and tracers can create additional charges. These are usually listed in the bank’s fee schedule.
For plain-English fee definitions, the bank fee glossary is useful when reading pricing guides that use terms such as inward, outward, agent fee, recall, tracer, commission and in-lieu-of-exchange.
Verification Notes
Public references checked for this page include the Association of Banks in Singapore FAST page, the Association of Banks in Singapore PayNow page, DBS local transfer and corporate pricing pages, OCBC business payment pages, UOB business fee pages, Maybank Singapore fee pages, CIMB business account pages, Standard Chartered Singapore pricing guide, HSBC PayNow pages and Citibank Singapore fee guide access pages.
Published fees can change after bank notices, account-package revisions, promotional waivers, GST treatment, channel changes or corporate platform updates. The official bank pricing guide and the transfer confirmation screen should be treated as the current fee source before sending money.
FAQ
Are PayNow transfers free in Singapore?
PayNow is provided free to retail customers through participating banks and major payment institutions. Businesses should check PayNow Corporate terms because bank transaction fees may apply depending on channel and account package.
Is FAST free for all Singapore bank customers?
FAST is commonly free for normal personal digital banking transfers, but business accounts often show per-item fees unless the account package includes waivers or free bundles. Always verify the bank’s current fee guide.
Why do businesses pay for FAST when personal users often do not?
Business banking pricing often separates payment tools, bulk files, collections, payroll and platform usage. Banks may charge per item, bundle transactions into account plans or waive fees during a promotion.
Is GIRO cheaper than FAST?
For published business pricing, GIRO is often lower than FAST per item, but it is slower and may have return-item charges. FAST is better when near-immediate crediting is needed.
When should MEPS be used?
MEPS is normally used for same-day, high-value or time-sensitive SGD transfers. It is usually more expensive than FAST or GIRO, so it is not the default route for routine small payments.
