Fast and Secure Transfers FAQs | Ways to bank - HSBC SG (2024)

FAQs

What is fast fast and secure transfers Singapore? ›

FAST (Fast And Secure Transfers) is an 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. FAST is available 24/7, 365 days.

The interest accrual for the incoming FAST transfer amounts would be based on the fund received prior to the cut off times for the respective days mentioned below: Weekdays - 22:00 hours. Saturdays - 17:00 hours. Sundays (non-business day) - Based on Saturday's cut-off time.

HSBC uses the Faster Payments system, which means that your transfer should be sent instantly and received by the recipient within 2 hours³. However, it depends on whether your recipient's bank also uses Faster Payments. Payments to accounts outside the EEA – up to 4 working days.

As the name so kindly implies, instant payments enable consumers to make payments instantly. Unlike traditional transfers that typically move money within a few days, instant payments send and receive funds in a matter of seconds. Unlike traditional money transfers, instant payments are not processed in batches.

All you need is an OCBC Savings/Current account and an OCBC ATM or debit card or any credit card linked to your account. How much can I transfer using FAST? You can now transfer up to S$100,000 per transaction (Personal Banking customers) or S$200,000 per transaction (Premier Banking customers).

Unlike a BACS payment, which typically takes up to 3 days, Faster Payments are near-immediate. In most cases, funds arrive in the recipient's bank account within seconds. Faster Payments may occasionally take up to 2 hours to go through but this is uncommon.

What do I need to do to be able to send and receive Fast Payments? Sending Fast Payments will only be available via the HSBC Mobile Banking app. To send a Fast Payment make sure you have downloaded the latest mobile app version.

If you're transferring money online to another one of your HSBC accounts, there is no limit to how much you can move. If you're paying bills or making payments to friends and family – there is a daily limit for online bank transfers of £25,000.

What is the difference between PayNow and FAST? PayNow requires simplified payee information in order to transfer funds in comparison to FAST. If you do not know your Payee's designated proxy, you may still transfer funds to a payee via FAST.

FAST only facilitates fund transfers between accounts held within the 30 participating banks and seven participating NFIs in Singapore. Transfers involving a participating and non-participating bank can be carried out via Interbank GIRO. However, such transfers will take 2-3 working days for the funds to be credited.

What is the cut off for HSBC faster payment? ›

If I want a payment to be sent today, is there a cut–off time? The Faster Payment service is available 24 hours a day, 7 days a week and 365 days a year*. If the payment cannot be made using the Faster Payment service you must make the payment by 8pm the night before the day you want the payment to be sent.

Faster Payments is based around the existing standards for ATM transactions and utilises the ISO8583 standard. The platform operates 24 hours a day. It's able to complete transactions between two participating members within 15 seconds, including real-time acknowledgement and confirmation of payment status.

Transactions are limited up to $2,500 per transaction, $5,000 daily (subject to change).

BACS payments will usually go into an account between 1am and 7am. This is the standard BACS payment time, so if a payment doesn't arrive by 7am, it may be processed the next working day.

Transfer funds to another bank using FAST

Fast and Secure Transfer (FAST) is an electronic funds transfer service that lets you transfer Singapore Dollar (SGD) funds almost instantly from one participating bank to another within Singapore, up to a maximum limit of S$200,000 per transaction.

FAST only facilitates fund transfers between accounts held within the 30 participating banks and seven participating NFIs in Singapore. Transfers involving a participating and non-participating bank can be carried out via Interbank GIRO. However, such transfers will take 2-3 working days for the funds to be credited.

You can send your money through a bank, or a wire transfer company. You may need an account with some providers to transfer money outside of Singapore. There may also be fees for sending or receiving the money so it can be useful to check this before sending any money.

RTGS (Real Time Gross Settlement)

Business owners can use RTGS when they need to transfer large amounts instantly. One advantage that RTGS has over the other methods is the transaction speed, since the entire amount is transferred in real time.