Fast

  • fast-consumerfast-consumer

    Now you can fast-forward your interbank funds transfers

Overview

FAST (Fast And Secure Transfers) is a new electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly. You no longer need to wait up to three working days for funds to be transferred between participating banks.

Benefits of Fast

1. Online funds transfer between accounts of the participating banks can be received almost instantaneously.
2. You will know almost instantly whether the online transfer is successful.
3. It is secure and convenient

 

View the introductory video on FAST

Important Message:

UOB may provide links to websites not owned, controlled or maintained by UOB Group (“Websites”). Use of the Websites are at your own risk and subject to the terms and conditions of the Websites. UOB Group does not (i) provide any warranty on the Websites; and (ii) assume liability or responsibility for any content (or any failure thereof) offered at any Website or for any loss or damage suffered. Please click here for the full disclaimer. In the event of any inconsistency, differences or discrepancies between the Chinese version and English version of this Important Message, the English version shall prevail.

Participating Banks

FAST will be offered by the following banks:
  • ANZ Bank
  • Bank of China Limited
  • BNP Paribas
  • CIMB Bank
  • Citibank
  • DBS Bank
  • Deutsche Bank
  • Far Eastern Bank
  • HL Bank
  • HSBC
  • MayBank
  • Mizuho Bank Limited
  • OCBC Bank
  • RHB Bank
  • Royal Bank of Scotland
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • The Bank Of Tokyo-Mitsubishi Ufj, Ltd
  • United Overseas Bank

How to access FAST?

You can access FAST via one of the following ways:

Upon logging in, select Funds Transfer > Make Transfer to Other Bank or Add Payee.

 

If you select Add Payee, you will no longer need to enter branch code for the participating banks

If you have previously added the payee from the participating banks, there is no need to make any change. Simply proceed to the next step.

 

Mobile Banking

 

Upon logging in, select Funds Transfer > Make Transfer to Other Bank or Add Payee.

 

If you select Add Payee, you will no longer need to enter branch code for the participating banks

If you have previously added the payee from the participating banks, there is no need to make any change. Simply proceed to the next step.

 

Then, select Make Transfer To Other Bank

 

Select “FAST”

Insert UOB card and enter your PIN.

 

Select “Other Transactions”.

 

Select “Funds Transfer”.

 

Select either “From Linked Current Account” or “From Linked Savings Account”.

 

Select the account number to transfer from.

 

Select “To Other Bank’s Account”.

Purpose Code

BEXP Business Expenses FWLV Foreign Worker Levy
BONU Bonus Payment GDDS Purchase Sale of Goods
CBTV Cable TV Bill GOVI Government Insurance
CCRD Credit Card Payment GSTX Goods & Services Tax
CHAR Charity Payment HSPC Hospital Care
COLL Collection Payment IHRP Instalment Hire Purchase Agreement
COMM Commission INSU Insurance Premium
CPKC Car Park Charges INTC Intra Company Payment
CSDB Cash Disbursement INTE Interest
DCRD Debit Card Payment INVS Investment & Securities
DIVD Dividend IVPT Invoice Payment
DNTS Dental Services LOAN Loan
EDUC Education MDCS Medical Services
FCPM Payment of Fees & Charges NITX Net Income Tax
OTHR Other SUPP Supplier Payment
PHON Telephone Bill TAXS Tax Payment
PTXP Property Tax TBIL Telco Bill
RDTX Road Tax TCSC Town Council Service Charges
REBT Rebate TRAD Trade Services
REFU Refund TREA Treasury Payment
RENT Rent TRPT Transport
SALA Salary Payment UBIL Utilities
STDY Study WHLD With Holding

FAQs

1. Why is there a need for FAST?

FAST was introduced in response to the increasing demand from consumers and businesses for faster and more efficient funds transfers. Currently, it can take up to three working days for customers to transfer money from one banking account to another across banks. With FAST, it is almost instant.

 

2. When will FAST be launched?

FAST will be launched at 8.00 am on 17 March 2014.

 

3. Why are there only 19 banks participating in FAST?

The decision to participate in FAST is based on individual banks’ commercial considerations. The 19 participating banks account for the bulk of eGIRO transactions in Singapore. More banks may join at a later date.

 

4. Are transfers via FAST secure?

Yes. FAST is secure and adopts the same security standards established by the banking industry in Singapore for funds transfers.

 

5. Who can use FAST?

Customers with savings or current accounts at the participating banks can use FAST.

 

6. Can I make a funds transfer from a FAST participating bank to a non-FAST participating bank?

No, FAST only enables funds transfer between accounts of the participating banks in Singapore. Funds between a participating and a non-participating bank can be ;transferred via eGIRO.

 

7. Can I use FAST to transfer funds to a bank account overseas?

No, FAST can only be used for Singapore Dollar funds transfers between bank customer accounts of the participating
banks in Singapore.

 

8. What are the operating hours of FAST?

FAST is available 24x7 via UOB Personal Internet Banking, UOB Mobile and all ATMs.

Availability of FAST via UOB branches is dependent on branch operating hours. FAST performed via UOB branches will be effected within the same business day if the application is submitted on Monday to Friday (excluding public holiday), by 4pm.

 

9. Do I have to pay to use FAST?

Fees will be waived for FAST performed via internet banking, mobile banking and ATMs. A fee of S$10 per transaction will apply for FAST transactions done at UOB branches.

 

10. What happens if I made a wrong funds transfer?

Bank customers should exercise due care when keying in the amount and bank account number, similar to using current ;electronic funds transfer services via UOB ATMs or ;UOB Personal Internet Banking. Funds transferred via FAST will be credited to the recipient’s bank account almost instantly. Please contact your bank immediately if you have made a wrong funds transfer.

 

11. Can I use FAST if I have the recipient's name only and not the account number?

No. The recipient’s bank account number is required to use FAST. The recipient’s name is only for reference purposes.

 

12. Will eGIRO continue to be made available?

Yes. You can still transfer funds using eGIRO.

 

13. What do I do when I encounter an error message when performing a FAST transaction?

You can contact us via the following ways:

Email:
customer.service@uobgroup.com

Phone:
Please call our 24-hour hotline 1800 222 2121 (or +65 6222 2121 when calling from overseas) for assistance.

Online Form

1. Do I need to use any hardware token for funds transfers via FAST on UOB Personal Internet Banking?

As in any existing fund transfer done via UOB Personal Internet Banking or UOB Mobile, you will need to use the SecurePlus token to securely add a new payee and/or authorise a high-value transaction which is above your security threshold limits.

 

2. How will I know if my fund transfer via FAST is successful?

Simply log in to UOB Personal Internet Banking or UOB Mobile to check the status of your online FAST transaction 5 minutes after the online transaction is done. Upon logging, select Account Information > Online Transaction Status > Funds Transfer.

 

3. Will UOB alert me once the fund transfer is successfully made?

You can subscribe to UniAlerts to receive SMS or email notification for funds transfers you have performed. To subscribe for UniAlerts, simply login to UOB Personal Internet Banking and select Security Preference > UniAlerts Subscriptions.

 

4. Are there minimum and maximum transaction limits for using FAST?

There is no minimum transaction limits for FAST. The default Funds Transfer to Other Bank accounts daily limit is S$5,000. For Wealth Banking/Privilege Banking/Privilege Reserve/Private Banking customers, the default daily limit is S$10,000.

 

5. Can I use FAST to pay credit card bills and make loan payments?

You can use FAST on participating banks’ Internet Banking websites to make a funds transfer to your UOB Credit Card (15/16 digit card number)*.

FAST payments will be credited to your UOB credit card almost immediately but the transaction will only be shown the following day. Your credit balance will however be reflected and available immediately.

*Subject to the participating bank’s capability to support up to 16 digits account number.

Loan payment on FAST is not available.

 

6. What do I do when I encounter an error message when performing a FAST transaction?

You can contact us via the following ways:

Email:
customer.service@uobgroup.com

Phone:
Please call our 24-hour hotline 1800 222 2121 (or +65 6222 2121 when calling from overseas) for assistance.

Online Form

FAST (Fast And Secure Transfers) is an electronic funds transfer service that allows customers to transfer SGD funds almost immediately between accounts of participating banks in Singapore.

FAST enables almost immediate receipt of money. You will know the status of the transfer by accessing your bank account via internet banking, ATMs or via notification alerts offered by the participating bank. FAST is available anytime, 24x7, 365 days.

 

1. What is FAST at ATMs?

This new feature allows customers to perform funds transfers almost immediately to any of the participating banks
using a UOB Card at any UOB ATM islandwide.

 

2. Which are the participating banks?

Currently the participating banks are:-

ANZ Bank
Bank of China Limited
BNP Paribas
CIMB Bank
Citibank
DBS Bank
Deutsche Bank
Far Eastern Bank
HL Bank
HSBC

MayBank
Mizuho Bank Limited
OCBC Bank
RHB Bank
Royal Bank of Scotland
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
The Bank Of Tokyo-Mitsubishi Ufj, Ltd
United Overseas Bank

 

3. When is this feature available at all ATMs?

This feature will be progressively implemented to all ATMs commencing from 24 March to 9 April.

 

4. Is FAST to other participating bank 24 x 7?

Yes, it is 24 x 7 from any UOB ATM. Please check with your payee bank for the specific FAST operating hours.

 

5. Which are the valid account types that I can use to perform the funds transfer?

All Savings and Current account types that are currently available for ATM funds transfers can be used to perform FAST funds transfers.

Current account types: One Account, KrisFlyer UOB Account, Privilege Account, I-Account, Cashplus etc.

Saving account types: Stash, Uniplus, Junior Savers, Passbook Saving, TX etc.

 

6. Can I use FAST at ATM to transfer funds to a bank account overseas?

No, FAST can only be used for Singapore Dollar funds transfers between bank customer accounts of the participating banks in Singapore.

 

7. I am a corporate customer. Can I perform FAST at UOB ATM?

Corporate customers will not be able to do FAST at ATMs. Please perform funds transfer either on Business Internet Banking or at any UOB Branches.

 

8. How is this different from the existing UOB/OCBC funds transfer at ATM?

The existing funds transfers feature requires a UOB card with linked bank accounts to be used at OCBC ATMs for transfer to a OCBC bank account.

 

9. The amount had been debited from my UOB account but not credited to my payee’s bank account. What should I do?

Please contact your bank for assistance.

 

10. Is there a transaction fee imposed for FAST at ATM?

Currently the transaction fee is waived.

 

11. What will happen if I sent the funds to an incorrect account via FAST?

Bank customers should exercise due care when keying in the amount and bank account number similar to using current electronic funds transfer services via UOB ATMs or UOB Personal Internet Banking. Funds transferred via FAST will be credited to the recipient’s bank account almost instantly.

Please contact your bank immediately if you have made a wrong funds transfer.

 

12. What is the daily transfer limit for FAST at ATM?

The daily funds transfer limit is $3,000. This limit is shared with funds transfer to other UOB account and OCBC account.

Example

Customer performs a transfer of $1000 to other UOB account and $1000 to OCBC account. He will then be able to transfer another $1000 using FAST funds transfer.

 

13. Will a SMS alert be sent to me when I perform FAST at an ATM?

You can subscribe to the alert via UOB Personal Internet Banking Unialert subscription services or by completing the Transaction Alerts For ATM and Other Banking Services form.

Below is a sample of the SMS alert that you will receive once your alert threshold limit is reached.

'An ATM Funds Transfer of SGDX,XXX.XX was performed on your UOB account ending with XXXX on DD/MM/YYYY to a <Bank Name’s Abbreviation> a/c. If unauthorised, please call
+65 62222121.'