Introduction: The Speed of Modern Commerce
In the world’s leading financial hubs, speed is the ultimate currency. For businesses in Singapore, the ability to move funds instantly isn’t just a convenience; it’s a competitive necessity. This capability is powered by FAST (Fast and Secure Transfers).
Launched by the banking industry and supported by the Monetary Authority of Singapore (MAS), FAST has fundamentally changed how money moves across the island. It has replaced the days of waiting for “clearing periods” with a system that works in seconds, 24 hours a day, 365 days a year.
This guide provides a detailed look at what FAST is, how it differs from traditional bank transfers, and why it serves as the foundation for Singapore’s award-winning payment ecosystem.
Key Takeaways
- What FAST Is: FAST is a real-time interbank electronic funds transfer service that enables instant SGD transfers between participating banks and non-bank financial institutions (NFIs) in Singapore.
- 24/7 Availability: FAST operates round the clock, including weekends and public holidays, unlike traditional bank transfer methods.
- Backbone of PayNow: FAST is the underlying infrastructure that powers PayNow, enabling instant transfers using proxies like mobile numbers, NRICs, or UENs.
- Transfer Limits: Transaction limits vary by bank, but FAST typically supports high-value individual transfers suitable for both personal and business use.
- Business Advantage: FAST removes settlement delays, improving cash flow visibility and strengthening supplier and partner relationships.
What Exactly is FAST?
FAST (Fast and Secure Transfers) is an electronic funds transfer service that allows customers of participating banks and financial institutions to transfer Singapore Dollar funds almost instantly between accounts.
Before FAST was introduced in 2014, electronic transfers between different banks were handled via GIRO, which could take up to three working days to clear. FAST solved this bottleneck by creating a direct, real-time link between the ledgers of Singapore’s major financial institutions.
Participating Institutions
The network includes all major banks in Singapore (DBS/POSB, OCBC, UOB, Standard Chartered, HSBC, etc.) and, more recently, major Non-Bank Financial Institutions (NFIs) like digital wallets and payment platforms.
FAST vs. GIRO: Which One Should Your Business Use?
Understanding the difference between these two “rails” is essential for efficient financial operations.
| Feature | FAST | GIRO |
| Speed | Instant (within seconds) | 1 to 3 working days |
| Availability | 24/7, 365 days a year | Working days / Business hours |
| Primary Use | Urgent payments, PayNow | Payroll, recurring bills, bulk payments |
| Transaction Limit | Typically up to | No specific limit (bank dependent) |
| Cost to Merchant | Slightly higher than GIRO | Very low or free |
The Connection Between FAST and PayNow
One of the most common points of confusion is the relationship between FAST and PayNow.
- FAST is the Infrastructure: Think of FAST as the high-speed railway tracks. It is the technical “rail” that actually moves the money between banks.
- PayNow is the Service: Think of PayNow as the sleek, user-friendly train. It sits on top of the FAST rails to allow you to send money using an alias (mobile number, NRIC, or UEN) instead of a cumbersome 10-digit bank account number.
Whenever you make a PayNow transfer, you are technically using the FAST network in the background.
4 Strategic Benefits of FAST for Singapore Businesses
1. Instant Cash Flow
With FAST, the “check is in the mail” excuse is obsolete. Funds sent by customers are available in your account instantly. This allows you to reinvest in inventory or settle your own liabilities without waiting for clearing cycles.
2. Operational 24/7
Business doesn’t stop on Friday at 5 PM. FAST allows you to receive payments and pay essential suppliers on weekends or public holidays, ensuring that your operations never face a “liquidity stall.”
3. Automated Reconciliation
When paired with a modern payment platform, FAST transactions provide instant webhooks or notifications. This means your system can automatically mark an invoice as “paid” the second the funds hit the FAST network.
4. Reduced Dependency on Cash
The speed and security of FAST have made it a viable alternative to cash and cheques. By providing a PayNow QR code powered by FAST at your point of sale, you reduce the risks and costs associated with handling physical currency.
Transfer Limits and Requirements
To use FAST, you simply need the recipient’s:
- Bank Name
- Bank Account Number
- Recipient Name
The Limit: While the central FAST system can handle up to per transaction, individual banks often set their own default daily limits (e.g., or ) for security. Businesses can usually adjust these limits through their corporate internet banking portal.
Did You Know?
Singapore’s FAST network is being linked with other real-time payment systems across Southeast Asia. For example, the linkage between Singapore’s PayNow (powered by FAST) and Thailand’s PromptPay enables near-instant cross-border transfers using just a mobile number, making international payments faster and significantly easier for SMEs engaged in regional trade.
Power Your Business with Singapore’s All-in-One Payment Platform
Effortlessly accept PayNow, credit cards, and digital wallets with a single integration.
Automate reconciliation, stay IRAS-ready, and focus on what matters most: growing your business in the Lion City.
Conclusion: The Backbone of a Digital Economy
FAST is more than just a banking feature; it is the backbone of Singapore’s digital economy. By providing the speed and security necessary for real-time commerce, it has empowered a new generation of e-commerce businesses and startups. For business owners, fully utilizing FAST and the PayNow services built upon it is the most effective way to ensure your financial operations are as fast as the market you serve.
Frequently Asked Questions (FAQs)
1. Can I use FAST for international transfers?
No. FAST is strictly for Singapore Dollar (SGD) transfers between participating institutions located within Singapore. For international transfers, you would typically use the SWIFT network or a dedicated international payment gateway.
2. Is there a fee for using FAST?
For individual consumers, FAST is usually free. For businesses, banks may charge a small fee per transaction, though these are often lower than credit card processing fees.
3. What happens if I send money to the wrong account via FAST?
Because FAST is instant, the transaction cannot be reversed once authorized. You must contact your bank immediately to initiate the “fund recovery” process, though success depends on the recipient’s cooperation.
4. How do I know if a transfer was successful?
Both the sender and the recipient usually receive an instant notification (SMS, email, or app push) from their respective banks confirming the successful credit of funds.
