SIGNAPORE: A new electronic funds transfer service that was launched on Monday has processed more than 33,000 transactions worth S$64 million in the first two days of operation.
Fast and Secure Transfers (FAST) allows bank customers to almost instantaneously move funds of up to S$10,000 per transaction between 14 participating banks.
The new service is faster than the current GIRO system, which can take up to three working days.
The 14 banks are DBS/POSB, United Overseas Bank, OCBC, ANZ, CIMB Bank, Citibank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, RHB Bank, RBS, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The Association of Banks said in a statement that the service is operating smoothly and public feedback on FAST has been very positive.
Most banks allow the transfer of funds via FAST between savings and current accounts only.
ABS said customers can check with the individual banks for the transfer of funds between other types of accounts via FAST.
For example, OCBC allows its customers to use their EasiCredit account to transfer funds via FAST.
Bank customers can also refer to this website for more information on the types of accounts that they can transfer funds to and from via FAST. - CNA/xq
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