FAST transaction limit to increase to $50,000 from $10,000

SINGAPORE - The limit for Fast And Secure Transfers (FAST) will be increased to $50,000 from Friday, May 8.

The service for transferring Singapore dollar funds from one bank to a different one was introduced in March last year. Over 1 million transactions are executed via FAST each month, the Association of Banks in Singapore (ABS) said in a statement.

The transaction limit for FAST, now set at $10,000, will go up to $50,000 due to demand from corporate users, ABS said. Customers will still be subjected to daily and monthly limits set by their banks.

Bank customers can refer to the ABS website at www.abs.org.sg/FAST.php for more information.