Forum: Limit on Fast transactions serves to restrict losses to scams

We thank Mr Tay Wi Keng for his suggestion to raise the daily limit for Fast (Fast And Secure Transfers) transactions beyond the current $200,000 (Review daily Fast limit as cheque use declines, Aug 10).

The industry-wide limit of $200,000 is imposed on each Fast transaction and not on a cumulative daily basis. Individual banks may impose daily and specific payment limits to protect customers against risks such as fraud and scams.

The Fast transaction limit was last raised in 2018 to the current $200,000, in view of rising demand then. The average value of a Fast transaction in 2022 was much lower than $200,000, at around $1,300, and a significant majority of Fast transactions are for amounts under $500.

The Fast transaction limit serves as one of the safeguards to restrict the losses that may be suffered by consumers from fraud and scams.

To further raise the Fast transaction limit, the Monetary Authority of Singapore (MAS) and the banking industry would have to carefully consider the risks and the additional mitigating measures that would need to be put in place. 

Bank customers who wish to transfer amounts above $200,000 may use Interbank Giro or MAS Electronic Payment System (MEPS+) to do so. We encourage customers to approach their banks on how their funds transfer needs can be met.

Dawn Chew
Director, Corporate Communications
Monetary Authority of Singapore