FAST-Fast And Secure Transactions
Starting today 0800, account holders of 14 banks in Singapore will be able to make instantaneous bank transfer to bank accounts of any of the 14 banks with the launch of the FAST service.
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.
FAST, simply known as Fast And Secure Transactions can be done both online and mobile. Transaction is currently capped at $10,000 per transaction. FAST also removes the need for transferor to enter the bank branch code for the recipient.
The service will be free for retail banking clients of the 14 banks. However, charges will apply for corporate clients. OCBC is waiving transaction fees for Corporate Accounts from now till June 2014.
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.
FAST, simply known as Fast And Secure Transactions can be done both online and mobile. Transaction is currently capped at $10,000 per transaction. FAST also removes the need for transferor to enter the bank branch code for the recipient.
The service will be free for retail banking clients of the 14 banks. However, charges will apply for corporate clients. OCBC is waiving transaction fees for Corporate Accounts from now till June 2014.
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