FAST Transfer: How Instant Bank Payments Work in Singapore
FAST, short for Fast And Secure Transfers, is Singapore’s round-the-clock interbank payment system that credits funds to another local bank account within seconds, for transfers of up to S$200,000 per transaction depending on the sending bank’s own limits.
Not financial advice. All figures for educational reference only. Data as at July 2026.
Last updated: July 2026
Key Takeaways
- FAST is a real-time domestic transfer system connecting Singapore banks and select non-bank financial institutions, operating 24 hours a day, 7 days a week since 2018.
- The public FAST limit is up to S$200,000 per transaction, though individual banks and non-financial institutions may set lower caps based on account type and channel.
- Transfers to non-bank e-wallets over FAST are typically capped at a lower S$5,000 per transaction.
- FAST is the settlement rail behind many everyday transfers, including most PayNow payments, once a recipient is identified by mobile number, NRIC, UEN or QR code.
- Most Singapore banks do not charge individual customers for FAST transfers, though business or bulk-transfer accounts may have separate fee schedules.
What Is a FAST Transfer?
FAST was launched in 2014 by the Association of Banks in Singapore (ABS) together with the Monetary Authority of Singapore (MAS) to give consumers and businesses a faster alternative to the older GIRO and cheque systems, which could take a day or more to clear. Funds sent via FAST typically arrive in the recipient’s account within seconds, any time of day, including weekends and public holidays, after the system moved to 24/7 operation in 2018.
FAST works by connecting participating banks and non-bank financial institutions (NFIs) to a shared, centrally cleared network. When a sender initiates a transfer using the recipient’s bank and account number, the system verifies the details, moves the funds between the two institutions, and confirms completion almost instantly. This is the plumbing that powers most everyday digital payments in Singapore, from splitting a dinner bill to paying a landlord, and it also underpins PayNow, which uses FAST for settlement once a mobile number, NRIC, UEN or QR code has been resolved to the correct bank account.
How Does FAST Work in Singapore?
To send a FAST transfer, a customer logs into their bank’s app or internet banking, selects the recipient’s bank, enters the account number and transfer amount, and confirms. The system checks the request, debits the sender, and credits the recipient’s account almost immediately, with a confirmation typically appearing within seconds on both ends.
| Feature | Detail |
|---|---|
| Operating hours | 24 hours a day, 7 days a week (since 2018) |
| Public transaction limit | Up to S$200,000 per transaction, subject to lower limits set by individual banks or NFIs |
| Example bank-specific limit | OCBC Personal Banking: up to S$100,000 per transaction; OCBC Premier Banking: up to S$200,000 |
| Transfers to e-wallets (NFIs) | Capped at S$5,000 per transaction |
| Minimum transaction amount | None |
| Typical fee for individuals | Free at most Singapore banks |
Source: Association of Banks in Singapore FAST FAQ and individual bank published limits, as at July 2026. Always check your specific bank or NFI app for the exact cap that applies to your account and channel.
FAST Transfer Example
Suppose you need to transfer S$3,500 to a friend’s OCBC account from your DBS account to cover your share of a holiday booking. Using FAST, you would open the DBS app, select “Transfer to Other Bank Account,” choose OCBC, key in your friend’s account number and the amount, and confirm with your banking password or biometric authentication. The S$3,500 typically appears in your friend’s OCBC account within seconds, with no fee charged on either side, and the transaction can be completed at any hour, including late at night or on a public holiday.
Advantages of FAST
- Near-instant settlement. Funds usually arrive within seconds rather than the next business day, which was the norm under the older GIRO system.
- Available around the clock. FAST operates 24/7, including weekends and public holidays, unlike batch-based systems that only process on business days.
- Generally free for individuals. Most Singapore banks do not charge personal customers for standard FAST transfers.
- High transaction ceiling. A public limit of up to S$200,000 per transaction makes FAST suitable for large personal transfers, such as a property renovation deposit, without needing a same-day cheque or TT.
Risks and Limitations
- Domestic only. FAST only works between Singapore banks and participating NFIs; it cannot be used to send money overseas, which requires a telegraphic transfer or a cross-border linkage such as PayNow-DuitNow.
- Speed cuts both ways. Because transfers settle almost instantly, a mistaken transfer to the wrong account number can be very difficult to reverse.
- Bank-specific caps can be lower than the public limit. Some accounts, especially basic or newly opened ones, may have lower daily or per-transaction limits than the S$200,000 headline figure.
- E-wallet transfers are capped lower. Sending to a non-bank e-wallet over FAST is limited to S$5,000 per transaction, which may not suit larger payments.
FAST vs GIRO vs Telegraphic Transfer
| Feature | FAST | GIRO | Telegraphic Transfer (TT) |
|---|---|---|---|
| Coverage | Domestic (Singapore banks and NFIs) | Domestic (Singapore banks) | International |
| Speed | Seconds | Typically 1 to 3 business days | 1 to 3 business days |
| Availability | 24/7 including weekends and holidays | Business days, batch-processed | Business days, subject to correspondent bank hours |
| Typical fee | Free for individuals at most banks | Usually free | S$10 to S$30 plus FX spread |
| Typical use case | One-off or ad hoc domestic transfers | Recurring payments like bill deductions, salary crediting | Overseas payments, property, tuition, remittances |
The Bottom Line
FAST is the invisible infrastructure behind most of Singapore’s everyday domestic bank transfers, including the PayNow payments many residents use daily. For anyone moving money between Singapore bank accounts quickly, safely and at no cost, it is almost always the right tool, though it cannot replace a telegraphic transfer for sending money overseas.
Frequently Asked Questions
What does FAST stand for?
FAST stands for Fast And Secure Transfers, Singapore’s real-time interbank funds transfer system launched by the Association of Banks in Singapore in 2014 and operating 24/7 since 2018.
What is the maximum amount I can send via FAST?
The public FAST limit is up to S$200,000 per transaction, though your specific bank or account type may set a lower cap. Transfers to non-bank e-wallets are typically limited to S$5,000 per transaction.
Is FAST the same as PayNow?
Not exactly. PayNow is a service that lets you send money using a mobile number, NRIC, UEN or QR code instead of a bank account number. Behind the scenes, most PayNow transfers are settled using the FAST network.
Does FAST cost anything?
Most Singapore banks do not charge individual customers for standard FAST transfers. Business accounts or high-volume transfer services may have separate fee structures, so it is worth checking with your bank.
Can I use FAST to send money overseas?
No. FAST only connects Singapore banks and participating non-bank financial institutions for domestic transfers. To send money overseas, you would need a telegraphic transfer or a cross-border linkage such as PayNow-DuitNow for Malaysia.
Is FAST available on public holidays?
Yes. FAST has operated 24 hours a day, 7 days a week, including weekends and public holidays, since the system moved to round-the-clock operation in 2018.