FAST Transfers

1. How to effect FAST payment?
UOB offers non-individual customers the following channels for FAST payment:

a. UOB SME app or online
• Single Transaction

b. UOB SME app or online
• Single Transaction
• Standing Instruction
• Post Dated Transaction

c. UOB Branches
• FAST Application Form for same day FAST payment
• FAST Standing Instruction Form for recurring FAST payments.

2. Can I effect FAST payment via ATM?
FAST payments via UOB ATMs are currently not available for UOB Corporate/Debit ATM card.

3. How do I effect FAST payment via UOB SME app or online?
You are required to create the list of beneficiaries' accounts which your company will be effecting FAST payments by submitting the Pre-Approved Beneficiary Form to the Bank.

You can download the Form from the FAST transaction screen in UOB SME app or online.

4. Why do I need to fill up a Pre- Approved Beneficiary Form to effect FAST payment via UOB SME app or online?
This is to enable the Bank to set up a drop-down list of beneficiaries for your convenient and secure FAST payments via UOB SME app or online.

5. What is UOB SME app or online?
UOB SME app or online is our new digital banking for business.

 
6. How do I effect FAST payment via UOB SME app or online?
Select the FAST payment screen and input the following details:

a. Name of beneficiary's bank
b. Beneficiary's account number
c. Payment amount
d. Purpose code
e. Beneficiary reference*

* To ease the end-to-end reconciliation, it is important to obtain the reference from your beneficiary.

7. What are the UOB operating hours of FAST?
FAST is available 24x7 for funds transfer effected via UOB SME app or online.

For FAST payments submitted at UOB branches, the FAST application form to be submitted from Monday to Friday (excluding public holiday):

- For ad-hoc payment, application must be submitted by 4pm for same day payment.
- For recurring payment, application for Standing Instruction must be submitted 7 business days prior to the first effective date.

8. Will there be charges if I use FAST?
Yes, there will be charges for FAST transactions performed via UOB SME app or online. Please refer to our website, uob.com.sg for charges for manual instruction submitted at the branches. For details on FAST pricing, please call our Corporate Call Centre at 1800-226 6121, 9.00 am-6.30 pm, Monday –Friday (excluding public holiday)

9. Are there minimum and maximum transaction limits for FAST payments?
There is no minimum transaction limit for using FAST. However, there is a maximum limit for FAST payment of not more than SGD200,000 per transfer.

For payment exceeding SGD200,000, you may use Giro or MEPS.

The company's prevailing signatory limit will apply in addition to the FAST maximum transaction limit.

10. Is there a daily limit on the number of transactions that I can pay via FAST?
No, you can effect as many FAST payments as you need as long as they do not exceed SGDSGD200,000 per transfer.

11. Do I need to use any security token for FAST payments via UOB SME app or online?
Yes, FAST payments are subject to the same security standards of funds transfers effected via internet banking for businesses which require the use of the security token.

12. What will be reflected in my UOB Account Statement when I effect a FAST payment?
Funds Transfer – FAST
<Purpose Code><Beneficiary Reference>
<Channel & Transaction Reference>
<Beneficiary Name>

13. What do I do when I encounter an error message when performing a FAST transaction?
You can contact us via the following:

Email: customer.service@uobgroup.com

Phone: Corporate hotline 1800 226 6121 and select the FAST option.

1. Can I receive FAST payments?
Yes, you can receive FAST payments into your UOB SGD Current Account, Savings Account and UOB Credit Cards.

2. What are the hours that I can receive FAST payments?
You can receive FAST payment 24 x 7, including Saturday, Sunday and public holiday.

3. Can I use the funds immediately once my account is credited?
Yes, you can use the funds immediately once your account is credited.

4. Will there be charges for receiving FAST payments?
No, there are no charges for receiving FAST payments.

5. What will be reflected in my UOB Account Statement when I received a FAST Payment?
Inward CR – FAST
<Purpose Code & Description>
<Sender's Name>
<Beneficiary's Reference>*

* To ease your reconciliation, it is important to provide the sender your beneficiary reference.

6. What are the benefits of receiving FAST payments compared to other types of payment such as cheque, and GIRO?
a. Improve your cash flow as you collect your funds almost immediately when your customers pay you via FAST compared to cheque deposits and GIRO which can take up to three working days.

b. Ease of account reconciliation from the purpose code, description and sender's reference.

c. There are no charges for in-coming FAST transfers.

7. What do I need to provide to my clients for making FAST payment to my account with UOB?
You need to provide your clients the following:

a. Bank Name :
• United Overseas Bank, (SWIFT BIC UOVBSGSGXXX)#

b. For current or savings account
• Your 10 digit UOB account number

8. Are there any penalty fees for rejected items similar to current inter-bank funds transfer?
Penalty fees are currently waived for rejected FAST transactions.

1. Who can I contact if I have further queries on FAST?
You may contact the following:

- ABS hotline at +65 6224 4300 or
- Email ABS at FAST@abs.org.sg or
- UOB Corporate Call Centre at 1800 226 6121, 9.00 am – 6.30 pm, Monday to Friday (excluding public holiday)..

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