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Instant Interbank Transfer is Now Available in Singapore – Like Finally?!

Blogshop owners and online shoppers – REJOICE! 

Finally! Instant interbank transfer available from today onwards in Singapore

From today onwards, customers of 14 banks in Singapore can do instant fund transfers between accounts held in different banks. The interbank transfer will be free for retail customers while charges will apply for corporate users.

According to AsiaOne, the 14 banks are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

The instant interbank transfers, called FAST for fast and secure transactions, can be done both online and mobile for most banks, but OCBC Bank said customers can also do so at its ATMs.

Currently, instant fund transfers happen only for transactions between accounts held in the same bank. At present, it can take up to three working days for customers to transfer money from one banking account to another in a different bank. The service, accessible 24/7, allows customers to transfer up to S$10,000 a transaction between banks in minutes

Credits: Yahoo Newsroom

And if you were wondering why it’s good news for blogshop owners and shoppers alike – that’s because for example – if you only have a Citibank account and the blogshop has a DBS account, it usually takes up to 3 days (or more!) to get the money transferred over for payment (bank transfer option via ATM or iBanking) and that’s pretty sucky!

But now that there is this FAST system, it’s so much better because it’s instant! Previously I thought of opening an additional Citibank/OCBC bank account for my other customers who don’t have DBS/POSB accounts but luckily I didn’t – especially now that the interbank transfer is finally available – woohoo ~_~

Yeah, we are pretty slow as compared to the other counties, but ah be happy that it’s finally available 😛

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Till later,
♥ mitsueki

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Author: mitsueki

Hello! I'm mitsueki aka Daphne and I blog at mitsueki.sg! Follow me on IG for more updates too!

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