MEPS+ and High-Value Transfers: What to Know (Singapore)
MEPS+ is Singapore’s real-time gross settlement (RTGS) system for high-value Singapore Dollar (SGD) payments between banks. It’s designed for time-critical, large-amount transfers where certainty of same-day settlement matters. By contrast, FAST moves funds almost instantly for everyday needs and is typically used for amounts up to S$200,000 per transfer.
When to use MEPS+ vs. FAST
- Choose MEPS+ for high-value or time-critical SGD payments (e.g., same-day settlements to another bank for large invoices or completions). Banks describe MEPS+ as suitable for high-value, urgent payments with no scheme maximum on the transfer amount.
- Choose FAST for most everyday transfers up to S$200,000 per transaction, available 24/7/365. For amounts above the bank’s FAST limit, banks typically route you to MEPS+ during business hours.
Cut-off times and same-day settlement
MEPS+ runs on business days, and each bank sets its own submission cut-off for same-day value (commonly around midday to mid-afternoon). Submissions after your bank’s cut-off are processed on the next working day. For example, some banks set a 12:00 pm cut-off, while others publish a 2:00 pm cut-off for branch-submitted MEPS+ requests.
Tip: If timing is tight, submit early and confirm the bank’s cut-off on the day you plan to pay.
Payment limits and fees
- MEPS+ amount: No maximum scheme limit for SGD transfers. (Your bank may still apply its own risk controls.)
- FAST amount: Typically up to S$200,000 per transfer for participating banks.
- Fees: Banks usually price MEPS+ as a flat per-transfer fee (commonly around S$20). FAST is usually free for personal customers; business pricing varies by bank.
What information you’ll need
For a smooth MEPS+ transfer, have these details ready:
- Beneficiary bank & SWIFT/BIC (used for domestic routing in MEPS+)
- Beneficiary name and account number
- Amount and value date (same-day if submitted before cut-off)
- Payment reference or purpose (if your bank requests it)
How to submit: Retail customers often place MEPS+ requests at a branch (some banks allow relationship-managed email forms). Corporate users can typically submit via business banking platforms or host-to-host channels.
How MEPS+ compares to other options
| Method | Typical Use | Availability | Amount Guidance | Indicative Fees |
|---|---|---|---|---|
| MEPS+ (SGD RTGS) | High-value, time-critical domestic SGD payments | Business days; bank cut-offs apply | No scheme maximum | Flat per transfer (e.g., ~S$20; bank-specific) |
| FAST | Everyday domestic transfers; many retail & SME uses | 24/7/365 | Up to S$200,000 per transfer (typical) | Often free for personal; business pricing varies |
| EDP / EDP+ | Digital alternative to post-dated cheques (future-dated) | Bank-published windows; online setup | Set by bank | Frequently waived during rollout |
| Telegraphic Transfer (SWIFT) | Cross-border payments in foreign currencies | Business days; currency cut-offs apply | Bank and corridor specific | Bank & agent charges; FX applies |
Simple workflow: sending a high-value payment
- Confirm the channel: Branch form, business platform, or relationship manager (if available).
- Check today’s cut-off: Aim to submit hours before the deadline.
- Prepare beneficiary details: Bank name, account number, and SWIFT/BIC.
- Submit and track: Ask for on-submission or completion notifications and share the reference with the beneficiary.
Good-to-know
- Operational hours can be extended on exceptional days to support smooth settlement, but treat this as an exception, not a plan.
- FAST and PayNow ride on modern rails that work around the clock for most retail and SME needs; if your transaction exceeds FAST limits, your bank may guide you to MEPS+ during business hours.
- MEPS+ also settles securities-related positions (e.g., SGS and MAS Bills) in addition to interbank funds transfers.
Important reminder
For critical amounts or time-sensitive payments, always verify the latest cut-off times, limits and fees on your bank’s official page before you act. Banks update their service hours and pricing from time to time.
References (official pages)
- Monetary Authority of Singapore — MEPS+ PFMI Disclosure (system overview & functions)
- Monetary Authority of Singapore — Statement noting temporary extension of MEPS+ operating hours (19 Jul 2024)
- ABS — FAST: Fast And Secure Transfers (service overview)
- OCBC (Business) — How to create GIRO/FAST/MEPS & local TT on OCBC Velocity (FAST ≤ S$200k; MEPS>S$200k)
- DBS (Personal) — Electronic Funds Transfer in Singapore (FAST ≤ S$200k; MEPS cut-off & fee)
- DBS (Corporate) — High Value Domestic Transactions (MEPS) one-pager
- Standard Chartered — MEPS+ page (no max limit; SGD domestic; cut-off example)
- UOB (Business) — MEPS overview for businesses
- UOB (Business) — Telegraphic Transfers (SWIFT gpi, cross-border)
