Faster bank funds transfer

A faster electronic funds transfer service will be made available to bank customers by the middle of this year.

The Association of Banks in Singapore announced yesterday that the new service, called Fast (Fast And Secure Transfers), will enable transfers from one bank to another almost immediately.

Customers will be able to make the transfer at any time and will know within minutes if the funds have been successfully transferred, instead of waiting up to three working days as they have to under the current system.

The new system, which was announced in 2012,will involve 14 participating banks that facilitate almost 90 per cent of the Interbank Giro transactions each year.

The system will work for local transfers of up to $10,000 per transaction, subject to daily or monthly withdrawal limits set by individual banks, and will work as an alternative to eGiro and cheque payments.

- Tan Tam Mei