Thursday, Nov 27, 2014Thursday, Nov 27, 2014
News
 

Coming your way: Instant access to interbank fund transfer in Singapore

Published on Feb 24, 2014 4:15 PM
 
Customers who wish to make fund transfers from one bank to another will find it easier with a new initiative by the Association of Banks in Singapore (ABS). -- FILE PHOTO: BLOOMBERG

Customers who want to transfer funds from one bank to another will find it easier with a new initiative by the Association of Banks in Singapore (ABS).

Under the electronic funds transfer service, customers can transfer funds from one bank to another almost immediately.

It now takes up to three working days to do so, using eGiro or other over-the-counter methods.

The new service, known as FAST or Fast And Secure Transfers, will be launched by the middle of this year.

 
If you are not a subscriber, you can get instant, unlimited access here