Using FAST Transfers in Singapore for Seamless Fund Transfers

What is FAST transfer?

FAST stands for Fast and Secure Transfers. It is an electronic funds transfer service designed to enable SGD fund transfers quickly between accounts held at participating banks and non-financial institutions (NFI) within Singapore. 

FAST transfer was introduced to meet the escalating demand from both consumers and businesses for expedited and more efficient funds transfers. In the past, it could take up to three business days for customers to transfer funds from one bank account to another across different banks. It is a reliable and secure way to transfer money online and can help you avoid any disruption in your production schedule. By using FAST, you can ensure that your business runs smoothly and efficiently.

Originally launched in 2014, it initially encompassed only banks as participants. However, as of February 8, 2021, FAST also expanded to include NFI participants.

Using Bank FAST transfers for Fund Transfers

For those who hold accounts with participating institutions, accessing the FAST service is as simple as logging into your bank's net banking platform through devices like smartphones, tablets, or personal computers. You can make fun transfers of up to $200,000 for each transaction, depending on daily or monthly withdrawal limits. Moreover, you can enhance communication by adding recipient-specific comments to your transfers, ensuring a personalised touch.

Here is a list of banks that offer FAST: 

1 Anext Bank Pte Ltd

2 ANZ Bank

3 Bank of China

4 BNP Paribas

5 CIMB Bank

6 Citibank NA

7 Citibank Singapore Limited

8 DBS Bank/POSB

9 Deutsche Bank

10 Green Link Digital Bank Pte Ltd

11 GXS Bank Pte Ltd

12 HL Bank

13 HSBC

14 HSBC Bank (Singapore) Limited

15 ICICI Bank Limited Singapore

16 Industrial and Commercial Bank of China Limited

17 JPMorgan Chase Bank, N.A.

18 MariBank Singapore Private Limited

19 Maybank Singapore Limited

20 Malayan Banking Berhad

21 Mizuho Bank

22 MUFG Bank, Ltd

23 OCBC Bank

24 RHB Bank

25 Standard Chartered Bank (Singapore) Limited

26 Sing Investments & Finance Limited

27 State Bank of India

28 Sumitomo Mitsui Banking Corporation

29 Trust Bank Singapore Limited

30 United Overseas Bank

If you're affiliated with non-financial institutions (NFI), you can still use FAST through your e-wallet on your phone app or website if they offer it. And if you need to send money to specific e-wallets of non-bank companies, FAST lets you send up to S$5,000 each time.

Following is the list of FAST Participant NFIs

1 GPay Network (S) Pte Ltd

2 Liquid Group Pte Ltd

3 MatchMove Pay Pte Ltd

4 NIUM Pte Ltd

5 SingCash Pte Ltd

6 Wise Asia-Pacific Pte. Ltd.

7 Xfers Pte Ltd

Transaction limits could differ based on the specific e-wallet you're using. If you want more details, the best thing to do is contact the specific NFIs. They'll have the most accurate information for you.

To check the most recent list of banks and NFIs, visit the website of The Association of Banks in Singapore.

How to Set Up FAST for Business Transactions?

1. Select a Participating Bank: The FAST system is accessible through numerous banks in Singapore. You'll need a business bank account with one participating bank to use FAST. 
2. Open a Business Bank Account: If you don't have a business bank account with participating banks, you may need to open one. 
3. Register for Online Banking: Sign up for the bank's online banking services after securing your business bank account. This is your gateway for initiating FAST transactions.
4. Verify Recipient Details: Ensure that the account details of your intended recipients are error-free. 
5. Initiate a FAST transfer:

• Log in to your business's online banking portal.
• Seek the option for fund transfers or payments.
• Opt for the FAST transfer feature.
• Input the recipient's bank account number, and any other necessary details such as the bank code
• Specify the amount you wish to transfer.
• Review the transaction specifics and confirm the transfer.

1. Authentication and Security: Your bank might require additional authentication steps to bolster security. This could involve receiving one-time passwords (OTP) on your registered mobile number.
2. Transaction Fees: Look for any associated FAST transfer fees. Different banks or NFIs might have varying fee structures.
3. Confirmation and Notifications: Once your transfer succeeds, you'll receive confirmation through the online banking portal. The recipient should also receive the funds in real time.
4. Maintain Records: Keep comprehensive records of all your FAST transactions for proper business accounting.

How to Use FAST Transfer for Business Fund Transfers in Singapore?

If you run a business and want to use Bank FAST transfers to move funds quickly, here's how:

1. Access Your Business Account: Log in to your bank's online banking platform or mobile app using your business account credentials.
2. Initiate Fund Transfer: Look for the option to initiate a fund transfer. It might be labelled as "Transfer Funds" or something similar.
3. Choose FAST transfer: Within the transfer options, select "FAST transfer" as the method. This could be listed as "FAST" or "Fast and Secure Transfer."
4. Provide Recipient Details: Enter the necessary details of the recipient's account, including the recipient's bank or NFI, account number, and other relevant information.
5. Enter Transfer Amount: Specify the amount you want to transfer for the business transaction.
6. Review and Confirm: Double-check your entered information, including the recipient's details and the transfer amount.
7. Authorise the Transfer: Authenticate the transfer using your business's chosen authentication method, such as a one-time password (OTP) or any other security measure set by your bank.
8. Complete the Transfer: After successful authentication, confirm the transfer. The funds will be deducted from your business account and instantly transferred to the recipient.
9. Confirmation and Notification: Once the transfer is done, you'll receive a confirmation on the screen. You might also get a transaction reference number. Additionally, your bank could send you a notification through email or SMS to confirm the transfer.

What Details Are Needed for a FAST Payment in Singapore?

Specific recipient and bank details are essential to kick off a FAST payment within Singapore. Here’s a general requirement list.  

1. Recipient's Full Name: The complete legal name of the individual or business you're sending money to.
2. Recipient's Bank Account Number: The distinct account number to which you intend to transfer the funds.
3. Recipient's Bank Code: A unique code identifying the recipient's bank. This is required by some institutions and ensures accurate routing of the funds.
4. Recipient's Branch Code: Occasionally, a branch code might be necessary to pinpoint the specific branch of the recipient's bank.
5. Your Bank Account Details: This covers your own account number and any other relevant identifiers associated with your account.
6. Payment Amount: The sum you want to transfer to the recipient.
7. Purpose of Payment: Some banks may ask for a brief description or reason for the payment. This adds context to the transaction.
8. Authentication: Extra authentication details could be needed to confirm your identity. This could involve a One-Time Password (OTP) sent to your registered mobile number.

What Are the Benefits of Using FAST for Fund Transfers?

1. Real-Time Transfers: In Singapore, FAST transfers enable lightning-fast fund transfers, with transactions settling almost instantly. This means recipients can access funds promptly.
2. Convenience: Initiate and complete FAST payments through online banking and mobile apps. There is no need to visit a physical bank branch.
3. 24/7 Availability: FAST operates non-stop, including weekends and holidays, offering flexibility for payments anytime.
4. Cost Savings: Generally cost-effective, especially for frequent high-volume, low-value transactions, compared to wire transfers or cheques.
5. Efficiency: These quick transfers boost transaction efficiency. Ideal for time-sensitive payments like payroll and emergency expenses. You can also use FAST for salaries, bills, peer-to-peer transfers, and business transactions.
6. Reduced Risk: Electronic processing reduces the risk of errors or mail delays associated with checks.
7. Digital Integration: Seamlessly integrate FAST into digital platforms like e-commerce sites and apps that offer the service, streamlining online payments.
8. Transparency: Immediate confirmation ensures transparency for both senders and recipients.
9. Cash Flow Management: Businesses benefit from instant funds, improving cash flow management.
10. Government Payments: Government agencies use FAST transfers in Singapore to disburse funds like tax refunds and social assistance conveniently.
11. Eco-Friendly: FAST promotes environmentally conscious transactions by reducing paper usage and physical bank visits.

How to Send and Receive Money Using FAST for Businesses?

Sending Money

1. Verify your business's participation with a FAST-enabled bank or NFI.
2. Log in to your business's online banking.
3. Select "Transfer to Other Banks."
4. Input the recipient's bank details and payment information.
5. Confirm and initiate the transfer.

Receiving Money

1. Share your business's account number.
2. Instruct the sender to use FAST transfer in Singapore.
3. Ensure accurate recipient details.
4. Wait for instant funds crediting, which would be almost immediately.
5. Check for transaction confirmation.

Comparison of Fund Transfer Services

FAST vs MEPS 

Now that you're familiar with FAST vs MEPS transfer, let's compare FAST vs GIRO vs PayNow.‍

FAST vs GIRO vs PayNow

In summary, for businesses, FAST excels in facilitating immediate interbank transactions, GIRO is well-suited for efficiently managing recurring payments and batch processing, and PayNow offers a streamlined approach to quick transfers with simplified identification. Your choice should align with the specific needs of your business, whether you prioritise prompt interbank transfers, automated recurring payments, or simplified transaction identification.

Can You Transfer Funds to Banks Outside FAST Network?

FAST only facilitates fund transfers between accounts held within the 30 participating banks and seven participating NFIs in Singapore. Transfers involving a participating and non-participating bank can be carried out via Interbank GIRO. However, such transfers will take 2-3 working days for the funds to be credited. 

How to settle credit card payments through FAST?

Some banks allow you to pay monthly credit card bills via FAST. You’ll need to state your   credit card number as the recipient account number, often under your bill payments service. Check with your bank for more information. 

What are the FAST Purpose Codes, and what are they used for?

Here is a list of some standard FAST purpose codes along with their corresponding usage:

Are FAST Transactions Secure?

FAST transactions are secure, following the robust security standards established by the banking industry in Singapore for fund transfers.

What are the Operating Hours and Cutoffs for FAST Transactions?

Participating banks and NFIs generally offer continuous access to FAST services 24/7.

For specific operational hours, verify with your bank or NFI. It's important to note that some banks may consider the following business day as the transaction's value date if it occurs after the cutoff time or on non-business days. It is better to consult your bank directly.

How to Check the Confirmation of Successful FAST Payment?

The status of your fund transfer can be easily checked through your banking service or any notification service provided by your bank or NFI. This includes options like mobile applications or websites.

Boost Your Business Efficiency with a Multi-Currency Business Account

Aspire’s multi-currency business account is your complete financial toolkit, made to handle your money easily. With this account, you can easily send, receive, and access funds, whether it's within your country or internationally. And even though there isn't a physical branch, you're just a click or a call away from getting excellent customer support.

With Aspire’s Business Account, you can also unlock a vast array of partner rewards to help you enjoy discounts. These partnerships encompass prominent payment processors such as Stripe, well-liked accounting software such as Xero, and numerous others.

And you can even save in other areas. You don’t have to pay extra fees on local SGD transfers and Aspire offers better currency exchange rates than traditional banks, which means more money in your pocket. Need to send money globally? We cater to the same with low transaction fees.

Our corporate cards also give you 1% cashback on digital marketing and software as a service (SaaS) spending. They come with security features like merchant locks and setting custom limits. And here's the kicker: You can create virtual cards for your team without shelling out extra cash.

So why wait? Go ahead and apply for the Aspire multi-currency business account. It's a smart move to take charge of your finances in style.