From mid this year, you can expect interbank money transfers to take mere minutes, rather than the current few days.
The new Fast and Secure Transfers (FAST) electronic funds transfer service facilitates the immediate moving of up to S$10,000 between banks in a single transaction, and will be available after office hours, and on weekends and public holidays.
FAST will be a welcome change to the current GIRO system in use, which takes up to three working days for fund transfers from one bank to another.
14 banks, which currently cover more than 90 percent of annual Internet banking transactions in Singapore, will be part of the new service.
They include ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.
Source: Channel NewsAsia
Photo: AFP
