Funds Transfer to Another Bank's Account
Transfer Funds to Another Bank's Account (FAST)
FAST (Fast And Secure Transfers) is an electronic funds transfer service that enables customers to transfer SGD funds almost immediately from one participating bank to another in Singapore. FAST is available 24x7, 365 days. Click here for a complete list of the participating banks and non-bank financial institutions (NFIs) and account types for funds transfer.
Features
- FAST only enables funds transfer between accounts of the participating banks and non-bank financial institutions (NFIs) in Singapore. Funds between a participating and a non-participating bank could only be transferred through eGIRO.
- If you are transferring funds to the following banks and non-financial institutions (NFIs), please be advised that you can only do so via 'Transfer to Other Bank Account (FAST)' option. Other methods of transfers are not accepted by these banks and NFIs.
- GREEN LINK DIGITAL BANK PTE PTD
- GPAY NETWORK (S) PTE LTD
- LIQUID GROUP PTE LTD
- MATCHMOVE PAY PTE LTD
- NIUM PTE LTD
- SINGCASH PTE LTD
- WISE ASIA-PACIFIC PTE. LTD.
- XFERS PTE LTD
- When the transfer is successful, the payer will receive an SMS alert.
- The limit per transaction is S$200,000 which is set at the industry level and cannot be increased. You will still be able to use the current 3-day interbank transfer service after the launch of FAST.
Transfer Funds to Another Bank Account
This service allows you to transfer funds from your DBS or POSB account* or Credit Card to another bank's account in Singapore.
For funds transfer from Credit Card, there will be a Cash Advance Fee of 6% of the amount withdrawn (minimum charge of S$15) plus finance charge of 24% per annum (minimum charge of S$2.50) on the amount withdrawn, calculated on a daily basis from the date of withdrawal until receipt of full payment.
The Credit Card and Daily Funds Transfer Limit will apply for this service.
Features
- There is no service charge for Interbank funds transfer. This is not applicable for Foreign Currency Current Accounts.
- You have to first designate your recipient using the "Add New Other Bank Recipient" service, which can be found on the child links on the right hand side of your screen. After which, you may transfer funds to the bank account.
- As this service makes use of the Clearing & Settlement system for Interbank GIRO transactions, you will be able to transfer funds to the accounts of all GIRO Participating Banks.
- For funds transfer instructions submitted before 2000 hr on working days (Monday to Friday), the funds will be available to the recipient 2 working days later (e.g. funds transferred at 1600 hr on Monday will be available to the recipient on Wednesday).
- For funds transfer instructions submitted on Saturdays, Sundays and public holidays, the funds transferred will be available to the recipient 3 working days later if you submit the instruction before 2000 hr.
- Funds transfer instruction submitted after 8pm will be considered as next working day's transaction.
- You can transfer up to S$1,000 per day to other Bank's accounts. If you need to revise the daily limit downward, you may do so online using the Funds Transfer Limit Management service.
- Upon successful transfer for S$1,000 and above, an SMS notification will be sent to your registered mobile number.
- The status of the funds transfer, be it successful or unsuccessful, will be available to you under "Notifications" on the 3rd working day after the funds transfer. For unsuccessful funds transfer cases, your account will also be refunded on the same day (3 working days after the transfer).
- You can either transfer funds immediately or specify it to be transferred on a future date of up to 30 days from the date of transaction. To allow the transfer of funds via the Clearing & Settlement system for Interbank GIRO transactions, the Effective Date of Transfer specified must be a working day.
- For future transfers, your account will be debited 1 working day before the Effective Date of Transfer. Also, the funds will generally be available to the recipient 1 day after the Effective Date of Transfer.
View FAST Transaction History
This service allows you to view details on your FAST transfers.
Features
- You will be able to view your FAST Funds Transfer details, including Recipient Name, Account, Amount, and the Status of the transaction.
View or Delete Post-Dated Funds Transfer
This service allows you to view and manage all your pending post-dated Funds Transfers. To find out more about this service, please click here.
Change Local Transfer Limit
This service allows you to manage the daily total limit for all Funds Transfers from your account. To find out more about transfer limits, please click here.
Deactivate Funds Transfer Service
This service allows you to deactivate your Funds Transfer service. To find out more, please click here.