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What is “FAST” for Payments to Singapore?

June 23, 2024July 15th, 2024No Comments
Mariel Rhetta
Content Strategist at Rutland FX
Published on: (Updated ) - minute read

When making international payments to Singapore in Singapore Dollars (SGD), one commonly used local payment route is FAST (Fast and Secure Transfers). FAST is managed by the Association of Banks in Singapore (ABS) and provides an efficient and secure way to transfer funds within Singapore. Here’s a detailed guide on making international payments to Singapore with Rutland FX.

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What is FAST?

FAST, short for Fast and Secure Transfers, is a real-time, electronic fund transfer system that allows customers of participating banks to transfer SGD quickly and securely. Managed by the Association of Banks in Singapore (ABS), FAST offers a modern solution for instant fund transfers.

Background and Operation
  • Operated by: Association of Banks in Singapore (ABS)
  • Inception: FAST was launched in 2014 to provide an efficient and secure platform for real-time interbank fund transfers.
  • Purpose: The primary goal of FAST is to enhance the efficiency and speed of fund transfers within Singapore, allowing for immediate settlement of transactions.

Key Features

  • Real-Time Transfers: FAST allows for immediate fund transfers between participating banks.
  • Availability: For domestic transactions within Singapore, the system is available 24/7. However, for international payments, it is currently available 24/5, from Monday to Friday, ensuring that transfers can be made at any time during these days.
  • Transaction Types: It supports various types of transactions, including individual and business payments.
  • Security: FAST adheres to stringent security measures to ensure the integrity and confidentiality of transactions.

Is Same-Day Settlement Available?

Same-day settlement is available with both FAST and SWIFT. With FAST, there is no cut-off time for same-day settlement between Monday and Friday, ensuring that your payments can be processed immediately, regardless of the time of day. For the SWIFT network, same-day settlement is also possible, but there is a cut-off time of 14:00.


For payments to Singapore, the maximum transaction size via FAST is SGD 200,000. If you need to send more than this amount, you have two options:

  1. Multiple Local Payments via FAST: Split the amount into multiple transactions, each not exceeding SGD 200,000.
  2. Use the SWIFT Network: For larger payments, you can use the SWIFT network, which does not have the same transaction size limitation.

All payment types to businesses and individuals in Singapore are supported.

Can I Recall or Trace an SGD Payment?

Currently, the FAST network does not support the ability to trace or recall payments once they have been initiated. If you want recallability or traceability, use the SWIFT network instead.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.